Day 1 - 10th June

08:30 Registration

09:15 Chairman's welcome

Philip Wright, Associate Editor, IFR

09:30 Global Deal Review and Forecast 2008-09 Analysing global transactions over the year and forecasting future trends

• Going global – identifying tomorrow’s market and investors today
• Forecasting new deals and deal pipeline for 2008/09
• How far has global market volatity impacted the CB markets?
• Major transaction review of 2007 markets, notable deals and future trends
• Is there scope for new global multi-jurisdictional structured CB products?

Mauricio Noe, Global Head of Covered Bonds, ABN AMRO
Christian Haller, Managing Director, Global Banking, Head of FIG DCM Germany, Austria & Switzerland and Global Covered Bond Origination, DRESDNER KLEINWORT
Frank Will, Senior Strategist, Frequent Borrower Group, RBS Global Banking and  Markets
Ralf Grossmann, Head of Covered Bond Origination, SOCIÉTÉ GÉNÉRALE
Heiko Langer, Senior Covered Bond Analyst, BNP PARIBAS

09:45 Asset Classes and Asset Pools - Will covered bonds emerge from the credit crisis as a strengthened asset class?

• Examining the quality of underlying mortgage assets after the sub-prime crisis
• Exploring the relationship between covered bonds and ABS including RMBS and CMBS
• Reviewing public sector asset pools in recent CB issues
• Might corporate sponsored CB issues take off?
• Asset class diversification –how far might shipping loans and similar securities emerge as a covered bond asset pool?

Bernd Volk, CFA Director, DEUTSCHE BANK AG
Frank Will, Senior Strategist, Frequent Borrower Group, RBS GLOBAL BANKING AND  MARKETS
Dr. Peter Follak, Funding Solutions, HYPO REAL ESTATE BANK INTERNATIONAL  AG
Arjan Verbeek, Head of Covered Bond & ABS Structuring, BNP PARIBAS
Steffen Dahmer, Executive Director, JP MORGAN AG

10:15 Issuer Trends - Identifying recent issuer trends to determine future supply side activity

• How might a greater global diversification of issuers and asset pools shape the market going forward?
• Are we seeing a shift from US and Euro denominated bonds to domestic currencies and if so, with what impacts?
• Is there a trend towards private placements, if so why?
• Have we seen greater position management including spread development and pricing sensitivities in the light of market volatilities?
• Is there sufficient market liquidity to support future issuer diversification?
• Will issuer confidence and competition increase in 2008/09?

Torsten Elling, Head of Covered Bond Trading and Sydicate, BARCLAYS CAPITAL
Frank Will, Senior Strategist, Frequent Borrower Group, RBS Global Banking and Markets
Ralf Burmeister, Head of Covered Bonds / Financials, LANDESBANK  BADEN WÜRTTEMBERG
Alain Gallois, Global Debt Capital Markets, NATIXIS

10:45 Morning Refreshments

11:15 Investor Trends and Market Growth - What factors are driving investor confidence and growth in the Covered Bond markets - what are the requirements for each investor type and how is investor behaviour influencing market developments?

• Identifying the current investment behaviors of covered bond buyers including fund managers, central banks, insurance companies, financial institutions and pension funds and their short and long term positions with this asset class. 
• Are there particular geographical regions and asset classes that are currently favored with investors, if so why?
• Where might new demand and new investor market entrants come from?
• Is the market already oversubscribed with investors?
• Is the slowdown in securitisation temporarily fuelling the growth in the CB markets?
• Exploring market initiatives including road shows, to increase buy side activity – are investors generally well informed?

Tim Skeet, Head of Covered Bonds, MERRILL LYNCH
Florian Eichert, Senior Credit Analyst, Covered Bonds / Financials, LANDESBANK  BADEN WÜRTTEMBERG
Ralf Grossmann, Head of Covered Bond Origination, SOCIÉTÉ GÉNÉRALE
Christophe Frankel, Head of Financial Markets, CRÉDIT FONCIER

11:45 Bank Markets - How far do banks make the CB markets and for how long might institutions support market growth?

• How might ongoing credit market uncertainty influence interbank spreads?
• How far are CBs an interim funding tool for banks as the securitisation market slowdown?
• Balancing capital adequacy, default risk and depositor protection ratios - have agencies got the balance right?
• How long will banks appetite for CB last after Basel II and at what point might CB meet capital adequacy ratios?

David Wallis, Head of Funding, NATIONWIDE
Christoph Alenfeld, Head of Structured Syndicate, DZ BANK AG
Armin Peter, Head of Covered Business and Syndicate, UBS AG

12:30 Lunch

14:00 Jumbo Volumes and Global Supply - Examining the drivers for global growth in Jumbo issues and global trend

•  After growth in jumbo supply year-on year in euro covered bond market can the market absorb further supply - is the jumbo covered bond market at a turning point?
• How far can the jumbo markets sustain increased volumes of issues from Spain, Germany and the eurozone generally expand? What is the global outlook?
• How might the merger of Essen Hyp with Eurohype to create largest CB issuer shape the jumbo market?
• What are the funding alternatives to jumbo bonds – are they desirable?
• Might any of the drivers for jumbo supply including growth in mortgage lending, new debt issuers from existing and new countries and multi currency funding and investor appetite abate anytime soon?

