The European Covered Bond Council (ECBC) is pleased to announce the publication today of the 20th (2025) edition of the European Covered Bond Fact Book, alongside a comprehensive market intelligence package including the latest, global covered bond market statistics, the European Commission’s Saving and Investment Union (SIU) initiative, the role of technology and artificial intelligence for the development of blockchain covered bonds, the creation of European Secured Notes (ESN), ESG risk management and a global perspective on covered bonds market. This 20th edition also introduces a new chapter on the System Providers of the covered bond industry.

 

The European Covered Bond Fact Book 2025, featuring the latest statistical data as of end 2023, builds upon the success of previous editions to cement its place as the definitive source of information in terms of market, regulatory and legislative developments, and statistical data on the covered bond asset class. The new Fact Book can be downloaded from the ECBC website here.

 

To complement the updated Fact Book’s publication, on Thursday, 18 September 2025, a dedicated Roundtable will take place during the FT Live/ ECBC Covered Bond Congress in Seville, where a selection of the Fact Book’s authors will highlight some of the main findings and key themes from this year’s edition. This roundtable will be moderated by Mr Sascha Kullig, Chairman of the ECBC Fact Book Working Group. For more information on this event, click here.

 

Furthermore, as in recent years, the ECBC will also host a special virtual publication event. More details on the organisation of this event and how to register will follow in due course.

 

This year’s Fact Book demonstrates that covered bonds continue to play a key role in European capital markets, contributing to the efficient allocation of capital, while supporting both economic development and the post-pandemic recovery. Indeed, The outstanding amount of covered bonds reached another record in 2024, reflecting the large volume of new supply more than compensating for covered bonds that matured in 2024. The volume of outstanding covered bonds increased by EUR 53bn, reaching EUR 3.31trn by the end of 2024 (compared to EUR 3.26trn at the end of 2023). This marked the seventh consecutive year of growth.

 

New issuance of covered bonds slowed down in 2024, following two years of very large volumes of new supply. Although issuance dropped by EUR 156bn, it still amounted to EUR 533bn in 2024, which remained relatively large following a jump in new issuance in 2022.

 

The market for sustainable covered bonds has been steadily growing since the first sustainable covered bond was issued in 2014. The volume of outstanding sustainable covered bonds at the end of 2024 was almost seven times larger than in 2019. Indeed, the total amount of sustainable covered bonds increased by EUR 23bn to EUR 131bn in 2024. During 2024, more issuers started to issue sustainable covered bonds, as the number of new sustainable issuers grew by eight to 82. Overall, issuers from 20 countries were active in the sustainable covered bond market by the end of 2024.

 

With regard to the covered bond market statistics for 2024, the ECBC is pleased to confirm that these are now available to download via the ECBC website and a short video introduction of the statistics by the Chairman of the ECBC Statistics & Data Working Group, Mr Joost Beaumont, can be found on our YouTube channel. The ECBC data covers market developments over the past 20 years for 36 different countries.

 

The ECBC welcomes the broad range of views expressed in this latest revision of the Fact Book and thanks all contributors whose enthusiasm and dedication have once again produced an outstanding publication. Particularly, we would like to express our gratitude to the Chairmen of the ECBC Fact Book and the ECBC Statistics & Data Working Groups, Mr Sascha Kullig and Mr Joost Beaumont, respectively.

 

Commenting on the publication of the 2025 Edition of the ECBC European Covered Bond Fact Book, EMF-ECBC Secretary General, Luca Bertalot, said:

 

“The ECBC continues to play a crucial and transformative role in these times of transition, offering unique market governance and guidance for market participants and, more importantly, a valuable, over-arching source of market intelligence with insights and statistics provided by the leading covered bond experts and covering all market perspectives. A global vision and local human touch have made from this forum a unique community which is securing long-term, sustainable funding channels for mortgages, public sector assets and potentially SMEs, supporting the real economy with smart, private sector financial solutions.”

 

Contact

 

Eva Dervaux

Junior Research and Data Adviser

Tel. +32 472 052 217

edervaux@hypo.org