The transition into a green and sustainable future has started, and we see broad consensus: Huge investments will need to be financed to a large extent through the banking sector, in turn requiring well-functioning securitisation markets. But are we prepared? Do we have a market able to absorb large volumes? What needs to be improved from issuers’ and investors’ perspective? We will discuss all these questions with leading experts in the German and European markets and a particularly focus on synthetic balance sheet securitisations.
Agenda
Registration
Welcome
Bernd Loewen, KfW & Jan-Peter Hülbert, TSI
Market development of synthetic balance sheet securitisations
- How has the market in Germany and Europe developed since the EBA Report 2020?
- Which asset classes, countries and structures dominate?
- Performance development
- Outlook for the US market
Referenten:
Holger Beyer, Alantra
Joanna Kosek, Christofferson Robb & Company
Thomas Lupbrand, European Investment Fund
Alexander Batchvarov, Bank of America
Moderation:
Dr. Dennis Heuer, White & Case
Breakfast & Networking Break
Regulatory framework - fit for purpose?
- Keynote "Finalisation of Basel III and capital management at banks" (Martin Neisen, PWC)
- Finalisation of Basel III
- What influence do STS and banking regulation have?
- Transparency regime
Referenten:
Michael Osswald, SVI
Martin Neisen, PWC
Kerstin Schaepersmann, Clifford Chance
Dr. Fernando González, Europäische Zentralbank
Moderation:
Matthias Korn, Caplantic
Lunch & Networking Break
Investors‘ perspective
- Private cash investors, insurance companies and public investors in competition?
- Which structures do investors prefer?
- Relative value in times of rising interest rates
- Performance and risks in various asset classes
Referenten:
Dr. Stephan Tilke, Munich RE
Angelique Pieterse, PGGM Investments
Rob Ford, TwentyFour Asset Management
Juan Grana, Chorus Capital
Moderation:
Oliver Gehbauer, Deutsche Bank
Issuer perspective – structuring from A to Z
- Strategic approach for capital management
- Project management and transaction parties
- IT, data, transparency and reporting
Referenten:
Jens Lindner, Helaba
Patrick Hartmann, OLB
Andras Vajda, iconicchain
François Roos, BNP Paribas S.A.
Moderation:
Dr. Burkhard Rinne, Linklaters
Coffee & Networking Break
Contribution to financing the transition
- Economic impact: investment and financing needs for the transition
- Particular relevance for the SME sector in Germany
- Challenges in practice – disclosure and transition plans for banks and corporates
Referenten:
Dr. Friederike Köhler-Geib, KfW
Dr. Karsten Stroborn, Deutsche Bundesbank
Johannes Erhard, BMF
Heinz Hilger, LBBW
Moderation:
Dr. Stefan Henkelmann, Allen & Overy
Closing remarks, TSI
Get-Together
Mr. Batchvarov joined Merrill Lynch in 1998, he initiated and built up the research coverage for mortgages and other structured finance consecutively in Europe, Australia, Japan and the emerging markets in Asia, Middle East and Latin America. Before joining Merrill Lynch, Mr. Batchvarov worked at Citibank, New York, as a Structured Finance analyst at Moody’s Securitisation team and as a Sovereign Analyst at Moody’s Sovereign Team in New York.
Mr. Batchvarov earned a MSc degree in Economics and International Economic Relations from the National Institute of Economics in Sofia, Bulgaria, a PhD in Economics from the National Academy of Sciences in Sofia, Bulgaria, and an MBA from the University of Alberta Business School, in Edmonton, Canada. He is a CFA Charterholder and a Member of AIMR and NYSSA.
Holger has advised on the re-structuring, work-out, and disposal of distressed positions, both structured and corporate, acting for central banks in the Eurosystem and the administrators of various banks in the aftermath of the GFC. Holger has experience in the setting up of asset management structures to invest in financial assets and provided portfolio funding and risk capital to non-bank lending platforms.
In late 2023 Rob retired from his full-time portfolio management role, but retains a consultant-advisory role within TwentyFour, focusing on industry outreach and advocacy, education and leadership.
