- Sunday, February 28th, 2016
- Monday, February 29th, 2016
- Tuesday, March 1st, 2016
- Wednesday, March 2nd, 2016
- My Agenda
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Pre-conference registration will be open on Saturday, February 27th from 3:00pm - 5:00pm
- What is an asset-backed securitization?
- What are the benefits and burdens for issuers and sponsors of securitizations?
- Analyzing the basics of a securitization, with an emphasis on core concepts and terminology
- Overview of the structure of a residential mortgage-backed securitization
- Core mortgage securitization concepts and terminology
- GSE sponsored versus private label RMBS
- Typical ABCP structures
- Why ABCP?
- Past performance
- Future prospects
- Regulatory and other issues that may impact ABCP
- Overview of the structure of a commercial mortgage-backed securitization
- Core commercial mortgage securitization concepts and terminology
- Key terminology, parties and benefits
- Marketplace lenders vs traditional banks
- Growth and size
- Product features and borrower experiences
- Introduction to the various platforms, their strategies and business models
- Case study: Credit card ABS vs MPL data
- Rating Agency considerations
- Where does the institutional borrower fit
- Who do we have in the audience?
- From 2010 to 2015, there has been rapid growth in marketplace loan originations. What percent increase in the U.S. do you think the two major marketplace platforms experienced in loan origination:
- The biggest risk to marketplace lending is:
- The most compelling factor about marketplace lending is:
- Examples of esoteric ABS that are not yet "mainstream"
- Attributes necessary to make assets appropriate for the securitization market
- Pending transactions
- Case study: specific types of esoteric ABS and the business case for securitizing the particular asset
- Structural and legal issues to be resolved, and how the resulting structure responds to those issues
- Tobacco legal fees and tobacco escrow securitization
- Franchise royalty and whole business securitization
- Music/film copyright royalty securitization
- Patent/trademark royalty securitization
- Energy efficiency securitization
- Difficulties in bondholder communication and possible solutions
- Existing tools and how to make them more effective
- Role of trustees and Deal Agents in facilitating bondholder communications
- Expediting implementation and market adoption of tools
*Advance Registration Required
- Defining key terms
- What are the benefits and burdens for issuers and sponsors of CLOs?
- Analyzing the basics of a CLO with an emphasis on core concepts and terminology
- Understanding the various types of solar assets ripe for securitization
- Tax equity considerations
- Overview of a solar ABS structure
- Potential size and scope of the solar asset class
- What is the origin of the HQS label and how has it evolved? SST, etc.
- Overview of the various labeling initiatives and proposals to date
- Implications for U.S. issuers
- Timeline for implementation
- How Fast and How Far Will FinTech Upend Capital Flow?
- Peer to Peer Lending and Currency
- Likely Winners and Losers in the New Paradigm
John Heck III
- History and Role of Fannie Mae and Freddie Mac
- The Financial Crisis and the Conservatorship
- Administrative Actions During the Conservatorship
- How Could the Conservatorship End
- Legislative Proposals for Reform
- Key regulatory developments post Dodd-Frank
- Understanding the alphabet soup of regulations: the key acronyms to know and what sector they impact
- Who will they impact most and how
- What best describes your role in the ABS markets?
- Do you believe the new Risk Retention requirements will help align incentives between issuers and investors?
- Do you feel that the benefits of loan level information required by Reg AB II outweigh the costs?
- Should the new 3 day waiting period for publicly offered ABS securities apply to:
- Does the benefit of investors having more time to review the transaction outweigh the increased exposure to market risk?
- Do you think that the omission of high quality ABS from treatment as a HQLA will impact the market liquidity for ABS?
- What do you think will be the impact to ABS of the implementation of the new Fundamental Review of the Trading Book (FRTB) rules?
- Do you agree that ABS transactions that meet the Simple Transparent and Comparable Securitization framework should have lower capital requirements?
- Who should make the determination of whether an ABS transaction meets the Simple Transparent and Comparable Securitization framework?
- How does ABS fit into our daily lives and help to fund key milestones?
