  We show how to restructure the counterparty risk faced by the originator of a
securitization or covered bond arising from an interest rate hedging swap
assisted by a "one-way" collateral agreement. This risk emerges when the swap
is negotiated between the special purpose vehicle and a third party that covers
itself through a back-to-back swap with the originator. We show that the
counterparty risk of the originator may be removed by adding a chain of
back-to-back credit derivatives between the three parties (originator,
counterparty and vehicle).