Rob has traded ABS since their inception and is recognised as one of the market’s leading authorities on the asset class, receiving Global Capital’s Outstanding Contribution to Securitization award in 2021. He is also a pivotal member of several high level market initiatives and steering groups, through which he regularly consults and advises regulators and policymakers on securitisation market practices and technicalities.
Beginning his career in 1986, Rob previously spent over 20 years at Barclays Capital (formerly BZW) in London as a fixed income trader covering a broad range of instruments, where he established and managed the floating rate credit trading unit and was Managing Director and Head of European ABS Trading.
In the last two years alone DB executed nine synthetic securitisations for itself and its clients with a combined portfolio notional in excess of EUR 24bn.
Oliver has a wealth of experience in structured credit across a wide range of asset classes in both cash and synthetic format. In 2009, he advised Her Majesty’s Treasury on its £280 billion Asset Protection Scheme with respect to scheme design and risk assessment.
Prior to re-joining Deutsche Bank in 2019, he worked in various credit solutions roles at Citigroup, Credit Suisse and Lloyds Bank.
Oliver started his career in 2000 at Deutsche Bank Research in Frankfurt. He holds an MSc in Financial Economics from Exeter University (UK).
Prior to joining OLB in 2021, he worked in various Treasury and Sales Steering Roles for Commerzbank in Germany, Singapore and Hong Kong. Patrick started his career 2002 with Dresdner Bank AG in Frankfurt.
Stefan Henkelmann regularly advises banks, financial institutions, asset managers, corporates, originators and investors on complex domestic and cross-border transactions. He has significant experience in bond transactions, including Pfandbriefe, covered bonds, structured notes, hybrid and corporate bonds, as well as bond restructurings. In addition, he advises extensively on the regulatory and insolvency law aspects of capital markets and structured finance transactions.
His clients operate across a range of sectors, particularly financial services, real estate, infrastructure, energy and alternative investments. Alongside his transactional practice, Stefan Henkelmann is a lecturer in capital markets law at the Institute for Law and Finance of Goethe University Frankfurt am Main. He is also a frequent author on capital markets law and emerging market developments, and regularly speaks at industry conferences and delivers training sessions for clients and market participants.
A partner in the Firm’s Global Capital Markets Practice, Dennis co-heads the EMEA Private Asset-Backed Credit and Structured Finance Group and is a core member of the firm-wide ESG and Financial Institutions Industry Groups. His practice spans a diverse range of sectors, with a particular focus on private credit, structured finance, fund finance, bank regulatory and securitisation. Dennis has extensive experience representing banks, private credit providers, asset managers, funds, insurance companies, debt collection companies, multinational corporates and fast growth companies in transactional and advisory mandates. His track record includes advising on securitisations, bank lending transactions, regulatory capital deals, and complex financing structures that bridge the fund finance, securitisation and corporate finance markets. Recognised for his structuring skills and ability to deliver innovative and market-leading solutions, Dennis has played a key role in the growth of private credit and the ongoing convergence of funding markets.
Before joining LBBW, Heinz Hilger most recently served as the CEO of Standard Chartered Bank AG, which is the Continental-European headquarter of SCB Group. He has held this position since 2019. Prior to this, he was Head of Wholesale Banking for the German-speaking part of Europe from 2013 and Branch Manager from 2015 onwards. Prior to joining Standard Chartered Bank, Hilger held leading positions at other foreign banks such as the German branch of Bank of America Merrill Lynch, Royal Bank of Scotland and JP Morgan. The business graduate started his career at Deutsche Bank in 1989.
Joanna is also Chair of the ESG committee, setting the Firms approach in the blind pool and real asset areas. She joined the Firm in 2009 from the structured finance team at Assured Guaranty in London, where she specialized in collateralized loan obligation investments. Prior to Assured Guaranty, she worked in the Credit Asset Management Department at Dresdner Kleinwort, structuring capital relief transactions for the bank and optimizing the bank's RWA. She has a First Class B.Sc. in mathematics and computer science from the University of London (2003). She wrote her MSc Thesis in Pure Mathematics at Imperial College London (2004). She is based in London.