- What regulations have been most helpful in restoring confidence in this market? Most harmful? (Basel 3/REG AB 2/GSE Reform/Derivatives Rulings/Risk Retention)
- Do any of the regulations have unintended consequences? If so, which ones? How?
Nancy Mueller Handal
- Of the following types of organizations, which one is more likely to report diversity and gender statistics externally and consistently?
- While many corporations are highlighting an emphasis on gender diversity, the number of women reaching leadership positions continues to lag. Do you feel this is due to:
- In your organization, are women paid equally? I.e., all things being considered—education, experience, job responsibilities, are women paid the same as men?
- Within your organization, what is the percentage of women in leadership/board positions?
- Would a Hilary Clinton presidency help or hinder the female work force?
- Today's US market for CLOs and leveraged loans amid credit volatilty and a declining energy sector
- Economic variables: corporate credit, interest rate increase, China slowdown, impact on liquidity
- How has the sector navigated Volcker, Risk Retention and beyond thus far?
- Investor trends : AAA, mezz, equity amid decreasing arbitrage opportunities
- Portfolio manager roles
- Interim financings/warehousings
- Primary issuance forecast for 2016
- Multiple initiatives for a unified market
- Are we truly at RMBS 3.0 or closer to RMBS 2.3?
- What parts of 3.0 are ready to go now? How long before we see it begin to be introduced to market practices?
- Overview of the key areas of progress: Reps and Warranties, Deal Manager Framework
- Strategies for issuer adoptions and widespread implementation
- Structural elements
- Current state of the market & developments
- How will this develop and evolve?
- What's available? What do investors want?
- What structuring model will make sense in the long term?
- Relative value of ABS vs. other funding options
- Which asset classes/sectors are most impacted? CLOs, CMBS
- Implementation challenges to date
- In investors' opinion, will risk retention make a difference?
- Compare and contrast with European Risk Retention Rulings
- Goals and burdens of risk retention
- Potential for unintended consequences
- How have managers responded to Risk Retention? New structures and funding partnerships
- Impact of new capital charges and risk retention on new CLO manager launches
- Challenges with aligning the conflicting investor interests: Triple AAA vs. Equity
- Comparing and contrasting different management styles
- Key differences in managing CLOs vs. loan funds
- Update on single security and the Common Securitization Platform
- Standardization of origination channel
- Why are consumers using these lenders vs. traditional banks?
- Customer Service: variations in the sector
- What does the borrower provide on the underwriting process
- Credit decision parameters & underwriting standards?
- How are platforms funding their lending activities?
- New disclosure requirements in the U.S. and in Europe (CRA regulation Article 8b and Reg AB II)
- Are current ABS disclosure initiatives reasonable or do they impose duplicative burdens to hinder the market?
- What are the cost and compliance issues for issuers of the new rules?
- Should private financings require full public disclosure?
- Are investors benefitting from current disclosure initiatives or should we stop to take stock before additional regulations are drafted?
- Are current ABS disclosure initiatives reasonable or do they impose unreasonable burdens that hinder the market?
- How much have do you think it would cost an investor to ingest all of the newly available data disclosures?
- Should full public disclosures be required in unregistered financings?
- Should regulators take stock of the effect of existing disclosure rules before adopting new ones?
- How will rising interest rates affect debt investors? Equity investors?
- Risk/return profile of CLO warehouse trades
- How do the various strategies employed to comply with Risk Retention create agency conflicts? Among the equity investors? The AAA investors?
- Investing in non-risk retention compliant CLOs
- Where can investors find value?
- Primary versus secondary
- U.S. versus Europe
- Cash versus synthetic deals
- Current trends in NPL / RPL
- Risk Factors
- What are they seeing as additional areas of opportunity and relative value?
- Are investors viewing this as a sustainable sector?
- How are investors assessing risk in the sector?
- Evolution of investor attitude: how have investors gotten comfortable in this sector?
- How have CRAs evolved their ratings methodologies since the crisis?
- Avoiding conflicts of interest
- CRA self- appraisal: how accurate have the ratings proven to be?
