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Covered Bond Congress 2025

ECBC

    • STREAM I
    STREAM I (Auditorium III)
    • STREAM I
    EXHIBITION AREA
    Hosted by: CIBC
    • STREAM I
    STREAM I (Auditorium III)
    • STREAM I
    STREAM I (Auditorium III)
    • STREAM I
    STREAM I (Auditorium III)
    • STREAM I
    STREAM I (Auditorium III)
    • Networking
    Hosted by: The Association of German Pfandbrief Banks (vdp) (Lunch will be available from 12:30 unti ...
    • STREAM I
    STREAM I (Auditorium III)
    • 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
    • STREAM I
    STREAM I (Auditorium III)
    • 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
    • STREAM I
    STREAM I (Auditorium III)
    • 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
    • STREAM I
    STREAM I (Auditorium III)
    • 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
    • STREAM II
    STREAM II (Auditorium II)
    • New political priorities and their implications for ESG markets
    • EU Green Bond Standards: do they help?

    • Is the lower reporting burden problematic?

    • Are investors impacted by the new political environment?

    • STREAM I
    STREAM I (Auditorium III)
    • 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
    • ROUNDTABLE STREAM
    ROUNDTABLE STREAM (Club Room)

    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

    • ROUNDTABLE STREAM
    ROUNDTABLE STREAM (Club Room)
    • 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?
    • ROUNDTABLE STREAM
    ROUNDTABLE STREAM (Club Room)
    • 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?
    • ROUNDTABLE STREAM
    ROUNDTABLE STREAM (Club Room)
    • AT1 - back to pre-Credit Suisse pricing? 
    • Is it okay to not call now?
    • Are bank capital / senior spreads sustainable?  
    • ROUNDTABLE STREAM
    ROUNDTABLE STREAM (Club Room)
    A session to mark the publication of the 2025 ECBC Covered Bond Fact Book. Authors of this year’s edition will highlight some of the main findings and key themes from the 2025 publication.
    • STREAM II
    STREAM II (Auditorium 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? 
    • STREAM I
    STREAM I (Auditorium III)

    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
    STREAM II (Auditorium 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 

    Strategic issuance planning in a changing market landscape

    • Windows and market timing in H2 2025 

    • Funding curve management 

    • Format and structure

    Eurozone vs. non-Eurozone dynamics 

    • Diverging market structures  
    • Diversification and access
    • Cross-border investor access
    • STREAM I
    STREAM I (Auditorium III)

    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
    • STREAM II
    STREAM II (Auditorium 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?
    • STREAM I
    STREAM I (Auditorium III)

           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 
    • STREAM II
    STREAM II (Auditorium II)

    Hosted by: NatWest

    As the green and social covered bond market continues to mature, 2025 marks a pivotal moment in the structuring and positioning of these instruments within capital markets. This panel will explore the evolving dynamics shaping the market as we approach 2026, with a focus on:

    • How issuers are adapting covered bond structures to meet evolving market expectations
    • Investor demand and fund flows into green-labelled instruments
    • Strategies for managing green asset portfolios and sourcing eligible collateral
    • The relationship between emission factors and avoided emissions in impact reporting