Thursday, February 27th, 2014
8:15 AM
Registration and Breakfast

SPEAKERS:

  • Caitlin Fitzpatrick, Investor and Issuer Relations (INFORMATION MANAGEMENT NETWORK)
8:45 AM
Chairperson and Host’s Opening Remarks
9:00 AM
Awash in Money: The Impact of Cheap Funding on Covered Bonds Issuance in 2014
  • Impact of bank deleveraging activity and excess central bank liquidity on covered bonds issuance
  • Supply has reached its lowest level since 2002; where is the bottom and when might we expect to see supply rebound?
  • What are the main challenges ahead? Asset encumbrance, ratings methodology changes, central bank liquidity, new bank resolution regimes
  • Predicted investor demand in 2014 given low supply, tight spreads
  • Can new asset classes serve to rejuvenate the market?
  • Increasing market volatility and implications for getting primary deals to market in 2014

SPEAKERS:

  • Bill Thornhill, Managing Editor (THE COVER)
  • Henry Raymond, Président Directeur Général (CRH-CAISSE DE REFINANCEMENT DE L'HABITAT)
  • Heiko Langer, Senior Covered Bond Analyst (BNP PARIBAS)
  • David Harrison, Managing Director (STANDARD & POOR’S RATINGS SERVICES)
  • Steffen Dahmer, Executive Director, Syndicate and Product Manager Covered Bonds (J.P. MORGAN SECURITIES PLC FRANKFURT BRANCH)
  • Julia Hoggett, Managing Director Head of Covered Bonds & FIG Flow Financing EMEA (BANK OF AMERICA MERRILL LYNCH)
10:00 AM
Important Regulatory Developments on the Horizon: Bail-In and the New Bank Resolution Regime
  • Should covered bonds be exempt from the bail-in regime?
  • Does exemption encourage riskier loan origination by issuers?
  • What Is Going To Happen When a Bank Goes Bust?

SPEAKERS:

  • Peter Voisey, Partner (CLIFFORD CHANCE LLP)
  • Joerg Huber, Managing Director Treasury, Head of Funding & Investor Relations (LANDESBANK BADEN-WÜRTTEMBERG)
  • Torsten Strohrmann, Director | Covered Bonds (DEUTSCHE ASSET & WEALTH MANAGEMENT INVESTMENT GMBH)
  • Stephanie Tetu, Technical Specialist (FINANCIAL CONDUCT AUTHORITY)
  • Jens Tolckmitt, Chief Executive Officer (ASSOCIATION OF GERMAN PFANDBRIEF BANKS)
  • Jeremy Jennings-Mares, Partner (MORRISON & FOERSTER LLP)
  • Isaac Alonso, Managing Director, Capital Origination (UNICREDIT CORPORATE & INVESTMENT BANKING)
1:00 PM
Refreshment Break in Exhibition Area
1:00 PM
Keynote Address

SPEAKERS:

  • Benjamin Sahel, Head of Division - Market Operations Analysis (ECB)
Concurrent Tracks “A” and “B” Commence
2:00 PM Track A
Track A What’s Weighing Down Covered Bonds? Assessing the Continued Relative Value as a Funding Option
  • Impact of rising ABS issuance and senior unsecured bonds on covered bonds issuance
  • Are stricter encumbrance limits to blame?
  • Do covered bonds still make sense as a funding tool given the availability of central bank money and unsecured funding options?
  • What about over-collateralisation requirements and rating agency downgrades?
  • What the lack of supply could mean for investors in the long term

SPEAKERS:

  • Anne Caris, Director (BANK OF AMERICA MERRILL LYNCH)
  • Paolo Cancellaro, Head of Secured Funding (INTESA SANPAOLO S.P.A.)
  • Bart Verwaest, Head of Asset Based Solutions (BELFIUS BANK)
  • Maureen Schuller, ING Commercial Banking (ING COMMERCIAL BANKING, FINANCIAL MARKETS)
  • Rafael Scholz, Head of Treasury (MUENCHENER HYPOTHEKENBANK)
  • Gordon Kerr, Structured Finance Research (DBRS RATINGS LTD.)
2:00 PM Track B
Track B The Pass Thru Bonds Debate: Assessing the Risks vs. the Benefits
  • Are current ratings methodologies and the threat of significant ratings downgrades forcing issuers to consider this alternative structure?
  • Can it mean salvation for issuers in danger of downgrades? Will it help lower rated issuers achieve an investment grade rating, even in countries with a weak sovereign rating?
  • What happens in the event of issuer default under the pass through structure?
  • When and how the CPTM kicks in
  • Investor concerns on extension risk and recovery rates in the event of default
  • Does CPTM make it more like an ABS structure?

