13th Annual European Government Bond Conference | afme

13th Annual European Government Bond Conference

12 - 13 Nov 2018 Sofitel Europe, Brussels


Monday 12 November


Drinks reception
Sofitel Europe, Brussels: Europe Foyer, first floor
Open to all conference delegates

Hosted by




Invitation only AFME European Government Bond Dinner
Sofitel Europe, Brussels: Europe Foyer, first floor
Invitation only

Welcome remarks: Victoria Webster, Director, Fixed Income, AFME

After dinner: Karel Lannoo, Chief Executive Officer, CEPS

Hosted by

Citi, Barclays and BrokerTec

Citi, Barclays and BrokerTec

Tuesday 13 November


Registration and refreshments


Opening remarks
Victoria Webster, Director, Fixed Income, AFME


Morning keynote address: Green Sovereign Bonds

Keynote speaker: Anne Leclercq, Director Treasury & Capital Markets, Belgian Debt Agency
Introduction by: Victoria Webster, Director, Fixed Income, AFME


Panel discussion: The Future and Sustainability of Sovereign Bond Issuance

  • is the primary dealer’s model sustainable in the current environments? Is there a need to change the auction process?
  • what changes to the primary market auction process would investors like to see to increase their participation?
  • what steps can be taken to make the book building process more transparent and provide issuers better information to make allocation decisions?
  • what are the innovations emerging in the current environment - new technology deployment among interdealer platforms, sovereign green bonds, GDP-linked sovereign bonds, euro-social/sustainable bonds?

Natacha Hilger, Director, Relationship Manager European Debt Management Offices, Deutsche Bank

Pablo de Ramón-Laca, Head of Funding and Debt Management, Spanish Treasury
Thorsten Meyer Larsen, Head of Investor Relations and Risk, Government Debt Management, Danmarks Nationalbank
Angelo Proni, Head of New & Domestic Markets, MTS
Sir Robert Stheeman, Chief Executive, UK Debt Management Office


Networking break


Roundtable A: Impact of MiFID II on EGB Markets

  • how has MiFID II affected trading and liquidity?
  • how does MiFID II in practice compare to regulatory aims and industry expectations?
  • how has MiFID II affected the role of Electronic and voice trading?
  • how will MiFID II change the way markets fill function going forward?

Roundtable hosts:
Julian Allen-Ellis, Director, MiFID, AFME
Emanuele Caloia, Managing Director, Head of International Rates Sales, Jefferies
Victoria Webster, Director, Fixed Income, AFME


Roundtable B: FinTech and the Future of Trading

  • what are the innovations and new entrants that could disrupt the EGB market?
  • how will these new technologies benefit market stakeholders?
  • what areas are regulators expected to concentrate  on in the fixed income market over the next few years?
  • what disrupting technologies in other industries could influence financial services and markets?

Roundtable hosts:
Herbert Barth, Senior Advisor, European Stability Mechanism (ESM)
Enrico Bruni, Managing Director, Head of Europe and Asia, Tradeweb



Roundtable C: Why the FRTB Matters For EU Capital Markets

  • impact of FRTB on dealer capacity
  • liquidity horizons
  • impact of 3BP default risk factor on Govt bond portfolios

Roundtable hosts:
Jouni Aaltonen, Director, Prudential Regulation Division, AFME
Franck Motte, Global Head of Euro Rates, HSBC
Jesper Thye-Oestergaard, Co-head of xVA Trading & Funding, Nordea Markets




Afternoon chair’s opening remarks
Richard Hopkin, Managing Director, Head of Fixed Income, AFME


Afternoon keynote address: Euro Risk Free Rates - Euribor and EONIA Reforms

Keynote speaker: Cornelia Holthausen, Deputy Director General Market Operations, European Central Bank

Introduction by: Richard Hopkin, Managing Director, Head of Fixed Income, AFME



Panel discussion: Economic Factors and Trends Shaping European Fixed Income Markets

  • assessment of growing political uncertainty globally and especially within Europe
  • interest rates and reduction in ECB stimulus – what impact on bond markets and what can we expect for EGBs?
  • outlook for secondary market liquidity in 2019 - challenges and opportunities in EGB trading and investing
  • the regulatory treatment of sovereign exposures and recommend potential policy options

Michael Cartine, Senior Government Bond Analyst, International Financing Review

Christina Casalinho, Chief Executive Officer, Portuguese Treasury and Government Debt Agency (IGCP)
Giada Giani, European Economist, Citi
Heinz Gunasekera, Director, European Rates Trading Desk, Barclays


Closing Remarks
Victoria Webster, Director, Fixed Income, AFME


Closing drinks reception