Covered Bond Blog

About the blog

Complementing our portfolio of covered bond conferences, this blog provides year round comment on the global covered bond market, its participants and future. Our opinion pieces cover the core European markets, as well as Canada, Australia and the new emerging covered bond markets in Asia, Eastern Europe, Africa and Latin America.

About the main blogger

Richard Kemmish is a covered bond consultant, and editorial consultant for Euromoney Conferences. He has worked in the covered bond market for 12 years and in housing finance more generally for 20. Richard Kemmish Consulting Limited provides structuring services, advice and, most importantly, education on all aspects of the covered bond market.

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Blog Homepage

  • Green covered bonds: prudential?

    28 Oct 2017 | Richard Kemmish

    An obvious alternative asset class for ESNs is green mortgages. But they open up a whole new debate when it comes to regulation and eligibility. read more

  • Liar mortgages

    24 Oct 2017 |

    The European Commission has announced that, in the face of overwhelming pressure from industry, they have backed down on their proposal to exclude some ‘self-certified’ mortgages in STS securitisations. read more

  • What is the point of over-collateralisation?

    22 Oct 2017 |

    Before we discuss the appropriate level of over-collateralisation, we need to talk about whether we need it at all. read more

  • What is the biggest threat to the covered bond market?

    18 Oct 2017 | Richard Kemmish

    Another poll at the Euromoney covered bond conference provided very split opinions on this topic. I’m not sure if that is reassuring: there is no one big obvious risk out there – or worrying: we don’t know what our ... read more

  • Harmonisation: a necessary risk?

    12 Oct 2017 | Richard Kemmish

    "What do you think about covered bond harmonisation?” this was the subject of an online poll at the recent Euromoney covered bond conference in Barcelona. The results were mainly encouraging. read more

  • The end of the purchase programme: supply side

    06 Oct 2017 | Richard Kemmish

    In my previous post I got a little sceptical about the market’s sanguine attitude towards the end of the ECB’s covered bond purchase programme. In particular I posited that the relative price inelasticity of demand for covered bonds ... read more