Global Covered Bonds
London, UK
April 4, 2019

Description

IMN is proud to announce the 12th edition of our Global Covered Bonds Conference, taking place 4 April, in London. This event will herald the first substantial gathering of the covered bonds industry of the year, and brings issuers from around the globe, as well as European investors looking to diversify their portfolios to the convenience of one London venue. 

With record setting deals issued to start 2019 the Global Covered Bonds conference enters a year of opportunity and transition, given the ECB funding withdrawal and harmonisation directive, as well as a covered bonds market in a post-Brexit era.
 
Issuers looking to market their latest offerings and investors seeking yield in this market will have many opportunities to connect pre, during and post-event, actively engage in panels with the leading practitioners, as well as dedicated public and sponsor-hosted private meeting spaces.

The conference will strive to provide thought provoking discussions, attendee networking and deliver timely content for the continuity of this key funding tool.

Who Should Attend
  • Managing Directors for Issuing Banks
  • Analysts for Investment Banks and Rating Agencies
  • Insurance Companies
  • Central Banks
  • Asset Management Firms
  • Heads of Covered Bond Sales
  • Heads of Securitization
  • Heads of Industry Organizations
  • Traders of MBS, RMBS, and Agency/Government Issued Bonds
  • Managing Directors of Debt Capital Markets
  • Portfolio Managers at Pension Funds and Mutual Funds
  • Advisors to Issuers and Arrangers
  • Mortgage Industry Lenders
  • Attorneys at Law Firms
  • Regulatory Organizations

Issuers & Investors 279

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Conference Highlights

Networking Tutorial

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Networking

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My Agenda

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Agenda

    Thursday, 04 April 2019

      08:00
      Breakfast and Registration Opens


      09:00
      Opening Remarks


        • Lauren Kerr , Conference Producer (IMN)

      09:10
      Global Covered Bonds 2019 Macroeconomic Forecast: Politics, Policies and Economics

        • How has the new European Covered Bond Directive and regulation faired compared to predictions? Do investors and issuers believe there is improvement and is this providing transparency for the market globally?
        • Are we seeing national discretions on this harmonisation policy?
        • What is the timeline for the non-European legislation?
        • The Brexit Impact: How will European Covered Bonds compare to Non-European Covered Bonds for investors? Will this result in a change of capital treatment for issuers?
        • Macro view on property values and loan performance
        • Highlights from major global covered bonds market in the UK, EU and Asia
        • Covered bonds as a bank-funding tool: Will this continue to be an efficient funding instrument used by all institutions? Does covered bonds still provide a safe form of financing and reduce vulnerabilities for banks?
        • Can FinTech revolutionise the traditional covered bonds market?

        • Matthias Melms , Head of Covered Bond & SSA Research (Nord/LB)
        • Michael Greaney , Manager, Secured Funding (NatWest Bank Plc)
        • Steve Williams , Head Portfolio Manager-Core Fixed Income (Nikko Asset Management)
        • Christoph Kimmerle , Economic & Monetary Affairs Committee (European Parliament)
        • Antonio Farina , Senior Director (S&P Global Ratings)
        • Michael McCormick , Director (Credit Suisse)

      10:00
      The Dry January Purchase Programme: How Has the Market Adjusted as the ECB’s Funding Comes to a Halt

        • How has the impact of the January reinvestment guidelines impacted the market: Issuance, pricing, trading volumes and new investors
        • Will there be a new ECB emergency funding package to smooth transition to market based funding?
        • What impact will this have on new issuances: Will we see further long-term issuances (15-20 years), originally driven by ECB participation? 
        • How might this affect the role of syndicate desks: Will covered bonds cheapen on the back of supply without the ECB and regulatory purchase of yields
        • Reinvestments of redemptions: Are investors starting to buy in the secondary market? 
        • Is the exclusion of conditional pass though for reinvestments a step too far?
        • Outlook for the next 12 months: How might spread levels be affected?

        • Michael McCormick , Director (Credit Suisse)
        • Heiko Langer , Covered Bonds & Financials (ERSTE Group Bank AG)
        • Joost Beaumont , Senior Fixed Income Strategist (ABN AMRO Bank N.V.)
        • Sverre Holbek , Senior Analyst (Danske Bank)
        • Thomas Cohrs , Head of Syndicate & Origination (NORD/LB)

      10:50
      Refreshment Break


      11:15
      The Bank Resolution Regime Toolbox: Policies to Provide Credit Support

        • Redemptions of TLTRO and long-term financing: Will 2019 show increased covered bond issuance to prepare for the maturity roll out and net stable funding ratio. How will this effect Spain and Italy whom have borrowed under this tool, as well as other peripheral banking systems in the covered bond market? 
        • Reduction of QE measures in various jurisdictions: How will partitions differentiate between jurisdictions and issuer tiering? 
        • Volume versus price: Execution risk in the primary and secondary markets 
        • How are banks adapting to the MREL and T-LAC requirements timelines? What types of capital are deployed for MREL purposes? 
        • Impact of BRRD's bail-in tool on covered bonds 

        • Michael Schulz , Head of Fixed Income & Macro Research (NORD/LB)
        • Ruben van Leeuwen , Head of Credit Strategy (Rabobank)
        • John Hogan , Assistant Vice President - Analyst (Moody's Investors Service)
        • Paul Oates , Executive Directory - Rating Advisory (UBS)

      12:00
      Case Study: 250 Year Anniversary of the German Instrument

      • A snapshot of the German market, and how this has evolved since introduced.
        • Tim Skeet , Special Advisor (ICMA)
        • Franz Rudolf , Managing Director & Head of Financials Credit Research (UniCredit)
        • Jens Tolckmitt , Chief Executive Officer (Association of German Pfandbrief Banks)

      12:25
      Delegate Luncheon


      13:35
      The Issuers’ Roundtable: Is Going Green the Number One Priority?

