The 14th annual Euromoney/ECBC Covered Bond Congress took place on 15 September 2016 in Düsseldorf, Germany.
Universally accepted as the annual meeting place for the covered bond market, the 2016 Congress attracted 1,100 issuers, investors and intermediaries for a packed day of networking, debate and discussion.
Our opening keynote speakers tackled various macroeconomic themes, setting the scene for the panel discussions which followed throughout the day. Erik F. Nielsen, group chief economist and global head of CIB research at UniCredit focused on the influence of central banks and the role of fiscal policy on Eurozone economies, while Christoph Rieger, head of interest rate strategy and credit research at Commerzbank spoke about the negative side-effects of negative interest rates.
The opening panel of the day, Covered Bonds in 2016: So Far, So Good?, provided further analysis of the macroeconomic climate and the current environment for covered bonds. Panellists spoke about the performance of the covered bond market so far this year, the outlook for issuance, the impact of poor secondary market liquidity and the highly anticipated end of the ECB’s purchase programme.
Other highlights of the conference included an extremely entertaining address from Stuart Kirk, head of multi-asset research at Deutsche Bank who described how the ‘me’ generation and ‘unprecedentalism’ are distorting economies and financial markets. Tomasz Wieladek, senior international economist at Barclays gave a very engaging and informative presentation on the impact of Brexit on the economic relationship between Germany and the UK.
Panellists on the closing panel of the day looked ahead to 2017 and examined what the year ahead holds for the covered bond product, examining potential credit risks and addressing how the market will react when the ECB decides to end its QE programme and to raise rates. Speakers also spoke about the potential covered bond directive as well as the continuing global advancement of the covered bond model.
Euromoney Conferences would like to thank all of our sponsors, speakers and delegates for making the 2016 Congress such a great success. We look forward to seeing you all again in Barcelona in September 2017, if not before.
Save the date: The Euromoney/ECBC Asian Covered Bond Forum will take place in Singapore on Tuesday 7th March 2017. Visit the event webpage for more details.