While the Basel Committee may be done with its guidelines, industry players continue to sort out the potential effects of the new rules. One recurring theme is the increased use of covered bonds, as RMBS risk weighting may become less favorable.

Standard & Poor's last week published an update on the expanding European covered bond universe. "There have been so many changes that we thought it would be a good opportunity to start consolidating our ratings approach for the different markets," said one analyst. "Everybody has seen the advances made in the U.K. market and an increasing number of countries are looking to implement this instrument on a regular basis."

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