When it comes to covered bonds, the U.S. structured finance market is a quick study. Last September, Washington Mutual became the first American issuer to complete a covered bond transaction. The size of the program, 20 billion ($26.5 billion), got the U.S. covered bond market off to a spectacular start.

The issuance, however, was denominated in euros, signifying that although U.S. issuers had covered bond ambitions, the market lacked a fully prepped investor base that would have given it its full breadth.

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.