Asset class

Covered bonds: a pillar for the Capital Markets Union

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The establishment of the Covered Bond Label in 2012, and the EU legislative Framework for Covered Bonds approved in April 2019, are major steps towards harmonisation of the global covered bond market, and essential contributions to the imple­mentation of the Capital Markets Union in Europe. New developments in this market can be expected with increased issuance of sustainable covered bonds, the potential for European Secured Notes and the advancement of the Energy Efficient Mortgages Initiative.

The implementation of a common EU legislative framework for covered bonds in 2019 marks a new milestone for the asset class, which has now for over a quarter of a millennium strategically supported economic growth, market innovation and financial stability in Europe. Moreover, the introduction of the EU legislative framework represents a clear legislative benchmark at a global level and crowns a series of significant achievements in developing the European Single Market and supporting the concrete implementation of a Banking Union and the Capital Markets Union (CMU).

1769-2019: 250 years of a successful ...

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Revue Banque Nº838bis