- Wednesday, September 16th, 2015
- Thursday, September 17th, 2015
- Friday, September 18th, 2015
- My Agenda
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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
- General market trends for both CLOs and Leveraged Loans
- Where we are post-crisis (CLO 2.0) vs. pre-crisis (CLO 1.0) from a standpoint of manager access to the market (number of managers that have issued 2.0 deals)
- Manager consolidation
- Loan issuance volume
- New-money issuance/LBO activity
- Maturity wall issues
- The role of the Total Return Swap
- Definition of esoteric ABS
- Attributes necessary to make assets appropriate for the securitization market
- Case study: specific types of esoteric ABS and the business case for securitizing the particular asset
- Structural and legal issues to be resolved
- Tobacco legal fees and tobacco escrow securitization
- Franchise royalty and whole business securitization
- Music/film copyright royalty securitization
- Patent/trademark royalty securitization
Paul St. Lawrence
- Overview of the structure of a residential mortgage-backed securitization
- GSE sponsored versus private label RMBS
- Core mortgage securitization concepts and terminology
- Key terminology
- Introduction to the various platforms, their strategies and business models
- Where does the institutional investor fit in?
- Current and emerging assets ripe for securitization in: PACE, Solar (PPA/Loans), Energy Storage
- Understanding the major highlights of the Basel III framework on implications for the U.S. securitization market
- How can ABS technology be utilized to help banks comply with the new RWA rules?
- How do the trading book rules interact with the banking book treatment?
- What are the implications of the new SA proposals on floors and credit risk?
- Ratings criteria and methodology concerns, particularly in the CMBS sector
- Differentiating third party due diligence providers
- Understanding the European 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
- Regulatory objectives for TRACE in the structured finance market
- Current regulatory timeline and challenges for implementation
- Markets current reaction to the implementation of TRACE for ABS
- Impacts to trading volumes, engagement, participation, and liquidity
- Pricing services utilization of TRACE data
- Changes in investor behavior
- Impact of odd lot and off the run prints to markets and service providers
- Any unintended consequences
- Loan by loan cash flow analysis
- Improvements in deal transparency
- Best methods for price discovery and bond screening
- Professional development and overcoming structural obstacles
- Work-life balance
- Gender based perceptions on female potential
- The likeability issue: Encouraging support for our female colleagues
Nancy Mueller Handal
Your Passport to the Tropics. Featuring Tropical Fare, and Specialty Drinks.
- On the 7 year anniversary of the financial crisis, how far has the ABS market come in righting the wrongs of the past?
- Have the various rulings helped to increase transparency and improve stability of the financial markets? Has investor faith been fully restored?
- Outlook for liquidity in the bond market: Who will buy when the buyers want to sell?
- What areas of the market are back to healthy liquidity levels? Which are still hurting?
James Lockhart III
- Impact of an interest rates hike?
- Collateral ramp challenges under decreased loan supply/increased demand
- Regulatory overhang: impact of leveraged lending guidelines
- What happens to underlying loan quality when retail comes back?
- Differentiating the various CRA methodologies applied; does this create a preference for one set of ratings criteria over another?
- There is a tremendous amount of RMBS reform work happening within the residential mortgage industry. Would hundreds of participants, from issuers to investors and all parties in between, remain so engaged if they thought it was still Groundhog Day for private label RMBS reform? What are the reform milestones and how can we measure reform success?
- Update on industry efforts: RMBS 3.0, Treasury Benchmark, current deal features
- Overview of the major efforts: what are the key reform targets?
- Short-term vs. long-term: will reform come in waves? How can the industry drive reform and what are the incentives?
- Topics will include: Deal Agent; Reps, Warranties and Enforcement; Servicing standards and oversight; Roles and
Responsibilities of Trust Parties; etc.
- 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, online marketplace loans
- SFIG achievements to-date in compliance and compromise
- What challenges have the pool-asset and data-tagging requirements presented so far for the industry?
