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Running for Cover

机译:寻求掩护

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摘要

NORMALLY, TRADE ASSO ciations don't refer to their top product as "seemingly boring," as the Association of German Pfandbrief Banks did last month. But these days boring is good in banking, and the product in question— covered bonds—is flying off the shelves. Covered bonds, a type of bank debt secured by pools of generally good-quality mortgages, boast an unparalleled record of zero defaults since German lenders pioneered the concept in the 18th century. That historical performance makes the bonds especially appealing to investors in today's climate. Not surprisingly, European banks are relying more and more on covered bonds as a funding vehicle; they issued a record $340 billion worth in 2010, according to Dealogic, up 16 percent from 2009.
机译:通常,贸易ASSO协会不会将其顶级产品称为“看似无聊”,就像德国Pfandbrief银行协会上个月所做的那样。但是,如今,银行业无聊是件好事,有问题的产品(有担保债券)正在下架。自从德国贷方在18世纪率先提出这一概念以来,有担保债券(一种由一般优质抵押池担保的银行债务)就拥有无与伦比的零违约记录。过去的业绩使债券在当今的气候下特别吸引投资者。毫不奇怪,欧洲银行越来越依赖担保债券作为融资工具。根据Dealogic的数据,它们在2010年发行了创纪录的3,400亿美元,比2009年增长了16%。

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  • 来源
    《Institutional investor》 |2011年第4期|p.25|共1页
  • 作者

    NEILSEN;

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