摘要：Covered bonds were a traditional funding instrument for banks located in some continental European countries. How ever,recently the use of this product has grown both geographically and in terms of size turning into a more globalized market. This trend is linked to the resilience of this instrument to crisis events such as the last financial crisis. Investors demand covered bonds during uncertain periods given their low risk profile,something that has been recognized by the ongoing regulatory framework. Given the size and the global dimension of covered bond markets,some issues become more relevant for investors such as the harmonization of legislative regimes,liquidity in secondary markets or the transparency of the cover pool. Moreover,there are some regulatory changes that might be crucial to this market,such as new resolution and recovery regimes,and liquidity and capital rules.
