Enrique Ezquerra Martin - Spanish Treasury Heads the Debt Division at the Spanish Treasury, since December 2005. Angelo Proni - EuroMTS He is currently Head of New and Domestic Markets for the MTS Group and is Chairman of the Board for MTS France and MTS Amsterdam, as well as a member of the Boards of MTS Germany, MTS Associated Markets (Belgium, Finland and Denmark) and MTS CeTO (Poland).Proni joined MTS in early 1999 and has covered a series of positions. Jeffrey Hogan - BGC Partners Managing

The landscape of the European government bond markets has remained in essence unchanged during the turbulence of the last ninemonths. All sovereign issuers have been able to rely upon their credit credentials to attract investors into financing their borrowing programmes. While sovereigns, supranational and agency issuers have found a willing and receptive audience, covered bond issuers have been spurned. As a result, the secondary market has all but disappeared for some issuers. The volatility

Maisey: For some of us it is not just about our appetite to provide liquidity. For us, our balance sheet hasn't changed through the whole thing, but for lots of our clients it has. So it is not just about, if we are prepared to do it, it is also about whether people on the other side who want to take risk, or we can lay risk off too, or where we can source bonds from. So it is not just about bank appetite, it is about investor appetite as well. Leclercq: The issuers are also trying to promote th

Ezquerra Martin: I have asked many different banks, because obviously it is not a market that we follow from the Treasury – we just look at the quotation and it is difficult for us to judge the underlying forces. But the most rational explanation I've heard so far is that European banks are having to fund assets denominated in US dollars, and cannot obtain funding in dollars. So they fund themselves in euros and reverse the position through the basis swap market by paying dollars. For European s

Anne Leclercq (Belgian Debt Agency): Yes and no. We have to achieve our funding objectives, but we have to be more flexible and do things differently to an extent. We have to be more flexible in terms of sizes: we cannot always do the size that we want to do, but if the market does not take the size we want we will reduce the size and go on to next time, eventually, for a bigger size. Also with regard to maturities – and I am speaking more precisely about the auctions – we always listen to our p