Capital Markets Seminar 2023: “E” issuers meet investors and other capital market participants

On 5 and 6 June 2023, the fifth edition of the Capital Markets Seminar, with more than 350 attendees, took place in Luxembourg, where the trading desks of the three issuers (the European Commission, the European Investment Bank and the European Stability Mechanism) are located.

Titled “Europe United: Stability, growth, integration”, the seminar showcased how the three issuers, leveraging on funds raised in the capital markets, work together to foster the political objectives of the Union and the common EU values. The hybrid seminar enjoyed a record attendance this year, with around 200 participants in situ and more than 350 attendees in total (including those who attended online).

The Seminar looked, among other, at the market dynamics since the emergence of EU as a large scale issuer and how increases of high quality euro assets have been boosting confidence in the SSA sector as a whole. Panelists also debated the consequences of the rising rates on the pricing for bonds issued by the EU, the EIB and the ESM, and the distortion in the relative value of these bonds as a result of the mechanical link between SSA yields and mid-swaps.

The seminar was opened by a keynote speech from Commissioner Hahn, while the Commission’s Director General for Budget, Ms Stéphanie Risoalso addressed the audience, with a speech that reaffirmed the budgetary safeguards underpinning the EU issuance and presented measures being taken to support the secondary market liquidity of EU bonds.

Other keynote speakers included EIB President Hoyer who shared a strategic perspective on the activities of the EIB and the geopolitical and economic context, Pierre Gramegna, Managing Director of the European Stability Mechanism who spoke about the continued importance of ESM as a safety net and Klaas Knot, President of De Nederlandsche Bank, with a keynote speech on “Bold, but realistic: monetary policy and financial stability”.

The conference also offered the opportunity for extensive networking among the participants as well as for one-to-one meetings between investors and the three issuers. 

Special thanks to the Luxembourg Stock Exchange and to the Banque et Caisse d'Épargne de l'État (BCEE) for their support, as well to everyone who joined us.