- Non-HQS: how will the ratings of non- qualifying deals be impacted, if at all?
- Future reforms in the cards and timeline for implementation
- How are the countrys' demographics changing, and how will this change housing finance demand?
- How will these needs be met? GSE reform, return of PLS RMBS
- Rising role and influence of millennials
- Providing solutions for affordable housing and the role of ABS
- How will underwriting standards evolve with the need for expanded credit?
- What impact has the China market slowdown had on European and US CLO Markets?
- Relative value of investing in U.S. CLOs versus overseas
- Overview of the European market and issuance outlook for 2016
- Why are U.S. managers expanding overseas?
- Risk retention in the US vs. globally; efforts at harmonizing conflicting global regulations
Steven T. Kolyer
- Small business: issues and developments
- Unsecured consumer lending: who should regulate it?
- What does the regulatory environment mean for investors?
- Position of banks in regulatory field
- How have issuers fared under the Reg AB II regime?
- SEC scorecard: which sectors have successfully complied with the new rulings and what were the key aspects of successful filings?
Michael S. Piwowar
- Underwriting and performance standards; are credit standards changing? What are the ratings agencies seeing?
- How realistic are cap rates?
- Issuance volume in 2016
- How will issuance handle the pending wave of re-financings?
- Potential interest rate increase and impact on refinancing activity
- Impact of the return of in CMBS ratings
- Single asset/single borrower under Risk Retention Rulings
- Comparing relative value across the various sectors: What are the most promising sectors for investment in 2016?
- Assessing prime/subprime auto, student loans, credit cards, commercial leasing
- Solar ABS to takeoff with fundamentals and market shifts: Federal ITC Extenders Package, community solar legislation, and battery/fuel cell LCOS (levelized cost of storage)
o Growth rate of solar development
o Inefficiently funded solar assets in the current market
o Breakdown of other capital markets funding mechanisms (i.e. YieldCos)
o Multiple new solar ABS issuers
- Evaluating the trends of existing solar ABS deals in the market
- Understanding risks of investing in Solar ABS
- What are investors asking to see in terms of underlying loan level data?
- What impact has the new online lending marketplace for student loans have on disclosure standards?
- Impact of proposed legislation on rate fixing, income based repayment schedules, and other proposed changes to the government guaranteed market
- How are the CRAs viewing these possible solutions and how can they impact the ratings?
- Single asset/single borrower
- Ratings shopping concerns
- Have underwriting standards reverted to 2006 levels? Are current credit fundamentals and safeguards slipping?
- The refinancing wave: near term outlook
- How will Risk Retention affect the B piece buyer? Has the alignment of interest conflict been resolved?
Marielle Jan De Beur
- ABS backdrop - supply, fundamentals, new regulations, spread context
- Are there any sectors where we see material spread tightening? What sectors offer out performance?
- Breadth and depth of investor participation in the sector; how has it changed as the market has evolved; where is it presently?
- How liquid is the secondary market; what is the relationship with the secondary market and the new issue market, especially in the presence of TRACE reporting?
- How will the advent of TRACE for ABS impact the new issue market?
- Solar ABS Risk Unbundling
- Power production risk
- Credit risk and renegotiation
- Regulatory risk
- Solar ABS structuring mechanisms
- Tax equity considerations
- Sculpted pay-downs
- Risk mitigation and structuring tools
- Making data actionable
- Stressing power production,credit, and renegotiation risk efficiently
- Performance and investor feedback on existing deals
- Liquidity - issuance and spread performance, tiering, impact of regulatory changes and outlook
- Automotive Leasing - market, residual value trends and enhancements
- Subprime auto - performance and ratings outlook
- Regulatory Considerations - Reg AB II, risk retention and more
- Can auto ABS retain its reputation as an extremely liquid asset class?
- How many vehicles do you expect to come off lease in 2016?
- How much total initial Class A enhancement did Ford Credit and World Omni have in their most recent public term lease deals?
- At what level would cumulative base residual losses have to rise for lease noteholders of Ford Credit and World Omni AAA notes to suffer a loss?
