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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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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