Press release

The Covered Bond Label enhances transparency in sustainable finance as Caja Rural de Navarra receives 110^th Label

The Covered Bond Label Foundation (CBLF) is delighted to announce that the 110^th Covered Bond Label has been granted to Spain’s Caja Rural de Navarra which has become the 94^th labelled issuer on the Covered Bond Label website.

Commenting on this latest development, Luca Bertalot, Covered Bond Label Foundation Administrator, said:

“Caja Rural de Navarra is one of the pioneers of sustainable covered bonds. The Label, thanks to its bottom-up approach to transparency and its continually evolving reporting data, is in a unique position to move in-step with market needs. It is this flexibility which has allowed the Label, since early in 2017, to accommodate innovative issuers such as Caja Rural de Navarra with their sustainable covered bonds, which are clearly identifiable by the  next to their ISIN.”

Caja Rural de Navarra’s Miguel García de Eulate, Head of Capital Markets added:

 “A sustainable business model must also be a proactive and transparent one. We believe that by including our covered bond programme within the Covered Bond Label and particularly by highlighting our sustainable covered bonds, our institution will improve investors’ awareness about our long-lasting and stable retail banking strategy as a regional and cooperative bank.”

To recap, the Covered Bond Label is a quality Label, of which the primary purpose is to highlight to investors the security and quality of covered bonds, and to further enhance recognition of and trust in the covered bond asset class.

The Covered Bond Label is open to all covered bond programmes that are compliant with the Covered Bond Label Convention and disclose their data by publishing the Harmonised Transparency Template (HTT). More information on all labelled Issuers and the Label itself can be found on the Covered Bond Label website at www.coveredbondlabel.com.