European Covered Bond Council publishes Fact Book 2011

01 September 2011

The ECBC presents the sixth edition of the European Covered Bond Fact Book, which is intended to be a benchmark and comprehensive source of information on this asset class.

The Fact Book presents ten articles on key themes in chapter I:

• covered bonds and EU banking regulations;
• covered bonds under Solvency II;
• covered bond triggers;
• public vs mortgage collateral in times of government debt crisis;
• covered bonds vs senior unsecured bank debt;
• covered bond pricing factors;
• covered bonds and asset encumbrance;
• the growth of the sub-jumbo sector;
• the investor’s perspective;
• the non-benchmark side of the covered bond market.

The second chapter explains more about covered bonds and their main features, and includes articles presenting a comparison between covered bonds with residential mortgage-backed securities (RMBS), the macro-economic dimension of covered bonds, as well as an overview of covered bond repos.

In the third chapter, detailed explanations are presented on the legislation and markets for covered bonds in 33 countries.

Chapter IV gives the rating agencies the opportunity to present their covered bond methodologies.

In chapter V, a description of trends in the covered market as well as a complete set of covered bond statistics is presented.

This book replaces the 2010 edition of the European Covered Bond Fact Book.

Press release

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