C选项什么意思

问题如下：

Which of the following statements about covered bonds is correct?

选项：

A.

Covered bonds have a single recourse nature.

B.

Covered bonds have lower credit risk and offer lower yields than otherwise similar ABS.

C.

Covered bonds are removed from the issuer’s balance sheet and are ringfenced into a separate cover pool.

解释：

Covered bonds have remained a relatively stable and reliable source of funding over time because of their dual recourse nature, strict eligibility criteria, dynamic cover pool, and redemption regimes in the event of sponsor default. As a result, covered bonds usually carry lower credit risks and offer lower yields than otherwise similar ABS.

A is incorrect because covered bonds have a dual recourse nature. The investors in the covered bonds have dual recourse in case of bankruptcy: first on the ringfenced loans in the cover pool that underlie the covered bond transaction, and second on the unencumbered assets of the issuing institution. C is incorrect because the loans remain on the issuer’s balance sheet and are ringfenced into a separate cover pool.