Business in the European covered bond market was brisk in the first quarter of 2010. Indeed, issuance volumes reached a record high for the first quarter of any previous year of $127 billion, an almost four-fold increase from the same period a year ago, according to Dealogic. A clear trend is developing here that is seeing covered bonds emerge from the shadows of the RMBS market, with larger investors showing a clear preference for them as an asset class in their own right.
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