Tuesday 13th May 2008

08:45 Registration and morning coffee

09:25 Chairman's opening remarks

Philip Wright, Associate Editor, IFR

09:30 An overview of Nordic Covered bond markets

• Overview of the legal frameworks
• Overview of economic environment in the Nordic region
• Overview of the issuing banks
• Overview of the expected supply
• Performance of Nordic covered bonds

10:00 The role of the ECBC

• The organisation and its objectives
• The working groups
• The achievements of the ECBC

Denmark

• The Danish covered bond market is split between a strong domestic market and a fairly new euro benchmark market.  New legislation came into force  in July 2007 but will it help to open up the market?

10:40 An overview of Danish covered bond legislation

• Objectives of the new legislation
• Contents of the Covered Bonds Act – the new balance principles
• Eligible assets for covered bond issuers
• Covered bond issuers
• New Danish covered bonds
• Junior covered bonds

11:00 Panel Discussion - What does the future hold for covered bonds in Denmark?

11:20 Refreshments

11:50 Panel Discussion - Regional market panel:  Norway

• New “obligasjoner med fortrinnsrett” legislation came into force on 1 June 2007 enabling credit institutions to borrow long term at favourable terms in order to lend in the form of residential mortgages. The market in Norway has really taken off and looks set to reap further rewards

12:30 Panel Discussion - Regional market panel:  Sweden

• Like Denmark, the Swedish market is split between a strong domestic market and a fairly new euro benchmark market.  What are the key factors that will determine success? 
  - Underlying credit
  - Strength of legislation

13:10 Lunch

14:20 Panel Discussion - Regional market panel:  Finland

• Home of the first Nordic covered bond, Finland also saw Sampo  Bank issue  the first benchmark covered bond.
  - The advantages to investors of the Finnish Euro currency
  - The pros and cons of having only two issuers: relative value v lack of choice

15:00 Who will invest in Nordic covered bonds?

• Nordic covered bonds have features that could interest many  investors globally.  Who are these investors and what is moving  them to invest in the Nordic covered bond market?  What does  this mean for the future demand for the asset class and what can issuers do to develop this further?

15:30 Refreshments

15:55 Panel session
 - Where are covered bonds going in the Nordic region?

• With a huge overhang of supply shaking demand, widening spreads (currently as much as 5 basis points a day) and inverted yield curves, where do the Nordics fit in?

16:40 Chairman’s closing remarks

16:50 Refreshments and close of conference