ABS East Virtual 2020
Virtual Event
December 1 - 2, 2020

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Description

During the uncertain times we continue to experience globally, the themes inherent to ABS East® are more relevant than ever as securitization will serve an integral part in the revitalization of the real economy post Covid-19. IMN is committed to helping the ABS community connect and learn, which will be key to helping the industry fulfill  this important role.

ABS East 2020 will take place virtually this December 1-2, delivering the same valuable and timely program content you've come to expect from our annual in-person gathering. While ensuring the health and safety of our valued industry members, the shift to a fully digital event will not only provide new and unique benefits through our virtual platform, but also enables an even wider global audience the opportunity to participate.

Our event platform provides sponsors and attendees with opportunities to network with industry peers, participate in live sessions, engage with expert speaker faculty, and watch additional content on-demand for added convenience.

Who Should Attend
  • Regulators
  • Fixed Income Investors
  • Issuers Funding via Debt Capital Markets
  • Underwriters/Structurers
  • Rating Agency
  • Analysts
  • Trustees
  • Servicers Technology Platform Providers
  • Analytics Firms

Issuers & Investors 1592

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Agenda

    Tuesday, December 1st, 2020

      8:30 AM
      Explore the Event Platform



      9:00 AM
      IMN & FIIN Welcoming Remarks



        • Jade Friedensohn, Managing Director (IMN)
        • Alessandro Pagani, ‎Vice President, Portfolio Manager, Head of Mortgage and Structured Finance; Chairman, FIIN (Loomis, Sayles & Company, L.P.)

      9:10 AM
      Red v. Blue (or some shade of Purple): Reviewing the Outcome of the Presidential and Congressional Election and Anticipating the Impact on Capital Markets

        • Comparing and contrasting majority Republican vs. Democrat control of the Executive Office, House and Senate on:
          • Approach to the consumer:
            • Distressed consumer credit collections;
            • Student loan forgiveness;
            • Assertiveness of servicing efforts;
          • The housing market:
            • Issuance of affordable housing loans
            • GSE reform
          • Regulatory environment:
            • Dodd Frank, Volcker Rule, Risk retention, Capital Reserve requirements
          • Bank propietary lending volume and appetite
          • Inflation and the impact on credit
          • Corporate and real estate tax implications and sectors most impacted (CMBS)
          • Impact on the value of the US Dollar vs. other currencies
          • Infrastructure spending
          • ESG as a priority
        • How might a stalemate in the Presidential election, i.e. no clear winner, affect our markets?


        • Reed Auerbach, Partner (Morgan, Lewis & Bockius LLP)
        • Manish Kapoor, CFA, Managing Principal, Vice Chairman (West Wheelock Capital; The Fixed Income Investor Network)
        • Lee Shaiman, Executive Director (LSTA)
        • Amy Sze, Managing Director (JP Morgan Securities LLC)
        • Kristi Leo, President (Structured Finance Association)
        • Richard Hopkin, Managing Director & Head of Fixed Income, Capital Markets (Association for Financial Markets in Europe (AFME))

      10:00 AM
      Tracking the State of the ABS Market throughout the Stages of COVID -19

        • After a slump in March and April, June through July was a period of stabilization trending towards improvement in issuance volume and asset performance. How will the year wrap up, and predictions for H1 2021?
        • Which sectors were hardest hit (retail, commercial real estate, corporate loans)? Which saw growth? (Certain restaurant sectors/ franchises)
        • Spotlight on: US housing and consumer trends; airline defaults; commercial real estate and special servicing; CRT


        • Jim Ahern, Managing Director - Global Structured Finance (Moody's Investors Service)
        • Cory Wishengrad, Senior Managing Director, Head of Fixed Income (Guggenheim Securities)
        • Winston Chang, Managing Director (S&P Global Ratings)
        • Mary Kane, Head of Securitized Products Research (Citi Global Markets, Inc.)
        • Joy Zhang, Executive Director (MSCI)
        • Somdutta Basu, Research (Morgan Stanley)

