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The 6th annual Euromoney Asian Covered Bond Forum took place against the backdrop of significant developments in both the oldest and newest covered bond jurisdictions.
In Europe, the new covered bond directive opens up the possibility of mutual recognition rules for Asian covered bonds bought by European investors. Valeria Miceli of the European Commission explained the implementation process and a likely timeline for the new rules. The news from Alan Yeo of the Monetary Authority of Singapore - another keynote speaker - that covered bonds there are likely to soon become eligible repo collateral and that they would soon adopt a higher disclosure standard was a clear step in the direction of a regime that would be acceptable to the European Commission. The end of the ECB’s third covered bond purchase programme and the strong appetite for covered bonds that has emerged in Europe this year was another important theme from the older covered bond markets.
Another event featuring prominently in discussions was in the newest covered bond market in the world: Japan. The structured covered bond recently issued by Sumitomo Mitsui was described at great length, whether it will be a catalyst for changes to Japanese insolvency law, or even a covered bond law, and whether it would be a precedent that would be adopted in other countries were topics for much speculation. Other new jurisdictions, such as Malaysia were also anticipated by many speakers. The final panel of the day focussed on the practicalities of establishing a new covered bond market drawing on the panellists experiences on a global scale.
But the existing Asian covered bond markets were not neglected. On the first panel of the day – reviewing the state of the Singaporean market, it was pointed out that the market there was not even half way to its expected ultimate size of circa €30bn. Furthermore there was speculation about the possibility of domestic currency issuance from some of the new issuers expected to come to market. Similarly in the other established Asian market, Korea, delegates heard Matthew Gim of Kookmin bank describe the prospects for significantly higher issuance levels in response to governmental support for the product.
New issuance from established and new jurisdictions and improved regulatory and market conditions all underpinned a successful and upbeat conference.
ECBC Investor Roundtable
Wednesday 13 March 2019
The sixth edition of the ECBC Asian Covered Bond Symposium will be held on 11-13 March 2019 in Singapore.
In particular, the ECBC Covered Bond Investor Roundtable, will take place on 13 March 2019.
As you may be aware, over recent years this event has been used to help disseminate the covered bond asset class amongst Asian investors, especially central banks, and allow us to offer leadership in terms of the legislative developments in the region, thereby ensuring the close alignment of such developments to the core characteristics of the European model.
Please check the ECBC website for further updates.