Covered Bonds rates or credit?

To put forward a Northern Rock covered bond as a substitute for a Bund or Treasury bond would raise eyebrows with most people. However the recent liquidity turmoil has finally served to highlight a clear potential flaw in positioning the covered product as a rates proxy.

With their innate ability to offer banks a lower relative cost of funding, covered bonds have been one of the true success stories of the debt market over recent years, as heightened interest from investors has led to a boost in

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