In a sure sign that covered bonds are coming into favor, the session devoted to the subject at ASF 2010 was standing room only. There was broad agreement among the panelists that for the market to take off there would have to be a legal framework, something that Rep. Scott Garrett (R-NJ) has been advocating for some time.

“[A market] could evolve without a legal framework but any kind of real, deep and liquid market, the kind we want, requires the legal certainty and public supervision of legislation,” said Scott Stengel, a partner at Orrick, Herrington & Sutcliffe.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.