Ratings of covered bonds are constantly evolving and reflect changes in the ever changing economic and financial environment. Discover the latest covered bond research, market developments and performance trends. Covered bonds are a senior secured debt instruments typically issued by a bank. In addition to the recourse to the issuer a covered bond investor also has a preferential claim to a separate "cover pool" of mortgage loans or other high quality assets meant to be isolated from the issuer in an insolvency.