- Did the transition provisions afford issuers adequate time to implement these changes, and at what cost?
- Has the requirement to publish third party due diligence reports impacted market practice to-date?
Outdoor dining: Michael Mina 74, Fresh Terrace
*Lunch at restaurants not included.
- Get updates on Freddie Mac's STACR and other market leading and innovative Credit Risk Transfer products
- Hear directly from Servicing and REO senior leadership on industry best practices for minimizing credit losses
- Learn how Freddie Mac reduces credit losses in a way that stabilizes communities
- Overview of Freddie Mac standards for marketing and disposition of REO assets
- What are the various coping mechanisms being developed?
- Assessing collateral managers compliance readiness to-date
- Investor opinion /comfort level on the compliance strategies to date
Steven T. Kolyer
- 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
- Trends in credit and underwriting standards
- Regulatory scrutiny
- Reviewing the various business models of the lenders
- Best practices in responsible lending
- Differences among the CRAs methodology: Does this expose the sector to methodology-driven downgrade risk?
- Single Asset deals typically securitize mortgages on higher quality properties; given how active this market has been, can this exacerbate adverse selection in Conduit deals?
- Will the single asset market be deep enough to handle the wave of upcoming maturities on the 06-08 conduit pools (which included oversized loans compared to current conduit loan size standards)?
- 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
- As demand for distressed loans increase, what variables should be taken into account?
- Who is conducting surveillance on the loan portfolio and are cash flows predictable?
- In unrated deals, who is conducting documentation review?
- What do investors need to be wary of?
- 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?
- Key investor protections to look for Understanding the dynamics of the call feature
Nancy Mueller Handal
- With $1.6bil in legacy SLABS on ratings watch for technical default, how concerned should investors be about their portfolios?
- Analysing political risk: What impact will policy initiatives such as ability to repay and income based repayment have on the outstanding securities?
- Broader economic implications of a mass student loan debt default: the next bubble to burst?
- How worried should investors be about lack of loan disclosure and borrower forgiveness?
- Are there tools currently in the market available to model this risk?
- 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
- What will the 2.0 manager landscape look like under Risk Retention?
- Valuation and process considerations
- What are they seeing in terms of trends in the SFR sector? What is the long term strategy?
- What are the SFR sponsors exit plans?
- If home prices appreciate, will the strategy be to sell the property at the higher price or continue to maintain the rental?
- Foreclosure rate developments and impact on SFR sector growth and prospects
- 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 are the long term prospects for solar as a viable ABS asset class?
- How will changes in government policies towards industry subsidies impact the solar companies, and in turn their bonds?
- Commercial vs. residential/Loans vs. PPAs: which sector shows the most promise for securitization and why?
- Policy framework & challenges facing the growing energy finance market
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Andrew Bon Salle
- Whats behind the resurgence of European CLOs?
- Why are U.S. managers expanding overseas?
- Relative value of investing in European CLOs versus domestic
- How are managers in Europe sourcing collateral given even scarcer supply? Does the absence of Volcker aid in sourcing collateral?
- Risk retention in the US vs. Europe; will a master structure evolve that is compliant with both?
- Who is taking on the risk of home price fluctuations?
- How deep is the market really?
- Investor views on how to improve liquidity
- Where are the geographic areas of interest for SFR activity?
- Risk variables such as severe weather and negative headline risk
- What are the various platform structures and strategies and why securitization as a funding tool?
- Operational and credit risk considerations
- What assets are being financed?
- Regulatory viewpoint in Europe vs. the US
- How will the collateral weather downturns in the economy? What liquidity provisions are in place?
- What is driving the availability of securitization as a financing source for specialty finance companies?
- When does securitization become a viable option for emerging specialty finance companies?
- Has the credit crisis made rating agencies and investors less accepting of securitizations of non-traditional asset classes?
