Global Covered Bonds
London, UK
April 2, 2020

Description

IMN is proud to announce the 13th edition of our Global Covered Bonds Conference, taking place 2 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. 

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 156

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Agenda

    Thursday, 02 April 2020

      08:15
      Delegate Registration Opens & Breakfast



      09:00
      IMN Welcoming Remarks



        • Lewis Manson, Associate Conference Producer (IMN)

      09:05
      LIBOR, Trade Wars, Brexit… Oh My! Examining the Macro-Economic & Geo-Political Environment

        • 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
        • How will the negative yield curve affect the covered bonds market?
        • Highlights from major global covered bonds market in the UK, EU and Asia
        • Can FinTech revolutionise the traditional covered bonds market?
        • LIBOR Transition and Risk Free Rates (RFR) – Will some jurisdictions fair better than others?


        • Michael McCormick, Head of Covered Bond Origination (Credit Suisse)

      09:50
      Episode VI: Return of the Purchase Program

        • How has the return of the purchase program affected issuance volumes and investor appetite? Is a 40% buyout necessary?
        • How will increased central bank involvement affect spreads?
        • How will the program affect the activity in the secondary market?
        • Will we see a step back from Asset Manager Investment in light of the program? Does this create a barrier to entry for international investors?
        • Is the ECB shifting away from PSPP to covered bonds/private sector programmes?


        • Bodo Winkler, Head of Investor Relations and Sales (Berlin Hyp AG)
        • Joost Beaumont, Senior Fixed Income Strategist (ABN AMRO Bank N.V.)
        • Sverre Holbek, Senior Analyst (Danske Bank)
        • Miguel Garcia de Eulate, Head of Treasury and Capital Markets (Caja Rural de Navarra)
        • Shanx Tandon, Head of Covered Bond Syndicate (Credit Suisse)

      10:30
      Networking Refreshment Break



      11:00
      Investor Roundtable: A Game of Yield

        • Does ECB involvement make CB’s less attractive, especially given the current negative rate environment?
        • Impact of Quantitative Easing?
        • Finding alpha: Where can investors find better yield?
          • Investor perspective on ratings and secondary market liquidity versus yeild
        • Are bank ALM still buying covered bonds?
        • Relative Value within the Asset Class


        • Sabrina Miehs, Senior Covered Bond Analyst (Helaba)
        • Ana Cortes Gonzalez, Portfolio Manager (JP Morgan Asset Management)

      11:45
      In Perfect Harmony: Review of the Covered Bond Directive

        • How in line are individual jurisdictions with the harmonisation directive? Does the implementation timeline provide enough time for local legislation to catch up?
        • How will minimum common standards help or hinder the segmented CB marketplace?
        • What is the process to implementation? What progress has been made and what are the obstacles?
        • Will the implementation period see an issuance supply drought?
        • How has the new Directive influenced new jurisdictions? Will non-EU countries follow a standard without incentives?


        • Luca Bertalot, Secretary General of the European Mortgage Federation (European Covered Bond Council)
        • Jens Tolckmitt, Chief Executive Officer (Association of German Pfandbrief Banks)
        • Jane Soldera, Vice President, Senior Credit Officer (Moody's Investors Service)

      12:30
      Delegate Luncheon



      Track A 13:30
      Home Grown Opportunity: UK Market Analysis

        • What is in the pipeline for domestic issuance? and what makes the UK market so attractive to local and foreign investors?
        • Relative Value of CB vs RMBS and Senior
        • What made for such a busy year in Sterling? What currency considerations factor in to the UK CB Market?
          • What makes the UK and Sterling Market different to that of USD and CHF CBs?
        • Macro-Considerations for the UK Covered Bond market - Brexit, LIBOR, Legislation and Policy Changes, Housing Market Analysis


        • Krishan Hirani, Senior Manager, Funding & Capital Markets (Nationwide Building Society)
        • Mark Taylor, Head of Treasury Front Office (Leeds Building Society)
        • Martin McKinney, Senior Manager (Santander UK)
        • Edward Manchester, Senior Vice President (Moody’s Investors Service)

      Track B 13:30
      Regulatory Scope and Influence of Banking Resolutions

        • Would ECB deposit tiering have an impact and what about TLTRO III liquidity?
        • TLTRO, MREL, the CRR revision and other regulatory influences on supply prospects
        • What impact will market regulations have on primary and secondary markets?
        • Impact of BRRD's bail-in tool on covered bonds
        • Reduction of QE measures in various jurisdictions: How will partitions differentiate between jurisdictions and issuer tiering?


