With EUR 2.1 trillion in outstanding amounts, covered bonds are among the largest debt markets in Europe and represent an important source of long-term funding for European banks in general and Nordic banks in particular. In essence, covered bonds are dual-recourse debt securities issued by credit institutions and backed by segregated pools of mortgage and public sector loan assets. The EU covered bonds market is currently mainly regulated along national lines, with some differences in covered bond regimes across Member States.
In March 2018, the European Commission published a proposal for a harmonising directive on covered bonds laying down the conditions these bonds must meet to be recognised under EU law and strengthening investor protection by imposing specific supervisory duties. The directive proposal is complemented by proposed amendments to the Capital Requirements Regulation (Regulation (EU) No 575/2013). These proposals aim to enhance the use of covered bonds as a stable and cost-effective source of funding for credit institutions, especially where markets are less developed.
At this NCMF seminar, the proposal and its pros and cons was presented and discussed among lawmakers, issuers, investors, regulators and advisers.
Confirmed speakers include:
Valeria Miceli, Policy Officer, European Commission – DG FISMA
Luca Bertalot, Secretary General, The European Covered Bond Council (ECBC)
Charlotte Asgermyr, Chief Covered Bond and Fixed Income Market Strategist, SEB
Jonny Sylvén, Senior Advisor, The Association of Swedish Covered Bond issuers (ASCB)/The Swedish Bankers’ Association
Martin Rydin, Head of Treasury, Länsförsäkringar Bank
Tony Persson, Head of Fixed Income, Alecta
Markus Nilssen, Advokat, Advokatfirmaet BAHR
Henrik Mattson, Partner, Hannes Snellman Attorneys
Morten Bækmand Nielsen, Head of Investor Relations, Nykredit
Erik Kärrlander, Senior Analyst – Bank Policy and Credit Risk Models, The Swedish Financial Supervisory Authority
This half-day seminar took place in the afternoon of Monday 28 May 2018 at Mannheimer Swartling, Norrlandsgatan 21, Stockholm, Sweden. Registration started at 12.30 pm CEST and the seminar started at 1 pm CEST. The NCMF Annual General Meeting of 2018 was held in conjunction with the seminar. The seminar finished around 5 pm CEST and was followed by a networking reception.
| 12:30 | REGISTRATION |
| 13:00 | WELCOMING REMARKS Martin Kihlberg, NCMF Board Member, and General Counsel and Chief Sustainability Officer, Landshypotek Bank |
| 13:10 | NORDIC COVERED BONDS: SIMILARITIES AND DIFFERENCES FROM A MARKET PERSPECTIVE Charlotte Asgermyr, Chief Covered Bond and Fixed Income Market Strategist, SEB |
| 13:50 | THE EU COMMISSION PROPOSAL ON COVERED BONDS Valeria Miceli, Policy Officer, European Commission – DG FISMA |
| 14:30 | THE ECBC VIEW ON THE COMMISSION PROPOSAL Luca Bertalot, Secretary General, The European Covered Bond Council (ECBC) |
| 15:00 | COFFEE BREAK |
| 15:20 | 2018 ANNUAL GENERAL MEETING OF NCMF |
| 15:45 | PANEL: NORDIC COVERED BONDS AND THE COMMISSION PROPOSAL Moderator: Mattias Lampe, NCMF Board Member, and Partner, Mannheimer Swartling (moderator)Above speakers Jonny Sylvén, Senior Advisor, The Association of Swedish Covered Bond Issuers and The Swedish Bankers’ Association Morten Bækmand Nielsen, Head of Investor Relations, Nykredit Martin Rydin, Head of Treasury, Länsförsäkringar Bank Tony Persson, Head of Fixed Income, Alecta Markus Nilssen, Advokat, Advokatfirmaet BAHR Henrik Mattson, Partner, Hannes Snellman Attorneys Erik Kärrlander, Senior Analyst – Bank Policy and Credit Risk Models, The Swedish Financial Supervisory Authority |
| 17:00 | NETWORKING RECEPTION |