Hypotéční zástavní listy v České republice

This thesis focuses on mortgage covered bonds (MCBs) and their specific function within the mortgage market. The text analyzes the legal framework, investment characteristics, and operating mechanisms, with a primary focus on the Czech financial market. The main objective of the thesis is to evaluate the current role these instruments play for both issuers and investors. On a theoretical level, the thesis is based on the current legal definitions derived from the 2019 European Directive, reflecting the current state of market regulation and supervision, including a comparison of the Czech covered bond system with selected Europe countries and the USA. For a comprehensive understanding of these debt instruments, the thesis details their investment parameters, such as pricing, liquidity, and rating. Attention is also paid to the latest market trends, particularly the integration of sustainability principles and the issuance of green covered bonds. In the analytical part, the aim is to map and evaluate the size and dynamics of the Czech MCB market from the perspective of the issuing banks. Subsequently, this financial instrument is analyzed from an investor's point of view, primarily in terms of its risk-return profile.