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Insuring export business as bank

Product at a glance

A Covered Bond Guarantee gives banks financing export transactions more flexibility when refinancing the export credits they granted in their own covered bond business (German covered bond; "Pfandbrief"). 

The Federal Government has been offering Covered Bond Guarantees since 01.12.2017. With effect from that date the Covered Bond Guarantee – only with regard to refinancing in a bank's own covered bond business – replaces the Securitisation Guarantee which ceases to be available for that purpose. 

Pursuant to the German Covered Bond Act ((Section 20 (3) 3 Pfandbriefgesetzt; formerly Section 20 (2.a) Pfandbriefgesetz) a bank may refinance credit receivables from debtors domiciled outside Europe only to a limited extent with German covered bonds. The legislator sees the (theoretical) risk here that credit receivables may be withdrawn from the cover funds for the covered bonds through being seized by a creditor or in any other way if the bank becomes insolvent/bankrupt. 

If that risk is covered by a state export credit agency, a higher proportion of the credit receivables from non-European debtors can be refinanced with German covered bonds. For this purpose the Covered Bond Guarantee protects solely against this particular risk.


Target group 

Banks with a licence to issue covered bonds that are eligible for cover.


Payment term of the covered transactions 

Depending on the underlying Buyer Credit Guarantee or Airbus Guarantee (normally medium/long-term).


Special features 

  • A Covered Bond Guarantee is not granted separately but only in combination with a Buyer Credit Guarantee or an Airbus Guarantee
  • Separate Guarantee Document
  • The General Terms and Conditions for Buyer Credit Guarantees (FKG) apply mutatis mutandis as far as this is consistent with the spirit and purpose of covered bond cover
  • A Covered Bond Guarantee can also be granted subsequently (during the repayment period of the credit)


5‰ (0.5%) as non-recurring additional premium charged on the premium for the Buyer Credit Guarantee (or the Airbus Guarantee). In the case of a subsequent application for cover the remaining repayment term of the credit will be decisive for the premium.

The premium 

shall be payable upon receipt of the Guarantee Document

is independent of the actual utilisation for refinancing purposes (i.e. will not be refunded if the Covered Bond Guarantee is not used for refinancing)

Normally, there will not be any handling fees (exception: a Covered Bond Guarantee is applied for only after buyer credit cover/an Airbus Guarantee has been granted).


Uninsured portion 

The uninsured portion corresponds to the uninsured portion of the underlying guarantee (in the case of a Buyer Credit Guarantee normally 5%; in the case of an Airbus Guarantee no uninsured portion).

This product can be applied for online.

Please use the digital application form in the myAGA customer portal to apply for cover for your export transaction. To do this you need to register for my AGA once which is easily done with just a few steps. If you already use myAGA, you can directly log in with your access data. If you need assistance with the application or if you have any questions regarding the appropriate product, please do not hesitate to contact our business consultants.


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Country cover policy of more than 200 countries.