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2010 Ecbc European Covered Bond Fact Book

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2010 Ecbc European Covered Bond Fact Book edition th ECBCEUROPEAN COVERED BOND FACT BOOK ECBC PUBLICATION - September 2010 5 ECBC PUBLICATION 2010 ECBC EUROPEAN COVERED BOND FACT BOOK DISCLAIMER This publication has been prepared for information purposes only. It does not constitute an offer, advice or a solicitation to buy covered bonds or any other security and does not purport to be all-inclusive or to present all the information an investor may require. The contributions contained herein have been REWDLQHGIURPVRXUFHVEHOLHYHGWREHUHOLDEOHEXWKDYHQRWEHHQYHUL¿HGE\DQLQWHUQDORULQGHSHQGHQW supervisor and no guarantee, representation of warranty, explicit or implied, are made by the European Mortgage Federation / European Covered Bond Council as to their accuracy, completeness or correctness. Readers are advised to satisfy themselves before making any investment and are highly recommended to complete their information by examining the local regulation applying to each covered bonds issuer and the terms of each prospectus or legal documentation provided by the issuer relating to the issue of covered bonds. Neither the European Mortgage Federation / European Covered Bond Council nor its members accept any liability whatsoever for any direct or consequential loss arising from any use of this publication or its con- tents. This document is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without European Mortgage Federation’s / European Covered Bond Council’s explicit prior written consent. By receiving this document the reader agrees to the conditions stipulated in this disclaimer. © Copyright 2010 European Mortgage Federation/European Covered Bond Council. All rights reserved. Contact Details Luca Bertalot Head of European Covered Bond Council [email protected] Peter Talks Senior Adviser [email protected] Benjamin Burlat Economic Adviser [email protected] Sophie Blave Administrative Assistant [email protected] EUROPEAN MORTGAGE FEDERATION Av de Cortenbergh 71 B - 1000 Brussels Tel: + 32 2 285 40 30 LIST OF EDITORS Chairman: Wolfgang Kälberer +HDGRI%UXVVHOV2I¿FH Association of German Pfandbrief Banks – vdp [email protected] Ralf Burmeister Head of Covered Bond/Financial Research LANDESBANK BADEN-WÜRTTEMBERG [email protected] Luca Bertalot Head of European Covered Bond Council EUROPEAN COVERED BOND COUNCIL [email protected] Peter Talks Senior Adviser EUROPEAN COVERED BOND COUNCIL [email protected] 3 4 LIST OF CONTRIBUTORS We are most grateful to the time, effort and expertise which the following contributors have lent to the production of this study. FOREWORD Jan King Senior Credit Analyst Antonio Torío LANDESBANK BADEN-WÜRTENBERG Chairman [email protected] EUROPEAN COVERED BOND COUNCIL [email protected] José Sarafana Head of Covered Bond Strategy Annik Lambert SOCIETE GENERALE Secretary General [email protected] EUROPEAN MORTAGE FEDERATION [email protected] Richard Kemmish Head of Covered Bond Origination Luca Bertalot CREDIT SUISSE Head of European Covered Bond Council [email protected] EUROPEAN COVERED BOND COUNCIL [email protected] Sebastian Sachs Covered Bond Analyst CHAPTER 1 DZ BANK [email protected] KEY THEMES OF THE YEAR Fritz Engelhard Ralf Burmeister Covered Bond Strategist Head of Covered Bond/Financial Research BARCLAYS CAPITAL LANDESBANK BADEN-WÜRTTEMBERG [email protected] [email protected] John Maskell Frank Will Managing Director Head of Covered Bond Strategy BLACKROCK ROYAL BANK OF SCOTLAND [email protected] [email protected] Nathalie Aubry-Stacey Sophia Kwon CBIC Secretariat Senior Covered Bond Strategist Advisor – Regulatory Policy ROYAL BANK OF SCOTLAND INTERNATIONAL CAPITAL MARKET ASSOCIATION [email protected] [email protected] Florian Hillenbrand Vice President, Covered Bond Research CHAPTER 2 UNICREDIT GENERIC SECTION ÀRULDQKLOOHQEUDQG#XQLFUHGLWJURXSGH Ralf Burmeister Franz Rudolf Head of Covered Bond/Financial Research Managing Director LANDESBANK BADEN-WÜRTTEMBERG UNICREDIT [email protected] [email protected] 5 Ralf Grossmann Franz Rudolf Head of Covered Bond Origination Director, Head of Financials Credit Research SOCIETE GENERALE UNICREDIT [email protected] [email protected] Otmar Stöcker CANADA Managing Director Hiren Lalloo ASSOCIATION OF GERMAN PFANDBRIEF Vice President, Securitization Finance BANKS – vdp RBC CAPITAL MARKETS [email protected] [email protected] Bernd Volk CZECH REPUBLIC Director, Head of European Covered Bond Pavel Kühn & Agency Research Deputy Division Director DEUTSCHE BANK ý(6.