History of Covered Bonds

History of Covered Bonds

Richard Kemmish

30 years: Capital markets & covered bonds

The covered bond market has a long and illustrious history. In this first video of the series on the covered bond market, Richard describes how the covered bond has performed and how it has developed from its inception to 2008.

The covered bond market has a long and illustrious history. In this first video of the series on the covered bond market, Richard describes how the covered bond has performed and how it has developed from its inception to 2008.

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History of Covered Bonds

7 mins 16 secs

Overview

The first covered bonds were issued over 250 years ago and are seen today as a safe and risk averse asset – their investments are typically used to fund mortgages and other public sector assets. CBs grew in popularity during the 90’s/00’s via HBOS and survived the 2008 Financial Crisis.

Key learning objectives:

  • Outline the history of covered bond markets

  • Identify the properties of the modern covered bond market

  • Describe how the jumbo covered bond birthed liquidity

  • Explain how the market grew as a result of HBOS and whether it stood the test of the financial crisis

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Summary
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Expert
Richard Kemmish

Richard Kemmish

Richard is a consultant working mainly in the covered bond market. He helps Finance Ministries and Central Banks in countries without covered bond laws to put legal frameworks in place. He has also helped the European Commission with their legislative agenda for covered bonds and related products.

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