| IFR

Covered Bonds Roundtable 2013

IFR’s latest covered bond roundtable in Frankfurt at the end of January was an extremely insightful update not just on market activity and themes but also on the issues currently on the regulatory agenda. It was an opportune moment, too, to review the challenges and achievements of 2012 and look ahead to likely developments in the coming year. Our discussion included participation from an issuer, an investor, an analyst, a lobbyist as well as bank originators so was a well rounded one that looked at the issues across their various dimensions.

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com

Covered Bonds Roundtable 2013: Participants

To view the digital version, please click here. Stephane Bataille Commerzbank Stephane Bataille joined Commerzbank as head of FIG Origination in 2012. He started as a derivatives trader at Dresdner in 1992, and from 2001 to 2005 He was running HSBC´s Covered Bond syndicate. In 2006 Bataille joined Morgan Stanley as Head of Covered Bonds, and joined LBBW in 2008 and appointed head of FIG Origination and Syndicate in 2010. Ralf Burmeister Deutsche Asset Management Ralf Burmeister joined Deutsche Asset Management in October 2011, and is Senior...

Covered Bonds Roundtable 2013: Part 1

To view the digital version, please click here. IFR: Thank you all for attending IFR’s latest Covered Bond Roundtable. Our discussion today comes at a critical time in the evolution of the EU regulatory framework and a fascinating time for FIG capital markets generally as banks from the European periphery regain access to senior and covered bond markets and as banks in the EU core achieve pricing close to or at record tights. Before we discuss issues the covered bond market will likely face in 2013, Jens, could you give us some introductory...

Covered Bonds Roundtable 2013: Part 2

To view the digital version, please click here. IFR: Are there specific areas of the insolvency law that you’re seeking to change or update? Jens Tolckmitt: Luckily so far there has never been a case of an insolvency of a bank so we’re looking at it more from a theoretical point of view, concentrating on constantly improving the legal framework but also looking at what would actually happen if insolvency occurred and how we can ensure that what is written in law runs smoothly. I think that is very important. Who is the administrator? What can...

Covered Bonds Roundtable 2013: Part 3

To view the digital version, please click here. IFR: On the point of economics, a lot of the banks going to the public market are saying they want to replace LTRO funding and stand on their own two feet. Will funding costs eventually come down to the point where it is economic for issuers? Stephane Bataille: Well, what happened in the LTRO tender pretty much matched our expectations. We were expecting around €100bn to be returned; in fact it was a bit higher. If you are an institution in France, in Germany or the Netherlands, you may have...