To view the digital version, please click here.   The roundtable preceded by a few weeks Commerzbank’s inaugural €500m SME-backed structured covered bond, but this became one of the key talking points. Indeed the debut issue under the programme had been widely talked around the covered bond market as well as the wider capital markets. Its imminence had caused quite some controversy among the ranks of Germany’s more conservative Pfandbrief elements who didn’t want it to be confused with legally-b

To view the digital version, please click here.   IFR: Are there specific areas of the insolvency law that you’re seeking to change or update? Jens Tolckmitt: Luckily so far there has never been a case of an insolvency of a bank so we’re looking at it more from a theoretical point of view, concentrating on constantly improving the legal framework but also looking at what would actually happen if insolvency occurred and how we can ensure that what is written in law runs smoothly. I think that is

To view the digital version, please click here.   IFR: Thank you all for attending IFR’s latest Covered Bond Roundtable. Our discussion today comes at a critical time in the evolution of the EU regulatory framework and a fascinating time for FIG capital markets generally as banks from the European periphery regain access to senior and covered bond markets and as banks in the EU core achieve pricing close to or at record tights. Before we discuss issues the covered bond market will likely face in

To view the digital version, please click here.   Stephane Bataille Commerzbank Stephane Bataille joined Commerzbank as head of FIG Origination in 2012. He started as a derivatives trader at Dresdner in 1992, and from 2001 to 2005 He was running HSBC´s Covered Bond syndicate. In 2006 Bataille joined Morgan Stanley as Head of Covered Bonds, and joined LBBW in 2008 and appointed head of FIG Origination and Syndicate in 2010.   Ralf Burmeister Deutsche Asset Management Ralf Burmeister joined Deutsc

To view the digital version, please click here.   IFR: On the point of economics, a lot of the banks going to the public market are saying they want to replace LTRO funding and stand on their own two feet. Will funding costs eventually come down to the point where it is economic for issuers? Stephane Bataille: Well, what happened in the LTRO tender pretty much matched our expectations. We were expecting around €100bn to be returned; in fact it was a bit higher. If you are an institution in Franc