According to Commission Implementing Regulation (EU) 2023/894 of 4 April 2023, Annex VI – Definitions of the CIC Table, Category 27 – „Covered bonds subject to specific law“ is defined as follows: „Corporate bonds which have a pool of assets that secures or ‘covers’ the bond if the originator becomes insolvent and are subject by law to special public supervision designed to protect bond-holders, as defined in Article 52(4) of Directive 2009/65/EC. An example of this category is Pfandbrief: ‘Covered bonds…‘“. Article 52 (4) of Directive 2009/65/EC, as published in the version in force on 9 January of 2024, refers to the definition of the covered bonds in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council of 13 July 2009. Directive (EU) 2019/2162 defines covered bonds as follows: „covered bond’ means a debt obligation that is issued by a credit institution in accordance with the provisions of national law transposing the mandatory requirements of this Directive and that is secured by cover assets to which covered bond investors have direct recourse as preferred creditors“. It is understood that covered bonds issued by credit institutions established within the EEA fall under Category 27. However, covered bonds issued by credit institutions established outside the EEA do not fall within this category. In this context, guidance is requested on the CIC category that is applicable to covered bonds issued by credit institutions established outside the EEA.

For information regarding the general classification of bonds, please refer to 3499 - European Insurance and Occupational Pensions Authority.

In general, decisions on how a component or feature of a bond should be considered for its reporting should be taken from a risk perspective.

EIOPA advises to discuss any related questions with the relevant National Competent Authority.