With so many issuers coming to market in January, and with the havoc in other sectors of the debt market prompting investors to swallow such high levels of issuance, some banks that had previously only been considering a covered bond programme have decided to go ahead with one.
In Japan, the feeling among covered bond participants is that while the country’s financial institutions have for a long time had the capacity to issue covered bonds, they didn’t think that there was enough interest in the domestic market to justify doing so.
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