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| Market Structure | |
EuroCredit MTS is a division of EuroMTS which opened for trading on 22nd May 2000. EuroCredit MTS is an electronic trading platform for high- quality covered bonds, such as Pfandbriefe, Obligations Foncieres, Cédulas Hipotecarias, Irish ACS as well as Italian, Dutch and UK structured covered bonds.
Additional non- government bond classes can be added in response to market demand. Membership of EuroCredit MTS is open to any bank. Banks that do not have formal pricing obligations on behalf of issuers in respect of covered bonds can join as Market Takers.
In order to be listed on EuroCredit MTS, non- government bonds must be:
- Collateralised with either mortgages or public sector loans, or a combination thereof.
- Euro denominated.
- At least €2 billion in terms of outstanding size from a benchmark issuer.
- A benchmark issuer must have at least €10 billion in total outstanding debt, or €8 billion with the commitment to reach €10 billion within 12 months from first listing or must have at least one Eligible Security outstanding and plans to issue at least one new Eligible Security in each 12 month period subsequent to the first listing on EuroCredit MTS.
- Given a triple A rating by at least one of Standard & Poor's, Fitch IBCA or Moody's.
Furthermore, in order for an issuer's eligible bonds to be selected for the system, that issuer must be selected for quoting by at least seven existing EuroCredit MTS Market Makers, and must agree to inform EuroCredit MTS directly of any proposed taps to its bonds to be listed on EuroCredit MTS.
EuroMTS Downloadable Documents |
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EuroCredit MTS leaflet | |
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Overview | |
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MTS Markets | |