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These primer sessions will help attendees to understand basic concepts that will improve understanding of the more advanced topics to follow. They will be smaller sessions that encourage interaction with the presenters.
- Primer on the structure of ABS
- Role of various counterparties
- An outline of the typical approval process (e.g. a “starter package” in regards to the approval process within NAFMII)
- The structuring of new transactions and the necessary regulatory approval steps
- Defining the interbank vs. exchange market and the regulatory landscape; defining asset backed notes and their inclusion in the interbank scheme
- Respective roles and relationships between of the PBOC, NAFMII, China Banking Regulatory Commission and China Securities Regulatory Commission in governing the ABS market
- Overview of relevant regulatory bodies applicable for individual asset classes and / or securitization regimes
- Asset types and deal structures: Autos, Consumer loans, Corporate SME loans, trade receivables, factoring/leasing receivables
- Emerging assets including CMBS and REITs
- Entry points into the Chinese bonds markets for the foreign investor: Bond Connect, Qualified Foreign Institutional Investor (QFII) and China Interbank Bond Market (CIBM) Direct
- Given the slowdown in the pace of domestic market expansion, what is the issuance forecast for 2020? What are the major headwinds? Tailwinds?
- What will the impact of the U.S. China Trade War be on the domestic ABS market?
- Is the government’s desire to de-leverage going to drive additional volume?
- What impact will tightening regulations on bank lending have on the ABS market’s pace of growth?
- Impact of an economy transitioning from export –led to consumption-led model on demand for ABS financing
- What is being funded and why securitisation as a funding choice? Residential housing, infrastructure, commercial property, consumer loans, online lending, factoring and leasing companies, SMEs and large corporates, Non-performing loans
- Moving beyond the Interbank market; how can China attract more foreign participation in its domestic issuance?
- Overview of the current landscape and respective domains of each regulator
- Developments in standardization and transparency
- Recent regulatory measures supporting the healthy development of the market
- How have the concepts of true sale and bankruptcy remoteness held up under recent litigation?
- Outlook for additional regulatory developments specific to securitisation and progress made on legal structures
- Government efforts to move beyond the bilateral nature of the interbank market and to broaden and diversify the investor base?
- BondConnect progess and other measures supporting international investors participation in the Chinese Securitisation products
- Will RMBS remain one of the largest and most prolific asset classes in terms of Issuance volume projections for 2020?
- Will the large banks remain the dominant issuers or will smaller, regional banks pick up issuance pace?
- How does the Chinese RMBS market compare with other developed markets such as the U.S. and Europe? Are there best practices in standardization and transparency to be employed?
- The role of international credit ratings in supporting international investors’ participation
- What role should the capital markets play in keeping housing finance affordable?
- Will the Chinese government create a similar structure to Fannie and Freddie in the U.S., i.e. a government sponsored entity?
- How are lenders using AI and big data to analyze borrower risk? Is the underwriting decision process greatly improved thanks to the vast amount of additional borrower metrics? Does this lead to higher quality assets?
- How does big data improve underlying asset selection in an ABS transaction? Will the ratings agencies acknowledge this with higher ratings? Will investors acknowledge this with preferred pricing?
- What is the net true advantage to the underwriting process?
- Analyzing emerging regulations in this sector and the impact on consumer loan origination volume
- Update on predatory lending and regulators’ efforts to curtail this practice
- Assessing the landscape of P2P lenders; what are the best practices in online lending
- How can blockchain lower borrower costs by making the transaction more efficient?
- Does utilization of a blockchain platform improve deal ratings? CRA views
- From concept to reality: What is the timeline for a complete ABS deal to be transacted on the blockchain
- Are we seeing a change in the pattern of demand for new vs. used cars evolving? For luxury car sales from the overseas market?
- Why is this the most appealing asset class for foreign banks? For foreign investors?
- Total outstanding volume of auto ABS as a portion of overall ABS issuance and growth projections for this asset class
- Impact of Bond Connect on international investor participation in Chinese Auto ABS
- Understanding the motivations for banks to issue a Significant Risk Transaction vs. a True Sale
- Understanding the motivations for investors to buy a Significant Transaction (vs. a True Sale)
- Overview of a Significant Transaction Structure: What assets can be referenced in SRTs? What has been done so far globally? Percentile Breakdowns, across types of loans books, and countries/geographies
- What are the steps to take to get to a successful SRT Transaction? From selecting the portfolio, to structuring to legal documentation and closing. What does the investors’ due diligence process entail?
