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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  • How safe are deposits?

    20 Nov 2017 | Richard Kemmish

    The future of the European deposit guarantee fund is a topic of vital importance to the long term prospects for the covered bond market. And it’s time I vented my spleen. read more

  • Time to update the emcumbrance debate?

    15 Nov 2017 | Richard Kemmish

    The question should move from “how does the number of covered bonds outstanding influence the return for other creditors?” to “how does the number of covered bonds outstanding influence the probability that bail-in will be an ineffective resolution tool?” read more

  • Can CB harmonisation work in practice?

    10 Nov 2017 | Richard Kemmish

    It is a truth universally acknowledged* that a standard level of harmonisation for all covered bonds is fundamentally flawed. read more

  • Time to reconsider FRNs?

    06 Nov 2017 | Richard Kemmish

    In the recent wave of Greek covered bonds one of the lesser noted curiosities was a floating rate bond issued by Piraeus Bank. read more

  • A non-contrarian view of Mifid

    01 Nov 2017 | Richard Kemmish

    As a regular conference moderator one thing I really, really dislike is consensus – makes for a very dull panel when we all agree with one another. So I am somewhat reluctant to add to the valid but dull discussion that ... read more