- How do investors and/or ratings agencies get comfortable with the modest amount of historical and consistently reported data, particularly as it relates to multi-borrower deals? Is there a good proxy out there?
- Are there any new twists or structures being brought to market to cater to specific investor demands or to provide structural flexibility?
- How viable is this business is this an HPI trade or a long-term business to manage?
- Has the emergence of the large-scale buyer/owner of single-family rental properties changed the traditional dynamics of rent vs. buy for individual homeowners?
- Understanding the initiative and what the label really means
- Is this label important to investors?
- Are issuers seeking the label? Why or why not?
- Implications for U.S. based cross - border Euro issuers
- What is the size/scope of the commercial/ residential PACE sector?
- What are the key underwriting criteria unique to PACE deals?
- Is the PACE market expected to grow in volume?
- What are the key lessons learned from the industry's first PACE securitizations?
- What is the rating agency perspective on PACE?
Elizabeth Bellis Wolfe
- Large ticket leasing securitization volume outlook
- Deals in the pipeline
- Role of private equity in the equipment leasing marketplace
- Finding relative value in the commercial finance sector
- What is being financed and what are the various models? Private Student loans, individual consumer credit
- How are these non-bank lenders vetting the borrowers? Examining underwriting criteria
- Where do these lenders see value in ABS as a funding source?
- Online versus offline lending, comparing each lending platforms relative risks, advantages and disadvantages and how it compares to other traditional consumer ABS assets
- What will be the role of banks going forward in a new lending landscape?
- The expanded and integral role of due diligence in post-crisis RMBS
- Overview of current pre-offering loan-level due diligence and the impact of TRID
- Balancing privacy concerns and investor interest in more granularity regarding loan level data and due diligence reports
- What constitutes due diligence reports that are required to be made publicly available
- Ongoing SFIG efforts to develop disclosure and due diligence standards
- Defining a green bond
- Why bother to obtain the green bond label?
- The role of green bonds in the socially responsible investment portfolio
- What are the major risks inherent to this sector?
- Can a slowdown in China mean trouble for shipping ABS?
- How does this asset class differ from the traditional ABS structure?
- Deals in the pipeline
- Will the RMBS 3.0 framework apply to non-QM product?
- Who is doing what, and how?
- What are the key risks when securitizing non-QM assets?
- Exploring the emerging role of asset managers as lenders
- What will be the future of bank financing given the emergence of alternative lender?
Jerry van Koolbergen
- What is currently happening, and what's under consideration
- Broadening the investor base
- Building liquidity in STACR and CAS
- Experimenting with alternatives
- Assessing lessons learned and strategies going forward, actual losses, selling first loss, upfront risk transfer,non-TBA products
- Why is this sector seeing a strong resurgence of activity?
- Assessing global demand for air travel in the near and long term and how it will be financed
- What makes this such an appealing asset class? Lessor diversity, deal sizes
- Opportunities for fixed income investors
- Which capital markets in Africa are developing rapidly?
- What is the likelihood of securitization expanding beyond South Africa? Covered Bonds?
- Regulatory landscape and developments
- Assets being securitized
- Outlook for total issuance volume
- Spotlight on India, Singapore, Malaysia and other ex-China emerging ABS markets
IMN, founded in 1994, is a global organizer of institutional finance & investment conferences. In 2004 the business was acquired by Euromoney Institutional Investor PLC, a UK company listed on the London Stock Exchange.
The Structured Finance division of IMN produces industry leading Securitization, Covered Bond, CLO and other Debt Capital Market conferences globally. Our two US flagship conferences represent the must-attend events for structured finance professionals - SFIG Vegas is the largest capital markets conference in the world, attracting over 6,000 attendees; ABS East, held in Miami Beach, brings together over 3,500 industry participants, including more than 1,500 issuers and investors. Global ABS (Europe) is co-hosted with AFME and welcomes over 3,500 professionals annually.
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Hallmarks of an IMN conference are a quality and rigorously vetted speaking faculty, interactive panel discussions and a balanced audience composition which facilitates excellent networking opportunities.
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