- Comparisons with recent international credit risk transfer transactions and their development
Martijn van der Molen
- What were the main supply chain innovations in China in 2019?
- Key highlights from the Chinese government’s first supply chain policy paper
- Emerging technologies, such as blockchain, as a major driver of more secure and trusted SCF models and initiatives
- What obstacles to the development of Supply Chain Finance remain?
- Can securitisation improve access to timely and effective funding and the high funding costs?
- Overview of the drivers that have accelerated the development of ‘smart’ SCF over the past couple of years: China’s huge market size, pro-SCF policies, corporates’ strong desire to leverage SCF, and emerging new technologies coupled with the rapid development of Big Data
- Understanding the structure and underlying collateral of a CLO
- Key terminology
- Overview of the various counterparties in a CLO transaction
- Relative value of foreign- managed CLOs for Chinese investors seeking diversification
- Outlook for developing a domestic Chinese CLO market
- CLOs as a funding tool for infrastructure projects and mid-market companies
- International CLO market experiences and differences
- Overview of the CMBS deal structure in China and how it differs from U.S. and Europe
- Step by step: Procedure for executing a CMBS transaction in China
- Understanding the largest asset ABS asset class in China ABS
- What is a receivable ABS and what is the step by step guide to issuing a deal? What is the borrower criteria and necessary infrastructure required?
- Rationale for using securitisation as an SME funding tool
- What are the main risks behind these products; recent asset performance review and credit outlook
- Can China still be considered ‘emerging’ with >$200bil in annual issuance?
- If so, does this label restrict the type of investor who can participate? What more is needed to label China a ‘mature market’
- What are the main obstacles: lack of sufficient information and data, and performance history, comparable credit ratings, unfamiliar taxation framework, regulatory and legal uncertainty, currency volatility, economic growth uncertainty?
- What information are investors seeking as comfort given the relative lack of performance history and fast development of the markets?
- Is Bond Connect making a material difference in terms of increasing international investor participation?
- How important is a robust secondary market?
- What Chinese structured finance products attract international investors the most?
- Attracting a broader base of investors by ensuring diversity of ABS credit quality tranches with clear pricing differentiation of risk
- Relative values between inter-bank bond market products, stock exchange traded products and asset-backed notes
- Defining “ESG”: how does one qualify a deal, what are the key characteristics, and is a global standard emerging?
- Overview of the PBOC published guidelines on ESG bond issuance and qualifications
- Motivations for obtaining an ESG label?
- Funding cost considerations
- Investor diversification
- Alignment with Chinese government policy
- How do Chinese ESG qualifications align with international standards?
- What efforts are underway to harmonise with overseas market standards?
- Potential for ESG bond and ABS issuance in the near term
- Why is securitisation the favored tool for bank deleveraging vs. whole loan sales
- What is the risk of a mainly interbank market? Are efforts underway to further de-risk the banking system by expanding the investor base globally?
- How successful has Bond Connect been in this regard? When will we see meaningful changes in the nature of the market?
- State owned enterprises must also reduce their leverage ratio as per government mandate
- Has major headway been made in the domestic market in terms of investor protections? Profiling the investors, risks and the opportunities
- The emergence of the private investor vs. a bank dominated market
- Will a more diverse investor profile lead to more tiering of the market in terms of senior versus subordinated?
- Servicing landscape
- What are the various investment strategies to date? Is a local onshore partner or office necessary for foreign investors?
- How investor protections vary in different parts of the market
- Financing Gaps in Infrastructure and SMEs
- Securitisation as a means for financing the Belt and Road Initiative as well as other major infrastructure projects in mainland China
- Targeted government and regulatory support; setting criteria and standardising transactions
- Overview of the current NPL ratio in China and major asset types (real estate, corporate)
- What support is the government providing to reduce the NPL balance?
- Various bank strategies for disposing of NPLs and the role of securitisation
- Securitisation as a funding tool versus whole loan portfolio sales: relative value
- Estimated issuance volume of NPL ABS in 2020
- Lessons from successful NPL securitisation platforms such as the Italian GACS scheme and Greece’s APS scheme
- How to create a liquid secondary market for Chinese NPLs: assessing the need for growing and diversifying the investor base globally
- International experiences in NPL securitizations
- What is the role of the REIT funding mechanism given tightened bank lending against real estate assets?