- What other financing techniques are evolving for specialty financing companies? Focus on: retail baby bonds, institutional bonds and convertible securities
- What impact has the implementation of recently finalized regulations had on issuers in ABS Markets? On investors?
- What is driving new ABS supply in public markets? In 144A?
- What do investors want to see in terms of disclosure requirements? What about for issuers?
- Are there more regulatory changes ahead?
- ABS backdrop - supply, fundamentals, new regulations, spread context
- Can ABS spreads return to record-tight levels?
- 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?
- Overview of a market-risk approach for consumer ABS trading businesses (value-at-risk and formulation of stress scenarios)
- Outlook for subordinate and esoteric spreads and activity
- 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
- What are the implications for holds of floating rate bonds amid negative Euroibor rates?
- Update on HQS/SST initiatives
- Impact of the ABS PP on European primary ABS issuance, and secondary trading volumes
- QM: Clarifying the rules and their impact on mortgage lending activity and RMBS issuance to date
- Upcoming areas of focus for the CFPB
- Where have institutional investors already dived in?
- What are they seeing as additional areas of opportunity and relative value?
- How are investors assessing risk in the sector?
- How are investors getting comfortable with an investor acting as issuer when they are not underwriting or servicing the loan?
- 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
- Assessing the impact of Reg AB II and strategies for implementation
- The revival of the UK mortgage markets: lenders, products, regulations
- Lessons from the crisis - performance, structure, ratings
- UK MBS in the context of European and global securitisation markets
Outdoor dining: Michael Mina 74, Fresh Terrace
*Lunch at restaurants not included.
- Can scalable non QM issuance be achieved?
- What is the ratings agency viewpoint on rating these transactions?
- Will risk retention requirements hinder these deals?
- Reps and warranties concerns
- Are there deals on the horizon? Profiling the potential issuers
- Who are the active lenders in the space?
- 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?
- 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?
- Economic overview and operational considerations
- The role of ABS in fostering foreign investment and reducing bank dependency
- Latest regulatory developments
- Key asset classes primed for growth (autos, residential mortgages)
- Obstacles remaining
- Regulatory drivers and impediments
- Excess servicing rights & Servicing Advances
- Execution and trading; Acquisitions & dispositions
- Valuation and performance
- Consumer and Interest rate modeling and risk management
- Flow agreements vs. Servicing for immediate release vs. Bulk sale
- Collateral types
- Financing and using MSR as a financing tool
- Retain vs. release
- Origination trends impact
- Energy storage: matching energy supply with peaks and troughs in daily energy demands
- Utility scale: delivering renewable energy via the existing utility networks
- Solar alternatives: geothermal, wind power
- Outlook for both residential and commercial PACE, a growing concept
- Where do institutional investors and the broader capital markets play a role?
- Opportunities for capital markets structures
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- to improve the efficiency, quality and design of our Sites and services;
- to see which articles, features and services are most read and used
- to track compliance with our terms and conditions of use, e.g. to ensure that you are acting within the scope of your user licence;
- for marketing purposes (subject to your rights to opt-in and opt-out of receiving certain marketing communications) - see paragraph 3 below;
- for advertising purposes, although the information used for these purposes does not identify you personally. Please see paragraph 5 below for more details;
- to protect or comply with our legal rights and obligations; and
- to enable our journalists to contact and interact with you online in connection with any content you may post to our Sites.
Please see paragraph 5 below for more information on cookies and similar technologies and a link to a page where you can turn them on or off.
Some of your personal data collected under paragraphs 1 and 2 above may be used by us and/or our other group companies and third party service
providers to contact you by email, fax, telephone and/or post for sending information or promotional material on our products and/or services and/or
those of our other group companies.
We give you the opportunity to opt-out of receiving marketing communications and will in certain circumstances need to obtain your consent before sending such communications to you. Further detail can be found on the applicable Site and in each marketing communication sent by us, our group companies or service providers. See also "Consents and opt-outs" section below.
- Trading in Personal Data:
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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