Covered Bond(擔(dān)保債券)指以金融資產(chǎn)作抵押品的債券，性質(zhì)和傳統(tǒng)提供抵押品的債券類(lèi)似，不過(guò)傳統(tǒng)抵押品多為實(shí)質(zhì)資產(chǎn)。當(dāng)發(fā)行人無(wú)法償還本金和利息時(shí)，債券持有人可接管抵押的金融資產(chǎn)作為補(bǔ)償，若抵押金融資產(chǎn)的價(jià)值低于發(fā)行人欠款余額，投資人還可向發(fā)行人追討差額。

Covered Bond提供比傳統(tǒng)抵押債券更高的投資保證，傳統(tǒng)抵押債券抵押品價(jià)值改變時(shí)，投資人只能認(rèn)賠抵押品價(jià)值和發(fā)行人欠債余額的差距，但CoveredBond仍可就不足部分和發(fā)行人求償，因此應(yīng)能獲得較高的信用評(píng)等，但債券風(fēng)險(xiǎn)較低，代表得到的報(bào)酬也較低。

Acovered bond is a corporate bond with one important enhancement:Recourse to a pool of assets that secures or "covers" the bond ifthe originator (usually a financial institution) becomes insolvent.This enhancement typically (although not always) results in thebonds being assigned AAA credit ratings.

Forthe investor, one major advantage to a covered bond is that thedebt and the underlying asset pool remain on the issuer'sfinancials, and issuers must ensure that the pool consistentlybacks the covered bond. In the event of default, the investor hasrecourse to both the pool and the issuer.

Another advantage is that the interest is paid from anidentifiable source of projected cash flow versus out of otherfinancing operations. Because non-performing loans or prematurelypaid debt must be replaced in the pool, success of the product forthe issuer depends on the institution's ability to evaluate theassets in the pool and to rate and price the bond.

USA

On28 July 2008, US Treasury Secretary Henry Paulson announced that,along with four large US banks, the Treasury would attempt tokick-start a market for these securities in the USA, primarily toprovide an alternative form of mortgage-backed securities. Theguidelines issued specifically address covered bonds backed bypools of eligible mortgages.

TheFederal Reserve also announced that it would potentially considerhighly rated covered bonds as acceptable collateral for emergencyfund requests. Because the United States has already shown a robustmarket for other securitized debt products, regulators have beenpromoting the covered bond market strategy.

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