After seven years of stop-start development, Asia’s covered bond market finally appears to be gathering steam.
South Korea’s Kookmin Bank opened the market in 2009, selling a $1 billion deal backed by pool of domestic mortgages. But although the deal caught the attention of funding officials across the region, leading to a flurry of pitch meetings with deal bankers, it was not until 2015 that the market took shape.
Singaporean banks deserve...