      10:50 AM
      Keynote Session Emerging Global Megatrends: 2020 Investment Themes and Preparing for the Next Decade

        • From demographic shifts to tech innovation and climate change, the coming decade promises to transform the world. What might we expect and how should investors adapt their long term investment strategy?
        • Reversal of globalization trends to a more regional/local collaboration
        • An end to decades long economic expansion
        • The weakening of monetary policy tools as a stimulant to the global economy
        • An aging global population and a growing middle class in developing countries
        • Climate change: extreme weather, rising sea levels and economic and political dislocations
        • Technology: Automation and impact on jobs; automated homes, cars and cities
        • Increased focus on ESG investment themes
        • Expanding global internet connectivity through space satellites
        Sponsored by:

        • Erikan Obotetukudo, Founder (Paper Trail Media)
        • Rupal J. Bhansali, Chief Investment Officer and Portfolio Manager (Ariel Investments)

      11:30 AM
      Exhibit Hall Networking Break



      Commence Tracks A-D

      • *A note on timings: we want you to stay engaged with the fantastic content we have on offer today from our superb speaker faculty.  Recognizing that a virtual conference is consumed differently, we want to enable you all to grab coffees, snacks, check emails and, dare we say, tend to children (!), therefore each panel includes a 15 minute buffer at its conclusion to allow you to take those breathers, stay charged and ready to go.

      Track A 12:00 PM
      Trends in the Leveraged Loan Sector: The Rise of Chapter 11 Filings in the High Yield and Leveraged Loan Market

        • Review of the recent bankruptcies (Hertz, Serta, Revlon) and lessons learned; how will these scenarios unfold?
        • Loosening documentation standards combined with aggressive companies and sponsors: are we paying for our sins from 2018?
        • Will the high yield bond market continue to dominate as the favored funding tool of choice for corporates in 2021?
        Meet the CLO Task Force at FIIN. Live Office Hours from 3:15pm - 4:15pm today.  Drop in and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the CLO and Leveraged Loan market. 

        • Frank Top, Partner (Chapman and Cutler LLP)
        • Dr. Lewis Z. Liu, Co-Founder & Chief Executive Officer (Eigen Technologies)
        • Chris Padgett, Associate Managing Director (Moody's Investors Service)
        • Lauren Macksoud, Senior Managing Associate (Dentons)
        • Michelle McGreal, Partner (Clifford Chance)
        • Michael Chaisanguanthum, Director (Credit Suisse Asset Management)

      Track B 12:00 PM
      The Center of the Storm: Commercial Real Estate Market Trends

        • Future of office reopening and implications for CRE values
        • Retail/hotel and leisure sector slump; how bad is it for the CRE market?
        • How will office space be re-imagined amid the move to remote work?
        • How much will be permanent and how much is changing?


        • Jonathan Arkins, Partner (King & Spalding LLP)
        • David Salz, Director - Data Strategist (Moody’s Analytics)
        • Michael Flood, Senior Vice President, Commercial/Multifamily Policy and Member Engagement (Mortgage Bankers Association)
        • Jane Lam, Executive Director (Morgan Stanley)
        • Natalka Chevance, Director (S&P Global Ratings)
        • Christopher Crovatto, Chief Executive Officer (Foundation Commercial Real Estate Funding)

      Track C 12:00 PM
      Are Free Markets Still Free? Exploring the Impact of Government Intervention

        • What is the government view on the process they went through and how did they come up with the solutions at the speed that they did?
        • What were some of the overlooked sectors? CLOs for TALF, Online lenders, Aviation, SME lenders, and other assets that are still distressed.
        • The government has publicly stated that it will do whatever it takes to support the market, what are the plans to support the market in the event of another major wave?
        • Has the government reaction to COVID socialized capital markets? Are free markets are not free anymore?
        • TALF uptake was so low, yet senior ABS spreads are back to what they were before. Does the market pricing match the real risk?
        • Which government programs were most effective? TALF, primary dealer credit facility, money market facility.