        • Green and sustainable bonds: Are use of these proceeds becoming more popular? What is the decision criterion when it comes to assess the level of sustainability of bonds?
        • What effect is the new energy efficient mortgage plan by the ECMF having on issuers?
        • January 2019’s Securitisation Framework: How will this affect current covered bond players and potentially new entrants? Will this restrict new players within the funding mix? 
        • The evolving funding mix: Securitisation, covered bonds, senior preferred vs. senior non-preferred bonds. What are the interactions between each? Will banks need to issue senior non-preferred to help with covered bond issuance? Liability cascades and liquidity  
        • Competition between asset classes in new issuance (pricing and funding opportunities)
        • Impact of final Brexit on non UK covered bonds and preference of currency
        • Why do issuers choose to issue in foreign currency compared to developing their own domestic covered bond market? What does it take to develop a domestic market? 
        • Are issuance sizes decreasing as investor choices increase?

        • Casper Andersen , Director (S&P Global Ratings)
        • Marius Cara , Deputy Head of Investor Relations, Capital Markets (European Investment Bank)
        • Miguel Garcia de Eulate , Head of Treasury and Capital Markets (Caja Rural de Navarra)
        • Krishan Hirani , Senior Manager, Funding & Capital Markets (Nationwide Building Society)
        • Thor Tellefsen , Senior Vice President, Head of Long Term Funding (DNB Bank)

      Track A 14:20
      The Regulatory Checkpoint: Reassessment and Predictions

        • Covered bond directive impact assessment: How has the implementation impacted this asset class so far?  Does it truly reflect the risk profile underlying the already EU-wide preferential capital treatment? 
        • Treatment of the Single Funding Ratio: How are banks planning to meet regulation ratios? 
        • Conditional Pass-Through and Extendable Maturities structural development: Are we seeing an asset class tiering effect between soft bullets and the CPT structure?

        • Bill Thornhill , Editor (GlobalCapital)
        • Luca Bertalot , Secretary General of the European Mortgage Federation (European Covered Bond Council)
        • Klaus Kristiansen , Executive Vice President (Realkredit Danmark)
        • Cosme de Montpellier , Senior Director (Fitch Ratings)

      Track B 14:20
      The Green Mile: Market Outlook for the Green Covered Bond Market

        • Do the Green Bonds Principles provide a straight and clear model for the future? 
        • Incentives for applying a green covered bond market and advantages to the borrower
        • Investor appetite  
        • Legal and structural implications

        • Susan Barron , Head of Green and Sustainable Capital Markets (Barclays)
        • Rafael Scholz , Head of Treasury (Muenchener Hypothekenbank)
        • Douglas Farquhar , Principal Consultant (DNV Gl)
        • Anna Pinedo , Partner (Mayer Brown)

      Track A 15:05
      Blurred Lines: Covered Bonds vs. Unsecured and Secured Debt

        • How will European Secured Notes effect the capital structure? 
        • Pricing comparisons and strategies on secured and various forms of non-secured debt 
        • Are we starting to see secured bonds being labelled as covered bonds on balance sheets? How does regulatory treatment compare?
        • Will senior unsecured start to overtake the new covered bond, post introduction of the BRRD and senior non-preferred? 

        • Florian Eichert , Head of Covered Bond & SSA Research (Credit Agricole CIB)
        • Martin McKinney , Senior Manager (Santander UK)

      Track B 15:05
      Regional Opportunities: What Drives an Investor’s Interest Towards an Emerging Market?

        • Framework proposals: How might the marketing of a framework affect investor interest (sustainable aspects)
        • Is the new Luxembourg green covered bond law attracting foreign investment from Asian investors? 
        • Primary drivers for issuer to establish programs in areas such as Turkey, Poland, Czech Republic & Hungary: Does this develop a safe market for liquidity as they develop their own covered bond market?  
        • How do rating agencies model their structure for covered bonds from newer market entrants

        • Matthias Melms , Head of Covered Bond & SSA Research (Nord/LB)
        • Richard Segal , Emerging Markets Credit Senior Analyst (Manulife Asset Management)
        • Agnieszka Zdziennicka , Director, Head of Treasury (PKO Bank Hipoteczny)
        • Barbara Florian , Senior Director (S&P Global Ratings)

      15:50
      Refreshment Break


      16:15
      The Global Covered Bonds Investors’ Roundtable: Outlook for Investor Capacity

        • ECB: Impact of the changing developments in the bond markets. Would you buy non-investment grade bonds?
        • How does financial market volatility affect investor appetite for covered bonds 
        • Economic development: Underlying factors which determine the issuance of covered bonds 
        • The evolution of the mortgage market and the use of green mortgages  
        • How do issuance trends vary compare to the last 12 months  
        • What are the new areas of developments within covered bonds? Have there been new trends in the regulatory oversight? 
        • Is the investor base prevalent enough to absorb positive net issuance? 
        *Hosted by  FIIN
        • Hampus Falth , Director (UBS Investment Bank)
        • Henrik Stille , Senior Portfolio Manager (Nordea Investment Management)
        • Uwe Maderer , Senior Portfolio Manager (DekaBank)
        • Jacques Dupuis , Head of Investment Portfolio (BIL)
        • Ana Cortes Gonzalez , Portfolio Manager (JP Morgan Asset Management)
        • Peter Wong , Portfolio Manager (Nationwide Building Society)

      17:00
      Conference Concludes and Networking Reception Commences


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  • Investor Registration - £495
  • Issuer Registration - £995
  • Standard Registration - £1,695
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1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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