The Eurosystem covered bonds purchase programme has been credited with bringing investors back to the market but there is a debate over whether the ECB is spending its €60bn fund as effectively as it could do.
The turnaround in the covered bond market has surpassed all expectations since the ECB announced the first sketchy details of its €60 billion purchase programme in early May. Up to that point there had been €15bn worth of benchmark issuance in 2009. Since the announcement there has been mo
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