- 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
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We also collect certain personal data from other group companies to whom you have given information through their
websites (including, by way of example, Euromoney Institutional Investor plc and Institutional Investor Inc, in accordance with the purposes listed below).
Please note that we do not intend to collect any personal data from children under thirteen years of age and no child under thirteen should submit any personal data to any of the Sites. Should we discover that any such personal data has been delivered to any of the Sites, we will remove that information as soon as possible.
Types of Personal Data Held and its Use
- Customer Services and Administration
At some Sites, Euromoney collects personal data such as your name, job title, work and/or home address, and telephone number and email address in order to register you for access to certain content and subscriptions. This information may be supplemented with demographic information from your use of our Sites such as your postal area, age, gender, purchasing preferences and interests.
At other Sites, Euromoney may only collect broad demographic information for aggregate use.
This information is used to administer and deliver to you the products and/or services you have requested, to operate our Sites efficiently and improve our service to you, and to retain records of our business transactions and communications. By using the Sites and submitting personal information through the registration process you are agreeing that we may collect, hold, process and use your information (including personal information) for the purpose of providing you with the Site services and developing our business, which shall include (without limitation) the purposes described below in paragraphs 2 and 3.
- Monitoring use of our Sites
Where, as part of our Site services, we enable you to post information or materials on our Site, we may access and monitor any information which you upload or input, including in any password-protected sections. Subject to any necessary consents, we also monitor and/or record the different Sites you visit and actions taken on those Sites, e.g. content viewed or searched for. If you are a registered user (e.g. a subscriber or taking a trial), when you log on, this places a cookie on your machine. This enables your access to content and services that are not publicly available. Once you are logged on, the actions you take - for example, viewing an article - will be recorded (subject to any necessary consents). We may use technology or a service provider to do this for us. This information may be used for one or more of the following purposes:
- to fulfil our obligations to you;
- 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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