SPEAKERS:

  • Christoph Anhamm, Head of Covered Bond Origination (RBS)
  • Sophia Johnston, Senior ABS and Covered Bond Analyst (LEGAL & GENERAL INVESTMENT MANAGEMENT)
  • Bernd Volk, Head of European Covered Bond & Agency Research (DEUTSCHE BANK AG)
  • Thomas van Steenbergen, Policy Advisor (DE NEDERLANDSCHE BANK N.V)
  • Ana Cortes Gonzales, Portfolio Manager (PIMCO EUROPE LTD)
  • Angela Clist, Partner (ALLEN & OVERY LLP)
  • Nick Lindstrom, Associate Managing Director (MOODY'S INVESTORS SERVICES)
3:00 PM
Delegate Luncheon in Exhibit Area
Concurrent Tracks “A” and “B” Commence
*Track B to be hosted in roundtable format
4:10 PM Track A
Track A Outlook for the Peripheral Markets in 2014
  • Assessing the appeal of the peripheral markets: What factors are driving investors back to these markets?
  • Identifying the most recent new issuers and returning players
  • What challenges lie ahead? Threats? Opportunities?
  • Importance of ratings and impact of methodology changes
  • Have sovereign fiscal reforms had a positive impact on these peripheral markets?

SPEAKERS:

  • Armin Peter, Head of EMEA Syndicate (UBS)
  • Emilio Chiesi, Head of International Funding (BANCA CARIGE)
  • Bruno Costa, Deputy Manager - Head of Funding (CAIXA GERAL DE DEPÓSITOS)
  • Darach O'Leary, Head of Wholesale Funding (BANK OF IRELAND GLOBAL MARKETS)
  • Vito Natale, Senior Vice President (DBRS)
  • Roberto Paciotti, Managing Director (STANDARD & POOR'S)
  • Flavio Marco Rusconi, Vice President (JP MORGAN)
4:10 PM Track B
Track B Issuer Transparency and Assessing Performance in the Covered Bonds Market
  • Transparency regarding the cover pool and the covered bond structure/legislation/legal requirements
  • What do investors require and what are issuers currently willing to disclose?
  • Disclosure standards and pre/post-deal reporting: Have they materially evolved since the crisis and is there more to do?
  • Update on pricing metrics and cover pool performance assessment tools

SPEAKERS:

  • Fritz Engelhard, Director (BARCLAYS CAPITAL)
  • Christoph Christensen, Strategic Treasury (HSH NORDBANK AG)
  • Christoph Zoitl, Head of Treasury (KOMMUNALKREDIT AUSTRIA AG)
  • Sascha Kullig, Head of Capital Markets (ASSOCIATION OF GERMAN PFANDBRIEF BANKS)
  • William Sutton, Senior Associate (CLIFFORD CHANCE)
5:10 PM Track A
Track A Covered Bonds Ratings Update
  • What effect would a surge of downgrades have on the stability and the reputation of the covered bonds product?
  • Impact of bail in on the relationship between covered versus unsecured credit
  • New swaps requirements: too complicated to manage?
  • Can the Banking Recovery and Resolution Directive save programs in danger of downgrades or is its arrival too late?
  • Reassessing the link between an issuers default rating, the sovereign rating and its covered bonds rating

SPEAKERS:

  • Michael McCormick, Director (HSBC)
  • Stanislava Prokopova, Analyst and Portfolio Manager, Covered bonds (ING INVESTMENT MANAGEMENT)
  • Andreas Denger, Senior Portfolio Manager, Covered Bond Analyst (MEAG)
  • Helene Heberlein, Managing Director (FITCH RATINGS)
  • Matthias Melms, Senior Covered Bond Analyst (NORD LB)
  • Claire Robert, Senior Director (STANDARD & POOR'S RATINGS SERVICES)
5:10 PM Track B
Track B Transparency in Trading and Its Impact on Liquidity in the Secondary Market
  • Review of the key regulatory initiatives (The EUs MiFID) and  their application to covered bonds
  • Will this push for additional pre and post-trade transparency attract new investors to the market?
  • Are there changes planned for the primary market? Will this make sounding investors appetite for new issue paper?

