This question has been rejected because the issue it deals with is already explained or addressed in Articles 1(19) and 180(1) of Commission Delegated Regulation (EU). Non-tranched assets do not fall under the definition of securitisation, as specified by Article 1(19) of Commission Delegated Regulation(EU) 2015/35. Only exposures in the form of bonds that fall under the definition set out in point (1) of Article 3 of Directive (EU) 2019/2162 can be considered as covered bonds. To this purpose, please see Article 180(1) of Commission Delegated Regulation (EU) 2015/35 which clarifies that covered bonds are exposures in the form of bonds referred to in Article 52(4) of Directive 2009/65/EC, which points at the definition set out in Article 3(1) of Directive (EU) 2019/2162.