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Agenda

The 2025 agenda is now available!

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17:00
  1. Hacienda El Vizir
    -1020 mins
    All registered Congress delegates are automatically registered for the Pre-Congress Party
08:00
  1. EXHIBITION AREA
    60 mins
    • Networking
09:00
  1. STREAM I (MAIN ROOM)
    10 mins
    • STREAM I
09:35
  1. STREAM I (MAIN ROOM)
    20 mins
    • STREAM I
09:55
  1. STREAM I (MAIN ROOM)
    50 mins
    • STREAM I
    • Market and political volatility: aberration or the new norm? 
    • Brakes off! Funding Europe’s political reset
    • The next 12 months: from political spectacle to real economic impact
    • Rethinking asset relative value in the new economic paradigm
10:45
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I
    • Still a safe haven? For buy side and sell side?
    • How to price a covered bond: relative to govvies, swaps, agencies, bank senior bonds, securitisation, absolute yields…
    • New needs, new assets: infrastructure, defence, public deficits, rebuilding Ukraine, developer loans, affordable housing and emerging markets…
    • Supply and demand in 2026 – and what determines it
11:30
  1. EXHIBITION AREA
    25 mins
    • STREAM I
    Hosted by: CIBC
11:55
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I
    • Welcome, stranger! Who are the new investors in covered bonds and what are they looking for?
    • Opportunities and risks from a changing investor universe
    • What is a covered bond worth…relative to rates and credit alternatives?
    • What can we do better? Improving liquidity, issuer behaviour, trading conventions, education and transparency
  2. STREAM II
    45 mins
    • STREAM II
    Hosted by: DZ BANK
    • How much more covered bond supply can investors expect in the last quarter? 
    • Will the usual pressure on SSAs push covered bond spreads wider, or is this year different? 
    • What to expect from a pick-up in mortgage loan growth and a further uptick in redemptions in 2026? 
    • End of the ECB’s rates cycle: How attractive is the ultra-long end of the curve towards year-end? 
  3. ROUNDTABLE STREAM
    45 mins
    • ROUNDTABLE STREAM
12:45
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I

    Hosted by: Crédit Agricole CIB

     

    • How has the PRA shock announcement and then the pause impacted GBP markets for investors and issuers?
    • Have there been repercussions in EUR markets from the PRA for UK and other third country issuers?
    • What impact do issuers and investors expect the EBA report on third country equivalence to have on their funding and investing?
    • Does the regulatory treatment really matter much these days given the return of central banks and more buying from real money?

     

  2. STREAM II
    45 mins
    • STREAM II

    Hosted by: RBC

    Market positioning and relative value – covered bonds   vs. SSA and senior debt

    • Relative value dynamics
    • Issuance strategy differences 
    • Central bank influence 
    • Supply-side effects in 2025 
    • Investor base evolution 

    Regulatory and liquidity drivers 

    • Capital treatment and spread implications
    • Liquidity retreat post TLTROs 
    • Comparative funding efficiency 

    Eurozone vs. non-Eurozone dynamics 

    • Diverging market structures  
    • Diversification and access
    • Cross-border investor access
  3. ROUNDTABLE STREAM
    45 mins
    • ROUNDTABLE STREAM
13:30
  1. 60 mins
    • Networking
    Hosted by: The Association of German Pfandbrief Banks (vdp) (Lunch will be available from 12:30 until 15:00)
14:50
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I
    • What are the needs and where?
    • Are covered bonds just for refinancing? Or part of the whole value chain?
    • Addressing the affordability challenge: funding subsidised mortgages
    • Pooling models, securitisations and covered bonds: how to make them work together?
  2. STREAM II
    45 mins
    • STREAM II
    • What are the key trends and growth prospects in housing markets and mortgage loan origination?
    • What role do covered bonds play in broader funding strategies?
    • Analysing pricing and liquidity dynamics
    • How is investor demand evolving? What are investor preferences?
    • How are issuers integrating ESG credentials into their covered bond strategies?
  3. ROUNDTABLE STREAM
    45 mins
    • ROUNDTABLE STREAM
    EBA covered bond advice: what did they say? And what happens next? Final Basel III implementation: national differences and the global implications Common global rules? From investor treatment to issu ...
15:40
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I

           Hosted by: Moody’s Ratings

    • Precautionary measures that prevent bank failure 
    • Resolution measures involving recapitalisation of an issuer or transfer of CB programme 
    • Insolvency measures involving transfer of a CB programme 
    • Insolvency or wind-down measures involving state guarantees / central bank liquidity 
  2. STREAM II
    45 mins
    • STREAM II

    Hosted by: NatWest Markets

    • Need for certainty – both EU and UK have a lack of regulatory clarity on HQLA treatment
    • Risk weights - complexity of different treatments arising from A-IRB/ F-IRB and SA. Future effects of the output floor
    • Diversification benefits for EU/UK – allowing investment in other economies for HQLA
  3. ROUNDTABLE STREAM
    45 mins
    • ROUNDTABLE STREAM
    • AT1 - back to pre-Credit Suisse pricing? 
    • Is it okay to not call now?
    • Are bank capital / senior spreads sustainable?  
16:25
  1. STREAM I (MAIN ROOM)
    45 mins
    • STREAM I
    • HQLA? Can we justify the L?
    • New players:  the impact of credit investors and allocation policy
    • Can I get a repo? Is that holding back liquidity?
    • Trading platform state of play
  2. STREAM II
    45 mins
    • STREAM II
    • New political priorities and their implications for ESG markets
    • EU Green Bonds: better or just different?
    • How will the lower of the reporting burden impact green reporting?
    • Green investing by non-SFDR specialist funds
  3. ROUNDTABLE STREAM
    45 mins
    • ROUNDTABLE STREAM
17:55
  1. STREAM I (MAIN ROOM)
    5 mins
    • STREAM I