      Track A 14:15
      Is Blue the new Green? ESG Strategies and Leveraging Capital for Positive Outcome

        • To ESG or not to ESG, that is the question… Should we be labelling Bonds or Institutions as ‘ESG Friendly’? What is the overall difference, and would the later lead to further long-term benefits?
        • What is the appetite for Green and Blue Bonds? Does supply meet demand?
        • How is ESG strategy integration affecting the Green Bonds market? Will we see a surge?
        • Are the Green Bond Principals a succinct guide to good? Do we still need further work in this area?
        • With the 'Green' space strongly linked to mortgage bonds, what scope does ESG (social, blue, SDG) have in reactivating the public covered bond space?
        • What underlying mortgage assets are sustaining these portfolios? Are we now looking at more than just energy efficient housing, and is social housing becoming a considered factor?
        • How will these bonds fair in a recession?


        • Lucette Yvernault, FI Portfolio Engineering Group (Fidelity International)
        • Uwe Jurkschat, Head of Funding & Investor Relations (Deutsche Kredit Bank)
        • Thor Tellefsen, Senior Vice President, Head of Long Term Funding (DNB Bank)
        • Carlo Oly, Head of Relationship Management (Luxembourg Stock Exchange)

      Track B 14:15
      The Great Showdown: Bonds Versus Securities

        • One year in to the new Securitisation framework, what we seen any direct or correlated impacts to covered bonds?
        • Why is the securitisation market not yet on a level playing field with Covered Bonds, specifically with LCR treatment? Will this change?
          • What needs to happen before it could change and what might be the impact on CB and ABS issuance as a result?
        • 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?
        • Where do covered bonds sit among alternate asset classes? i.e. FIG (ATI, T2, Senior) or any other contrasting alternates
          • Pricing comparisons and strategies on secured and various forms of non-secured debt. Where have spreads come from and how will the regulatory environment affect where they go?
          • Sequencing – ie what time of year will borrowers choose which asset classes to issue in. How will this affect spreads?
        • How will European Secured Notes effect the capital structure?
        • Impact of new Basel rules on bank balance sheets and increased ‘originate-to-manage’ business


        • Ruben van Leeuwen, Head of Credit Strategy (Rabobank)

      15:00
      Networking Refreshment Break



      15:20
      Issuers’ Roundtable: Established and Growing European Jurisdictions

        • Northern and Southern European Idiosyncrasies – what are the differential characteristics that make these markets different?
        • Why is liquidity vastly different between these areas?
        • Regulatory Capital Treatment?
        • Pan-Baltic and Nordic Exploration – What activity is there in these regions and what can be done to bolster more?
        • Adaptation and response to growing ESG demand
          • Is the Eastern European market still too ‘green’ for Green Bonds? When will the mortgage market support these bonds and do negative macro environments play in to this?


        • Thomas Cohrs, Head of Syndicate (HELABA)

      16:05
      Around the World in 40 Bonds: Emerging Markets & Currencies Analysis

        • How is the further globalization of the covered bond market affecting the overall playfield?
        • How is different currency denominated issuance affecting investor appetite? Why is USD still underleveraged?
        • What other currencies are starting to emerge, and how dominant will they become for the market? What is the level of foreign exchange risk?
        • Where are we seeing the most action? Americas, APAC, Eastern Europe, Middle East?
        • Why is private placement so dominant in these areas? Would further legislation and regulation increase issuance volume to benchmark levels?
        • What will it take to shift from retail to institutional?
        • Will the Harmonisation directive play a role in progressing the covered bond market for outer-EU jurisdictions?


        • Richard Segal, Emerging Markets Credit Senior Analyst (Manulife Investment Management)
        • Agnieszka Zdziennicka, Director, Head of Treasury (PKO Bank Hipoteczny)

      16:50
      Cocktail Reception & Conference Concludes



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  • Investor Registration - £495
  • Issuer Registration - £895
  • Early Bird Registration - £1,595
  • Standard Registration - £1,795
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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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