        • Lara Daly-Sims, Partner (Chapman & Cutler)
        • John Lynch, Chief Executive Officer (PCMA Private Client Lending)
        • Ann Rutledge, Chief Executive Officer (Creditspectrum Corp)
        • Dan Wohlberg, Director (Eagle Point Credit Management)
        • Laila Kollmorgen, Managing Director (PineBridge Investments)

      Track D 12:00 PM
      ESG Principles in ABS Investing

        • As passive investing is crushing manager fees, can ESG be a potential growth area for asset manager AUM?
        • 2018 -2019 ESG issuance volume trends in equities, sovereign and corporate debt hit all-time highs: when we will see an uptick in ESG ABS volume? Where do obstacles remain? How do you evaluate a huge and heterogenous pool of collateral?
        • Is it possible to integrate ESG factors into legacy deals, such as legacy RMBS?
        • Understand the E characteristics for ABS:
          • Factoring in % exposure to areas affected most by climate change and natural disasters (hurricanes, wildfires, earthquakes in Florida and California)
        • Understanding the S and G characteristics for ABS:
          • Non usurious lending rates, conscientious underwriting and borrower selection criteria, good investor protections; underwriting documentation to protect borrower (Dodd Frank ATR), adequate servicing (backup servicer naming), affordable housing
        • Are investors requiring additional risk premium on deals that are non-ESG? If so, how much and how widespread is the practice?
        Meet the ESG ABS Task Force at FIIN. Live Office Hours from 3:00pm - 4:00pm tomorrow (December 2).  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives focused on ESG for ABS.

        • Nathan Gabig, Managing Director (KPMG LLP)
        • Kruti Muni, Managing Director - Structured Finance (Moody's Investors Service)
        • Kathryn Weiss, Associate - Corporate, Finance and Investments (King & Spalding LLP)
        • Aoiffe McGarry, Managing Director (Citi)
        • Manish Kapoor, CFA, Managing Principal, Vice Chairman (West Wheelock Capital; The Fixed Income Investor Network)
        • Robert McDonough, Director of ESG and Regulatory Initiatives; Secretary (Angel Oak Capital; Fixed Income Investor Network)

      12:45 PM
      Log-in Luncheon, Networking at the Sponsor Booths, and Investor Issuer Speed Dating

      • Use this time to visit with our sponsors in the Exhibit Hall and enter to win raffle prizes, download great sponsor thought leadership resources, or watch any earlier panels you missed.  Investors and Issuers, Let's Get Dating! Connect with your fellow investor and issuer community  through a series of spontaneous one-on-one video meetings. Over one hour, participants will join approximately 6 unique, intelligently matched 9-minute video calls. Using an AI-powered algorithm, meetings are created on the fly, based on profile and interests. No advanced prep required. Registration for this event will be available on the virtual conference platform, and is limited to those on the buy side or issuers of ABS only.  

      12:45 PM
      FIIN Office Hours: Meet Women@FIIN

      • 12:45PM - 2:00PM EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the Women@FIIN Committee: https://www.thefiin.org/about/women-fiin-committee.html

        • Jade Friedensohn, Managing Director (IMN)
        • Molly Whitehouse, Director & Portfolio Manager (Newmarket Capital)
        • Laila Kollmorgen, Managing Director (PineBridge Investments)
        • Kyra Fecteau, VP, Portfolio Manager, Securitized Credit Strategist - Mortgage & Structured Finance (Loomis, Sayles & Company, L.P.)
        • Amy Hauter, Portfolio Manager & Head of Sustainable Fixed Income Investing (Brown Advisory)

      Track A 1:30 PM
      The Little Engine that Could: The Role of CLOs in Pulling Along an Economic Recovery

        • Defining the role of CLOs as an important aid in COVID recovery
        • Outlook for bank lending and how CLOs can help fund the gap
        • How have CLOs performed during this crisis? Did the rated notes perform as they were supposed to?
        Meet the CLO Task Force at FIIN. Live Office Hours from 3:15pm - 4:15pm today.  Drop in and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the CLO and Leveraged Loan market. 

