Moody’s Briefing: Baltic Covered Bonds: A New Asset Class

FinanceEstonia general

Date:
07.11.2018
Time:
08:30 - 14:00
Location:

Tallinn

08:30 – 09:00 Registration and Refreshments
09.00 – 09.10

Welcome Remarks

Piotr Janczak, Vice President – Head of Relationship Management, CEE, Moody’s

09.10 – 09.25

Banking – Sector Credit Trends and Outlook

Jean-Francois Tremblay, Associate Managing Director, Financial Institutions Group, Moody’s

09.25 – 09.40 Characteristics of Covered Bonds

  • Past performance
  • Future regulation
  • Rationale for issuers and investors

Alexander Zeidler, Vice President – Senior Credit Officer, Structured Finance Group, Moody’s

09.40 – 10.20 How to Build a Covered Bond Market: Investor Perspective

  • Covered bonds in a time of liquidity – why do I need them?
  • Who cares? Building a consensus of stakeholders
  • Objections – who might oppose covered bonds and what can address their concerns?
  • Bespoke or off the peg? Tailoring the product to national needs

Richard Kemmish, Consultant, Richard Kemmish Consulting Ltd.

Jacek Kubas, Principal, European Bank for Reconstruction and Development

10.20 – 11.00

Rationale and Potential of a Baltic Covered Bond Market: Issuer Perspective

Moderator: Jean-Francois Tremblay, Financial Institutions Group, Moody’s

Panellists:

Tomas Hedberg, Senior Vice President, Head of Group Treasury, Swedbank
Max Ehrengren, Head of Treasury & ALM, Luminor
Jacek Kubas, Principal, European Bank for Reconstruction and Development
Niclas Boheman, Assistant Vice President – Analyst, Financial Institutions Group, Moody’s

Alexander Zeidler, Vice President – Senior Credit Officer, Structured Finance Group, Moody’s

11.00 – 11.20 Refreshment Break
11.20 – 11.40 A Great Chance for a Small Country – Developing a Covered Bond Framework in Estonia

  • Estonia’s long way to covered bonds
  • Features of the Estonian draft law
  • How do the developments on EU level influence the drafting process in Estonia
  • Pan-Baltic cooperation for developing a common covered bond market

Kaarel Eller, Lawyer, Estonia’s Ministry of Finance

11.40 – 12.20

The Future of Banking and Covered Bonds in the Baltics

Moderator: Jean-Francois Tremblay, Financial Institutions Group, Moody’s

Panellists:

Vilma Mačerauskienė, Deputy Director, Financial Markets Policy Department, Lithuania’s Ministry of Finance
Kaarel Eller, Lawyer, Estonia’s Ministry of Finance
Imants Tiesnieks, Senior Expert, Financial Markets Policy Department, Latvia’s Ministry of Finance
Richard Kemmish, Consultant, Richard Kemmish Consulting Ltd.
Niclas Boheman, Assistant Vice President – Analyst, Financial Institutions Group, Moody’s

Alexander Zeidler, Vice President – Senior Credit Officer, Structured Finance Group, Moody’s

12.20 – 12.40 How does Moody’s rate a Bank?

  • Macro-prudential considerations
  • The intrinsic strength of a bank
  • Loss given failure analysis

Niclas Boheman, Assistant Vice President – Analyst, Financial Institutions Group, Moody’s

12.40 – 13.00 How does Moody’s rate Covered Bonds?

  • Assessing the credit risk
  • Published key credit risk indicators
  • Market overview: Robustness of covered bond programmes

Alexander Zeidler, Vice President – Senior Credit Officer, Structured Finance Group, Moody’s

13.00 – 13.05

Closing Remarks

Piotr Janczak, Vice President – Head of Relationship Management, CEE, Moody’s

13.05 – 14.00 Lunch

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