2025-05-16
The Danish Financial Supervisory Authority issued this order to mandate quarterly disclosure of standardized investor information by issuers of covered bonds and ship credit bonds. Issuers must publish detailed data regarding cover pools, overcollateralization, and risk metrics on their websites and submit them to the authority for transmission to the European Single Access Point. The regulation implements EU directives on covered bonds and transparency, with full enforcement beginning in July 2025 and ESAP submission requirements extending to 2030.
Pursuant to Section 36(d) and Section 39(3) of the Act on Mortgage Loans and Mortgage Bonds and the like, cf. Consolidation Act No. 315 of 11 March 2022, Section 5(1)(11) and Section 14(2) of the Act on a Ship Financing Institute, cf. Consolidation Act No. 1873 of 5 December 2023, and Section 152(h)(8) and Section 373(4) of the Act on Financial Business, cf. Consolidation Act No. 1013 of 21 August 2024, and pursuant to authorization in accordance with Section 1(5) of Order No. 44 of 19 January 2015 on the delegation of powers to the Danish Financial Supervisory Authority, the following is stipulated:
Section 1. This Order applies to issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, cf. however subsection 2.
Subsection 2. This Order does not apply to mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, where the issuer publishes all relevant information covered by the EMF/ECBC’s Harmonised Transparency Template (Covered Bond Label Harmonised Transparency Template), cf. however Section 3(2) and Section 4.
Section 2. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds must publish the information in Appendices 2 and 3 on the issuer's website.
Subsection 2. The publication must take place at least quarterly.
Subsection 3. The information must be published for each series with a series reserve fund or groups of series with a common series reserve fund, register, or capital center. For mortgage institutions and the Ship Financing Institute, the institution is otherwise considered a separate series with a series reserve fund or a separate capital center, respectively.
Subsection 4. Information may be published in aggregated form for multiple series with series reserve funds or groups of series with common series reserve funds, registers, or capital centers, where:
Subsection 5. The provisions in subsections 1-3 apply correspondingly to series with series reserve funds or groups of series with common series reserve funds that contain mortgage bonds, covered bonds, or covered mortgage bonds issued on the basis of mortgage bonds, covered bonds, or covered mortgage bonds issued by another group-affiliated mortgage institution pursuant to Section 20(3), cf. (4), of the Act on Mortgage Loans and Mortgage Bonds and the like.
Section 3. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds must, simultaneously with the publication of the information referred to in Section 2, submit the information to the Danish Financial Supervisory Authority, which will forward it to the European Single Access Point (ESAP).
Subsection 2. Issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, who have published all relevant information covered by the EMF/ECBC’s Harmonised Transparency Template, cf. Section 1(2), must, simultaneously with the publication of the information, submit the information to the Danish Financial Supervisory Authority, which will forward it to the European Single Access Point (ESAP).
Subsection 3. The issuer must ensure that information is submitted in a data-extractable or machine-readable format, cf. Article 2(3) and (4) of the Regulation of the European Parliament and of the Council on the establishment of a European Single Access Point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability, accompanied by the following data:
Section 4. In the event of significant changes to the Covered Bond Label Harmonised Transparency Template, the Danish Financial Supervisory Authority may decide that issuers of mortgage bonds, specifically covered mortgage bonds, covered bonds, and ship credit bonds, who are covered by Section 1(2), must publish information in accordance with the appendices to this Order.
Subsection 2. In the cases mentioned in subsection 1, the Danish Financial Supervisory Authority will send a notification to the affected issuers. The notification must ensure that the affected issuers have sufficient time to amend their publication.
Section 5. Violation of Section 2(1)-(3) and Section 3 may be punishable by a fine.
Subsection 2. Companies and the like (legal persons) may be subject to criminal liability in accordance with the rules in Chapter 5 of the Criminal Code.
Section 6. This Order enters into force on 1 July 2025, cf. however subsection 2.
Subsection 2. Section 3 enters into force on 10 January 2030.
Subsection 3. Order No. 808 of 31 May 2022 on investor information for covered bonds is repealed.
