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What is a covered bond? A covered bond is a bank bond that benefits from both a full recourse to the issuer and security over a revolving pool of assets, typically mortgages or public sector receivables. Covered bonds are subject to special public supervision and are created by law. In the European Union they benefit from preferential prudential rules for many classes of investor.
It will most likely be backed by prime residential mortgages and issued by a mainstream European bank. Typically it will be rated AAA or AA by one or two major rating agencies and will be in standard listed Eurobond format.
There are exceptions to all of these rules! Covered bonds Covered bonds differ from asset backed securities in three key ways: They have dual recourse to both the issuer and the pool of assets. They are defined by law, which also sets down the regime for public supervision to protect the interests of the bonds holders.
They must be backed by limited types of assets defined in national and EU law. What is the size of the covered bond market? The market is dominated by European issuance, but non-European issuance is growing rapidly. What are junior covered bonds? Junior covered bonds are a negligible and highly technical subset of the Danish covered bond market. Are covered bonds recognised under Basle? Until recently covered bonds have not been explicitly covered in the BIS rules for banks, but only recognised in EU law.
In autumn the BIS, as part of the Basle iii package, recommended a global acceptance of the concept. What is a green covered bond? The bonds must always be secured by an equal number of green loans in the total cover pool.
Luxemburg is looking at introducing a covered bond framework dedicated to green assets. What is the Covered Bond label? The covered bond label is a voluntary, market led initiative run by the European Covered Bond Council. What is a European Secured Note?
Whilst the market has not yet developed, the European Commission is actively investigating whether it could be a viable way to improve the flow of funds into the real economy. What assets can be funded by a covered bond? Traditionally, covered bonds are backed by public sector receivables and mortgages. Whereas there are many definitions of the assets on a country-by-country basis and occasionally other asset classes allowed , these three broad asset classes are recognised at an EU level as the basis for preferential prudential treatment for investors.
What will the European Directive change? The Covered Bond Directive, currently being discussed, is designed to ensure a minimum standard for covered bonds. It introduces many principles that must be converted into national law — largely based on proposals from the European Banking Authority - and some more specific rules regarding, for example, minimum over-collateralisation levels and levels of liquidity assets.
Which are the best covered bonds? Opinions differ. One way to consider the quality of a covered bond is the credit rating, relative to the credit rating of the same issuer — that is the rating uplift that they provide. According to the rating agencies, many jurisdictions have broadly similar levels of potential uplift.
Every covered bond market develops for the specificities of the market that it funds. Covered Bonds Worldwide Explore how covered bond markets differ by continent and country. Almost every country in Europe has a covered bond regime, although there are regional differences in the amount that they are used - with Germany, Denmark, France and Sweden historically being the largest sources of bonds.
They are structured by national law, but investor prudential rules are governed by European Union law that has encouraged a high degree of standardisation between countries. A Covered Bond Directive is expected to be passed in There are more covered bonds outstanding than there are government bonds, making it the key part of the Danish krone fixed income market. The market also contains many features not found in other covered bond markets.
Whilst these are highly effective and have contributed to the success of the market, they sometimes hinder initiatives to harmonise European covered bond processes. France France has one of the oldest largest and most diverse covered bond markets in Europe. Germany German covered bonds are arguably the oldest covered bond market in the world with origins dating back to the 18th century.
They are also known by their German legal name of pfandbrief. Spain Uniquely, buyers of Spanish covered bonds have a claim on the entire mortgage portfolio of the issuing bank — not just a dedicated cover pool. This has given them typically the highest over-collateralisation ratios in Europe, a fact which served them well in the severe downturn in the Spanish housing market after the financial crisis.
The Spanish covered bond market is likely to undergo substantial changes as a result of the covered bond directive. Sweden Covered bonds and their forerunners have been used for many years to fund a substantial portion of the residential mortgages in Sweden. Most bonds are issued in Krone to domestic investors, but with a substantial minority of the market funded in euros.
Although UK covered bonds are fully compliant with all EU legislation, currently their status for European investors after Brexit remains unclear. North America Before the financial crisis, two American issuers replicated European covered bond structures under contract law. In contrast, Canada has rapidly grown to become a significant part of the overall covered bond market.
It is now facing dual challenges of widening the issuer base beyond the large national issuers, as well as overcoming the regulatory limits that have been placed on issuance. Canada Covered bonds are issued by several Canadian banks to fund portfolios of prime residential mortgages in Canada.
They are typically structured in a very similar way to those in Europe and as such have been very well received by rating agencies and European investors. They were initially structured under contract law, but since have been regulated by the Canadian Mortgage and Housing Corporation.
United States Historically the US, in contrast to Europe, has not used covered bonds to fund residential mortgages. Some non-US covered bonds are issued in US dollars typically under rule a. In Asia, several countries are considering introducing covered bond frameworks, particularly in light of the success of the Singaporean market. India, Malaysia and China, in particular, are also believed to be looking into the instrument.
Australia Covered bonds are issued by several Australian banks to fund portfolios of prime residential mortgages. They are typically structured in a very similar way to those in Europe and as such, have been very well received by rating agencies and European investors. They were introduced by the government in order to increase the funding options for Australian ADIs in a stressed environment. New Zealand Covered bonds were first issued in New Zealand in — a whole year ahead of their much slower Australian neighbours.
They used contract law, following the pattern of initial covered bonds in countries like the Netherlands and the UK. Of the five active issuers only one is not a subsidiary of an Australian parent bank.
Singapore Covered bonds are issued by several Singaporean banks, secured on portfolios of residential mortgages. They are structured in a similar way to most European covered bonds and have been well received by investors, mainly in Euros, but also in Australian and US dollars and in sterling.
South Korea Covered bonds have been issued in South Korea since The state owned Korean Housing Finance Corporation is the largest issuer of covered bonds under the act, issuing on behalf of the participating banks to whom it on lends the proceeds of the bonds.
ECBC Fact Book 2008
Meztijar Chapter III presents an overview of the legislation and markets in 37 countries, which demonstrates the worldwide success and recognition of the asset class. The European Covered Bond Council ECBC is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. Established inthe European Mortgage Federation EMF is the voice of the European mortgage industry, representing the interests of mortgage lenders and covered bond issuers at European level. Sincethe ECBC statistics have evidenced growth in the covered bond market every year up untilwhere they showed a contraction in the size of the market. About ECBC The European Covered Bond Council ECBC is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. Chapter V provides a description of trends in the covered bond market, as well as a complete set of covered bond statistics up to the end of Cactbook release The Wait is Finally Over: Progressive Society — Saving the Internet for the many not the few. European Energy Transition Conference.
ECBC FACTBOOK PDF
Gojas You will then receive an e-mail with the download link. With almost EUR 2. The European Covered Bond Council ECBC facbtook pleased to announce the publication of the 11 th edition of its European Covered Bond Fact Bookwhich builds upon the success of previous editions and cements its place as the most comprehensive source of information in terms of market, regulatory and legislative developments and statistical data on the covered bond cebc class. The Covered Bond Label website became fully operational on the 1st of Januarywith the first Labels being effective since then. Click here to download the Fact book.