Christian Haller, Managing Director, Global Banking, Head of FIG DCM Germany, Austria & Switzerland and Global Covered Bond Origination DRESDNER KLEINWORT
Heiko Langer, Senior Covered Bond Analyst, BNP PARIBAS
Louis Hagen, Executive Director, Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken)
Jose Sarafana, Head of Covered Bond Strategy - Covered Bonds and Agencies, SOCIÉTÉ GÉNÉRALE Corporate and Investment Banking

15:00 Risk and Ratings - Identifying the latest thinking in risk and ratings methodologies

• Exploring the latest trends in risk and default probability methodologies and modeling for CBs
• Do rating agencies have too much influence in the CB market – how can the risk and rating methodologies be more transparent?
• Analyzing methodologies and systems to rate cover pools securing covered bonds and measure collateralisation between cover assets and cover bonds

Suzanne Albers, Senior Director Covered Bonds Northern Europe & America, FITCH RATINGS
Nicholas Lindstrom, Senior Vice President, MOODY’S INVESTOR SERVICE
Karlo Fuchs, Head of Covered Bonds, STANDARD AND POORS

15:30 Afternoon Refreshments

16:00 Trading - How might trading practices be improved for greater efficiency and transparency?

• How far can current electronic platforms and trading systems deliver efficiency a transparency?
• Analysing transparency in syndicated trading.
• To what extent is inter-dealer market making prevalent?
• How far can traders and systems manage demand and volumes?
• Touching on technical developments and improvements in trading platforms
  primary markets including ‘pachmohr plan’

Torsten Elling, Head of Covered Bond Trading and Sydicate, BARCLAYS CAPITAL
Laurent Viteau, Head of Product Management, EUROCREDIT MTS

16:30 Secondary Markets and Sell Side Trends - Mapping the interaction of primary and secondary markets and identifying spread developments and re-offer trends

• Exploring market interaction around secondary markets including offer and re offers, risk and rating, spread differentials, book-building, pricing and yields
• How far developed are secondary CB markets and what how do secondary deals impact the market as a whole?

Armin Peter, Head of Covered Business and Syndicate, UBS AG
Steffen Dahmer Executive Director, JP MORGAN AG

17:00 Close of day one

Day 2 - 11th June

09:15 Chairman's Opening Remark

09:30 EU Regulation - Reviewing regulatory and legislative developments for covered bonds in EU jurastictions in 2007/08 and their implications for future business

UK Regulation

• Examining new UK legislation for covered bonds – how will this influence risk weightings and product development in the UK market?

 Joanne Riddell, Risk Mitigation and Securitisation, FSA

EU Regulation

• Touching on the impacts of Capital Requirements Directive (CRD) for Internal Ratings Based Firms
• What role might the European Covered Bond Council play in the market?
• Analysing the market impacts of the Obligazioni Bancarie Garantite - Italian Banking regulation on which banks can issue covered bonds and the proportion of their assets that can be re-financed
• Reviewing Spainish legislation for Cedulas Hipotecarias to clarify the credit position of CH holders - limiting issuance to 80% of bank mortgage assets
• How will new EU regulations influence market development?

Dr. Peter Follak, Funding Solutions, HYPO REAL ESTATE BANK INTERNATIONAL AG
Jose Sarafana, Senior Strategist - Covered Bonds and Agencies, SOCIÉTÉ GÉNÉRALE Corporate and Investment Banking

10:30 Refreshments

11:00 Euro Product Focus - Exploring how covered bond products might evolve in Europe as the market grows

• Surveying commonalities and diversification in structured covered bond products in the major European jurisdictions
• Exploring the possibilities around cross border asset pooling
• What other possibilities for CB product development might emerge?

Tanja Goudarzi Pour, Director, Securitisation/Covered Bonds Structuring, SOCIÉTÉ GÉNÉRALE
Fredric Louvard, Global Debt Capital Markets, NATIXIS
Sabine Winkler, Chief Covered Bond Analyst, MERRILL LYNCH INTERNATIONAL

11:30 Going Global - New Regions and New Risk - Identifying emergent CB regional issuers and their role in creating a global asset class

• Can we consider CB a global asset class?
• Which are the most volatile regions and which regions offer the most stability?
• What prospects for Japan after the postponement of the Shinsei Bank 50bn 10 year bond?
• What future for US market after Washington Mutual issue and Bank of America issues?
• Will Canada become a global market after recent issues?
• What are the prospects for other emergent CB markets including Mexico, Turkey, China and Russia?
• Is a standardized global structured bond possible?

Arjan Verbeek, Head of Covered Bond & ABS Structuring, BNP PARIBAS

12:30 Chairman's Summary

13:00 Lunch