Covered bonds 'not immune' from market troubles

The covered bonds sector is the market many analysts believe will recover first from the troubles in the capital markets. But it has not been immune from the drama.

Bullish market-makers, a decision by Nationwide Building Society to price its September bond at 15 basis points (bps) above Euribor and Northern Rock's funding problems are all triggers that could turn the market into a soap opera when it was meant to be a safe haven for investors.

Nationwide's spread guidance on its five-year bond in

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