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Covered Bond Congress 2025

ECBC

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    EXHIBITION AREA
    Hosted by: CIBC
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    • Networking
    Hosted by: The Association of German Pfandbrief Banks (vdp) (Lunch will be available from 12:30 unti ...
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    • 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
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    • 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
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    • 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
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    • 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
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    • 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
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    • How many covered bonds should a bank issue?
    • Scheduling issuance in a volatile year
    • Impact of relative value changes on the funding mix
    • Securitisation and covered bonds: complementary but…
  1. Hacienda El Vizir
    All registered Congress delegates are automatically registered for the Pre-Congress Party
    • Networking
    EXHIBITION AREA
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    ROUNDTABLE STREAM

    Hosted by: LBBW

    • A non-Eurozone perspective: navigating challenges and seizing opportunities

    • EUR vs. global currencies: striking the perfect balance

    • Covered bonds uncovered: unlocking their value in your asset mix

    • The art of sequencing: aligning asset classes for maximum impact

    • Facing the redemption wave: strategies for higher maturities ahead

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    • 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?
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    • 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 issuance limits
    • Securitisation and covered bonds: prospects for regulatory convergence?
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    • AT1 - back to pre-Credit Suisse pricing? 
    • Is it okay to not call now?
    • Are bank capital / senior spreads sustainable?  
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    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? 
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    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?

     

    • STREAM II
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    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
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    Hosted by: Barclays

    • EC’s proposal for securitisation regulation and European Commissions’ CfA
    • Structural differences and similarities
    • Rating agencies’ approaches to rating the two instruments
    • Investors’ perspectives
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    • 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?
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           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 
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    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