Event name

The Euromoney/ECBC Covered Bond Congress 2017

14 September 2017
Barcelona, Spain

Sponsors

There is no better way to network with your key clients whilst providing a host of interesting panels and lively workshops to keep them informed on the latest market trends. Euromoney conferences provide an unparalleled opportunity for you to reach and remain at the forefront of your market.

To find out how you could benefit from sponsoring a Euromoney Conference please contact us on +44 (0) 20 7779 8488.


Co-Host

European Mortgage Federation and European Covered Bond Council

Platinum Sponsors

Barclays Capital Services Limited
Deutsche Bank
HSBC
BNP Paribas
Commerzbank AG
Credit Agricole CIB
Landesbank Baden-Württemberg
NATIXIS
Societe Generale
UniCredit Bank AG

Arrival Coffee Break Sponsor

Hypoport

Gold Sponsors

Standard & Poor's Rating Services
J.P. Morgan Securities PLC
ABN Amro
VDP Verband Deutscher Pfandbriefbanken e.V.
Banca IMI
Bayerische Landesbank
Banco Bilbao Vizcaya Argentaria S.A.
Citigroup Global Markets Limited
Compagnie de Financement Foncier
Credit Suisse Securities (Europe) Ltd
Danske Bank
DBRS Ratings Limited
DekaBank -Deutsche Girozentrale
DZ Bank
European AVM Alliance
Fitch Ratings
ING
J.P. Morgan Securities plc
Lloyds Banking Group
Moody's Investors Service UK Limited
National Australia Bank
Nord/LB
Nordea
Nykredit
Rabobank
RBC Europe Limited
Banco Santander
TD Securities
UBS AG
Natwest Markets
Nomura International Plc
DBS

Silver Sponsors

ICAP

Bronze Sponsors

Deutsche Pfandbriefbank AG
Helaba
Tradeweb
Brfkredit A/S

Event Overview

The fifteenth annual Euromoney/ECBC Covered Bonds Congress took place in Barcelona on 14th September 2017.

One of the themes dominating the Euromoney/ECBC Covered Bond Congress in Barcelona this year was the impending introduction of a Covered Bond Directive. So it was fitting that we heard from keynote speakers Bernd Lucke, the MEP responsible for covered bonds in the European Parliament and Didier Millerot, the head of the unit at the European Commission tasked with drafting the Directive. Both speakers provided valuable reflections on the process, its motivations and the areas of possible controversy.

Some of the controversial points were discussed in detail in a series of interactive roundtables through the day. Many of these were familiar topics – such as the debate on extendible maturity covered bonds – others were newer, for example the proposed minimum over-collateralisation for all European covered bonds. In the final session of the day, the audience heard summaries of these discussions and the reflections of senior market participants on them. The audience were able to indicate both their overall level of concerns and hopes about the new Directive and which of the more technical details they wanted to hear more about, via the interactive polling on our new conference app.

In addition to discussing the Directive, many keynote speakers and panellists mentioned one of the next major developments in the covered bond market - the application of covered bond technology outside its traditional sphere. Two major developments are the use of the funding technique to help the recovery of the European economy – can covered bonds fund loans to infrastructure or small and medium sized enterprises? As well as how covered bonds might help broader societal objectives – the funding of energy efficiency loans. Both of which topics were discussed in panels and keynote speeches throughout the day.

Another major theme of the conference this year was the market’s development into new jurisdictions. With the ECB suppressing yields and bond availability in the more traditional markets, there was strong investor interest in new sources of supply from central and eastern Europe, Asia, Canada and Brazil. Several panels contained issuers and prospective issuers from these countries discussing the prospects for new bond issuance and the process of putting a market in place in emerging jurisdictions. The fact that delegates to the conference came from 38 countries this year – a record – illustrates the growing globalisation of the market.

In any discussion on covered bond yields, the elephant in the room currently is the ECB’s covered bond purchase programme. Many panels and keynote speakers speculated on when this would start to taper and what the implications were. Just as importantly panels and sponsor workshops discussed the optimal strategy for issuers and investors to prepare for this event.

A final recurring theme was the possibility of credit risks in covered bonds. The recent failure of a major issuer, high house prices in many jurisdictions and the implications of the resolution directive were all discussed at length in one panel. 

Euromoney Conferences would like to thank our co-host, the ECBC, all our sponsors, speakers and delegates for supporting the conference again this year. We already look forward to reconvening next year on Thursday 13 September 2018 in Munich, Germany.

