Dr Markus Herrmann works in LBBWs Financials and Covered Bond Research covering Spain, Portugal, UK and Ireland. Dr. Herrmann joined LBBW in 2009, initially to work in ABS Risk Management. He led a project to value LBBW’s €18,7 bn guaranteed ABS Portfolio in the context of the EU state aid proceedings. From 2010 he headed the ABS Portfolio Management team within the then established Credit Investment Portfolio division, i.e. LBBW’s internal bad bank. He designed and operated an economic decision framework in order to actively manage down LBBW's ABS portfolio, placing the remaining portfolio with international investors in August 2014. Before joining LBBW, Dr. Markus Herrmann was Managing Director and Head of Global ABS Research for HSBC Group in London. He started his career as a Fixed Income Strategist with Deutsche Bank’s Global Markets Division in 1996, focusing later on covered bonds and the European securitisation markets. Dr. Herrmann studied Economics and Finance, and holds a PhD in Finance from Konstanz University and has published regularly in academic journals and practitioner's handbooks.