With the Federal Deposit Insurance Corp.'s (FDIC) release of a covered bond policy statement and Treasury Secretary Henry Paulson's public support for the creation of a U.S. market for these traditionally European securities, AsR brought together a group of experts for a discussion of how covered bonds work and trade, how they will be treated by regulators and their potential for growth and development in the U.S. The discussion was moderated by Christopher O'leary.

ASR: Let's open by ensuring that everyone is on the same page. What is a covered bond, and how does it work?

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