Covered Bonds Comparison Grid

Yes, we know—there are already dozens of charts floating around that compare/contrast the key features of covered bonds with ABS/MBS.  The most frequently cited differences for covered bonds relate to dynamic cover pools, dual recourse, reduced prepayment risks, and on-balance sheet obligations.

The custom grid shown below—developed by Covered Bond Investor™ cofounder Mercy Jiménez—goes further.  In addition to the typical points, it highlights rarely noted differences such as the commingling of roles under one roof that is often found in ABS/MBS (e.g. Issuer, Guarantor, Trustee, and Master Servicer roles).



You can download a PDF of this grid in a larger size by clicking on "Revised Grid" under "Attachment," below.