
Sascha Kulling
Sascha Kullig is Member of the Management Board and Head of Capital Markets, Investor Relations and Sustainable Finance at the Association of German Pfandbrief Banks (vdp), and a guest on the EMF-ECBC podcast "Mortgages Covered."
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Sep 4, 2026
Behind the 2026 ECBC Covered Bond Fact Book: Data, Trends and Market Insights with Sascha Kulling & Joost Beaumont #18
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Richard KemmishHOST
Sascha, what do you think is the overarching theme or overarching themes for this year, for this edition?

Sascha KullingGUEST
Well, I would say if you look at it from a market perspective, I would say the key words are, let's say, resilience, growth and ongoing globalisation.

Sascha KullingGUEST
I mean, we have a geopolitical situation, which is, to put it frankly, fragile.

Sascha KullingGUEST
There are a lot of countries where you have low economic growth, you have rising inflation concerns, but still the capital market, and especially the capital bond market, is doing very, very well.

Sascha KullingGUEST
If you look at it from a political angle, I would say the key word here is competitiveness.

Sascha KullingGUEST
I mean, the good news is the European politicians now place greater emphasis on competitiveness of the European banking sector, but so far it hasn't really translated into measures, into regulatory action.
13 MINS LATER
