Market making put to the test
Unheard-of volatility in the European jumbo covered bond sector has tested its liquidity and initiated debate over current market making policy. The sector is forecast to grow in breadth and depth this year - but this depends on favourable conditions. Hardeep Dhillon reports
The EUR825 billion jumbo covered bond market held its own during the US subprime turmoil in the last quarter of 2007. However, it was not wholly immune to volatility and faced testing times as liquidity dried up, resulting in severe pressure on interdealer market making.
Concerns about an increase in write-downs on subprime US mortgages led to a crisis of confidence, and covered bonds became
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