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  "domain": "structured-finance",
  "title": "Japan contractual covered bond — verified SMBC program and MUFG evidence boundary",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan contractual covered bond — verified SMBC program and MUFG evidence boundary",
    "aliases": [
      "japan-covered-bond-mufg-smbc",
      "Japan covered bond",
      "MUFG covered bond",
      "SMBC covered bond",
      "Japanese megabank covered bond program",
      "Japan EUR covered bond",
      "Japan USD covered bond",
      "Japan residential mortgage covered bond",
      "UCITS-compliant foreign covered bond Japan"
    ],
    "domain": "structured-finance",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "structured-finance",
      "covered-bond",
      "mufg",
      "smbc",
      "megabank",
      "residential-mortgage",
      "ucits",
      "japan",
      "eur",
      "usd"
    ],
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    "note": null,
    "sources": [
      "https://www.smfg.co.jp/english/investor/debt/covered_bond_issues.html",
      "https://www.smfg.co.jp/english/investor/debt/covered_bond.html",
      "https://www.bk.mufg.jp/global/aboutus/investorinfo/index.html"
    ]
  },
  "summary": "SMBC's official disclosures document a contractual covered-bond program. The issuer is SMBC acting as trustee of a specified money trust; bondholders have recourse both to the segregated trust property and to SMBC in its proprietary capacity. The cover pool consists principally of highly rated, self",
  "headings": [
    "Japan contractual covered bond — verified SMBC program and MUFG evidence boundary",
    "TL;DR",
    "Wiki route",
    "1. What a covered bond is — short refresher",
    "2. European statutory vs Japanese contractual structure",
    "MUFG Bank covered bond program",
    "SMBC covered bond program",
    "4. Cover pool composition — eligible Japanese RMBS",
    "5. Pricing vs senior unsecured",
    "6. Covered bond vs RMBS — funding-instrument choice"
  ],
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