Europe suspends covered bond trading

11/22/2007 | Times (London) (subscription required), The · Bloomberg

Banks such as Barclays Capital, HSBC Holdings Plc and UniCredit SpA followed the recommendation of the European Covered Bond Council on Tuesday and suspended interbank market-making of covered bonds. ECBC Chairman Patrick Amat said the move, which choked off what had been one of the few sources of fresh liquidity for banks since the credit crunch hit, was needed to slow what he called a "deteriorating situation." Trading is expected to resume next week.

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Times (London) (subscription required), The · Bloomberg

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