medium · Debt Capital Markets bond-instruments-structures

Which feature of a covered bond provides 'dual recourse' to the investor?

1. The right to receive scheduled coupon payments in two different currencies.
2. A simultaneous claim on the common equity and the preferred shares of the bank.
3. A claim on the issuing bank and a priority claim on a ring-fenced pool of assets.
4. A repayment guarantee from both the national government and the central bank authority.

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