Covered Bond Label

Quality label which responds to a market-wide request for improved standards and increased transparency in the covered bond market.

What is the Covered Bond Label?

The Covered Bond Label is a quality Label which responds to a market-wide request for improved standards and increased transparency in the covered bond market.

The Label:

  • Establishes a clear perimeter for the asset class and highlights the core standards and quality of covered bonds;
  • Increases transparency;
  • Improves access to information for investors, regulators and other market participants;
  • Has the additional objective of improving liquidity in covered bonds;
  • Positions the covered bond asset class with respect to the new upcoming regulatory environment (CRD IV/CRR, Solvency II, redesign of ECB repo rules, etc.).

The Label is based on the Covered Bond Label Convention, which defines the core characteristics required for a covered bond programme to qualify for the Label. This definition of the required characteristics, compliant with Article 129(7) of the CRR and, starting from 8 July 2022, with Article 14(2) of the Covered Bond Directive, is complemented by the Harmonised Transparency Template.

The Covered Bond Label was created by the EMF/European Covered Bond Council (ECBC) in 2012. It was developed by the European issuer community, working in close cooperation with investors and regulators, and in consultation with all major stakeholders.

For further information on the non-EEA Label, please click here

Covered Bond Label Introduction

Statistics

  • No active covered bond market
  • Active covered bond market but no Covered Bond Label
  • Covered Bond Label presence
  • Initial stakeholders’ debate on covered bonds

ECBC Covered Bond Comparative Database

Compare key feature of each covered bond juridiction

Country Comparison

Schematic overview of the key features of national covered bonds laws Issuers

Go to national frameworks

Sign up in 5 steps

  • 1
    Self-certification

    Self-certification of compliance with the Covered Bond Label Convention

  • 2
    Commitment to Transparency

    Commitment to Transparency by disclosing relevant data information of your labelled cover pool by using the Harmonised Transparency Template to be published at least every quarter.

  • 3
    Set-up of the issuer profile

    Completion of information on issuer, cover pool(s), covered bond list

  • 4
    Upload of the HTT

    The HTT is uploaded on the issuer’s website whereas on the Covered Bond Label website the Excel URL of the HTT is required to create the HTT reporting Tool

  • 5
    Optional – Press Release

    Once the sign-up process is completed the Secretariat offers to publish a press release to announce the joining to the Covered Bond Label.

Latest news of the label

Covered Bond Label Strengthens Nordic Foothold with S-Bank Membership

Tuesday 21 November, 2023

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Banca Monte dei Paschi di Siena joins the Covered Bond Label confirming its high commitment to transparency and quality towards the market

Wednesday 15 November, 2023

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Banco di Desio e della Brianza SpA is the latest Italian issuer to join the Covered Bond Label

Thursday 09 November, 2023

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Covered Bond Label further increases its presence in Italy with addition of Mediobanca

Thursday 21 September, 2023

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A significant focus in improving the ESG reporting in the newly approved 2024 Harmonised Transparency Template (HTT)

Tuesday 12 September, 2023

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Latest covered bond details

01/12/2028 Mortgage

Länsförsäkringar Hypotek AB

2,000,000,000 SEK

22/11/2028 Mortgage

Nordea Eiendomskreditt AS

7,000,000,000 NOK

27/11/2028 Mortgage

Fédération des caisses Desjard...

1,000,000,000 $

27/11/2033 Mortgage

SG SFH

1,000,000,000 €

Recently published HTTS

23/11/2023

Nationale-Nederlanden Bank N.V...

31/10/2023

BNP Paribas Fortis NV/SA

31/10/2023

The Bank of Nova Scotia

31/10/2023

NIBC Bank N.V.

31/10/2023

PKO Bank Hipoteczny Spółka Akc...