- Comparing the relative value of cost of capital and amount of capital raised versus bank funding
- In tier 1 cities such as Beijing and Shanghai, commercial developers are seeking to raise capital against existing property portfolios, which outweighs new construction funding demand. Is this trend even more obvious than last year?
- Government is encouraging corporates to deleverage, as well as the developers. These developers are facing even reduced support from banks. They turn to ABS. Regulators are further tightening the rules and this is lowering issuance volume from certain developers
- How can securitisation support small business funding as traditional bank financing channels become harder to obtain?
- Tapping into the interbank market: can asset backed notes attract more overseas investors and ease access to funding for SMEs?
- Emerging non-FI lenders: Profiling the landscape of issuers amid increasing regulatory scrutiny
- Blockchain and big data: can this help reduce origination risk by better vetting borrowers?
- International experiences in funding SME lending through securitisation
- 界定银行间市场与交易所市场，及相关规管架构; 定义资产支持票据及将其纳入银行间市场计划
- 随着国内市场扩张步伐放慢，2020年的整体发行量将会如何？ 市场主要的不利因素是什么？ 有利因素又是什么？
- 筹集资金用途为何？为何选择资产证券化作为融资手段？ 住宅地产，基础设施，商业地产，消费贷款，线上借贷，保理和租赁公司，中小型企业和大型公司，以及不良贷款
- 中国的RMBS市场与其他发达市场（如美国和欧洲）相比如何？ 是否有借鉴标准化和透明度俱佳的市场实践？
- 贷款方如何使用人工智能和大数据手段来分析借款人风险？ 借助大量的借款人评估指标，产品承销的决策过程是否得到显著改善？ 这是否会进而提升资产质量？
- 大数据如何改善ABS交易中的基础资产选择？ 评级机构是否会认可这一优势，从而给出更高评级？投资者会因此而给出更优价格吗？
- 评估P2P贷方的情况； 线上借贷有何可借鉴的实践操作？
- 利用区块链平台会提高产品评级吗？ 评级机构意见如何？
Martijn van der Molen
- 什么是应收款资产证券化？如何发行？ 借款人需要符合什么标准？必要的市场基础设施有哪些？
- 这些产品潜在的风险是什么？ 回顾近期资产表现和信用评级展望
- 每年发行超过200 亿美元的中国市场，还能被认为是"新兴市场"吗？
- 定义“ ESG”：ESG投资的合规要求及其主要特征，其全球化标准是否正在形成？
- 投资者 多元化
- 主要交易市场是银行间市场，这种体系存在的风险是什么？ 是否有举措正在通过扩大全球投资者范围来进一步降低银行体系风险？
- 债券通在这方面的作用几何？ 市场性质何时会发生本质改变？
- 在投资者保护方面，国内市场是否取得了重大进展？ 分析投资者、风险、和机遇
- 迄今为止有哪些投资策略？ 外国投资者是否需要在岸的合作方或者设立在岸办公室？
- 在北京和上海等一线城市，商业开发商正在寻求为现有房地产投资组合筹集资金，这一需求甚至超过了新建房屋需求。 这种趋势是否比去年更加明显？
- 政府鼓励企业和开发商去杠杆化。这导致开发商能得到的银行支持更少了。 他们转投于ABS。监管政策正在进一步收紧，这也降低了某些开发商的发行量
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Each of the Euromoney group companies that may contact you is a data controller in relation to the personal data that you have agreed to share with them. If you have any questions or concerns, you may contact the individual company, or us – using the contact details set out in the “Who We Are” section.
You can opt out from receiving such materials at any time.
The personal data we may use for advertising and marketing purposes includes your name, email address, job title, phone number, company name/employer, geo location, postal address and data collected using cookies and other similar technology (Please read our separate Cookies Policy to find out more about which cookies we use, how they work and how you can control your cookie options).
Marketing materials are sent electronically, by post and we may occasionally call you.
Online Targeted Advertising
We use targeted advertising on our websites to display advertisements that are relevant to what we believe are your interests. In order to deliver relevant advertisements, we use third parties to deliver cookies that collect information about your IP address and how you interact with our sites (e.g. browsing information, which articles you have read etc.). This data is used by the third parties to determine which advertisements may be of interest to you.
