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Covered Bonds: A New Source of U.S. Mortgage Loan Funding?

Douglas J. Lucas, Frank J. Fabozzi, Laurie S. Goodman, Andrea Montanari and Armin Peter
The Journal of Structured Finance Fall 2008, 14 (3) 44-48; DOI: https://doi.org/10.3905/JSF.2008.14.3.044
Douglas J. Lucas
is an executive director and head of CDO Research at UBS in New York, NY.
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  • For correspondence: douglas.lucas@ubs.com
Frank J. Fabozzi
is professor in the practice of finance, Yale School of Management, New Haven, CT.
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  • For correspondence: frank.fabozzi@aol.com
Laurie S. Goodman
is a managing director and co-head of Global Fixed Income Research at UBS in New York, NY.
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  • For correspondence: laurie.goodman@ubs.com
Andrea Montanari
is a director and head of covered bond structuring at UBS in London.
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  • For correspondence: andrea.montanari@ubs.com
Armin Peter
is an executive director and head of covered business and syndicate at UBS in London.
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  • For correspondence: armin.peter@ubs.com
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Abstract

One of the largest sectors of the European fixed-income market consists of covered bonds, a financing mechanism for bank originators of residential mortgages and other assets. The term “covered bonds” comes from the “cover pool” used as collateral. The loans remain on the bank’s balance sheet. In this article, the authors define covered bonds and briefly describe their markets in Europe and the United States. They go on to explain the significance of the July 2008 actions to jump-start the covered bond market in the United States by the FDIC, Treasury, and U.S. Rep. Scott Garrett (R-NJ). While it is unlikely that covered bonds will be a major source of funding for U.S. residential mortgages, they will undoubtedly find some place among alternative funding sources.

TOPICS: MBS and residential mortgage loans, CMBS and commercial mortgage loans

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Covered Bonds: A New Source of U.S. Mortgage Loan Funding?
Douglas J. Lucas, Frank J. Fabozzi, Laurie S. Goodman, Andrea Montanari, Armin Peter
The Journal of Structured Finance Oct 2008, 14 (3) 44-48; DOI: 10.3905/JSF.2008.14.3.044

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Covered Bonds: A New Source of U.S. Mortgage Loan Funding?
Douglas J. Lucas, Frank J. Fabozzi, Laurie S. Goodman, Andrea Montanari, Armin Peter
The Journal of Structured Finance Oct 2008, 14 (3) 44-48; DOI: 10.3905/JSF.2008.14.3.044
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  • Article
    • Abstract
    • WHAT IS A COVERED BOND?
    • A U.S. COVERED BOND JUMP-START?
    • THE FDIC’S STATEMENT OF POLICY
    • TREASURY BEST PRACTICES
    • HOUSE BILL 6659
    • CONCLUSION
    • Endnotes
    • REFERENCE
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