The Danish Financial Supervisory Authority, 16 May 2025 Louise Mogensen / Kamilla Karen Hjølund
Official Gazette A 2025 Published on 28 May 2025 16 May 2025. No. 571. Ministry of Industry, Business and Financial Affairs, Danish Financial Supervisory Authority, Ref. No. 24-016622 CQ003203
The forms must contain all information relevant to the specific issuance. Fields that are not relevant are to be filled with N/A.
A form must be completed for each series with a series reserve fund or groups of series with a common series reserve fund, register, or capital center. This can be done in separate forms or by adding more columns to the form.
A form may be completed at an aggregated level, provided that Section 2(4) of the Order is fulfilled.
By 'cover pool' is meant the bonds and the security behind these as separated from the credit institution's other activities.
By 'overcollateralization' is meant the additional assets beyond the assets required in Article 129(3a) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176 of 27.6.2013, p. 1) (CRR).
By 'residential properties' is meant properties primarily used for residential purposes, including holiday homes covered by the loan limit of 75 percent pursuant to the Act on Mortgage Loans and Mortgage Bonds and the like, cf. Section 5(2).
By 'Loan to Value (LTV)' is meant the remaining debt in relation to the property value.
Indexed LTV is calculated as the current remaining debt in relation to the current property value.
LTV is reported continuously. If there is only one loan in a property, the loan is distributed proportionally in the LTV intervals from 0 up to the marginal LTV. If there are prior liens, the loan is distributed proportionally in the LTV intervals in which the loan has security.
For separate capital centers with state-guaranteed loans for general housing pursuant to Section 128a of the Act on General Housing and the like, it is not relevant to report LTV due to the state guarantee.
In the investor information form, reporting of LTV may be omitted for the relevant capital centers with the following text: "The capital center contains only state-guaranteed loans for general housing pursuant to Section 128a of the Act on General Housing and the like, therefore LTV is not reported."
Indexed LTV is calculated as the current remaining debt in relation to the current value of the ship.
LTV is reported continuously. If there is only one loan on a ship, the loan is distributed proportionally in the LTV intervals from 0 up to the marginal LTV. If there are prior liens, the loan is distributed proportionally in the LTV intervals in which the loan has security.
| Information | Subcategory | Capital Center X | Nominal DKK bn. / DKK mia. | Per cent / Percent |
|---|---|---|---|---|
| a | Value of cover pool (nominal DKK mia.) | - | ||
| a | Outstanding covered bonds (nominal DKK mia.) | - | ||
| f | Overcollateralization (OC DKK mia.) | - | ||
| f | Regulatory overcollateralization (% of risk-weighted exposures REA) | - | ||
| c | Geographic distribution of covering assets | Region Hovedstaden | ||
| Region Sjælland | ||||
| Region Nordjylland | ||||
| Region Midtjylland | ||||
| Region Syddanmark | ||||
| Outside Denmark | ||||
| c | Type of covering assets | Owner-occupied homes for year-round use | ||
| Holiday homes | ||||
| General housing construction | ||||
| Private cooperative apartments | ||||
| Private residential properties for rent | ||||
| Industrial and craft properties | ||||
| Office and commercial properties | ||||
| Agricultural and forestry properties, nurseries etc. | ||||
| Properties for social, cultural, and educational purposes | ||||
| Other properties | ||||
| c | Loan size | DKK 0 - 2m | ||
| DKK 2 - 5m | ||||
| DKK 5 - 20m | ||||
| DKK 20 - 50m | ||||
| DKK 50 - 100m | ||||
