Covered Bonds and SSA Update: EU, EIB and Spanish regions vs federal states; EUR 151bn remaining RRF disbursements

Research evidence excerpt

Covered Bonds and SSA Update: EU, EIB and Spanish regions vs federal states; EUR 151bn remaining RRF disbursements

11 June 2026

Covered Bonds and SSA Update

of only EUR 7bn versus EUR 47.5bn equivalent in total including all currencies,

KBN is a relatively small issuer in the EUR market.

Still EUR 151bn of remaining RRF disbursements

Following EUR 6.629bn and EUR 6.193bn disbursed via Grants and Loans on 4

June respectively (the 9th payment to Italy under RRF) and EUR 4.923bn and

EUR 2.296bn disbursed via Grants and Loans on 2 June to Poland respectively

(the 4th payment under RRF), total RFF disbursement amount to EUR 425.9bn in

the meantime - EUR 259.8bn via Grants and EUR 166.1bn via Loans (Figure 10).

Overall, 73.9% of disbursements were made so far in relation to the allocated

amount of EUR 576.6bn (EUR 359.9bn Grants and EUR 216.7bn Loans).

This translates to remaining RRF disbursements of EUR 150.7bn (EUR 100.1bn

Grants and EUR 50.6bn Loans). Given the high volume of remaining RRF

disbursements, it remains to be seen if the EC will stick to its deadline regarding

disbursements until year-end 2026. As per our last update on 19 March 2026,

remaining disbursements amounted to EUR 181bn. Requests which are made but

still pending amounts to EUR 19.1bn as compared to EUR 40.9bn as of 19 March

2026. Of the EUR 19.1bn pending requests, Spain has the highest pending

requests of EUR 6.4bn. Requests for disbursements which are yet to made

amounts to EUR 131.6bn as compared to EUR 140.1bn as of our last update on

19 March 2026.

Spain has the highest allocation regarding Grants (EUR 79.8bn) and Italy has the

highest allocation regarding Loans (EUR 122.6bn). Italy has the highest disbursed

amount for both Grants (EUR 60.7bn) and Loans (EUR 105.3bn) so far. In terms