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 further expands coverage in the UK market with TSB Bank

Thursday 22 February, 2024

Open PDF

The Covered Bond Label increases its coverage to 25 jurisdictions with Bank of New Zealand

Wednesday 21 February, 2024

Open PDF

The Covered Bond Label welcomes BCC Banca Iccrea, further expanding its presence in Italy

Thursday 15 February, 2024

Open PDF

The Covered Bond Label increases its presence in Italy with Banca Popolare di Sondrio S.p.A.

Tuesday 23 January, 2024

Open PDF

Shinhan Bank Enhances the Covered Bond Label’s presence in the South Korean covered bond market

Tuesday 09 January, 2024

Open PDF

Latest covered bond details

21/02/2029 Mortgage

Sparebanken Vest Boligkreditt

35,000,000 €

10/04/2054 Public sector

NORD/LB Norddeutsche Landesban...

20,000,000 €

11/04/2044 Mortgage

Commonwealth Bank of Australia

50,000,000 €

16/04/2030 Mortgage

S-Bank Plc

500,000,000 €

Recently published HTTS

31/12/2024

Møre Boligkreditt AS

31/03/2024

Belfius Bank NV/SA

31/03/2024

Belfius Bank NV/SA

31/03/2024

BNP Paribas Home Loan SFH

22/03/2024

Nationale-Nederlanden Bank N.V...