Since the announcement of the CBPP, new issuers have entered the European covered bond market in various euro-area countries. Some national markets – the Italian for example – have seen a significant increase in the number of issuers and outstanding amounts.
The broader distribution across various new countries and issuers will probably boost and further reinvigorate the covered bond once the financial crisis is over. 5. Covered bonds securities lending  Since March 2010, the Eurosystem has lent covered bonds held in its CBPP portfolio, responding to demand from Eurosystem counterparties who wished to borrow such covered bonds against eligible collateral.