To view the digital edition of this roundtable, please <a href="http://edition.pagesuite-professional.co.uk/Launch.aspx?EID=858b8dee-8fb7-4048-88c6-a3c156c40a1a" onclick="window.open(this.href);return false;" onkeypress="window.open(this.href);return false;">click here</a>. IFR’s latest Covered Bond Roundtable, which took place in Frankfurt on May 29, assessed developments in the covered bond market from the perspective of bank funding in the context of

To view the digital edition of this roundtable, please click here. IFR: OK. So where does the panel see the crisis now? Do you think that we’re in the eye of the storm and that things are going to get better or do you think we still have the worst to come? Jose Sarafana, Covered Bond Analyst: I think the problem that we have with Bankia is that it started with a very small amount and all of a sudden it needed €23bn to bail it out. The worry is if that can happen to Bankia, what will happen to al

To view the digital edition of this roundtable, please click here. IFR: I wanted to pick up on Arnold’s point about the split market. The sense that I got from that was that certain banks have access to the senior market, but how much does that split have to do with jurisdiction? So if you’re a strong bank in a jurisdiction that’s having difficulties, for example Spain or Italy, what access do you have or could you have this year? Arnold Fohler, DZ Bank: If you’re talking about an issuer from Sp

To view the digital edition of this roundtable, please click here. Keith Mullin, IFR: Good afternoon to you all. Thank you so much for attending IFR’s Covered Bond Roundtable. I’d like to kick off with a fairly broad theme. If we look at overall bank capital and funding, it’s clear that bank shareholders are unhappy about the returns they’re getting partly because banks are falling short of target ROE and broadly speaking bank shares have performed very poorly. We’re also in the midst of a big d

To view the digital edition of this roundtable, please click here. Adreas Schenk Deutsche Pfandbriefbank Andreas Schenk is Managing Director, Treasury at Deutsche Pfandbriefbank, a leading European specialist bank for real estate finance and public finance investment, established in June 2009 by the merger of Hypo Real Estate Holding AG and DEPFA German Pfandbrief Bank AG. Arnold Fohler DZ Bank Arnold Fohler is a Managing Director and head of DCM at DZ Bank. Prior to joining DZ Bank in 2003, he