Inside this Topic Guide
Topic overview
Covered bonds are a kind of hybrid, or dual-recourse security. They allow de-linking of the rating of the securities from the rating of the issuer because they are backed or "covered" by recourse to a pool of assets set aside to guarantee the obligations under the bonds, but unlike a normal securitisation the issuer is a real operating entity against which there is unlimited recourse.
This topic guide provides information on relevant legislation and the covered bonds market in each of the jurisdictions listed as well as some general non-jurisdiction specific material in the key resources section. The covered bonds market is evolving as more jurisdictions introduce legislation to establish a regulated covered bonds market. These regulated regimes establish certain benefits for issuers of compliant covered bonds.
Clifford Chance contacts
Australia
Jason Hitch (Sydney)
Canada
Gareth Old (New York) | Anja Pfleger Andrade (São Paulo)
Far East
Eiichi Kanda (Tokyo) | Leng-Fong Lai (Tokyo) | Paul Landless (Singapore) | Christopher Walsh (London)
Latin America
Gareth Old (New York) | Anthony Oldfield (São Paulo) | Anja Pfleger Andrade (São Paulo)
New Zealand
Jason Hitch (Sydney)
Turkey
Mete Yegin (Istanbul)
United Kingdom
Christopher Walsh (London)
United States
Gareth Old (New York) | Anja Pfleger Andrade (São Paulo)
Key materials
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Legislation, regulation and official documentation
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Clifford Chance briefings
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