        • Amit Roy, Head, US CLO New Issue (Goldman Sachs)
        • Ryan Suda, Partner (Mayer Brown LLP)
        • Sonal Patel, Managing Director (Ocorian)
        • Amir Vardi, Managing Director, Head of Structured Credit (Credit Suisse Asset Management)
        • Shan Lai, Vice President and Senior Analyst (Moody's)
        • Michelle Manuel, Credit Investments (Investec Bank Plc)

      Track B 1:30 PM
      Housing Market Trends

        • Mortgage origination volume outlook amid unprecedented rates and surging demand
        • Shifting demographics from cities to suburbs and impact on real estate value in cities vs. suburbs
        • COVID delays and other challenges for new construction supply and pipeline
        • Impact of the Congressional and Presidential election on GSE reform, lender regulation and affordable housing initiatives
        Meet the RMBS Task Force at FIIN. Live Office Hours from 4:15pm -5:15pm today.  Drop on and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the MBS market. 

        • Amy Williams, Partner (Hunton Andrews Kurth LLP)
        • Mark Fontanilla, Consultant; Founder (DBRS Morningstar; Mark Fontanilla & Company, LLC)
        • Luisa De Gaetano, Associate Managing Director (Moody's Investors Service)
        • David Zhang, Managing Director (MSCI)
        • Jeffrey Johnson, Partner (Morgan, Lewis & Bockius LLP)

      Track C 1:30 PM
      Small & Medium Sized Business Financing: Providing a Lifeline to Those Hardest Hit

      • *Please note this session and all speaker comments are to be treat as 'Off the Record'.
        • The role of private lending filling the gap from bank financing to SMEs
        • What are the biggest lifelines to those hardest hit? 
        • What are the effects of those lifelines during the Covid-19 pandemic?
        • Are there gaps in lifelines from government programs?
        • Where does lending to SMEs go from here? 


        • Jerry van Koolbergen, Managing Director (DBRS Morningstar)
        • James Intermont, Principal (Atalaya Capital Management LP)
        • Colin Behar, Portfolio Manager (Prytania Asset Management)
        • Arlene Shaw, Managing Director, Treasury (Brightwood Capital Advisors, LLC)
        • Greg Branch, Partner, Chief Investment Officer (SCIO Capital LLP)

      Track D 1:30 PM
      Let the Sunshine In: Solar Lease and Loan ABS

        • Solar Securitization - Review of recent transactions (Sunnova, Mosaic, Loanpal), and expectation for issuance going forward. Trends and challenges, deal structures, innovative features, investor appetite etc.
        • Reviewing the solar investment tax credit (ITC) and the step-down of the solar ITC. What impact will this have on solar project development and the solar industry overall?
        • Residential Solar – with recent Solar ABS transactions, institutional investors are getting more comfortable with this class of ABS.  How has the investor profile evolved and what appetite has there been for recent transactions?  Is Solar ABS becoming more mainstream?
        • Community Solar makes solar accessible to a larger segment of the population – so what is holding back the exponential growth?  How has solar storage capabilities improved?  What sources of financing is available?
        • How does Solar compare to other Green Assets? What obstacles are issuers facing coming to market post-Covid?
        • Outlook for Distributed Solar: How are utilities responding?
        • Technological advancements helping boost the solar industry and Investor confidence.
          Meet the ESG ABS Task Force at FIIN. Live Office Hours from 3:00pm - 4:00pm tomorrow (December 2).  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives focused on ESG for ABS.

        • Cecil Smart, Managing Director (Kroll Bond Rating Agency)
        • Katrina Niehaus, Managing Director (Goldman Sachs)
        • Jan Stewart, Partner (Mayer Brown LLP)
        • Alex Kaplan, Senior Director, Capital Markets (Mosaic)
        • Beth Starr, Managing Director (Credit Agricole)

      2:15 PM
      Exhibit Hall Networking Break*

      • Sponsor Meet and Greet:  Visit the Virtual Exhibit Hall to chat with company experts at their booths, download resources, and schedule 1:1 meetings. Live Issuer Presentation:  Join Goal Solutions’ Chairman and CEO, Ken Ruggiero, to hear the latest about student loans and the issuance plans for their Ascent Funding platform. Link to join on the Hubb agenda.