We may also share your personal data with third parties to deliver targeted advertising to you on other websites (e.g. Twitter Tailored Audiences or Facebook Custom Audiences). This could include your email address, cookie data, and information obtained from third parties. Third party cookies may also be used to enable us to target advertisements to you on other websites that you visit.
Lead Generation and Scoring
We occasionally use the services of trusted third parties in order to ensure that the personal data we use for advertising and marketing purposes is accurate and up-to-date. To do this, we transfer personal data of individual leads (such as name, email, job title, location and phone number) to these third parties who conduct research to verify the data – primarily against public information.
We also use algorithmic software technology to help us improve the quality and relevance of marketing activities. The personal data analysed by the software includes email address, phone number, job title, address, purchase history and account information. This allows us to provide meaningful offers that are relevant to your specific profile.
Surveys, Market Research & Customer Feedback
We want to understand the needs of our readers and customers. We may therefore use the information you provide us – including your name and contact details – to contact you to request your feedback, or to participate in our customer and market research.
Public forums, message boards and blogs
Some of the pages on our group websites may include message boards, blogs or other facilities for generating content from users. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to post any personal data. User generated content is also subject to our site Terms & Conditions.
Business or Asset Sale
If we sell a business or assets we may need to disclose your personal data to the prospective buyer of such business or assets.
If Euromoney, or any of our group companies is sold or sells our assets or is acquired by a third party, then personal data about our customers will be acquired by that third party. A transfer of your personal data in these circumstances would be necessary so that the services you have contracted for can still be delivered, or so that you can continue to enjoy the benefits of our free products and services. You will receive notice if a new controller assumes responsibility for your personal data.
Additional Third Party Disclosures
We may disclose your personal data to other third parties in the following situations:
- To third party partners who help us by providing services such as technology, marketing, advisory or other services. These third parties only receive encrypted data and may only process personal data to provide those services to us.
- Where we are required by law or regulation to do so. In each case we will seek, where practicable, to minimise the amount of data that is disclosed.
- If required to protect the rights and interests of other users and/or Euromoney and its affiliates (including our employees, agents and contractors), or as otherwise set out in our Terms & Conditions. This may include exchanging information with other companies and organisations for the purposes of fraud protection.
We may include small pixel tags (small image files) within the emails we send you in order to determine whether our emails are opened and/or whether the hyperlinks inside our emails are clicked through. We may also collect browser, location and the device used to engage with our email communications. This information allows us to better understand whether we are meeting our users’ needs and how we can improve our communications. No other information is collected. You can opt out of receiving our direct marketing emails either by following the instructions in each email, or by contacting us (see the “Who We Are” section of this Privacy Notice).
Some of the Euromoney group companies are based outside the European Economic Area (EEA). If you have consented to being contacted by our group companies, then the transfer of your personal data will be made according to the terms of an international data sharing agreement that contains obligations approved by European data protection regulators. Any of our group companies that receive your personal data will be co-controllers of that data, which means they may determine how they process your personal data – although they may only use it for the purposes for which it was shared, unless you are informed of new or additional processing activities.
We may also transfer personal data to third party service providers as described in this Privacy Notice which are located outside the EEA. Where we conduct these transfers, we take all steps necessary to ensure that your data is treated securely and in accordance with applicable privacy legislation, either by only sending your personal data to jurisdictions that provide an adequate degree of legal protection for your data or by imposing approved contractual terms on these third parties.
We have a data retention policy that ensures we don’t use or store your personal data for longer than necessary. We consider the following issues to determine retention periods:
- Guidance from the UK Information Commissioner or other regulatory agency, or industry best practice recommendations;
- The business rationale for collection and expiry of the purpose for which personal data was collected;
- Our ongoing ability to ensure the accuracy of the data; and
- Legal and regulatory requirements.
We may occasionally need to keep personal data for either shorter or longer periods than specified in our retention policy. In such circumstances, application of the retention period to the data will be temporarily suspended. The suspension of an applicable retention period will be carried out in a manner that respects the rights and interests of all persons concerned.
You can use our Preference Centre to select the topics that are of interest to you so that we can send you publications and information about our products and services that are especially relevant to you. You can also choose the channels we use to contact you (email, phone, post, etc.) and can also opt-out of receiving marketing communications.
You have certain rights in relation to your personal data which include the following:
Access & Portability
You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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