COVERED BONDS AT A CROSSROADS: CHALLENGES AND OPPORTUNITIES AFTER COVID-19

"You can't have your cake and eat it." One feels reminded a little of this popular figure of speech when it comes to the current trade-offs in the covered market. On the one hand, there is a powerful und much appreciated help on part of fiscal and monetary institutions, which supports the asset class and its underlying collaterals. On the other hand, this support comes with some unpleasant side-effects, especially regarding the dampening of investor-placed issuances. Also, no …