Deals that changed the market in 2006: Washington Mutual’s covered bond

The emergence of Washington Mutual as a covered bond issuer was a positive shock to the entire sector and heightened the possibility of a global market appearing soon.

Six deals that changed the market in 2006

€4 billion covered bond issue by Washington Mutual, 3.875% September 2011 4.00% September 2016
Sole arranger: Barclays Capital
Joint bookrunners: BarCap, ABN Amro, Deutsche Bank
Legal advisers: Sidly Austin (for WaMu), Clifford Chance (for Barcap)
Date: September 2006

New borrowers are increasingly common in the covered bond market. In 2006 there were 10 new jumbo issuers. Some were simply new names from long-established covered bond jurisdictions such as France, Spain and the UK.