As ABS industry participants scour the market for new deals, covered bonds remain a beacon of potential liquidity for the desiccative pipeline. One question, however, remains: Where are these new programs?

Earlier this summer, when the Federal Deposit Insurance Corp. (FDIC) released a final policy statement on the covered bond market and the U.S. Deptartment of the Treasury announced a push for issuance in the sector with the release of a "Best Practices" document, market participants cheered. The thought was that this new source of funding could provide the credit markets a necessary jump start.

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