        • Ken Ruggiero, Chairman & Chief Executive Officer (Goal Structured Solutions)

      Track A 2:30 PM
      Trends in the CLO Sector: CLO Manager Consolidation

        • As we have entered a recession, will some managers be able to print again?
        • What are the common characteristics of those that will survive?
        • What is their strategy going forward to survive? Merger, new sources of funding?
        • Of the platforms that issued, what did their deal really consist of? Were they just warehouses where investors were already on the hook? What opportunistic deals might we see?
        Meet the CLO Task Force at FIIN. Live Office Hours from 3:15pm - 4:15pm today.  Drop in and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the CLO and Leveraged Loan market. 

        • Rebecca O'Brien, Associate (Clifford Chance US LLP)
        • Richard Gordon, Managing Director (Ocorian)
        • Jonathan Kitei, Senior Managing Director (Nearwater Capital)
        • Andrew Ross, Senior Director, Investment Risk and Structured Products (Pacific Asset Management)
        • Chris Saltaformaggio, Senior Director (New York Life Investors)
        • Oliver Wriedt, Strategic Advisor (SCIO Captial)

      Track B 2:30 PM
      Private Label RMBS including Non QM

        • Why did government support programs leave out PLS RMBS securities and servicer advances?
        • How servicers handled payment deferrals
        • Update on payment deferrals vs. true defaults
        • Comparing the risk profile of non QM vs. CRT given different duration of the forbearance programs for private issuers vs the GSEs
        Meet the RMBS Task Force at FIIN. Live Office Hours from 4:15pm -5:15pm today.  Drop in and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the MBS market. 

        • Eric Kaplan, Chair, RMBS Task Force (Fixed Income Investor Network (FIIN))
        • Lee Askenazi, Partner (Clifford Chance US LLP)
        • Susan Hosterman, Senior Director, North American RMBS and Covered Bonds (Fitch Ratings)
        • Kaustub Samant, Vice President (JP Morgan Securities LLC)
        • Diane Moormann, Vice President, Master Servicing (Nationstar Mortgage)

      Track C 2:30 PM
      The BioHealth Boom: An Emerging Asset Class

        • What is biohealth? 
        • Where are the investment opportunities if you are new to this sector? 
        • Equity and non-equity cashflows: Where is the source? How to improve investor confidence
        • Intellectual Property: Convertible bonds and licensing/royalty transactions


        • Faye Sahai, Partner; Managing Director (Mirai Global; Vinaj Telosity)
        • Andrea Alms, Fund Manager (BioHealth Capital Fund)
        • Dima Mostovoy, Director (KKR)
        • Hans Thomas, Founder / Executive Director (10X Capital & 1/0 Capital)

      Track D 2:30 PM
      How Green is C-PACE?

        • How green is the C-PACE market? Do products fit the green requirements, and how do data and analytics support the thesis? Do investors buy the ‘green’ story?  What more can be done to safeguard the future of this industry?
        • Regarding product origination, what factors have both driven volume and given market participants pause? How does local government involvement help or hurt the industry?
        • Origination of PACE Assets and Securitization: Where is asset volume coming from and what’s really happening with securitization issuance? 
        • Investor Considerations: How does the ABS market view collateral and economic developments?
        • C-PACE – Covid-19 proofing commercial property is essential with businesses returning to work. Is this part of C-PACE?  What factors come into play for non-energy-related factors?


        • Joseph Lau, Chief Operating Officer (Lord Capital LLC)
        • Alexandra Cooley, Chief Operating Officer & Co-Founder (Greenworks Lending)
        • Susan Morth, Chief Executive Officer (EIC NY PACE)
        • Jamie Kocis, Partner, Deputy Chair, Corporate (Kramer Levin)
        • Stephanie Mah, Vice President, Structured Finance Research (DBRS Morningstar)
        • Tom Denkler, Managing Director, Head of Structured Products (AIG)

      3:15 PM
      Exhibit Hall Networking Break*

      • Raffle Time! Visit the Virtual Exhibit Hall to enter to win great prizes.

