Covered bond

[2] Typically, covered bond assets remain on the issuer's consolidated balance sheet (usually with an appropriate capital charge).

As of beginning of 2019 volume of outstanding covered bonds worldwide was euro 2,577 billion, while largest markets were Denmark (€406 bil.

Danish covered bond lending emerged after the Great Fire of Copenhagen in 1795, when a quarter of the city burnt to the ground.

Covered bond markets, where Hard-bullet structures prevail are Germany, France, Spain and Sweden.

Typical Soft-bullet markets are UK, Switzerland, Norway, Italy, Netherlands, Canada and Australia.

[5] The Factbook is updated annually and also maintains more in depth summaries directly provided by the rating agencies.