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- 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.
- Analyzing origination and payment trends for mortgages and the major consumer asset classes (autos, student loans, and cards) and their impact on ABS/RMBS
- Decreasing borrower credit quality: is this cause for investor concern ?
- Do investors favor more transparency in pricing and trading volumes of the bonds?
- Should TRACE be implemented for ABS? What may be some of the unintended consequences of TRACE?
- How can investors and the street compromise to achieve the best outcome for all parties?
- Given the availability of data up front under new disclosure standards, what is being done to ensure consistent, quality data reporting on the back end?
- Best practices in servicing
- Differentiating among the CLO managers
- Matching investment strategy with the various management options
Matthew A. Miller
- Impact of servicer behavior and servicing transfers on the performance and cash flows of outstanding RMBS; best and worst practices
- Loss of capacity to accept servicing rights and how it impacts investors and borrowers
- Update on state settlements and how the money from the settlements has been used
- How did the loan modifications impact the investor?
- What are the CRAs examining when reviewing servicing criteria?
- Alternative scores and variables to assess performance of modified mortgages in RMBS deals
- Loan modifications: What techniques have proven effective and what has been detrimental to the outstanding RMBS?
- Will the new regulatory regime and federal purchasing activity tapering cause liquidity to become merely a mirage in the desert?
- What are the major issues on the horizon in the next 12-18 months?
- Analyzing the major risks inherent in the capital structure.
- What is the impact of bank reserve requirements on net capital available for investment in the markets? If so, who will step up as a liquidity provider?
- Would the markets survive another global disruption given worsening liquidity conditions?
- Are efforts to de-risk the system creating unintentional consequences for liquidity?
- What role should government play in the mortgage finance market and what steps are needed in order to reduce government reliance?
- The missing piece of the puzzle: Private Label RMBS
- Update on Treasury's PLS Initiative
- What is holding back private label RMBS?
- With reforms already in place for ABS and CMBS helping to restart those markets, what is holding back private label RMBS?
- How will GSE reform take place without a private market to provide credit?
- FHFA Update on priority projects, including: Single Security, Common Securitization Platform,
Private Mortgage Insurance requirements
following restaurants using the link below*:
Michael Mina 74
*Lunch at restaurants not included.
--Rates, liquidity, regulatory
--Impacts on arbitrage, returns
--CLO 2.0/3.0 highlights
--Risks under the AAAs
--New investor types
--Balancing of interests
--Volcker Rule effects
--Understanding collateral quality and mechanics of structure
--Conducting cash flow analysis
--Distinguishing manager qualities
Challenges Ahead for CLOs
Forecasts for 2014-15
Steven T. Kolyer
- What is the implementation timeline for The CSP?
- Comparing and contrasting the administrative versus legislative approach to GSE reform: What does the end game look like in each scenario?
- Purpose and objectives
- Integration issues and potential market impact (including liquidity and the private market)
- Investor perspective (benefits, concerns, and recommendations)
- Function of platform under Corker-Warner and under the PATH Act (insurance platform versus utility)
- What are the CFPB's key areas of focus now? Understanding the scope of CFPB Regulation and Impact to ABS Markets: Mortgage Origination & Mortgage Servicing/Debt Collection; Student loans; Other Key Areas
- What has been the impact of QM on lending?
- The CFPB & the Non-QM Mortgage Market: How the CFPB will interact with changing markets and the potential loosening of consumer credit?
- What will QM 2.0 look like and what is the timeline for implementation of revisions to the original ruling?
- QRM: Where do the regulators stand on finalizing this rule and how will it interplay with QM?
- What infrastructure is required in order to issue a securitization?
- When during the deals life cycle can you securitize, i.e., immediately after COD, during the 5-year ITC recapture period, or thereafter?
- What cash flows and collateral are available to secure the financing?
- What is the optimal ownership structure for the issuer, the sponsor and the owner of the actual solar systems and PPAs/leases?
- Should they all be combined in a single issuer or should they be separated?
- Potential impact of expanded equity structures? REIT and TMP issues?
- Case Study: Resi portfolio comprised of leases partnership flip structure, with average FICO 730. Developers / Issuers are non-public.
- What are the key changes to the offering process, disclosure and reporting requirements for asset-backed issuers?
- How will the offering process reforms, including the new shelf eligibility criteria, impact market practices?
- Do the new loan-level disclosure requirements appropriately balance the competing concerns of issuers and investors?
- Will there be further SEC rule-making in this area?
- What are the top ten concerns for borrowers in the ABS market?
- Issuance and underwriting trends
- Has the relative value of ABS as a funding tool changed under the new regulatory regime?
- What will incentivize banks to issue again?
- CFPB fee and other requirements: Will banks generally use ABS as a funding tool amidst these regulatory changes?
- How has the reverse query phenomenon changed the landscape of funding and investing?
- Outlook for interest rates and their impact on the housing market
- Are there still regional housing bubbles developing?
- Regulatory: What has been the effect of QM rules to date?
