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A covered bond is a corporate bond with one important enhancement: recourse to a pool of assets that secures or "covers" the bond if the issuer (usually a financial institution) becomes insolvent.
The Pfandbrief (plural: Pfandbriefe), a mostly triple-A rated German bank debenture, has become the blueprint of many covered bond models in Europe and beyond. The Pfandbrief is collateralized by long-term assets such as property mortgages or public sector loans as stipulated in the Pfandbrief Act.
In U.S. law, a covered security may refer to two categories of securities: Under The National Securities Markets Improvement Act of 1996 , as codified in Section 18 of the Securities Act of 1933, a "covered security" enjoys certain preemption rights as described below, and includes more than one category of security.
The covered bonds will also be secured by a pool of residential mortgage loans originated by MBL and eligible substitution assets, collectively referred to as the cover pool.Issuer: Macquarie Bank ...
The ECB proceeded to make outright purchases, starting from 2009, supplying market participants with substantial funding. In June 2009, the first Covered Bond Purchase Program (CBPP) was in effect, when the transmission of policy rate adjustments to market rates appeared to be impaired, the ECB initially purchased the covered bonds.
COBOL determines expected loss as (1) a function of the probability that the issuer will cease making payments under the covered bonds (such cessation, a CB anchor event); and (2) the estimated ...
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One area subject to the 1934 Act's regulation is the physical place where securities (stocks, bonds, notes of debenture) are exchanged. Here, agents of the exchange, or specialists, act as middlemen for the competing interests in the buying and selling of securities. An important function of the specialist is to inject liquidity and price ...