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

Sign up in 5 steps

  • 1
    Self-certification

    a. Self-certification of compliance with the Covered Bond Label Convention

  • 2
    Commitment to Transparency

    a. 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

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

  • 4
    Upload of the HTT

    a. 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

    a. 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 fully aligned with the Covered Bond Directive

Tuesday 21 June, 2022

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Icelandic Arion Bank’s membership brings the Covered Bond Label up to 23 jurisdictions

Wednesday 16 February, 2022

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The newly approved 2022 Harmonised Transparency Template (HTT) further improves ESG data-points

Tuesday 14 September, 2021

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The Covered Bond Label increases its presence to 22 jurisdictions with Komercní Banka from Czechia

Tuesday 13 April, 2021

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Argenta from Belgium joins the Covered Bond Label with its first covered bond programme

Wednesday 27 January, 2021

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Latest covered bond details

30/06/2027 Mortgage

Münchener Hypothekenbank eG

200,000,000 CHF

08/06/2029 Mortgage

Banco BPI, S.A.

2,050,000,000 €

22/10/2038 Mortgage

de Volksbank N.V.

10,000,000 €

01/10/2033 Mortgage

Nykredit Realkredit A/S

0 DKK

Recently published HTTS

24/06/2022

Nationale-Nederlanden Bank N.V...

31/05/2022

BNP Paribas Fortis NV/SA

31/05/2022

Van Lanschot Kempen NV*

31/05/2022

The Toronto-Dominion Bank

31/05/2022

KEB Hana Bank