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IFR Pfandbriefe Roundtable 2016

Panellists at IFR’s annual Pfandbriefe Roundtable on January 21 in Frankfurt discussed a wide range of inter-related topics: the state of the market amid broad volatility; the ongoing impact of the ECB Covered Bond Purchase Programme; prospects for primary issuance in 2016; the potential for green issuance; and, on the regulatory plane, where we’re headed following the European Commission’s covered bonds consultation exercise.

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IFR Pfandbriefe Roundtable 2016: Participants

Götz Michl Deutsche Pfandbriefbank Götz Michl is head of funding and debt investor relations at Deutsche Pfandbriefbank (pbb), where he has been working since 2010. Before his move to pbb, he was head of German real estate for RBS. Prior to joining RBS/ABN AMRO, he worked for 10 years at HypoVereinsbank in a variety of positions. Sabrina Miehs Helaba Sabrina Miehs is a senior covered bond analyst at Landesbank Hessen-Thüringen (Helaba). She mainly covers covered bonds from Germany, France and Spain but follows broad market developments. Prior...

IFR Pfandbriefe Roundtable 2016: Part 1

IFR: Welcome to IFR’s 2016 Pfandbrief Roundtable. As ever, there a number of interlocking themes that I wanted to pick up on in our conversation: the current market environment (both primary and secondary) in the context of both the redemption calendar and the impact of the ECB’s ongoing Covered Bond Purchase Programme, and against a backdrop of volatility in global credit markets; and how 2016 might pan out in terms of funding requirements. I also wanted to spend some time on the harmonisation process and the European Commission’s covered bond...

IFR Pfandbriefe Roundtable 2016: Part 2

IFR: Thomas, in conceptual terms could you foresee interest at any point in a European covered bond product operating alongside national covered bond regimes? It would give issuers an option of issuing a covered bond as normal – and that can be as cross-border or domestic as they want – or taking the other option of issuing a pan-European covered bond. Thomas Cohrs, NordLB: That question is ammunition for a long, long discussion. A lot of people in this market tend to be a little dogmatic about this. Coming from a market that has a long...

IFR Pfandbriefe Roundtable 2016: Part 3

IFR: To Thomas’s point, will you both be looking to get the bulk of your funding out of the way in the first half, pending a potentially uncertain second half? Götz Michl, Deutsche Pfandbriefbank: Every year, a funding manager tries to do as much as possible in the first half but of course we need to use market windows and for the next couple of months we will use them as we described. We always look at the market and are prepared to issue. If there is a window and we think: “OK, we can issue a Pfandbrief” we will probably do it. [pbb...