- How can the AAA investor base continue to be developed, and who are the new investors?
- Relative Value of AAAs: secondary, new issue and refinanced transactions
- Discuss the attractiveness of CLO AAAs vs other asset classes
- The AAA market in a post-Volcker environment
- Utility providers response: rate-tiering/net charge backs and impact on growth prospects for the sector
- Tax equity credits expiration and impact on appetite for issuing solar ABS
- Equipment performance and monitoring concerns
- Home ownership transfers
- Lack of historical performance data and standardized documentation
- What is the role and expectation of the back- up servicer?
- Addressing rating dependency (on servicer? O&M? sponsor? manufacturer?) Impact of portfolio asset substitutions?
- Understanding the solar/renewable energy deal structure, and the risk profile of each tranche
- Comparing solar to other investments and ways to allow mainstream investors to access solar risk
Dale Vander Woude
Michel Di Capua
- Will the final regulations require fundamental changes in market practices, including changes to how information is collected and disseminated?
- What challenges will the pool-asset and data-tagging requirements present for the industry?
- Do the transition provisions afford issuers adequate time to implement these changes and at what cost?
- Will the requirement to publish third party due diligence reports impact market practice?
- Rising education costs and declining starting salaries; is this the next debt bubble to burst?
- Impact of regulatory landscape to consumer ABS FFELP student loan lending and cash flows
- Given lack of FFELP SLABS going forward, will the market warm up to private SLABS? Why should a private student loan market exist? Does it need structural changes to make it more palatable for larger/wider investor base?
- Is student loan debt crushing appetite for other major consumer purchases such as homes?
- 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?
- What is the real impact of the student loan debt burden on the economy? Will it hinder recovery?
- Lingering concerns regarding liquidity, reps and warranties; assessing their source (profiling the issuer), strength and enforceability
- Role of credit enhancement in new issue RMBS
- Lien priority and how this can impact investor decisions
- Impact of eminent domain on ability to buy private label RMBS
- Creating a single security platform: Can this help standardize reporting, servicing, and reps and warranties documentation
- Beyond super prime; when and will we move down the credit curve?
Nancy Mueller Handal
- How has Volcker affected the way these deals are managed? What is the benefit/ trade-off of including a bond bucket in the underlying collateral?
- What will be the impact of Risk retention? View on prepayments, refinancing amid in a rising interest rate environment? Effect on default probability?
- What offers better value these days - 1.0 Equity vs 2.0 Equity? USD equity vs Euro equity?
- Primary vs secondary equity? What has better value?
- How important of a role does manager and structure play in for equity investors? What are specific types of manager strategies or structural features you like or dislike?
- Where is CLO arbitrage going?
- YieldCos structure
- Crowd funding/peer to peer lending
- Green banks
- Canadian income trusts
- Impact of ratings migration and likelihood for downgrades
- How are they coming up with the initial rating and conducting post-deal surveillance for ratings maintenance?
- View on documentation and inclusion of COV-lite loans vs. more restrictive loans
- Can the agencies distort manager behavior? i.e. the impact of the recovery rate modifier
- Will a transition matrix be provided for this sector going forward?
Jerry van Koolbergen
- With the declining availability of single issuer conduits have repercussions for the long term funding market?
- Is the additional freed collateral this a net positive for the LT market?
- Basel III and Risk Retentions impact on the conduit market
Van Wyck Dusenbury
- Is this a sustainable asset class? If so, why?
- Funding via securitization vs. other funding options
- Dissecting the latest completed and upcoming deals: What are the mechanics; obstacles; expectations and results so far?
- Shrinking the footprint of Fannie Mae and Freddie Mac
- How Fannie and Freddie are improving lending standards while maintaining lending volume
- Commercial and Residential PACE market background and drivers
- Emergence of C-PACE "commercially attractive" financing to unlock energy efficiency investment market potential
- Are the Federal Housing Finance Agency and the GSEs (Fannie Mae and Freddie Mac) negatively impacting the progress of the Residential PACE program? How?
John Paul McNeill
- How does the relative value picture of ABS as a funding tool and an investment, change under new Risk Retention Rules? Under Dodd Frank?
- Have tighter lending standards hurt the housing market and the broader economy?
- What are the hot button issues for each of the major regulatory bodies?
- Yield, risk appetite, unique solutions, risk-return considerations, due-diligence on investment managers
- Concerns Valuation, liquidity, extension risk, regulatory risk
- CMBS, RMBS, ABS, CLO
- Understanding the structures of recent deals and the pipeline for future ones
- What is the overall market potential?
- Can the technology be applied in other areas besides franchise fees?
- Rating agency perspective: What impact should the corporates rating have on the deals rating?
- Comparing relative value across the various sectors: What are the most promising sectors for investment in 2015?
- Assessing prime/subprime auto, student loans, credit cards, commercial leasing
Michael Mina 74
*Lunch at restaurants not included.
- A quantitative analysis of downgrades, financial losses to date
- How do the 1.0 structures differ from 2.0?
