Debt round-up: WaMu ponders a covered bond
Washington Mutual is conducting a feasibility study on a covered bond. If it goes ahead, it would be the first US issuer to use this funding tool and might spur substantial interest in the already burgeoning sector. Senior bankers say that ABN AMRO and Barclays Capital are working on the study. Both banks refused to comment to Euromoney.
What is the rationale for a US issuer doing a covered bond? A lot of bankers assume that agency funding in the US – which is a very aggressive source of finance – remains the more attractive option.
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