It depends what you mean by covered bond

How rating agencies see it ISSUERS THAT OPT for a structured covered bond in a jurisdiction where covered bond legislation exists are always going to ruffle feathers. This year alone banks in both Germany and France – the bedrocks of the covered bond market – have decided to spurn the traditional legislated option and issue deals outside the specific law. Landesbank Berlin in Germany and BNP Paribas have both established structured covered bond programmes in countries with legislation and in the latter case Crédit Mutuel quickly followed suit.