Kształtowanie rynku europejskich obligacji zabezpieczonych (ESN): Część I

Andrzej Dżuryk

doi:10.26354/bb.5.4.93.2023

Published : 2024-02-19

Vol. 93 No. 4 (2023)

Shaping the European Secured Notes (ESN) market

Andrzej Dżuryk

https://orcid.org/0000-0002-4055-7773

DOI: https://doi.org/10.26354/bb.5.4.93.2023

Part I

Abstract

The article characterizes the process of shaping the European Secured Notes (ESN) market, as a new pan-European capital market instrument for funding banking activities, based on the experience of the covered bonds market. ESN is particularly dedicated to lending to small and medium-sized enterprises. The characterization was structured into four thematic areas, consisting of: the importance of double-recourse instruments, the concept of the new capital market instrument, investors’ preferences and the feasibility study of the new instrument. Analyses of literature and empirical sources indicate that the ESN market has significant potential for development due to the business benefits and political support of the EU and its agencies, despite the skepticism of financial market players to date.

Keywords:

European Secured Notes, SME, ESG, sustainable economy, Capital Markets Union, covered bonds

JEL Codes

G18, G 28

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Dżuryk, A. (2024). Shaping the European Secured Notes (ESN) market: Part I. Safe Bank, 93(4), 79–101. https://doi.org/10.26354/bb.5.4.93.2023

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Andrzej Dżuryk

andrzej.dzuryk@ug.edu.pl
https://orcid.org/0000-0002-4055-7773

Affiliation:
University of Gdańsk, Faculty of Management, Department of Banking and Finanse Poland

Bio Statement (e.g., department and rank)

Member of the management committee (EXCO) of Société Générale S.A. Branch in Poland, author of publications and expert papers on coverage bonds, mortgage banks and financial stability. He conducts research and participates in formulating the position of Polish experts as part of consultations on the shape of the EU and global financial market, carried out by the Financial Stability Board, the European Banking Authority and the European Commission.