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Study on the feasibility of European Secured Notes - FISMA/2017/059/C

A negotiated call for tender in order to support the exploration of the feasibility of developing European Secured Notes for SME loans and infrastructure loans.


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Directorate-General for Financial Stability, Financial Services and Capital Markets Union



4 September 2017


The European Commission intends to launch a negotiated call for tender in order to conduct a study to support the exploration of the feasibility of developing European Secured Notes for SME loans and infrastructure loans, as announced in the Mid-term review of the CMU Action Plan [COM(2017) 292 final, 08.06.2017]. This exploration is performed in parallel with the preparation of a legislative proposal for an EU framework for covered bonds. 

For the purposes of exploring the feasibility of developing European Secured Notes, an ESN is defined as a dual-recourse financial instrument on an issuer's balance sheet applying the basic structural characteristics of covered bonds to SME loans and infrastructure loans.

The objective of the study is to obtain an assessment of the potential for establishment of European Secured Notes and of the regulatory and prudential treatment that could be granted to them under the existing EU legislation.

The study should mainly consist in desk research, data collection and analysis, and investors' outreach with the aim of estimating the size of the SME and infrastructure bank lending markets in the EU and each Member State, identifying the criteria to be used for defining the population of SME and infrastructure loans eligible for ESNs, identifying regulatory and prudential treatments applicable to ESNs and providing justification, and estimating issuers' funding costs and investors' required rates of return for ESNs in relation to the most relevant benchmarks.


Interested economic operators should send their manifestation of interest to participate and their details, by 04.09.2017 at the latest, to the

Indicative time for call for tender: 11.09.2017.

Please note: this overview is for information only. If you are interested in participating in a DG FISMA negotiated procedure for low or middle value contracts, you may email your details to with a reference to the call for tenders you are interested in.

Your details will be stored in a database for the purpose of tendering only. Inclusion of your contact details does not automatically lead to invitations to tender.