She studied Economics in the USA, France, Germany, Spain and Switzerland. As Chief Economist of KfW Group, she analyses trends relevant for KfW in the economy, society and on the financial markets and brings a new dynamic to the economic and financial policy debate. The focus of her work lies in the analyses of economic developments and growth trends in Germany. A particular focus is placed on small and medium-sized enterprises and the role of innovation and digitalisation in improving competitiveness, as well as issues related to the goal of a climate-neutral economy. Furthermore, Dr Fritzi Köhler-Geib also actively addresses economic policy connections between Germany, Europe and the world.
Photo credit
©: KfW-Bildarchiv / Thorsten Futh
From April 2007 to March 2013 he worked at Commerzbank, until November 2009 as head of the ABS Management department responsible for a team of risk managers who oversee investments in securitisations and structured credit products of the Commerzbank Group in risk management. Since joining Commerzbank in April 2007, he has been responsible for arranging term transactions with external customers as department head in the Asset Finance Solutions division. Before his move, he held the position of Vice President-Senior Credit Officer for 5 years in the Structured Finance Group at Moody's in Frankfurt. He mainly oversaw European transactions and was responsible for the servicer quality ratings in the EMEA region. Jens Lindner was previously employed in the European Asset Securitization Group of DZ (DG) BANK, which he has been instrumental in building up since 1998. During this time, his area of responsibility included the origination and structuring of transactions as well as the establishment and management of the bank's European ABS trading book. He began his professional career as a credit analyst in the cooperative financial network. Jens Lindner holds a diploma from the Frankfurt School of Finance and Management (HfB), Frankfurt am Main.
Photo-Copyright: KfW / Amin Akhtar
Martin also heads the SSM Office of the PwC network, which brings together experts from all eurozone countries to coordinate the cooperation with the SSM and the support for the SSM-supervised banks.
For many years he is involved in international project teams regarding the implementation of regulatory requirements and solving problems that simultaneously concern regulation, risk management and accounting. Martin leads PwC's global Basel IV initiative.
PGGM is a leading pension fund administrator, asset manager and advisor with origins in the care and welfare sector. PGGM manages long-term pension assets totaling EUR 240 billion (December 31, 2023).
More information can be found on: https://www.pggm.nl/en/our-services/credit-risk-sharing/
He is listed as one of the "Leading Partners" in Legal 500 Germany 2025 in the area of structured finance and securitisation and Chambers Germany 2025 ranks him as one of the recommended lawyers for structured finance in Germany. He is also recommended by Handelsblatt/Best Lawyers® 2025 in the category "Best Lawyers" in the field of banking and finance law.
François has been working in the BNP Paribas’ securitisation team as structurer since 2015. He has more than two decades of experience within BNP Paribas CIB in risk transfer and credit linked transactions in various positions. He has been legal counsel on structured credit products for eight years before joining Global Markets front office in 2010 as Credit and Rates Structurer and then Structured Products Sales for institutional clients. He holds a Master in Business Law from Université Paris Cité and a MBA from Université Paris I – Sorbonne Business School.
als Wirtschaftsingenieur der Universität Karlsruhe (TH) erworben. Nach wissenschaftlicher Assistenz
an der Universität Karlsruhe (TH) am Institut für Wirtschaftstheorie und Wirtschaftspolitik, Lehrstuhl
Geld, Währung und Banken, bei Prof. Dr. Karl-Heinz Ketterer Promotion zu Fragen der Sicherheit
elektronischer Bezahlsysteme.
Seit 2004 tätig bei der Deutschen Bundesbank in unterschiedlichen Positionen im Zentralbereich
“Märkte”, zuletzt als Abteilungsleiter “Marktanalyse, Portfolios”. Seit 2014 leitet er die Abteilung
“Grundsatzfragen geld- und währungspolitische Implementierung”.
Herr Stroborn ist Mitglied im Market Operations Committee (MOC) des Eurosystems und ist
Vorsitzender der „Monitoring Working Group“ des MOC.
In 2008 Stephan started a position within the ALM department of Munich Reinsurance Company, being responsible for steering the credit asset portfolio at Munich ERGO Asset Management (MEAG).
In 2014 he became a Portfolio-manager for Munich Re’s credit reinsurance business.
From 2018 he developed the U.S. Credit Risk Transfer (CRT) business for Munich RE on single- and multifamily-housing mortgages.
From 2020 he initiated the Basel-CRT business for Munich Re primary credit insurance, servicing banks across Europe on significant risk transfer.