Mortgages Covered - the EMF-ECBC's New Podcast Series

In this episode of Mortgages Covered , Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Cosme de Montpellier from Fitch Ratings to discuss the current landscape for covered bond ratings and the developments that could shape their future. This episode of Mortgages Covered explores: Key covered bond rating statistics, and the trends influencing Fitch Ratings’ assessments. Recent rating upgrades and their links to sovereign and bank rating upgrades, including the impact of Fitch Ratings’ revised bank rating criteria introduced in May. Potential drivers of future rating downgrades, including sovereign credit developments and vulnerabilities in European banking markets. The implications of higher interest rates for mortgage collateral performance, particularly in floating-rate markets, and the relationship between sovereign and banking-sector creditworthiness. How rating methodologies may need to evolve in response to financial innovation and developments in the covered bond market.

In this episode of Mortgages Covered , Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Frederik Kunze of NORD/LB to explore developments in the regulatory framework for covered bonds and the prospects for greater international regulatory alignment. This episode of Mortgages Covered explores: The prospects for achieving global equivalence for covered bonds The economic and structural differences between covered bond markets across jurisdictions. Progress towards reciprocity, including the potential role of unilateral recognition in the liquidity treatment of covered bonds. How preferential regulatory treatment could influence covered bond spreads. The potential implications for spreads of of increasing the Pfandbrief loan-to-value (LTV) limit for residential mortgages from 60% to 80%.

In this new episode of Mortgages Covered, we welcome Coleen Volk, President and CEO of the Canada Mortgage and Housing Corporation (CMHC), to explore the Canadian covered bond market and the factors underpinning its resilience. This episode of Mortgages Covered explores: The characteristics of the Canadian mortgage market. CMHC’s role in supporting the stability of Canada’s mortgage market. How Canada’s coordinated regulatory framework helps maintain financial stability, including during periods of financial stress. The importance of a broad investor base and strong international relationships. Recent regulatory changes and how the Canadian covered bond market continues to develop.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, welcomes Jean-Yves Caminade from Bpifrance, to reflect on the first-ever European Secured Note transaction, which also marked Bpifrance’s debut in this new funding format, from the perspective of one of its key architects. This episode of Mortgages Covered explores: Bpifrance’s mission and objectives in issuing its first ESN. The potential for ESNs to connect excess savings in some countries with funding needs in others. The adaptations required to adopt covered bond technology to the financing SME loans. Bpifrance’s objective of securing LCR eligibility for the ESNs. Investor feedback and Bpifrance’s next steps and future issuance plans.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, sits down with ECBC Chairwoman, Sanna Eriksson, and Conor Perry, Economist at OMFIF, to discuss recent market developments surrounding European Secured Notes (ESNs) This episode of Mortgages Covered explores: The strong market reception of Bpifrance’s first public ESN issuance and its potential to drive further growth. The practical role of the ECBC and OMFIF in supporting and facilitating the development of the product. OMFIF's approach to communicating technical and policy-related topics to a non-specialist audience. Cross-sector perspectives and practical insights from the round tables, helping to identify opportunities for product and market development. The importance of expanding the ESN time-series database and supporting greater participation from issuers in the public markets.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Chair of the ECBC ESN Task Force and former ECBC Chairman, Stefano Patruno, to shed light on the work done by the ECBC to support the development and implementation of the ESN instrument. This episode of Mortgages Covered explores: The work undertaken by the ECBC ESN Task Force over the years to develop the foundations for an ESN market. The benefits of bringing together expertise and perspectives from multiple jurisdictions. The balance between the need for standardisation and the specific requirements of individual countries and markets. Future market developments and the role the ECBC can play in supporting the further development of ESNs.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Sasha Kullig from vdp and Joost Beaumont from ABN AMRO to discuss the latest edition of the ECBC Covered Bond Fact Book. This episode of Mortgages Covered explores: The key market and political themes which shaped the covered bond market in 2025: resilience, growth, globalisation and competitiveness. 2025 (and mid 2026) market statistics, including the most quoted figure in the whole Fact Book, market size at €3.34bn in 2025, marking another year of healthy growth The drivers of and dynamics behind this growth The move to an online-only Fact Book and the greater flexibility this provides. Expected market developments and key themes for the year ahead.

