Singapore’s OCBC’s Cover Pool Becomes 100th to Hold Covered Bond Label
Brussels, 14 February 2017
Today, the Covered Bond Label Foundation (CBLF) celebrates the granting of its 100th Label to Oversea-Chinese Banking Corporation Limited’s (OCBC Bank) cover pool. The Singapore-based financial institution is the 84th issuer to join the Covered Bond Label.
“We are pleased to see that OCBC Bank has restated its commitment to transparency by recognising the value of the Label for its business and investors globally. Reaching 100 labelled cover pools is an important milestone, which demonstrates issuers’ appetite for the Covered Bond Label and further strengthens the presence of our initiative in a key Asian market.”
Luca Bertalot, Covered Bond Label Foundation (CBLF) Administrator
The Covered Bond Label is a quality Label which responds to a market-wide request for improved standards and increased transparency in the covered bond market.
On the Covered Bond Label website, investors can retrieve key information, such as LCR eligibility, on over 4,200 different covered bonds, and consult the profiles of 84 issuers representing 16 different covered bond jurisdictions globally.
The primary purpose of the Label 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 introduction of the Harmonised Transparency Template (HTT) requires the labelled issuers from all covered bond jurisdictions to disclose their cover pool information in a standardised way, regardless of their jurisdiction. As of the 1st of January 2017, all labelled issuers have to comply with the requirements of the 2017 Covered Bond Label Convention (available here), which entails disclosing their data by publishing the HTT.
Covered Bond Label Foundation (CBLF)
Tel. +32 2 285 40 33
Notes to the Editor:
1. The Covered Bond Label Foundation (CBLF) was established in 2012 by the European Mortgage Federation –European Covered Bond Council (EMF-ECBC). The Covered Bond Label website became fully operational on the 1st of January 2013, with the first Labels being effective since then. The website features the Harmonised Transparency Template (HTT) and 14 National Transparency Templates, published by 84 issuers disclosing information on 100 labelled cover pools across 16 jurisdictions. 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).
2. 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 7 trillion EUR at the end of 2015. As of February 2017, the EMF has 17 members across 14 EU Member States as well as a number of observer members.
3. 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. The ECBC currently has over 100 members across more than 30 active covered bond jurisdictions and many different market segments. ECBC members represent over 95% of covered bonds outstanding, which were worth nearly 2.5 trillion EUR at the end of 2015.