Covered Bonds Handbook


Published by Practising Law Institute (2010, updated 2014)

The recent financial crisis was, in large measure, precipitated by the subprime crisis, and has raised concerns about securitization and the originate-to-securitize model.  Depository institutions and other participants in the mortgage market are focused on alternatives to fund mortgage originations. 

In that context, attention has turned to covered bonds, which have been relied upon for more than two centuries in Europe to provide reliable funding. Indeed, covered bonds may become an important new source of liquidity for U.S. financial institutions.

PLI’s Covered Bond Handbook is the first comprehensive guide to these time-tested financing alternatives, helping you to take full advantage of these debt instruments. Covered Bond Handbook explains how covered bond transactions are structured in Canada, in European jurisdictions and in the U.S.; provides a comparative analysis of the jurisdictional framework; discusses the rating agency view of covered bonds; describes the many benefits associated with covered bonds; and discusses proposed US legislation designed to codify the treatment of covered bonds and provide a statutory framework for their issuance.

Updated annually or as needed, Covered Bond Handbook is an important guide for securities firms, financial institutions, and investment advisers.

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