Building on the discussions from the latest ECBC Plenary Meeting in Stavanger, Richard Kemmish, EMF-ECBC & ISMMA Consultant, sits down with Patrick Seifert to examine the policy, regulatory, and economic issues shaping the future of housing finance and covered bond markets across Europe. This episode of Mortgages Covered explores: Regulatory complexity and its impact on funding choices and covered bond markets. Housing affordability as a policy priority and the role of mortgage guarantee schemes. The importance of European competitiveness, economic growth, and job creation. Guarantee schemes as a fiscally responsible tool to support lending without increasing public debt. EMF-ECBC’s support for the development of Ukraine’s covered bond framework and post-war recovery.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Meike Plötner and Sarah Reuter from vdpResearch, to discuss their work mortgage appraisal, energy efficiency assessment, and risk modelling for mortgage lenders. This Episode of Mortgages Covered explores: vdpResearch’s objective of providing effective solutions for its member banks. The practicalities of obtaining energy performance certificate. The use of existing data and property valuation expertise for successful estimation. The development of supplementary tools and services to support the assessment of climate-related risks. A risk-analysis tool designed to identify, calculate, and quantify exposure to natural hazards.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Joris Piete of Onesto, to discuss the challenges and opportunities involved in improving the energy performance of less energy-efficient homes. This Episode of Mortgages Covered explores: Onesto’s 130-year commitment to supporting affordable home ownership through social mortgage lending. The challenges faced by lower-income households when purchasing and renovating homes. A one-stop-shop approach that combines mortgage financing with free energy and renovation advice. How energy renovations can improve EPC ratings while delivering significant energy and cost savings. The use of digital and AI-driven tools to support faster, more accurate renovation planning and cost estimation.

In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Andrej Eichler and Matthias Neumann from Finnofleet, to discuss the critical role of data for issuers and how technology can improve operational efficiency. This Episode of Mortgages Covered covers: The integration of Swiss and German operations into a unified group with a streamlined service offering. Finnoofleet’s mission to enhance collateral management efficiency and help issuers maximize the benefits of covered bond funding. The growing complexity of data and reporting requirements, and the need for systems to continuously adapt to regulatory and market expectations. The export of proven DACH-region solutions to both established and emerging covered bond markets worldwide.

In this episode of Mortgages Covered , Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Alessandro Lodgiani Country Manager of R2M Solution in Italy, for a discussion on the practical dimensions of implementing energy-efficiency upgrades. This Episode of Mortgages Covered explores: The integration of new key performance indicators (KPIs) into market frameworks and decision-making processes. RTM’s updated decarbonisation strategy at the European level Efforts to develop new professional figures capable of effectively utilising emerging technologies. The establishment of testing laboratories to evaluate and integrate innovative technologies in support of sustainability strategies. The role of the revised EPBD in promoting harmonised building energy classifications across European countries.

In this episode of Mortgages Covered , Richard Kemmish, EMF-ECBC & ISMMA Consultant, speaks with Dag Hjelle of SR Boligkreditt about the current state of the Norwegian economy and recent developments in its mortgage market. This Episode of Mortgages Covered explores: The use of SR Boligkreditt’s assets in the issuance of its recent ESG bond. Differences in market positioning and investor engagement associated with green bond issuance. The resilience of the green bond portfolio and the growing presence of buy-and-hold investors compared with traditional covered bonds. Future bond maturities and the prospects for continued issuance in green bond formats.

In this episode of Mortgages Covered, , Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by David Michele of CRIF, to discuss the challenges related to the credit of the underlying borrower in the mortgage chain, particularly in the less developed markets. This Episode of Mortgages Covered explores: The role of trusted data and credit information in enabling confident decision- making within increasingly risk-sensitive financial environments. CRIF’s evolution as a data-driven credit management company, delivering credit bureau, analytics, and decision-support solutions across diverse markets. The impact of digital transformation on banking, and the importance of balancing global technology platforms with local market, regulatory, and cultural requirements. How credit market development shapes economic growth, financial inclusion, and market dynamics, generating insights at both the macroeconomic and microeconomic levels.

