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

Erste Group Bank AG Austria to join the Covered Bond Label

Wednesday 25 January, 2023

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National Australia Bank Ltd joins the Covered Bond Label

Monday 23 January, 2023

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Belfius Bank joins the Covered Bond Label

Thursday 19 January, 2023

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Australia and New Zealand Banking Group (ANZ) to join the Covered Bond Label and deepen integration in the Region

Wednesday 07 December, 2022

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Westpac Banking Corporation joins Covered Bond Label

Tuesday 06 December, 2022

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Latest covered bond details

23/01/2030 Public sector

Banco Santander S.A.

1,500,000,000 $

31/01/2028 Mortgage

Fédération des caisses Desjard...

325,000,000 CHF

14/12/2025 Mortgage

Bank of Montreal

1,000,000,000 £

11/05/2032 Mortgage

SpareBank 1 Boligkreditt

1,000,000,000 €

Recently published HTTS

31/01/2023

Belfius Bank NV/SA

31/01/2023

Belfius Bank NV/SA

25/01/2023

Prima banka Slovensko, a.s.

24/01/2023

Nationale-Nederlanden Bank N.V...

31/12/2022

AIB Mortgage Bank u.c.