In addition to issuers, dealers, regulators and rating agencies, the natural audience for the event was German investors. EuroCatalyst and its event partners hosted investors from all markets across Europe.
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PRELIMINARY PROGRAM AS OF 5 MAY 2004
**=to be confirmed
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OPENING COMMENTS AND INTRODUCTION / Toni Moss, founding partner, EuroCatalyst BV
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MORNING HOST: Managing Director of Origination, Head of European Bank DCM, ABN Amro
What is unique about the Nordic markets, and what makes them attractive to investors?
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OPENING KEYNOTE AND DISCUSSION
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Internationalisation and housing finance in the Nordic region and Sweden
, Deputy Governor, Sveriges Riksbank
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Translating from Pfandbrief to Nordic covered bonds: creating a new definition for European covered bonds
, SVP - Coordinator for European Covered Bond Ratings, Moody's
Christoph Anhamm, Head of Covered Bond Research, ABN Amro
Marcus Guddat, Director, Fixed Income Syndicate, Citigroup (Frankfurt)
, Managing Director, Head of FI Europe, Financial Services Group, Standard & Poor's
, Head of Fixed Income Research, Danske Bank
, Treasurer, SEB Hypothekenbank AG |
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 THE SWEDISH MARKET (SWEDEN’S NEW SÄKERSTÄLLDA OBLIGATION: THE EMERGENCE OF EUROPE’S THIRD-LARGEST COVERED BOND MARKET)
Sweden is on the brink of potentially becoming the third-largest covered bond market in Europe with legislation that comes into force on 1 July 2004 which would allow current mortgage bond issuers to transform outstanding bonds into new covered bonds. The new legislation meets applicable European investor and ECB requirements, qualifying for 10% capital risk-weighting and allowing UCITS funds to invest up to 25% of their assets in covered bonds from a single issuer. At the end of last September, the outstanding volume of Swedish mortgage bonds stood at SEK 743bn (€83bn), comprising almost 45% of the Swedish bond market. This session presents the five Swedish market leaders who dominate the issuer base, accounting for almost 98% of the total outstanding volume of mortgage bonds. Their discussion centers around the historic impact and implications of opening the Swedish market to a wider international investor base; the challenge that Sweden poses to the established Jumbo covered bond concept and trading system, the view that rating agencies will take and provides insight into the internal challenges faced by issuers and external investor considerations. |
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SETTING THE STAGE: Swedish market in context |
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PANELLISTS: |
TBA, ABN Amro |
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INSIDE-OUT / The issuers' perspective: strategies and solutions |
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PANELLISTS: |
Bengt Edholm, CFO, Stadshypothek
, First Vice President, Head of Internal Bank, Nordea AB
Johan Franzén, Deputy CFO, SBAB
Annika Casteberg, Vice President, Group Treasury, SEB
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OUTSIDE-IN / The market's perspective |
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PANELLISTS: |
, Senior Sales Manager, Nordea Markets Sweden
, Director, Financial Institutions Capital Markets, Citigroup
, SVP - Coordinator for European Covered Bond Ratings, Moody's
Pauli Mortensen, Norges Bank
Giles Hutson, Morgan Stanley |
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 THE FINNISH MARKET (KIINTEISTÖVAKUUDELLINEN JOUKKOVELKAKIRYESLAINA)
As the only Eurozone country in the Nordic region, Finland is poised to become the first Euro-denominated issuer in the area. Covered bonds in Finland feature strong liquidity yet small volume. Its greatest challenge lies not in the value of its products, but in attracting investor attention. |
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SETTING THE STAGE: Finnish market in context |
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SPEAKER: |
To be announced |
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INSIDE-OUT / The issuers' perspective: strategies and solutions |
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PANELLISTS: |
, Senior Origination Manager, Nordea Markets |
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OUTSIDE-IN / The market's perspective |
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PANELLISTS: |
, Managing Director, Aktia Mortgage Bank (Aktia Hypoteksbank)
Heiko Langer, ABN Amro
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| 1230-1330 | LUNCH |
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AFTERNOON HOST: , Chief Sales Manager / Head of Sales Team: Financial Accounts for Credits, Derivatives and Danish Mortgage Bonds, Nordea Markets |
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 THE NORWEGIAN MARKET (OBLIGASJON)
Negotiations are currently underway among regulators, the Ministry of Finance and banks with a view to finalising a robust legal framework in Norway for the potential issue of covered bonds in due course. The intention would be for Norway to take its place in the covered bond market and offer investors further diversification as the number of eligible jurisdictions expands. Norway’s undisputed market leader DnB Nor is likely to be the first benchmark issuer from the Nordic region. This session previews the upcoming changes in the Norwegian market as well as DnB Nor’s upcoming issue. |
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SETTING THE STAGE: Norwegian market in context |
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SPEAKER: | TBA, Morgan Stanley |
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INSIDE-OUT / The issuers' perspective: strategies and solutions |
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PANELLISTS: |
, Director of Long Term Funding, DNB Nor
Torbjørn Martinsen, Director, Sparebank 1 Group
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OUTSIDE-IN / The market's perspective |
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PANELLISTS: | Christoph Anhamm, Head of Covered Bond Research, ABN Amro
Hélène Heberlein, Senior Director / European Covered Bonds, FitchRatings |
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 THE DANISH MARKET (DANISH REALKREDITOBLIGATIONER)
The Danish mortgage bond market -- the second largest in Europe -- is characterised by its high degree of security and extremely limited range of risks that mortgage banks can undertake. In the global context, the Danish market for callable bonds ranks second to the US bond market. The traditional Danish callable mortgage bonds are similar in many ways to the American mortgage-backed securities, while the new Danish non-callable bullet mortgage bonds have many similarities to other European covered bonds. With a history of more than 200 years, no mortgage institution has ever defaulted. |
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SETTING THE STAGE: Danish market in context |
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SPEAKER: |
Head of Institutional Solutions, Derivatives & Head of International Relationship Management, Nordea Markets |
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INSIDE-OUT / The issuers' perspective: strategies and solutions |
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PANELLISTS: |
, Head of Funding, Nordea Kredit
Henrik Højby, Vice President, DLRKredit A/S**
, Economist, BRFkredit a/s
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OUTSIDE-IN / The market's perspective |
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SPEAKER: |
, Head of Product Development and Investor Relations, Nykredit
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PANELLISTS: 1 2 3 4 5 6 8 9 0 1 2 3 4 1 2 3 4 5 6 7 9 0 |
, SVP, Funding and Markets, Realkredit Danmark A/S
, Head of Fixed Income Research, Danske Bank
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 "THE NORDIC COMBINED": BUILT TO LAST?
What are the common denominators between markets and products?
Will European investors buy Nordic covered bonds? |
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PANELLISTS: |
, Head of Group Funding, Nordea
Jacob Gyntelberg, Bank for International Settlements
, Head of Market Research & Development, Int'l Department, Nykredit
Head of Covered Bond Research, Dresdner Kleinwort Wasserstein
, Moody's Investors Service
, Citigroup**
, Head of Fixed Income and Debt Securities, SEB AG |
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