Bond Outlook
How strange that most new bond issues are now for banks, and that most of them are covered bonds. These are not quite the same as asset-backed bonds as covered bonds are on the banks’ balance sheets. Nonetheless, there are signs that the securitisation of asset-backed loans is again coming to the forefront. Just as last week we suggested that in the USA the economy had returned to its pre-crisis characteristics of continually expanding indebtedness at all levels – which apparently rejoices American politicians and commentators – so the return of asset-backed bonds is also somewhat “back to the future”. |
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