如题

问题如下：

Upon a bankruptcy affecting a covered bond, the first available safeguards to protect against potential losses are the:

选项：

A.

ringfenced loans

B.

unencumbered assets of the issuer

C.

assets added by the collateral manager during ramp-up

解释：

Correct Answer: A

In the case of bankruptcy covered bond investors, they have dual recourse with the first safeguard being the ringfenced loans in the cover pool that underlie the covered bond transaction. B is incorrect because while investors also have recourse to the unencumbered assets of the issuer, those serve as a subsequent safeguard. C is incorrect because this post-transaction contribution is characteristic of the non-amortizing structure of a CDO (collateralized debt obligation).