SPEAKERS:

  • Thomas Cohrs, Head of Syndicate (NORD LB)
  • Alexander Leuschel, Director (HSBC FRANCE)
  • Torsten Strohrmann, Director | Covered Bonds (DEUTSCHE ASSET & WEALTH MANAGEMENT INVESTMENT GMBH)
  • Torsten Elling, Managing Director (BARCLAYS)
  • Florian Hillenbrand, Senior Covered Bond Analyst (UNICREDIT)
  • Richard Schmidt, Senior Portfolio Manager Fixed Income (MEAG MUNICH ERGO ASSET MANAGEMENT GMBH)
6:00 PM
Refreshment Break in Exhibition Area
6:30 PM
Continued Investment in Covered Bonds? Investors’ Relative Value Roundtable
  • What are the key drivers for pricing, and when can we expect a return to fundamentals driving spreads?
  • How will investors adjust their investment behavior to the lower supply (smaller deal sizes and lower supply per issuer)?
  • Views on market safety, transparency, performance and reliance on ratings
  • Views on underlying credits and collateral
  • What do investors look for in an issuer of covered bonds?
  • Appetite for new markets and new asset classes

SPEAKERS:

  • Tim Skeet, Managing Director (RBS)
  • Georg Grodzki, Head of Credit Research (LEGAL AND GENERAL INVESTMENT MANAGEMENT)
  • Henrik Stille, Senior Portfolio Manager (NORDEA INVESTMENT MANAGEMENT)
  • Jozef Prokes, Covered Bond Portfolio Manager (BLACKROCK)
  • Lucette Yvernault, Portfolio Manager (SCHRODERS INVESTMENT MANAGERS)
  • Armin Peter, Head of EMEA Syndicate (UBS)
7:30 PM
Day One of the 7th Annual Global Covered Bonds Conference Concludes and Networking Cocktail Reception Commences on 30th Floor.
Friday, February 28th, 2014
8:30 AM
Registration and Breakfast
9:15 AM
Update on the ECBC Labeling Initiative
  • How has the definition of a covered bond evolved, and what are the implications?
  • Uptake to date and outlook for meeting target expectations
  • Regulatory feedback on importance and effectiveness of the initiative to date
  • Compare and contrast with Europes PCS initiative
  • Will the criteria change or remain much the same in years to come?

SPEAKERS:

  • Paul O'Connor, Former Chairman (THE EUROPEAN COVERED BOND COUNCIL)
  • Gareth Davies, Managing Director (J.P. MORGAN)
  • Peter Voisey, Partner (CLIFFORD CHANCE LLP)
  • Gabriele Frediani, Head of Markets (EUROMTS)
5:47 AM
Keynote Address: CBIC Update on Rating Agency Methodology Changes and Challenges Under the New 'Bail-in' Regime


SPEAKERS:

  • Robert Parker, Global Head of the Strategic Advisory Group (CREDIT SUISSE ASSET MANAGEMENT)
Concurrent Tracks “A” and “B” Commence
10:15 AM Track A
Track A UK Market Update
  • Covered bonds as a funding tool
    • Funding strategy perspective
    • Maturity, currency and market considerations (eg pass-through structures and their alternatives; cross-border issuances; acces to BoE DWF by non-UK covered bond issuers)
  • Developments and outlook

SPEAKERS:

  • Sally Onions, Partner (ALLEN & OVERY LLP)
  • Simi Arora, Associate (CLIFFORD CHANCE)
  • John Millward, Director (HSBC)
  • Anthony Tobin, MD, European Head of Syndicate (RBC CAPITAL MARKETS)
  • Graham Stanford, Head of Secured Funding (ROYAL BANK OF SCOTLAND)
10:15 AM Track B
Track B Moving beyond the traditional: Turkish & Co-operative Covered Bonds
  • Can covered bonds help SMEs access the capital markets? Or is this better suited to securitisation?
  • What are the drivers for growth?
  • New Turkish legislation on covered bonds: is this legislation a significant improvement on the last one?
  • Claims in respect of banks that are members to an institutional protection scheme as a new asset class for covered bonds?
  • New Luxembourg legislation on co-operative covered bonds (lettres de gage mutuelles; Verbundpfandbriefe): an adequate framework for such new asset class?

