Liquid gold?

Covered bonds

Covered bonds have long been marketed as a 'rates' rather than a 'credit' product. It's a distinction that issuers and investors alike have historically taken at face value. But, as with so much of the market's received wisdom, the events of last summer have forced a reconsideration. Firstly, what does this distinction actually mean?

On the broadest level there is a consensus that a rates product is a (credit) risk-free, fixed rate bond with high levels of liquidity that can be traded as a proxy

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here