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ECBC Publishes 2012 Edition of the European Covered Bond Fact Book


30 Aug 2012


Euro & Finance

This seventh edition of the ECBC European Covered Bond Fact Book builds on the success of previous editions and cements it place as the benchmark and the most comprehensive source of information and data on the asset class.

With over EUR 2.67 trillion outstanding at the end of 2011, covered bonds play an important role in European capital markets, contributing to the efficient allocation of capital and, ultimately, economic development and recovery. The EUR 695 billion issuance and arrival of 30 new issuers during 2011 evidence the ability of the asset class to provide essential access to long-term capital market funding. This is achieved even during volatile market conditions, notably thanks to a stable investor base.

Covered bonds’ consistently strong performance and quality features attract the attention of regulators and market participants worldwide, which, in turn, leads to an increasing recognition of the macro-prudential value of the asset class.

Chapter I presents an analysis of eleven key themes of the year, offering an overview of the Industry’s position on these themes. Chapter II provides a detailed explanation of covered bond fundamentals, including reviews of some of the current European regulatory changes that are bound to have a direct and significant impact on covered bonds, mainly the Commission’s CRD IV Proposal, Solvency II and MiFIR. This chapter also includes articles investigating the relationship between covered bonds and other asset classes such as senior unsecured and government bonds. Chapter III presents an overview of the legislation and markets in 33 countries, which demonstrates the worldwide success and recognition of the asset class. Chapter IV sets out the rating agencies’ covered bond methodologies and, last but not least, Chapter V provides a description of trends in the covered bond market as well as a complete set of covered bond statistics.

We welcome the broad range of views expressed in this revision of the Fact Book and would like to extend a special thank you to all contributors whose enthusiasm and dedication resulted in this 2012 edition, as well as to the Chairmen of the ECBC Fact Book and Statistics & Data Working Groups, Mr Wolfgang Kälberer and Mr Florian Eichert respectively.

“As an eagerly anticipated industry publication, this new edition of the Fact Book further expands on the work undertaken in previous years with regards to improving transparency of the covered bond asset class by providing a complete set of macro-level information and an unrivalled statistical database.”

Luca Bertalot, Head of the European Covered Bond Council

The European Covered Bond Fact Book 2012 can be downloaded in pdf format free of charge from the ECBC website at The hard copy of the Fact Book will be presented and made available at the ECBC Plenary meeting to be held in Munich on Wednesday the 12th of September 2012.

Contact Persons:

Annik Lambert Tel: +32 2 285 40 30 Luca Bertalot Tel: : +32 2 285 40 35

Secretary General of the EMF Head of the ECBC

For further information on the activities of the European Covered Bond Council (ECBC) and European Mortgage Federation (EMF) please contact:

Avenue de Cortenbergh 71, B-1000 Brussels, Belgium

Tel. +32 2 285 40 30 - Fax +32 2 285 40 31


Website: www.hypo.org

ECBC Covered Bond Comparative Database:

Notes to the Editor:

1. The European Covered Bond Council (ECBC) is a platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. The ECBC was created by the European Mortgage Federation (EMF) in 2004. As of August 2012, the Council has over 100 members across 25 active covered bond jurisdictions and many different market segments. ECBC members represent over 95% of covered bonds outstanding.

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 bonds issuers at European level. The EMF provides data and information on European mortgage markets and its members grant more than 75% of residential and non-residential mortgage loans in Europe.


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