Covered Bonds

Duration: 2 Days

Programme overview

This two-day workshop equips participants with the analytic skills and understanding to assess the risk and rewards inherent in Covered Bonds backed by mortgages and public sector assets.

Course Objectives

  • The covered bond market today, the trends and commercial developments that have shaped it
  • The credit quality of covered bonds, how they will behave in the new financial architecture
  • The use of covered bonds as an instrument of government policy in Europe and beyond
  • The regulation of covered bonds
  • The roles of central banks in the covered bond market
  • Trends and future developments

Who should attend

  • Covered Bonds professionals
  • Debt Capital Markets officers
  • Credit Risk Managers
  • Issuers
  • Regulators
  • Asset Managers, Bank Treasurers and other Investors
  • Traders, Syndicates and Sales staff

Course Content


  • Identifying existing knowledge of covered bonds and objectives from course

Covered Bond Markets

  •  Geographic trends in issuance and their causes
  • Issue format: jumbos, private placements and registered bonds
  • Market size and country breakdown
  • Looking at the key players, issuers, investors and intermediaries

Origins of the Market

  • How the market developed from the 18th century to today
  • Implications of the history for the behaviour of the market today

Fundamental Features of Covered Bonds

  •  Key characteristics of covered bonds
  • Competing definitions in law
  • Competing definitions in the market
  • Comparison with other funding tools; unsecured debt and RMBS


  •  Understanding the alternative legal structures, their strengths and weaknesses
  • Understanding the use of swaps
  • The Asset Cover Test and other investor protection

Trainer Profile