Covered bonds finding their feet in Asia

A slow trickle of deals suggests there is appetite for covered bonds in Asia. But there are also signs that growth will be slow.

Covered bonds finding their feet in Asia

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.

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