- Assessing the key risks in the sector and overcoming investors' concerns
- What impact does global trade disruption have on this sector? What are the other 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?
- ABS liquidity and the expected impact of tapering and new regulations
- Breadth and depth of investor participation in the sector
- Implementation outlook and effects of TRACE
- Relative attractiveness of ABS versus other IG sectors
- Outlook for esoteric and subordinate spreads and activity
- Where are the best spread tightening opportunities in ABS now? Credit cards, autos, student loans, leasing?
- Strategies for analyzing these types of deals
- The investors' perspective: What are investors looking for in terms of structure and features? What are the major red flags?
- The credit analyst's perspective
- How can this market be expanded and liquidity improved?
- Key investor protections to look for
- Understanding the dynamics of the call feature
- How will the inevitable risk retention rulings affect the U.S. Market?
- How will the landscape and diversity of issuers change? Will we see massive consolidation?
- What creative solutions are currently being developed in response?
- How is the market reacting to Volcker; New Issue and Legacy Deals?
Jon Claude Zucconi
- Cat bonds
- Life settlements
- Casualty/Property/ Re-insurance
- Is this a sign of true market maturity?
- Will a new investor base appear that traditionally abstained from the new issue market?
- What does the market look like going forward?
- How will the deals price and who will be the likely buyers?
- 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
- Are there deals on the horizon? Profiling the potential issuers
- Who are the active lenders in the space?
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Some of your personal data may be collected and processed with the intention of selling it to other organisations, but this will not be done unless you have given your consent (separately to this privacy statement).
- Cookies and similar technologies
Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session and expire when you close your browser. Other cookies are used to remember you when you return to the Site and will last for longer. Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to you and can only be read by a Web server in the domain that issued the cookie.
- remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough;
- remember your login session so you can move from one page to another within the Site;
- store your preferences or your user name and password so that you do not need to input these every time you visit the Site;
- customise elements of the layout and/or content of the pages of Site for you;
- record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
- collect statistical information about how you use the Site so that we can improve the Site; and
- gather information about the pages on the Site that you visit, and also other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider. This information is then used to place interest-based advertisements on the Site which it is believed will be relevant to your market segment. For more information about this type of interest based advertising, and about how to turn this feature off please visit www.youronlinechoices.co.uk. (Please email us at firstname.lastname@example.org if you have any queries about cookies)
Some of the cookies used by our Sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising directed at your market segment) on our behalf.
To see a list of the cookies and similar technologies used on this Site and instructions on how to turn them on and off click here. (Please email us at email@example.com if you have any queries about cookies)
Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.
Email tracking: So that we can better understand our users' needs, we track responses to our emails - for example, to see which links are the
most popular in newsletters, and to log and follow up responses to our marketing messages. To do this, we use pixel GIFs, also known as "pixel tags" - these are
small image files that are placed within the body of our email messages. They enable us to tell if a message has been opened and to track click-throughs on links
within the message.
Any other purposes for which Euromoney wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.
Consents and opt-outs
You can give your consent to or opt out of particular uses of your data as indicated above by:
- Indicating at the point on the relevant Site where personal data is collected;
- Informing us by email, post or phone; or
- Updating your preferences on the applicable Site;
For turning cookies and similar technologies on and off, see the information in paragraph 5 above.
Information collected at one Site may be shared between Euromoney Institutional Investor plc, Institutional Investor Inc. and other group companies for the purposes listed above.
Your personal data may also be sold to other companies in the form of lists and directories, but only after permission from you in accordance with the provisions above.
We may also disclose your personal data to other third parties, including, without limitation, professional advisers, or governmental or State institutions or regulatory authorities, where necessary in order to exercise or defend legal rights or where required by law.
We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.
Public forums, message boards and blogs
Some of our Sites make message boards, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.
Transfers outside the EEA
Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Euromoney Institutional Investor plc may transfer your personal data, for the purposes listed above, to other group companies, service providers or other third parties which may be located in countries outside the European Economic Area, whose laws may not give the level of protection to personal data as within the UK. This will include transfers to Institutional Investor Inc. in the US (and Institutional Investor Inc. will collect some data directly from you, in relation to the Sites which it operates) and to third parties who provide us with email and marketing services. Where we conduct any transfers we will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement.
Confidentiality and Security of Your Personal Data
We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.
The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.
We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:
- unauthorised access
- improper use or disclosure
- unauthorised modification
- unlawful destruction or accidental loss
All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.
We also give you the option of using a secure transmission method to send us personal data identifiers, such as credit card details and bank account number.
How to Access, Update and Erase your Personal Information
- Postal mail to this address: Data Protection Officer, Euromoney Institutional Investor plc, Nestor House, Playhouse Yard, London EC4V 5EX, UK
- Telephone: +44 (0)20 7779 8600
- Email: firstname.lastname@example.org
Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.
Euromoney allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:
- rectified or amended
Changes to this Privacy Statement
We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.
This Privacy Statement was last updated in April 2012.
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