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ECBC Fact Book

ECBC European Covered Bond Fact Book
The The EMF-ECBC is pleased to present the latest edition of the ECBC European Covered Bond Fact Book, which is intended to be a benchmark and comprehensive source of information on the covered bond asset class.

The ECBC European Covered Bond Fact Book 2016 presents 11 articles on “Key Themes of the Year” in Chapter I:

  • 1.1

    Covered bond harmonisation: where do we stand?

  • 1.2

    Covered Bond Purchase Programme 3: Implications for primary and secondary markets.

  • 1.3

    Capital Markets Union and the potential role of the ECBC and dual recourse instruments.

  • 1.4

    Liquidity and trading volume in the EU covered bond market.

  • 1.5

    MREL and TLAC: the consequences of bail-in requirements for covered bonds.

  • 1.6

    Extendable maturity structures – the new normal?

  • 1.7

    An anatomy of a successful covered bond jurisdiction.

  • 1.8

    Energy efficient mortgages and green covered bonds.

  • 1.9

    Refinancing local public sector investments and export loans – a key role for covered bonds.

  • 1.10

    Investors perspective.

  • 1.11

    Investor perspective of the Covered Bonds Investor Council (CBIC).

Chapter II "Generic Section"

provides a detailed explanation of covered bond fundamentals, including reviews of some of the current European regulatory changes that have had/are bound to have a direct and significant impact on covered bonds, mainly the Capital Requirements Directive and Regulation (CRD IV and CRR), Liquidity Coverage Ratio and Solvency II. This chapter also includes articles outlining the repo treatment of covered bonds by central banks, investigating the relationship between covered bonds and other asset classes, such as senior unsecured and government bonds, and describing the USD & GBP denominated covered bond markets.

Chapter III "The Issuer's Perspective"

presents detailed explanations on the legislation and markets for covered bonds in 37 countries.

Chapter IV "Rating Agencies & Methodology"

gives the rating agencies the opportunity to present their covered bond methodologies.

Chapter V "Covered Bond Statistics"

provides a description of trends in the covered bond market as well as a complete set of covered bond statistics.

Please note that this update replaces the 2015 edition of the ECBC Fact Book, which is available on request by contacting info@hypo.org.

Printed Copies

A limited number of printed copies of the latest edition of the Fact Book are available to ECBC members on request. Please contact info@hypo.org.

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FACTBOOK

To download the latest ECBC European Covered Bond Fact Book, please complete this form and click on “Download”. You will then receive an e-mail with the download link.