To access the final CBIC European transparency standards template, please click here.

Covered bonds have become increasingly important component in the funding of financial institutions in Europe, because they provide cost effective funding, with a low execution risk, long maturities, and help issuers and investors diversify their portfolios of liabilities and assets respectively. The structure and security of covered bonds have set this asset class apart and they have remained largely acceptable to an increasing number of investors throughout the turbulent conditions of recent years.

Recent growth of the European covered bond market has lead to a degree of fragmentation in the level of information provided to investors on individual issues.  Faced with a rapidly expanding covered bond universe investors are increasingly in need of comprehensive and readily comparable information in order to make informed investment decisions.  The CBIC initiative proposes agreed transparency standards for issuers in this market based on the information requirements of investors.

The CBIC identified key information which covered bond investors require to make well informed investment decisions. It is expected that the information required would be available on a regular basis (e.g. a half yearly update) to meet investors’ transparency and information needs. Beside the quantitative information provided via a spreadsheet, some qualitative information is requested to explain the figures and make the data more comparable. The CBIC believes that issuers should consider these qualitative elements and ensure a certain degree of consistency, most urgently at national level. The CBIC transparency data list is divided into three main sections and is available in an Excel Format:

  • General Issuer data
  • Cover Pool data
  • Key concepts’ explanations

The conclusions of the consultation period are available here.

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
Copyright © 2022 International Capital Market Association.