Wesley Phoa Testimony for Covered Bonds Hearing

This five-page document is the written testimony prepared by Wesley Phoa for a hearing on covered bonds scheduled for December 15 by the House Committee on Financial Services.  The title of the hearing was "Covered Bonds: Prospects for a U.S. Market Going Forward."

Phoa is a senior vice president, investment analyst and bond portfolio manager at the Capital Group Companies (a privately owned investment management firm).  The stated purpose of his prepared testimony is to provide "an investor's perspective on this [nascent U.S. covered bond] market."  Among other things, Phoa discusses reasons why a functioning covered bond market has not yet emerged in the U.S. After setting forth five conditions that he believes must be met to satisfy potential investors, he states: "If these conditions are met, I think the potential investor base is very broad."

To download a PDF of Phoa's written testimony, click on "20091215 Phoa" under "Attachment," below.