Covered Bonds ensure a high level of security, particularly during crisis and insolvency of the issuer. The international constellation examined in the thesis leads to a collision of different legal systems and therefore threatens this essential feature of such products. German insolvency proceedings claim universal validity, which contrasts with the need for application of the protective covered bond regulations. The thesis develops criteria for the applicability of these regulations within German insolvency proceedings. Following an outline of the legal framework for such issuance the requirements German insolvency law lays down for the applicability of the relevant regulations are focused. Particularly considered are the different legal structures of European covered bond models and the European Union law provisions.