02045cas a2200265 a 4500 AALejournalIMF009188 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865844 1018-5941 BD-DhAAL BD-DhAAL Avesani, Renzo. The Use of Mortgage Covered Bonds / Renzo Avesani, Elina Ribakova, Antonio Garcia Pascual. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (21 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer's perspective, these instruments have become an attractive funding source and a tool for assetliability management; from the investor's perspective, covered bonds enjoy a favorable risk-return profile and a very liquid market. In this paper, we examine the two largest "jumbo" covered bond markets, Germany and Spain. We show how movements in covered bond prices can be used to analyze the credit developments of the underlying issuer and the quality of its mortgage portfolio. Our analysis also suggests that mortgage covered bonds could be of interest to other mature and emerging markets facing similar risks related to mortgage credit. Mode of access: Internet Garcia Pascual, Antonio. Ribakova, Elina. IMF Working Papers; Working Paper ; No. 2007/020 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/020/001.2007.issue-020-en.xml IMF e-Library