 

SPEAKERS:

  • Aaron Baker, Global Markets Research - European Credit (BBVA)
  • Rebecca Holter, Senior Director (FITCH RATINGS DEUTSCHLAND)
  • Paul Peporte, Counsel (ALLEN & OVERY)
  • Selin Silahyurekli, Specialist (CAPITAL MARKETS BOARD OF TURKEY)
1:00 PM
Networking Refreshment Break in Exhibit Area
1:20 PM Track A
Track A: The German Pfandbriefe Market Update
  • Assessing the importance of a domestic investor base; What difference does it really make?
  • Has the buying behavior of German investors changed after the crisis?
  • What needs to happen to make the public sector lending business attractive again?

SPEAKERS:

  • Peter Scherer, Partner (CLIFFORD CHANCE)
  • Götz Michl, Head of Funding (DEUTSCHE PFANDBRIEFBANK AG)
  • Bodo Winkler, Head of Investor Relations and Credit Treasury (BERLIN HYP AG)
  • Wilfried Baum, Deputy Head of Portfolio Division (DEUTSCHE BUNDESBANK)
  • Claudia Bärdges-Koch, Deputy Head of Treasury (MUENCHENER HYPOTHEKENBANK)
1:20 PM Track B
Track B: Outlook for New Markets
  • What has prompted these new jurisdictions to adopt formalized covered bonds legislation?
  • Have regulators in these countries been supportive of establishing a market or have they been cautious?
  • How do emerging market Covered Bonds differ from the more mature market models, if at all?
  • What do international investors require in order to be comfortable investing in these new markets?
  • Is there strong potential to develop a domestic investor base for the product or will it always be an overseas sell?

SPEAKERS:

  • Franz Rudolf, Managing Director (UNICREDIT CORPORATE & INVESTMENT BANKING)
  • Maria Cherepneva, Head of Corporate Finance (DELTACREDIT BANK)
  • Hiroyuki Kato, Chief Executive Officer (DBJ EUROPE, SUBSIDIARY OF DEVELOPMENT BANK OF JAPAN INC.)
  • Oliver Koepke, Head of Treasury (MBANK)
  • Amer Siddiqui, Senior Associate (CLIFFORD CHANCE)
  • Colin Chen, Managing Director, Head of Structured Debt Solutions (DBS)
12:05 AM
The 7th Annual Global Covered Bonds Conference Concludes
Event Contacts
Senior Vice President, Conference Producer
Jade Friedensohn
(212) 901-0560
jfriedensohn@imn.org
Investor and Issuer Relations
Caitlin Fitzpatrick
(212) 224-3530
caitlin.fitzpatrick@imn.org
Head of Sales - Structured Finance
Chris Keeping
(212) 901-0533
ckeeping@imn.org
Head of Conference Planning & Sponsorships
Ashley Hofmann
(212) 901-0562
ahofmann@imn.org
Marketing Manager
Matt Gessel
(212) 224-3024
mgessel@imn.org
Venue
Clifford Chance LLP

10 Upper Bank Street Canary Wharf
London, E14 5JJ,
England


PLEASE DO NOT CALL CLIFFORD CHANCE WITH ANY INQUIRIES. ALL QUESTIONS SHOULD BE DIRECTED TO IMN - 212-768-2800. Please note that Clifford Chance does not have storage space for luggage. Please make the necessary arrangements to have your luggage stored at an alternate location.

Hotels
Travel Inn Capital Hotel


London, ,
England

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone: 44 (0) 870238 3322
Website: http://www.travelinn.co.uk

Crowne Plaza Docklands

Western Gateway, Royal Victoria Dock
London, E16 1AL,
England

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone: 44 (0) 870 990 9692
Website: http://www.holidayinndocklands.co.uk

Sunborn Yacht Hotel

Royal Victoria Dock
London, E16 1XL,
England

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone: 44 (0) 20 7059 9100
Website: http://www.sunbornhotels.com

Hilton London Docklands

Nelson Dock, 265 Rotherhithe Street
London, SE16 5HW,
UK

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone:
Website: http://www.hilton.co.uk/docklands

Four Seasons Canary Wharf

46 Westferry Circus, Canary Wharf
London, E14 8RS,
UK

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone: 44 (20) 7510 1999
Website: http://www.fourseasons.com/canarywharf/index.html

London Marriott West India Quay

22 Hertsmere Rd, Canary Wharf
London, E14 4ED,
England

Please note that this is a suggested hotel. IMN does not have a contracted rate and cannot guarantee availability.

Phone: 44 20 70931000

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