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17:00
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Abades Triana Restaurante (Calle Betis, 69, 41010 Sevilla)-1020 mins
Confirmed Congress registrants are automatically registered for the Pre-Congress Networking Reception.
08:00
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60 mins
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Roundtable Stream - Club Room60 mins
An informal networking breakfast and panel discussion.
This session will be an opportunity to make connections and build relationships across the market. Our panel will explore the importance of mentorship, sponsorship and advocacy in supporting the advancement of women in the industry.
All attendees are warmly invited to join. RSVP here.
09:00
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Stream I - Auditorium III10 mins
09:10
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Stream I - Auditorium III25 mins
09:35
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Stream I - Auditorium III25 mins
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10:00
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Stream I - Auditorium III50 mins
- Has the market’s reputation survived the latest volatility? Are any cracks beginning to show?
- Are covered bonds too safe? Should we be more ambitious about our scope?
- Resilience is relative: covered bonds, govvies and SSAs responses to shocks compared
- The next crisis: what could go wrong in our haven of stability?
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10:50
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30 mins
11:20
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Stream I - Auditorium III15 mins
11:40
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Stream I - Auditorium III45 mins
- Housing market intervention or market distortion? Getting the balance right
- Political pressure on mortgage markets and implications for the private sector
- Quasi government housing agencies: what are the design choices?
- Private sector funding of social housing
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Stream II - Auditorium II45 mins
Hosted by: Moody's Ratings
- Harmonisation of covered bond rules has moved the goalposts not the league table, and the rules are not finalised
- Trade-offs in the rules matter for real world economic costs
- Reassessing the rules. What changes have made a difference? Where have the changes been concentrated?
- Finding the sweet spot where benefits are maximized for banks and investors
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Roundtable Stream - Club Room45 mins
Hosted by: DZ BANK
- Where can investors find Alpha in the Euro covered bond market?
- What programme features, countries and regulatory differences create an opportunity?
- Are spread differentials between national champions and smaller issuers justified?
- Is it worth paying extra for liquidity? And can you rely on it in a crisis?
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12:30
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Stream I - Auditorium III45 mins
Hosted by: Natixis CIB
- French economic outlook and housing market dynamics
- Political risk: implication for the French covered bond market
- Sensitivity to a potential sovereign downgrade on French covered bonds
- Issuer funding strategies and covered bond supply dynamics
- Investor demand and relative value versus sovereign and peers
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Stream II - Auditorium II45 mins
Hosted by: NatWest Markets
- Investor expectations when refinancing: transparency, reporting continuity, impact metrics and pricing discipline
- Case studies of EuGB issuance in covered bonds: structuring choices, Taxonomy alignment and market reception
- Refinancing as EuGB, maintaining legacy green frameworks or reverting to conventional issuance: what are the trade-offs?
- Strategies to replenish green collateral pools and the implications for pricing, demand and the greenium
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Roundtable Stream - Club Room45 mins
- EBA report and third country equivalence and evolving regulatory treatment in Canada and the UK
- Securitisation reform and covered bonds: shifting risk weights, funding economics and competition between asset classes
- Basel III divergence: what US implementation means for European banks, capital markets competitiveness and covered bond relative value
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13:15
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60 mins
14:15
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Stream I - Auditorium III45 mins
- What can issuers do better?
- How is the investor base changing? What do new investors want?
- How important is buy side regulation? What could change?
- Is secondary liquidity adequate? What new initiatives might work
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Stream II - Auditorium II45 mins
Hosted by: Crédit Agricole CIB
- Growth outlook and supply drivers: What’s fuelling expected covered bond issuance in Poland and CEE (regulatory requirements, liquidity needs, and real estate market growth)
- EUR market pull factors: What could push Polish and CEE issuers to rely more on the Euromarket versus domestic funding?
- Poland and CEE: ESG and Sustainable Covered Bonds
- Investor perspectives and pricing: How do investors currently view Polish and CEE covered bonds, and what premium, if any, are they still pricing in?
- Liquidity of covered bonds issued by Polish and CEE issuers
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Roundtable Stream - Club Room45 mins
Hosted by: Barclays
- Adapting to change: regulation, investor expectations and evolving transition strategies
- Beyond commitments: what does ‘credible’ really mean?
- Measuring progress: from targets to outcomes
- From strategy to funding: how can market guidelines support credible transition financing?
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15:05
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Stream I - Auditorium III45 mins
- How big is the stockpile of retained bonds? And which countries / types of issuers use it most?
- Why? Who uses it for repo? Who keeps it for a rainy day? What else is it for?
- Issuance from the same programme as the public bonds? Or a different breed?
- What are the risks to: supply, market stability, issuer stability, regulator intervention, market confidence….
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Stream II - Auditorium II45 mins
Hosted by: RBC
- EUR spread stability has been remarkable in 2026 – why, and can it last?
- Long-end covered dynamics - undersupplied part of the curve? Shorter part of the curve - are ESTR floaters the next frontier?
- EUR sovereign funding: covered bonds have remained resilient so far – but for how long?
- Secondary liquidity: is the market deep enough to justify HQLA treatment?
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Roundtable Stream - Club Room45 mins
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Why covered bonds - and why now?
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From concept to debut: Navigating the practical, structural, regulatory and investor considerations
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New issuers, new markets: Which challenges are universal and where do regional differences require a different approach?
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Beyond the debut: What does it take to build a sustainable programme and a scalable market?
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15:50
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25 mins
16:15
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Stream I - Auditorium III45 mins
- Third country responses to the EBA’s call for reciprocity: what are the implications for market growth?
- What still needs to be done?
- USD and GBP covered bonds: Understanding investor appetite and opportunities for European issuers
- Conditions for the Eurozone to be a net exporter of covered bonds
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17:05
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STREAM I (Auditorium III)45 mins
- Which will outperform in 2027: covered bonds, agencies or govvies?
- Out- performance is as much about what you avoid: discuss.
- Spread to bunds or spread to swaps: what matters to you?
- Are the indices that we measure ourselves against fit for purpose?
