9:00 — 11:10
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The financial markets has increasingly taken the direction of extremes, mostly driven by “search for yield”, negative interest rates and other endogenous market shocks. At the same time, investor preferences and new regulation also affect the pricing of assets. As a result, investors, banks, insurance companies’ mutual funds and pension funds face different liquidity risks in bond investing and treat those obstacles differently.

We have invited Michael Surowiecki, CFA, Executive Vice President and Portfolio Manager from PIMCO, Jens Skovsted Halsnæs, Liquidity Advisor at Danmarks Nationalbank, and Erling Skorstad, Senior Investment Professional, to shed light on liquidity risks in the bond market, from multiple strategic levels to in-dept angles. Also invited is Andreas Dankel, Head of Fixed Income at Danske Bank Asset Management who will share some thoughts and views on pricing, market (il-)liquidity and the issue of fund closures during March 2020.

Some of the questions we want to address are: To what extent has new regulation affected liquidity risks in the bond market? How does volatility of illiquid bonds affect pricing and execution under stressful market conditions? What about the latest trends in building sufficient risk premiums in illiquid assets? What about UCITS challenges from an European perspective? And to what extend can we overcome and deal with temporary suspensions in tradeable funds?


Welcome and introductionary remarks
Jørgen Just Andresen, member of the Risk & Compliance Committee
Liquidity in the Bond Market – The Overall Picture
Michael Surowiecki, CFA, Executive Vice President and Portfolio Manager, PIMCO
Liquidity after The COVID-19 Outbreak
Jens Skovsted Halsnæs, Liquidity Advisor, Danmarks Nationalbank
Liquidity Perspectives from a Trading Desk
Andreas Dankel, Head of Fixed Income & Credit, Danske Bank Asset Management
Liquidity Perspectives from a Mutual Fond
Erling Skorstad, Senior Investment Professional
Concluding remarks


Michael Surowiecki, CFA, Executive Vice President and Portfolio Manager


Michael Surowiecki, CFA, is an executive vice president and portfolio manager in the Munich office, with a focus on LDI portfolios and interest rate derivatives. He previously served as head of the European quantitative strategies desk and was also a member of the rates analytics group. Prior to rejoining PIMCO in 2011, Mr. Surowiecki worked as a derivatives trader for BNP Paribas and Fortis Bank, where he held positions in principal strategies, as well as exotic and vanilla rates trading. He has 19 years of investment experience and holds a master’s degree in financial engineering from the University of California, Berkeley as well as an undergraduate degree from Lehigh University.

Jens Skovsted Halsnæs, Liquidity Advisor

Danmarks Nationalbank

Jens Skovsted Halsnæs is Liquidity Advisor at the Danish Central Bank and has several years of experience in the fields of liquidity and covered bonds. Prior to his current position, he has been working both as a liquidity manager and Financial regulator at the Danish government. Jens holds a Masters degree from Aarhus University and a Graduate Diploma in Treasury Risk management from University of Kent.

Andreas Dankel, Head of Fixed Income & Credit

Danske Bank Asset Management

Andreas Dankel has 24 years of experience in analyzing and investing in credit risk/corporate bonds and has been part of Danske Bank Asset Management since 2008. In his role, he has i.e. led the work on launching and developing strategies such as Sustainable Corporate Bonds in 2015 and Nordic Corporate Bonds back in 2013. Prior to Danske Bank, Mr. Dankel has held positions in BankInvest and Nordea. He holds a Master’s degree in Finance from Lund’s University, Sweden and is a Certified ESG Analyst (CESGA).

Erling Skorstad, Senior Investment Professional

Erling Skorstad is a Senior Investment Professional with experience from Asset Managers and Pension Funds. For several years he was also responsible for the Trading Desk at Nordea Asset Management and responsible for the implementation of Mifid III. Erling holds a MSc. in Engineering from the Technical University of Denmark and a Graduate Diploma in Finance from Copenhagen Business School. Erling is also a long term board member and currently, the chairman of board of the Danish Finance Society/CFA Society Denmark.

The webinar is inspired and created by the Danish Finance Society/CFA Society Denmark’s Fixed Income Committee and Risk & Compliance Committee.


Premium-members: Free

Basis-members: Free

Student-members: Free

Non-members DKK 1.250,00

CFA PL credits

If you are a CFA Institute member, you are eligible to record 2.00 PL credits hours for your participation in this meeting


4. March 2021
9:00 - 11:10
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