Speakers

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Sigmund Aas

Chairman

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Niek Allon

Chairman, European Covered Bond Council (ECBC) and Associate Director Debt Capital Markets, Syndicate

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Caspar Andersen

European Structured Finance

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Morten Bækmand Nielsen

Head Of Investor Relations, Group Treasury

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Claudia Baerdges-Koch

Deputy Head of Treasury

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Ruth Beddows

Director

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Louise Bergström

Head of Investor Relations

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Luca Bertalot

Secretary General
European Mortgage Federation - European Covered Bond Council (EMF-ECBC)

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Alexander Boor

Head of Funding and Investor Relations,

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Elena Bortolotti

Co-Head of GFS Securitisation

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Hein Bulter

Portfolio Manager Covered Bonds and Financials

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Ulrik Carstens

Head of Danish Fixed Income

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Colin Chen

Managing Director and Head of Structured Debt Solutions

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Charlie Corbett

Editorial Director

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Cristina Costa

Senior Covered Bond Analyst

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Andreas Denger

Senior Fixed Income Portfolio Manager

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Punit Dholakia

Vice President, FIG Debt Capital Markets, New York

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Boudewijn Dierick

Head of Flow ABS and Covered Bond Structuring

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Paul Dudouit

Managing Director, Head of Capital Markets

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Florian Eichert

Head of Covered Bond and SSA Research

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Giorgio Erasmi

Head of Institutional Funding

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Giulio Favaretto

Portfolio Manager

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Scott Forrest

Head of Debt Capital Markets and Capital Strategy

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Juan David García

Senior Director

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Christopher Garnett

Senior External Adviser
Euromoney Conferences

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Sami Gotrane

Head of Treasury and Financial Markets

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Hagen Graefe

Director Fi Origination
UniCredit

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Georg Grodzki

Chief Investment Officer and Head of Investment Committee

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Ralf Grossmann

Head of Covered Bond – Origination

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Carl Haarnack

Senior Portfolio Manager

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Sverre Holbek

Senior Analyst, Covered Bond Research

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Joe Hopkins

Funding and Capital Markets

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Carolina Iglesias

Head of Funding and Liquidity Management, Banc Sabadell

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Marc Just

Landesbank Baden-Württemberg

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Wolfgang Kälberer

Head of Brussels Office
Association of German Pfandbrief Banks (vdp)

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Emma Kearney

Director

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Richard Kemmish

Editorial Consultant
Euromoney Conferences

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Stuart Kirk

Head of the Research Institute

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Jonas Klink

Co-Head FIG Trading

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Rafal Kozlowski

President and Chief Executive Officer
PKO Bank Hipoteczny

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Ales Kralik

Head of Unit, Capital Market

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Arnaud-Guilhem Lamy

Market Head Covered Bonds, Financials and SRI, Portfolio Manager

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Andrew Lennon

Director, Capital Markets

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Daniel Loughney

Portfolio Manager, Global Multi Sector

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Bernd Lucke MEP

Member, Committee on Economic and Monetary Affairs

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Elise Lucotte

Senior Credit Officer

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Friedrich Luithlen

Head of Covered Bonds

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Hon-Cheung Man

Senior Portfolio Manager ABS and Covered Bonds

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Agustin Martin Calmarza

Head of European Credit Research

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Michael McCormick

Head of Covered Bond Origination

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Götz Michl

Head of Funding and Debt Investor Relations

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Didier Millerot

Head of Unit, Banks and Financial Conglomerates

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Andreea Moraru

Associate Director - Senior Banker
European Bank for Reconstruction and Development (EBRD)

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Vito Natale

Senior Vice President, Structured Finance Group

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Wojtek Niebrzydowski

Vice President, Global Term Funding, Treasury

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Jakub Niesluchowski

Deputy Chief Executive Officer

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Sally Onions

Partner

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Roberto Paciotti

Managing Director and Analytical Manager, Covered Bonds

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Ted Packmohr

Head of Financials and Covered Bond Research

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Mark Pearce

Director

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Armin Peter

Head of Syndicate

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Filipe F Pontual

Managing Director

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Karol Prazmo

Head of Treasury

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Massimiliano Rimarchi

Policy Expert

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Olivier Robert

Portfolio Manager

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Jean François Robin

Head of Rates, Forex and Cross Asset Strategies, Global Markets Research

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Franz Rudolf

Managing Director, Head of Financials Credit Research

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Maureen Schuller

Head of Covered Bonds Strategy and Financials Research

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Patrick Seifert

Head of Primary Markets

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David So

Executive Director, Debt Capital Markets, Asia-Pacific

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Jane Soldera

Vice President, Senior Credit Officer, Structured Finance Group

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Florian Sommer

Senior Strategist, Head of Sustainability Research

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Michael Spies

Vice President, Interest Rate Strategist, Covered Bonds and SSA

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Edward Stevenson

Head of FIG, DCM

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Ian Stewart

Executive Director

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Henrik Stille

Portfolio Manager

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Mark Taylor

Head of Capital Markets

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Bill Thornhill

Covered Bond Editor

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Marin Tolic

Head of Finance

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Shelley Tom

Senior Director, Global Term Funding, Treasury

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Mustafa Turan

Senior Vice President, Head of International Banking and Investor Relations

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Bernd Volk

Director, Head of Covered Bond and Agency Research

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Oliver Wagner

Investment Manager

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Michael Weigerding

Assistant Vice President, Covered Bond Research

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Andreas Wein

Head of Funding and Investor Relations

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Frank Will

Head of Covered Bond Research

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Bodo Winkler

Head of Credit Treasury and Investor Relations

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Tags: Covered Bond