SEC Registration Of Covered Bonds

This publication is intended to provide a brief summary overview of some of the considerations for a foreign issuer of covered bonds that is contemplating registering covered bonds in the United States with the Securities and Exchange Commission.

The process of registering covered bonds with the SEC by a foreign issuer raises different considerations in each issuer jurisdiction and, in some cases, for each issuer in a jurisdiction. There are different issuing structures for covered bonds in different jurisdictions, and sometimes more than one structure in the same jurisdiction. Moreover, individual issuers may have existing relationships with the SEC, may be subject to special accounting requirements, may be subject to certain prohibitions on disclosure or otherwise may present unique facts. There are nevertheless some general points to consider in SEC registration of a covered bond program.