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The CEE Covered Bond Briefing took place in Vienna this January at an opportune moment. The covered bond market in central and eastern Europe has traditionally been far less developed than that in western Europe. But recent events seem set to change this. Several countries in the region are now in the process of developing legal frameworks, some in order to help their banking system access funding independent from foreign parents, some to help develop the local currency capital markets and some to attract foreign investment.
At the same time, the European Parliament is expected to pass the first ever covered bond directive in early 2019. For countries with covered bond laws this will necessitate changes, which could also provide an ‘upgrade’ opportunity. For EU member states without laws, this will increase the potential benefits from a regime. And for non-EEA member states the possibility of mutual recognition of covered bond regimes could open the door to the vast western European investor base.
The CEE Covered Bond Briefing gave our audience of issuers, investors and policymakers the ideal opportunity to discuss these developments and their impact in the CEE region. Discussions also covered the implications of the covered bond directive, as well as an assessment of the key policy considerations that are necessary when developing a framework in new jurisdictions.
Euromoney Conferences would like to thank our sponsor, Moody’s Investors Service, for supporting the event and all of our speakers and attendees for participating in the afternoon’s discussions. Special thanks also go to the EBRD and the ECBC for lending their support to the briefing.
We look forward to reconvening in 2020.