Covered Bonds and SSA Update: Spanish Cedulas supply to stay significantly below high times, 36.5bn in iBoxx Covered

Research evidence excerpt

Covered Bonds and SSA Update: Spanish Cedulas supply to stay significantly below high times, 36.5bn in iBoxx Covered

12 July 2026

Covered Bonds and SSA Update

guidance, and approve the cover pool monitor. Issuers must appoint an internal

or external cover pool monitor which is responsible for checking the programme's

compliance with the law

Moody's highlights that, after issuer default, there is a dedicated cover pool

administrator appointed. BoS has broad supervision and monitoring powers over

(among other things) compliance with the appraisal rules, the terms of the cover

assets, the requirements for the issuance of CH and the balance between the CH

issued and the assets backing those issuances.

Issuers must maintain a register where all cover pool loans are included, as well

as liquidity assets and derivatives contracts, including derivatives collateral. The

register must allow all cover pool assets to be individually identified at any time.

Unless proven otherwise, all assets included in the register are presumed to be

covered by the preferential rights of CB holders. More details regarding the

Spanish Cedulas framework can be found under the links here and here. Details

regarding the Spanish mortgage market can be found under the link here.

According to Spanish law, Cedulas compliant with the EU CB Directive and

Article 129 of the EU Capital Requirements Regulation (CRR) may be designated

“European Covered Bond (Premium)” while other CB may be designated

“European Covered Bond”. BoS regularly updates the respective list of Cedulas

under the link here. The respective list shows that all outstanding EUR

benchmark Cedulas have the “European Covered Bond (Premium)” label.

Figure 1: Annual gross supply of EUR benchmark Figure 2: Annual gross supply of EUR benchmark