It depends what you mean by covered bond
With any new structure the obvious place that investors will look for comfort is the rating agency analysis. The triple-A status of the Pfandbrief and obligations foncières markets is unquestioned, and it is that very foundation that has triggered some of the hostility towards structured covered bonds – with issuers questioning if the risks inherent in them should justify the same rating.
With any new structure the obvious place that investors will look for comfort is the rating agency analysis.
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