The issuance of a covered bond programme by authorised issuing institutions must have prior administrative approval from the Banco de España in accordance with the provisions of Royal Decree-Law 24/2021.
Article 34 of the Royal Decree-Law sets out the authorisation requirements, which include most notably the appointment of a cover pool monitor for issuance facilities.
Only credit institutions, including the Official Credit Institute (ICO), may issue these covered bonds, which may use the label European Covered Bond or European Covered Bond (Premium) if they comply with the requirements set out in the above Royal Decree-Law.
Issuing institutions and list of bonds with the label European Covered Bond
Pursuant to Article 38 of the aforementioned Royal Decree-Law, the Banco de España will publish the following information on its website:
Breakdown as at 8 August 2022