Resources for Roundtable: "Why the U.S. Needs Covered Bonds"
Description, panelists, slides, documents and more
01/26/2010
Panel Discussion
"Why the U.S. Needs Covered Bonds"
Jan. 29, 2010 -- Washington, D.C.
To register for a complementary webcast of the event, click here.
CONTENTS OF THIS PAGE
- Discussion Topic
- Panelists
- Sponsors
- Slides for Panel Discussion
- Other Resource Documents
- Panelists' Bios
- Panelists' Organizations
DISCUSSION TOPIC
Covered bonds represent an exciting potential source of liquid private funds to complement other U.S. mortgage market funding sources. The recent Congressional Hearings held by the House Financial Services Committee provided evidence of strong bipartisan support, and confirmed the great interest in this new secure source of liquidity.
Does the covered bond's successful European track record and use by the Canadian banks point to an untapped potential in the United States? Can U.S. legislators, regulators, and the market work together to create a viable covered bond market with significant potential in mobilizing liquidity?
PANELISTS
- Tim Skeet, Head of Covered Bonds, Bank of America Merrill Lynch (moderator)
- Jerry Marlatt, Senior Of Counsel, Morrison & Foerster LLP
- David Power, Royal Bank of Canada
- Jens Tolckmitt, Executive Director, Association of German Pfandbrief Banks (vdp)
- Mercy Jiménez, Cofounder, Covered Bond Investor™ LLC
SPONSORS
- Association of German Pfandbrief Banks (vdp)
- Clayton Holdings Inc
- Covered Bond Investor™ LLC
- Morrison & Foerster LLP
- PricewaterhouseCoopers
In Collaboration With:
SLIDES FOR PANEL DISCUSSION
OTHER RESOURCE DOCUMENTS
From Covered Bond Investor™:
- Covered Bonds vs. Securitization: Comparison of Key Factors
- Ten Things You Should Know about Covered Bonds
- Covered Bond Key Events Timeline
From Morrison & Foerster:
From The Assocation of German Pfandbrief Banks (vdp):
- 2009/10 Fact Book Covered Bonds of the European Covered Bond Council (ECBC)
- Pfandbrief Factbook 2009/2010
PANELISTS' BIOS
- Tim Skeet, Managing Director, Head of Covered Bonds, Bank of America Merrill Lynch (Moderator)
Tim SkeetAfter graduating as a student of Modern Languages from Cambridge University, Tim Skeet joined the financial services sector in 1981 starting work at merchant bank, Samuel Montagu. Tim moved into the debt capital markets team at Montagus in 1985, and then went to work for Morgan Stanley in 1987, where he covered UK issuers and was involved with the early securitisation transactions for mortgage lenders and bank capital issues.
His career led him on to work on setting up Financial Institution ('FI') and Sovereign/Agency coverage at Kidder Peabody in Europe before being recruited by Lehman in the mid-90s, where Tim worked on a wide variety of financial institution transactions. After heading up FI groups at European firms, Tim moved to ABN Amro in 2003 to help build up their FI franchise and work on the house's financial institution and covered bond platforms.
In 2006, Tim came to Merrill Lynch as a Managing Director to lead the bank's covered bond activities within the debt capital markets financial institution team. He continues with this role at Bank of America Merrill Lynch.
Tim was one of the early members of the European Covered Bond Council (ECBC) Steering Committee and is currently a member of the steering committee of the US Covered Bond Council. He worked closely with the US Treasury on their 2008 'Template for Covered Bonds' proposal and is currently involved with the discussions around a covered bond law in the US. He was a long-standing member of the FSA/ HMT Standing group working on the UK covered bond law.
Most recently Tim has worked with investors in the covered bond market to set up the Covered Bond Investor Council (CBIC). Tim is also a board member of the ICMA (International Capital Markets Association) and is a frequent contributor to conferences and seminars on covered bonds, debt capital markets and the work of the City.
- Jens Tolckmitt, Executive Director, Association of German Pfandbrief Banks (vdp)
Jens TolckmittJens Tolckmitt was appointed Executive Director of the Association of German Pfandbrief Banks (vdp) in June 2009. Between January 2003 and May 2009 he served as the Managing Director of the Association of Foreign Banks (VAB) in Germany. From 1998 to 2002, Jens worked for the Association of German Mortgage Banks in Bonn and Berlin (the predecessor organisation of the vdp) in several positions, finally heading the capital markets department of the association. Prior to this he studied economics and received his diploma in economics in 1998 specializing in monetary macroeconomics and finance. Jens is married and has two sons.
- Jerry R. Marlatt, Senior Of Counsel, Morrison & Foerster LLP
Jerry MarlattMr. Marlatt specializes in corporate finance with a focus on structured capital markets. He represents issuers, underwriters and placement agents in covered bonds, surplus notes, structuring investment and specialized operating vehicles, insolvency restructuring of such vehicles, securities repackagings and public offerings and private placements of asset-backed securities in domestic and foreign capital markets.
