EIOPA · 972
972
- Regulation
- (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
- Article
- 35
- Submitted
- 2017-02-03
- Answered
- 2019-09-23
Question
Common covered bonds and Covered bonds subject to specific law are, according to EIOPA rules, assigned to CIC code category 2 - “Corporate bonds” and namely to CIC code 26 and 27 respectively. If a covered bond presents an optionality such as a callability or a make whole call provision should the bond be categorized still as a Corporate bond - CIC code category 2, or rather as a Structured note - CIC code category 5?
Answer
Please see Q&A 562.
In fact callable bonds without any structured feature besides the early redemption option should be classified as bonds, and not as structured products.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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