On September 1, the European Covered Bond Council (ECBC) announced the publication of the 18th (2023) edition of its European Covered Bond Fact Book. It features the latest covered bond statistical data as of end 2022 and can be downloaded from the ECBC website here.
The 2023 edition of the Fact Book features the following content:
- Chapter I presents an analysis of eleven key themes of the year, offering an overview of the Industry’s outlook on these, such as green covered bonds, the expanding reach of covered bonds around the globe, the strengthening of SME financing with the European Secured Note (ESN) and a legislative state of play after the last year’s transposition of the Covered Bond Directive in 27 EU countries.
- Chapter II provides a detailed explanation of covered bond fundamentals, explores regulatory issues, the Capital Markets Union (CMU), the Liquidity Coverage Ratio (LCR), Solvency II, bail-in mechanisms (MREL and TLAC), and covered bond protection. This chapter also includes articles outlining the repo treatment of covered bonds by central banks, investigates 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 44 different countries, demonstrating the worldwide success and recognition, and the continued spread of the asset class (includes Australia and New Zealand data).
- Chapter IV sets out credit rating agencies’ various covered bond methodologies.
- Chapter V provides a description of trends in the covered bond market, as well as a complete set of covered bond statistics up to the end of 2022.
The covered bond market statistics for 2022 are now available via the ECBC website here and a short video introduction of the statistics by the Chairman of the ECBC Statistics & Data Working Group, Mr Joost Beaumont, can be found on the ECBC YouTube channel.