Agustin Martin Calmarza
Agustin Martin is the head of covered bonds, SSAs, and Repo Strategy at BBVA, based in London. He has been the lead covered bonds & SSAs analyst at BBVA for twenty years and has also led the Repo Strategy team since mid-2025. Agustin has chaired the European Covered Bond Council (ECBC) Technical Issues Working Group since 2020. He represents Spain at Germany’s VdP roundtable of covered bond experts and is the first member of a Southern European bank to receive an invitation. Agustin is also a member of the steering committee of the European Covered Bond Council (ECBC). Agustín joined BBVA in October 2005, following the completion of his master’s degree in electrical engineering, and he had previously worked in the Spanish utilities sector. At BBVA, he has held various roles within the European credit research team, including serving as a research analyst in structured credit and investment-grade industrial corporates. Since 2010, he has led the covered bonds and SSAs research, and since June ’25 he has also led the Repo Strategy Team. Agustin frequently serves as a panellist and collaborator with Bloomberg and specialised media on covered bonds, European SSAs, and repo research. He has delivered keynote speeches at various Moody’s and BBVA conferences on covered bonds, SSAs, and securitisations, and he is often cited in Global Capital as an expert in covered bonds and SSAs, as well as in specialised repo publications. Agustin holds a degree in Electrical Engineering from the Universidad Pontificia de Comillas (Madrid, Spain), which he obtained in 2001, and a masters in Advanced Econometrics and Statistics Applied to Electrical Engineering from the same university in 2004.
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24-Sep-2026Stream I - Auditorium IIIPanel V: Non-Euro covered bonds: regulation, recognition and growth


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