In this episode of Mortgages Covered , Richard Kemmish, EMF-ECBC & ISMMA Consultant, welcomes Rene Foertsch and Sven Gerhardt from Bloomberg for a discussion on the evolution of covered bonds and the growing demand for data-driven market intelligence. Together, they unpack the latest developments in covered bond analytics, market transparency, and the innovative tools shaping the future of the asset class. This Episode of Mortgages Covered explores: Bloomberg’s integration of AI tools and enhanced covered bond analytics capabilities. Improvements in secondary market transparency through TRACE reporting. Changes to Bloomberg’s League Tables methodology to improve accuracy and objectivity. A new, transparent methodology for calculating and assessing new issue premiums.

In this episode of Mortgages Covered, Jennifer Johnson, EMF-ECBC Deputy Secretary General, is in conversation with Kyrre Knudsen, Chief Economist at SpareBank 1 Sør-Norge, on key developments in the Norwegian macroeconomic environment. This Episode of Mortgages Covered explores: The stability of the Norwegian economy, supported by strong democratic and effective democracy. Norway’s prudent management of one of the world’s largest oil funds, balancing resource utilisation with long-term savings objectives. Developments in the public and private sectors. Trends in the housing market, including declining house prices and turnover in the secondary housing market. Norway’s relationship with Europe, including future engagement with European partners and the potential joining of the EU.

In this episode of Mortgages Covered, Oscar Mgaya, outgoing chairman ISMMA, is joined by Cosmas Kimario of KCB Bank Tanzania to provide an overview of the Eastern African market and discuss the African banking sector, as well as the potential of covered bonds as a funding instrument. This Episode of Mortgages Covered explores: The rapid advancement of digitalisation and fintech deployment. The increasing prevalence of cross-border banking activities, including the expansion of banks beyond their domestic markets. Significant visible developments in Kenya, Tanzania, Uganda, and Rwanda. Strategic considerations for investors engaging with the regional market and its associated growth potential. The broader opportunities within the East African region.

The bond market is entering a new phase of technological transformation, where tokenisation, standardisation, and integrated workflows are increasingly reshaping how assets are issued, transferred, and managed. In this episode of Mortgages Covered, Richard Kemmish, EMF-ECBC & ISMMA Consultant, is joined by Peter Kohl-Landgraf of DZ Bank to discuss recent developments and changes in the bond market. This Episode of Mortgages Covered explores: Tokenisation through algorithmic control, enabling direct transfer of tokens. The role of the public sector in facilitating standardisation. Key design considerations within the industry, including issues such as transparency. The importance of openness in enabling smaller investors to participate more easily in tokenised settlement processes on chain. The potential for technology to integrate the entire workflow and system chain into a unified structure.

Green and social bond markets have evolved significantly in recent years, driven by new regulatory frameworks, growing investor expectations, and an increased focus on transparency. Daniela Antonini of Banco BPM joins this episode of Mortgages Covered to explore the key trends and challenges shaping today's ESG and sustainable finance landscape. This Episode of Mortgages Covered explores: Banco BPM's Green Social Sustainability Bond Framework to ensure taxonomy alignment of its assets. The issuance of covered bonds under the EU Green Bond Standard. The transition towards more evidence-based issuance. The differing market experiences and developments related to EU green and social bonds. The key priorities and strategic objectives of the ECBC ESG Bond Task Force.

As Europe faces growing competition from other global economies, questions around productivity, growth and financial regulation are becoming increasingly important. In this episode of Mortgages Covered , Jonas Bjarke Jensen of Copenhagen Economics shares his views on how regulation can support — or hinder — competitiveness, investment and long-term economic growth. This Episode of Mortgages Covered explores: The factors driving the transition to a new global economic and financial environment and the resulting policy implications. Europe's widening productivity gap relative to other major economies and its implications for financial regulation. The impact of existing EU regulation on competitiveness and market efficiency. Market distortions, including the effects of the Basel output floor on bank's lending rates. The short-term and long-term solutions