Agenda

• 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? 

• 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

Hosted by: DZ BANK

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

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

• 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

• 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

Hosted by: Crédit Agricole CIB

Hosted by: Barclays

• 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….

Hosted by: RBC

• Recalibration, realism and the future role of green covered bonds
• Energy security versus climate transition: how geopolitical risk is reshaping sustainable finance priorities
• Beyond the label: what investors now expect from issuers’ broader ESG strategies
• Refinancing risk, replacement issuance and the next phase of market development

• Third country responses to the EBA’s call for reciprocity: what are the implications for market growth?
• What still needs to be done?
• Understanding the dollar currencies and their appetite for European issuers
• Conditions for the Eurozone to be a net exporter of covered bonds 

• 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?