Covered Bonds

The Covered Bonds are debt instruments guaranteed by a portfolio of mortgage loans or public sector debt, over which the investors have a preferential right in the event of a default by the issuer.

In Spain, the usual name of this financing product is defined among others by the name "Cédulas Hipotecarias" (Covered Bonds), or "Cédulas Territoriales" (Public Covered Bonds).

The classification shown here includes Securitisation Funds which incorporate in their assets either "Cédulas Hipotecarias" or "Cédulas Territoriales" issued by different financial institutions.