Securities Industry and Financial Markets Association (SIFMA) announced the launch of its European Covered Bond Dealers Association (ECBDA).

The ECBDA will represent dealers in the European covered bond markets and hopes to replicate and complement the successful model applied by the European Primary Dealers Association (EPDA) that represents primary dealers in the European government bond markets. 

The following dealers have agreed to join the ECBDA: Barclays, BNP Paribas, Commerzbank, Danske Bank, Deutsche Bank, Dresdner, Morgan Stanley, Natixis, Royal Bank of Scotland, Societe Generale, and UBS. Each of these banks either makes markets in at least 50 covered bond or ranks among the top 20 underwriters of covered bonds in Europe. It is expected that more firms will join in the future. 

The four person executive board for the association’s first year comprises co-chairs Carsten Mosch, European co-head of liquid rates trading at Deutsche Bank,  and Torsten Elling, head of covered bond syndicate and trading at Barclays CapitalSebastien Rosset, executive director of fixed-income trading at UBS, will serve as vice-chair and Sebastien Gianfermi, head of euro and covered bonds trading at BNP Paribas, will be Treasurer.

“The formation of a covered bond dealers association will help further our strategic objective of being a full service, member focused and pan-European trade association,” said Karsten Moller, executive vice president, head of SIFMA Europe and Asia.

The ECBDA said it is keen to work alongside issuers and investors and complement the work of existing bodies in the covered bonds space, notably the association of German Pfandbrief Banks (VDP) and the European Covered Bonds Council, which represents the broader market including covered bond issuers.

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