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“Global Growth in Covered Bond Asset Class in 2015”

Date

22 Jul 2016

Sections

Euro & Finance
Trade & Society

The European Covered Bond Council (ECBC) is pleased to announce the online publication of its covered bond market statistics for 2015. The ECBC data covers market developments over the past 13 years for 31 different countries, this year including also Singapore as a new covered bond issuer country.

Since 2003, the ECBC statistics have evidenced growth in the covered bond market every year up until 2013, where they showed a contraction in the size of the market. While the outstanding volumes virtually remained constant in 2015 with respect to 2014, decreasing marginally by 0.25% to EUR 2.498 tn, the covered bond issuance volumes grew by 17.93%, reaching EUR 540 bn worldwide.

Singapore joined the group of non-EEA countries issuing covered bonds, alongside Australia, Canada, New Zealand, Panama, South Korea, Switzerland and the United States. In 2015, these countries accounted for 11.30% of total outstanding, thus increasing their market share by 1.65 percentage points with respect to 2014.

Commenting on the statistics for 2015, Luca Bertalot, EMF-ECBC Secretary General, said:

The trend observed during the years of economic crisis confirms the anti-cyclical role played by covered bonds, allowing them to provide essential access to long-term financing and to support the real economy in periods of market turmoil. I am particularly pleased to see the positive development of the covered bond market also outside the core markets in Europe, which proves the high quality and attractiveness of the product at a global level.”

Luca Bertalot, EMF-ECBC Secretary General

The now published statistics will be an integral part of the 2016 edition of the ECBC Fact Book, which will be published at the end of August 2016 and will be presented at the 24th ECBC Plenary Meeting in Düsseldorf on the 14th of September 2016.

The ECBC Working Group on Statistics and Data is responsible for coordinating the annual ECBC data collection exercise, which collates information on issuing activities and volumes outstanding of covered bonds at year end worldwide in both public and private placements. The aim of this exercise is to provide a complete set of numbers that can serve as guidance for interested parties from issuers and investors to regulators.

The ECBC covered bond statistics for 2015 are available on the EBCB website.

Contact:

Luca Bertalot

Secretary General

Tel: +32 2 285 40 35

lbertalot@hypo.org

 

Notes to the Editor:

Established in 1967, the 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. The EMF provides data and information on European mortgage markets, which were worth over €6.9 trillion at the end of 2014. As of July 2016, the EMF has 19 members across 14 EU Member States as well as a number of observer members.

In 2004 the EMF founded the European Covered Bond Council (ECBC), a platform bringing together covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. As of July 2016, the ECBC has over 100 members across 26 active covered bond jurisdictions and many different market segments. ECBC members represent over 95% of covered bonds outstanding, which were worth over 2.5 trillion EUR at the end of 2015.

In June 2014, the EMF and the ECBC came together to form the Covered Bond & Mortgage Council (CBMC), which replaced the European Mortgage Federation as the legal name under which both entities operate, although in practice, both the EMF and ECBC brands are maintained and used to identify the two areas of focus within the CBMC’s scope.

The Covered Bond Label Foundation (CBLF) was established in 2012 by the EMF-ECBC. The Covered Bond Label website became fully operational on the 1st of January 2013, with the first Labels being effective since then. As of July 2016, the website features 14 National Transparency Templates, 77 issuer profiles and information on 91 labelled cover pools. The Covered Bond Label website currently provides issuance data on over 4,200 covered bonds, amounting to a total face value of over 1.4 trillion EUR, out of which over 2,000 covered bonds already include information on the Liquidity Coverage Requirement (LCR).

For the latest updates from the EMF-ECBC, follow us on Twitter, LinkedIn and YouTube or visit the EMF-ECBC blog.

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