È%$1.291Ë$62&,$&(±&=(&+%$1.,1* [email protected] ASSOCIATION [email protected] Fritz Engelhard Covered Bond Strategist DENMARK BARCLAYS CAPITAL Svend Bondorf [email protected] Vice President, M.Sc. NYKREDIT GROUP TREASURY Frank Will [email protected] Head of Covered Bond Strategy ROYAL BANK OF SCOTLAND Mette Saaby Pedersen [email protected] Department Manager, M.Sc. in Economics ASSOCIATION OF DANISH MORTGAGE BANKS Sophia Kwon [email protected] Senior Covered Bond Strategist ROYAL BANK OF SCOTLAND FINLAND [email protected] Ralf Burmeister Head of Covered Bond/Financial Research CHAPTER 3 LANDESBANK BADEN-WÜRTTEMBERG [email protected] THE ISSUER’S PERSPECTIVE Martti Porkka AUSTRIA Managing Director Roland Berger AKTIA REAL ESTATE MORTGAGE BANK &RPSOLDQFH2I¿FHU 0DUWWLSRUNND#DNWLD¿ BANK AUSTRIA [email protected] FRANCE Cristina Costa Martin Schweitzer Senior Analyst ERSTE GROUP NATIXIS [email protected] [email protected] BULGARIA Francis Gleyze Yolanda Hristova Director General of CIF Euromortgage Head, Capital Market Origination CREDIT IMMOBILIER DE FRANCE GROUP UNICREDIT BULBANK [email protected] [email protected] 6 Henry Raymond LATVIA &KLHI([HFXWLYH2I¿FHU Kaspars Gibeiko CAISSE DE REFINANCEMENT DE L’HABITAT Head of the Mortgage Deals Administration [email protected] MORTGAGE AND LAND BANK OF LATVIA [email protected] GERMANY Wolfgang Kälberer LUXEMBOURG +HDGRI%UXVVHOV2I¿FH Reinolf Dibus ASSOCIATION OF GERMAN PFANDBRIEF Member of the Board of Directors BANKS – vdp & Managing Director [email protected] EUROHYPO Europäische Hypothekenbank S.A. [email protected] Otmar Stöcker Managing Director Frank Will ASSOCIATION OF GERMAN PFANDBRIEF Head of Covered Bond Strategy BANKS – vdp ROYAL BANK OF SCOTLAND [email protected] [email protected] GREECE THE NETHERLANDS Alexander Metallinos Daniëlle Boerendans Partner Head, Covered Bonds KARATZAS & PARTNERS LAW FIRM ABN AMRO BANK N.V. [email protected] HUNGARY András Gábor Botos Rezah Stegeman Secretary General Advocaat ASSOCIATION OF HUNGARIAN MORTGAGE CLIFFORD CHANCE LLP BANKS [email protected] [email protected] Kees Westermann IRELAND Advocaat Nicholas Pheifer LINKLATERS LLP Managing Director – Head of Legal [email protected] DEPFA BANK [email protected] NORWAY Bernd Volk Ray Lawless Director, Head of European Covered Bond Structured Finance Manager Research BANK OF IRELAND DEUTSCHE BANK [email protected] [email protected] Russell Waide POLAND Senior Manager – Portfolio Management Group Piotr Cyburt ANGLO IRISH BANK CEO [email protected] BRE BANK HIPOTECZNY [email protected] ITALY Alfredo Varrati $JQLHV]ND'UHZLF]7XáRG]LHFND Senior Analyst – Corporate Credit Department President ITALIAN BANKERS ASSOCIATION MORTGAGE CREDIT FOUNDATION [email protected] [email protected] 7 PORTUGAL SWITZERLAND Alda Pereira Michael Bloch Capital Markets Funding Corporate Executive Director CAIXA GERAL DE DEPOSITOS PFANDBRIEFZENTRALE DER SCHWEIZERISCHEN [email protected] KANTONALBANKEN [email protected] ROMANIA Martin Schweitzer Joerg Schmid ERSTE GROUP Corporate Executive Director [email protected] PFANDBRIEFBANK SCHWEIZERISCHER HYPOTHEKARINSTITUTE Adrian Sacalschi [email protected] Deputy-Head Frankfurt Branch FHB KERESKEDELMI BANK ZRT. TURKEY [email protected] Fritz Engelhard Covered Bond Strategist RUSSIA BARCLAYS CAPITAL Tim Lassen [email protected] Corporate Banking Continental Europe 5HSUHVHQWDWLYH2I¿FHLQ0RVFRZ Batuhan Tufan EUROHYPO AG Vice President Structured Finance [email protected] GARANTI BANK [email protected] SLOVAKIA 9LNWyULD0~þNRYi UKRAINE Mortgage Trustee Anton Sergeev CSOB Executive Director [email protected] UKRAINIAN NATIONAL MORTGAGE ASSOCIATION [email protected] SLOVENIA Sonja Anadolli Arsen Nizelsky Deputy Director Senior Legal Advisor BANK ASSOCIATION OF SLOVENIA UKRAINIAN NATIONAL MORTGAGE ASSOCIATION [email protected] [email protected] SPAIN Konstantin Kuczerenko Gregorio Arranz Legal Advisor Secretary General UKRAINIAN NATIONAL MORTGAGE ASSOCIATION SPANISH MORTGAGE ASSOCIATION – AHE [email protected] [email protected] UNITED KINGDOM Michaela Seimen SWEDEN Covered Bond Strategist Tomas Tetzell BARCLAYS CAPITAL Chief Lawyer [email protected] ASSOCIATION OF SWEDISH COVERED BOND ISSUERS, ASCB John Millward [email protected] Associate Director, Structured Finance HSBC BANK plc [email protected] 8 UNITED STATES Nicolas Malaterre Sabine Winkler Senior Director, European Covered Bond Ratings Covered Bond Analyst STANDARD & POOR’S BANK OF AMERICA MERRILL LYNCH [email protected] [email protected] CHAPTER 5 CHAPTER 4 COVERED BOND STATISTICS RATING AGENCIES & METHODOLOGY Johannes
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