Spain EEA Member
About the chart
(1) Please note that the face value of this bond has been converted into EUR values on the 15th of January of the current year (where the exchange rate protocol takes the ECB bilateral exchange rate on the last business day of the previous year) in order to facilitate the comparison across issuances and to increase the overall transparency of the website. Nevertheless, you will be able to check the original currency by directly clicking on the covered bond.
Mat. - Maturity profile
HB - Hard bullet
Hard bullet covered bonds are repaid on the scheduled maturity date. Neither the documentation nor the legal framework contain provisions for a maturity extension. Failure to repay the final redemption amount of a hard bullet covered bond on the scheduled maturity date could trigger the default of the relevant covered bonds and, possibly, the liquidation of the cover pool depending on the respective national insolvency rules.
SB - Soft bullet
Soft bullet covered bonds have a scheduled maturity date and an extended maturity date. If objective, predefined and transparent criteria have been met , the maturity of a soft bullet covered bond can, and in some cases will automatically, be prolonged up to the extended maturity date. During the extension period, the covered bond may be redeemed using cover pool proceeds. Failure to repay a covered bond on the extended maturity date triggers the default of the relevant extended covered bonds (unless multiple extensions are allowed).
CPT - Conditional pass-through
Conditional pass-through (CPT) covered bonds have a scheduled maturity date and an extension mechanism. By itself, the failure to repay the CPT covered bond on the scheduled maturity date does not lead to an acceleration of this covered bond but to an extension of the maturity date of this and potentially other relevant covered bonds. The extension requires that objective, predefined and transparent criteria are met. In such circumstances the maturity of a CPT covered bond can be prolonged to the extended maturity date, which is typically linked to the maximum legal maturity of the underlying assets. During the extension period, cash-flows received or generated from the cover assets will be distributed to the covered bonds investors. Regular attempts are in general made to sell the cover pool assets to redeem the covered bonds . Such sales are subject to predefined criteria intended to protect the interests of all investors under the same programme. In certain jurisdictions and programmes, CPT covered bonds may feature an initial soft bullet extension
(3) European Economic Area (EEA) or non-EEA. While all the non-EEA labelled programmes’ quality standards will be fully aligned to the Covered Bond Label Convention, to Article 129 of the Capital Requirements Regulation (CRR) and to the definitions in the Liquidity Coverage Requirements (LCR) with the exception of being based in the EEA, i.e. they will present similar legislative safeguards from a qualitative and supervisory point of view to those in Europe, these bonds will present different characteristics, for example in terms of risk weights. Therefore, non-EEA Labels will be identified on the Label website by using a different graphic solution.
(4) The issuer believes that, at the time of its issuance and based on transparency data made publicly available by the issuer, this bond would satisfy the eligibility criteria for its classification as a Level 1 or Level 2 asset in accordance with Chapter 2 of the LCR delegated act. It should be noted that whether or not a bond is a liquid asset for the purposes of the Liquidity Coverage Ratio under Regulation (EU) 575/2013 is ultimately a matter to be determined by a relevant investor institution and its relevant supervisory authority and the issuer does not accept any responsibility in this regard.
Sustainable covered bond. A Covered Bond Labelled sustainable covered bond is a covered bond that is fully compliant with the Covered Bond Label Convention, and also includes a formal commitment by the issuer to use an amount equivalent to the proceeds of that same covered bond to (re)finance loans in clearly defined environmental (green), social or a combination of environmental and social (sustainable) criteria. Covered Bond Labelled sustainable covered bond programs are based on their issuer’s sustainable bond framework which has been verified by an independent external assessment. The issuer strives, on a best efforts basis, to replace eligible assets that have matured or are redeemed before the maturity of the bond by other eligible assets.
[Against this background, please note that the EMF-ECBC is currently working on market initiatives which will ultimately define European criteria for energy efficiency covered bonds and sustainability standards]
European Covered Bond (Premium): as defined in Art 27.2 Covered Bond Directive
European Covered Bond: as defined in Art 27.1 Covered Bond Directive
EEA Grandfathered – CRR compliant: labelled covered bond issued in the EEA before 8 July 2022 not completely aligned with the Covered Bond Directive, but due to grandfathering might be compliant with Art 129 of CRR and eligible for LCR. Please verify on this website.
Non-EEA Grandfathered: labelled covered bond issued outside the EEA before 8 July 2022 but not completely aligned with the Covered Bond Directive.
Other: labelled covered bonds issued after 8 July by non-EEA issuers in attendance of the final dispositions on the equivalence regime of third-party country which will be decided in 2024.
N/A: all covered bonds which do not comply with the above-mentioned categories. Among others, but not exclusively here included are:
- covered bonds issued before the 8 July and only UCITS compliant