Washington Mutual is conducting a feasibility study on a covered bond. If it goes ahead, it will be the first US issuer to use this funding tool and is likely to prompt a series of other financial institutions to follow suit. Other US issuers are also said to be waiting in the wings.
Senior bankers say that ABN Amro and Barclays Capital are working on the study. Both banks have refused to discuss it with Euromoney.
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