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Participants: Covered bond roundtable

Lorenz Altenburg Ziad Awad
David Balai Timo Boehm
Lars Dalitz Hélène M. Heberlein
Wally Höfer-Neder Carlos Stilianopoulos

Lorenz Altenburg is head of syndicate for covered bonds and supranational and sovereign issuers at Société Générale Commercial and Investment Bank since 2000. He was previously head of covered bond trading for SG CIB and before that Lorenz worked for Banque Indosuez/ Credit Agricole Indosuez in Tokyo, New York and Paris as a fixed-income trader. Ziad Awad is co-head of European syndicate at Goldman Sachs. He has been with Goldman's syndicate for the last five years, focusing mostly on covered bonds, sovereign and agency issues. Previously he had been a government bond trader with Goldman Sachs since 1994.

David Balai is head of  mortgage securitization and covered bonds at HBOS Treasury Services, London As senior director at Bank of Scotland he was responsible for the first UK RMBS master trust securitization. Within HBOS he was appointed head of mortgage securitization and covered bonds responsible for all mortgage securitizations including the Halifax mortgages through the Permanent master trust. He was also responsible for the first UK covered bond transaction issued by HBOS in July 2003.

Timo Boehm works as portfolio manager, fixed income for Allianz Global Investors. As a member of the European covered bond team he is responsible for asset allocation and sector analysis in this market. He joined the company in 1999. Before that he worked for two and a half years in the global markets research department at Dresdner Bank in Frankfurt. He holds a Bachelor's degree in Business Administration from the International School of General Management, Bad Waldsee, Germany.

Lars Dalitz is a portfolio manager responsible for covered bonds at the European Central Bank. He joined the ECB in February 2004 following two years with Union Investment Privatfonds GmbH, where, as fixed income fund manager, he was responsible for trading of covered and government bonds for all portfolios and for developing investment tools and a covered bond and inflation-linked bond strategy. He has also worked for the Bundesbank and DEVI (Deutsche Gesellschaft für Investmentfonds GmbH).

Hélène M. Heberlein is a managing director and head of European covered bonds at Fitch Ratings. She is in charge of overseeing the methodological developments in the rating analysis of covered bonds issued by banks in various European countries with or without specific covered bonds legislation. Prior to joining Fitch in 1998, she was a product manager for asset-backed transactions at Westdeutsche Landesbank Girozentrale.

Wally Höfer-Neder is managing director and head of treasury of DEPFA Deutsche Pfandbriefbank. From 2001 until the end of 2004 she was global head of capital markets for the DEPFA Group. She positioned the bank in the international capital markets for Pfandbriefe and asset covered securities. Mrs Höfer-Neder gained her knowledge of the bond markets while working for Commerzbank.

Carlos Stilianopoulos is managing director and head of capital markets at Caja Madrid. Following stints at Santander Investment, in December 1998 he joined Caja Madrid as head of the origination and syndication division. Since November 2000, he has been head of capital markets in charge of origination, syndication and distribution of loans, bonds, equity and securitization. He also runs the equity derivatives, fixed income derivatives and credit derivatives books for the institution. He is also in charge of  funding for Caja Madrid.

The moderator for this panel was John Orchard, Euromoney's publisher for the CEEMEA region.

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