Co-published section: Covered bonds


Covered bonds guide 2013


ICMA Q&A 55


Covered bonds’ next generation The International Capital Market Association’s Tim Skeet discusses recent market developments and the asset class’s future


2012/2013 volume and country 58


breakdown Courtesy of Goldman Sachs, Euroweek and The Cover Norway


62


Covered bond legislation: a guide Johan Christian Kongsli, Karl Rosén and Børge Grøttjord of Grette offer a detailed overview of covered bond legislation in Norway


Switzerland 66


A market of two halves Benedikt Maurenbrecher, Dieter Grünblatt and Stefan Kramer of Homburger on Swiss law’s two different yet complementary concepts of covered bonds


In association with Only ECBC


The Council’s head, Luca Bertalot, discusses post-crisis funding models and the Covered Bond Label initiative


Crédit immobilier et Hôtelier


CEO Lofti Sekkat on the key features of Morocco’s covered bond law and its implementation


BBVA


The bank’s head of European Credit Research & covered bonds, Agustin Martin Calmarza, assesses the instrument’s different regimes and its evolution to become a global asset class


Available at www.iflr.com/coveredbonds2013 54 IFLR/July/August 2013 www.iflr.com UK 71


Changes and challenges Clifford Chance’s Peter Voisey and Will Sutton outline the regulatory changes affecting the UK covered bond market, but remain optimistic that clarity and certainty will emerge


US 74


Time for a US alternative Jerry Marlatt and Anna Pinedo of Morrison & Foerster ask whether it is time to stop waiting for a US statute


online


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