Opaque covered bond issuers may lose ECB repo eligibility soon

ECB 230x150 euro sculpture
By Bill Thornhill
12 Sep 2017

Many covered bond programmes are still falling short of new European Central Bank disclosure requirements. Unless issuers improve the timeliness and content of their disclosures, affected covered bonds could soon become ineligible for ECB repo, which would widen spreads.

Under new ECB rules issuers must report quarter end data no more than eight weeks after the end of each quarter, and this data should be released beforehand to the major rating agencies.

The ECB’s data requirements are closely aligned with the Covered Bond Label Foundation’s (CBLF) Harmonised ...

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