Washington Mutual to issue covered bonds

Washington Mutual Bank (WMB) is set to become the first US bank to issue covered bonds. The first EUR3 billion issuance of what is expected to be a EUR20 billion programme is scheduled to be priced at the end of the month. WMB is the third-largest residential mortgage originator in the US.

"Issuing covered bonds marks a significant departure from WMB's more traditional funding sources, notably the Federal Home Loan Banking system," says Todd Niemy, credit analyst at Standard & Poor's in New York

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