Covered bond volumes could see an increase in jumbo Euro issuance this year as many European jurisdictions move into the final phases of implementing specific legislation for these instruments or improve existing laws.

The effort to push through the secondary phase of legislation in Italy is under way. Market participants were hopeful that this necessary second step to enact the law might be ready by the end of 2005, but additional debate appears certain (ASR, 5/30/05).

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