| c | Valuation method (assets) | Valuation is done at market value, cf. Order on valuation of collateral and loans in real estate as security for issuance of covered bonds | N/A | |
| d | Interest rate risk - Loans | Fixed rate - Principal before hedging | ||
| Variable rate - Principal before hedging | ||||
| Other interest rate type - Principal before hedging | ||||
| d | Interest rate risk - Bonds | Fixed rate - Principal before hedging | ||
| Variable rate - Principal before hedging | ||||
| Other interest rate type - Principal before hedging | ||||
| Fixed rate - Principal after hedging | ||||
| Variable rate - Principal after hedging | ||||
| Other interest rate type - Principal after hedging | ||||
| d | Currency risk - Loans | Principal DKK (before hedging) | ||
| Principal EUR (before hedging) | ||||
| Principal NOK (before hedging) | ||||
| Principal SEK (before hedging) | ||||
| Principal Other currency (before hedging) | ||||
| Principal DKK (after hedging) | ||||
| Principal EUR (after hedging) | ||||
| Principal NOK (after hedging) | ||||
| Principal SEK (after hedging) | ||||
| Principal Other currency (after hedging) | ||||
| d | Currency risk - Bonds | Principal DKK (before hedging) | ||
| Principal EUR (before hedging) | ||||
| Principal NOK (before hedging) | ||||
| Principal SEK (before hedging) | ||||
| Principal Other currency (before hedging) | ||||
| Principal DKK (after hedging) | ||||
| Principal EUR (after hedging) | ||||
| Principal NOK (after hedging) | ||||
| Principal SEK (after hedging) | ||||
| Principal Other currency (after hedging) | ||||
| d | Currency and interest rate risk | Total value of loans funded in cover pool | ||
| Match funded (without interest and/or currency risk) | ||||
| Fully hedged with derivatives | ||||
| Unhedged interest rate risk | ||||
| Unhedged currency risk | ||||
| '- of which EUR | ||||
| '- of which DKK | ||||
| d | Indexed LTV | '>0 - <=40 %' | ||
| '>40 - <=50 %' | ||||
| '>50 - <=60 %' | ||||
| '>60 - <=70 %' | ||||
| '>70 - <=80 %' | ||||
| '>80 - <=90 %' | ||||
| '>90 - <=100 %' | ||||
| '>100%' | ||||
| d and g | Non-performing loans - Arrears > 90 days | Loans to residential properties | ||
| Loans to commercial properties | ||||
| Total lending | ||||
| e | Maturity structure of covering assets | - 0 <= 1 year | ||
| - < 1 <= 5 years | ||||
| - over 5 years | ||||
| e | Maturity structure of covered bonds | '- 0 <= 1 year' | ||
| '- < 1 <= 2 years' | ||||
| '- < 2 <= 3 years' | ||||
| '- < 3 <= 4 years' | ||||
| '- < 4 <= 5 years' | ||||
| '- < 5 <= 10 years' | ||||
| '- < 10 years' | ||||
| e | Maturity extension | '- The rules for maturity extensions are part of the legal basis for covered bonds. For mortgage institutions, reference is made to Section 6 of the Act on Mortgage Loans and Mortgage Bonds etc. For universal banks issuing covered bonds, reference is made to Section 152b, subsections 4-8 of the Act on Financial Business.' | N/A |
| Information | Subcategory | Capital Center | Nominal DKK bn. / DKK mia. | Per cent / Percent |
|---|---|---|---|---|
| a | Value of cover pool (nominal DKK mia.) | - | ||
| a | Outstanding covered bonds (nominal DKK mia.) | - | ||
| f | Overcollateralization (OC DKK mia.) | - | ||
| f | Regulatory overcollateralization (% of risk-weighted exposures REA) | - | ||
| c | Geographic distribution of covering assets | European Union | ||
| European countries (excl. EU) | ||||
| Asia | ||||
| America | ||||
| Other | ||||
| c | Type of covering assets | Bulk Carriers | ||
| Car Carriers | ||||
| Chemical Tankers | ||||
| Container Feeders | ||||
| Crude Tankers | ||||
| Ferries/RO-RO | ||||
| LPG | ||||
| Offshore Units | ||||
| Offshore Vessels | ||||
| Product Tankers | ||||
| Other | ||||
| c | Loan size | DKK 0 - 100m | ||
| DKK 100 - 300m | ||||
| DKK 300 - 500m | ||||
| DKK 500 - 1,000m | ||||
| > DKK 1,000m |