Representative transactions involve the first covered bond by a US financial institution, the first covered bond program for a Canadian bank, surplus notes and common stock for a US monoline insurance company, eurobond offerings by US issuers and a variety of structured vehicles, including CBOs, SIVs, CDOs, derivative product companies, ABCP conduits and credit-linked investments.
Mr. Marlatt has been ranked by Chambers USA as one of America's leading capital markets - securitization lawyers and has also been cited as a recommended lawyer for structured finance - derivatives and structured products by The Legal 500 - United States. Mr. Marlatt received his B.A. degree from the University of Southern California and his J.D. from the Southwestern University School of Law, where he served on the Law Review. Mr. Marlatt is admitted in the District of Columbia and New York. Previously, Mr. Marlatt was a partner at Clifford Chance and an Assistant General Counsel at the Securities and Exchange Commission.
- David Power, Vice-President, Royal Bank of Canada
Reporting to the Executive Vice-President & Treasurer of Royal Bank of Canada, David oversees the execution of term funding, capital issuance, mortgage securitization, credit card receivable securitization transactions, synthetic residential mortgage securitization transactions, normal course issuer bid share buybacks, and stock-based compensation equity derivative hedging.
David's team designed and launched the first Canadian covered bond programme, and David is the chair of the Canadian Bankers Association's Covered Bond Specialists Group. In addition to their previous Euro-denominated transactions, David's team recently reopened the North American covered bond market when RBC issued a benchmark-size Canadian dollar transaction into the Canadian domestic market this past October.
- Mercy Jiménez, Co-founder, Covered Bond Investor LLC
Mercy JiménezMercy Jimenez cofounded the online publication Covered Bond Investor™ in early 2009. Previously her financial services career featured executive appointments spanning domestic and international markets. Senior management responsibilities in the primary and secondary mortgage markets included heading a global Mortgage Backed Securities program office as well as leading a national mortgage business center managing the relationships of nearly 2,000 small and mid-size lenders.
After earning an MBA at the Harvard Business School, Ms. Jiménez held assignments at Citigroup, JPMorgan Chase, and Fannie Mae. She has served on the Board of Directors of the Atlantic Council, of the National Association of Hispanic Real Estate Professionals, of the Texas Mortgage Bankers Association, of the National Association of Reverse Mortgage Lenders, and on the Board of Trustees of the National Building Museum.
PANELISTS' ORGANIZATIONS
- Association of German Pfandbrief Banks (vdp)
The Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken, vdp) offers a wide range of services, which are at the disposal of Pfandbrief-issuing banks in Germany. The Association's members come from all German banking groups and number among the most important providers of capital for residential and commercial properties as well as for the public sector and its institutions and ship finance.
The Pfandbrief - Pfandbrief Banks' traditional funding instrument - is one of the largest segments in the European Covered Bond market, equalling about 750 billion Euros in volume outstanding. On behalf of its member banks the vdp performs its duties at all political levels and vis-à-vis all executive bodies of politics - on both the national and the international stage including the European Union.
- Bank of America Merrill Lynch
Bank of America Merrill Lynch is a leading global strategic advisor and underwriter, raising nearly $3 trillion for clients worldwide over the last 10 years. Bank of America Merrill Lynch is one of the world's largest financial institutions, with clients in more than 150 countries and relationships with the vast majority of Fortune 500 companies. We are a leading provider of global corporate and investment banking services, including commercial lending, global high-yield debt, global equity and global M&A.
- Covered Bond Investor™
Covered Bond Investor™ is the only online publication primarily focused on covered bond news and resources for the North American market. It seeks to cultivate the growth of covered bonds by providing free access to expertise that will allow more participants to explore this alternative source of capital funding. The publication is read across the U.S. and Canada as well as more than 90 countries around the world (principally the UK, Germany and France).
- Morrison & Foerster LLP
With more than a thousand lawyers in sixteen offices around the world, Morrison & Foerster offers clients comprehensive, global legal services in business and litigation. The firm is distinguished by its unsurpassed expertise in finance, life sciences, and technology, legendary litigation skills, and an unrivaled reach across the Pacific Rim, particularly in Japan and China.
Our knowledge of bank regulatory issues, financial institutions and financing techniques makes us the first call for covered bond issuances by market participants. Morrison & Foerster attorneys' extensive experience with the use of derivatives in securitization transactions, including credit default swaps, total return swaps, interest rate swaps, currency swaps and options, uniquely qualifies us to advise on covered bonds issuances, from structuring through execution.
- Royal Bank of Canada
Royal Bank of Canada and its subsidiaries operate under the master brand name of RBC. RBC provides personal and commercial banking, wealth management services, insurance, corporate, investment banking and transaction processing services on a global basis. RBC employs more than 80,000 full and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 53 other countries. RBC holds strong market positions in its five business segments: Canadian Banking, Wealth Management, International Banking, Capital Markets, Insurance. RBC is the largest financial institution in Canada.