If the U.S. securitizes a portion of its assets into a sovereign wealth fund, it would effectively shift from issuing unsecured Treasury debt to issuing secured debt backed by collateral, similar to the 'incumbrance' concept in covered bonds
factualpending
Speaker
Joe WeisenthalEvidence Quote
“it sounds like basically a shift from the US issuing unsecured treasuries to secured debt. And when I hear that, I think back to a term that I used to encounter a lot um when I was covering European covered bonds, incumbrance. like there's a limited amount of collateral that you can put up into a bond”
Created: 8/11/2026, 7:46:27 AM
My Notes
Loading notes...