      3:15 PM
      FIIN Office Hours: CLO Task Force

      • 3:15pm - 4:15pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the CLO Task Force:  CLO investors and managers currently make up the largest cohort of the FIIN membership. The Task Force works to address the unique challenges facing this asset class since it is still largely misunderstood by regulators, policy makers, and even many allocators. Dan Wohlberg, Director, Eagle Point Credit Management serves as Chair.

      Track A 3:30 PM
      LIBOR Cessation: Is the Loan Market Ready?

        • How much work remains to be done on replacement rate adoption in the loan market?
        • Given the size, heterogeneity and complicated nature of the credit agreement amendment process, is it feasible to expect this will get done by the looming deadline?
        • Term rate mechanics on fallback rate; what more needs to be done?


        • Stephen Kudenholdt, Partner and Head of Structured Finance (Dentons)
        • Mary Beth Fisher, Managing Director, Senior Investment Strategist (Amherst Pierpont)
        • Dr. Simone Bohnenberger-Rich, Global Head of Financial Services (Eigen Technologies)
        • Eileen Hughes, Vice President, Transaction Management (Wilmington Trust)
        • Meredith Coffey, Executive Vice President of Research & Analysis (LSTA)
        • Nitish Idnani, Advisory Principal (Deloitte & Touche LLP)

      Track B 3:30 PM
      The CRT Market

        • How are the GSE CRT programs faring?
        • Factors contributing to slowing issuance volumes
        • How does recent CRT sector performance compare to all other sectors?
        • Does the future of GSE CRT programs look promising or are there major clouds on the near horizon?
        • Is the dealer community incentivized to provide liquidity support for lower tranches?
        • What opportunity does CRT present against a booming housing market with high demand?
        Meet the RMBS Task Force at FIIN. Live Office Hours from 4:15pm -5:15pm today.  Drop in and share your thoughts with the buy side and learn about recent FIIN initiatives focused on the MBS market. 

        • Andy Davidson, President (Andrew Davidson & Co., Inc.)
        • Roger Ashworth, DIRECTOR, Research Strategist (Citi)
        • Charlotte Gladwin, Director, Single-Family Credit Risk Transfer (Freddie Mac)
        • Janet McCrae, Partner (Hunton Andrews Kurth LLP)
        • Rachel Noonan, Senior Director (Fitch Ratings)
        • Nicholas Sapirie, VP, Capital Markets (Fannie Mae)

      Track C 3:30 PM
      BioHealth Crystal Ball: Securitization, Covid-19 and Political Analysis

        • Securitization as a tool to scale up business models
        • Economic impact of an election year and the pricing of pharma on this asset class
        • Growth of bioscience CMBS/real estate for long-term healthcare research needs and medical facilities
        • Social aspects of hospital finance: The new normal living with Covid-19


        • Rich Bendis, President & CEO (BioHealth Innovation, Inc.)
        • Pete Briskman, Executive Managing Director (JLL)
        • Ann Rutledge, Chief Executive Officer (Creditspectrum Corp)

      Track D 3:30 PM
      Aircraft ABS

        • Status check on airline performance amid decreased leisure and business travel
        • How the future of work travel will impact airlines
        Meet the Private & Commerical ABS Task Force at FIIN. Live Office Hours from 2:00pm - 3:00pm tomorrow (December 2).  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives focused on Private & Commerical ABS.

        • Keith Allman, Managing Director (MUFG)
        • Robert Sheldon, Managing Director (Deutsche Bank)
        • Radha Tilton, Managing Director (Goldman Sachs)
        • Bharat Chandrasekaran, ABS Trading (Morgan Stanley)
        • Cathy Oh, Senior Director (Fitch Ratings)

      4:15 PM
      FIIN Office Hours: RMBS Task Force

      • 4:15pm - 5:15pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the RMBS Task Force:  RMBS investors represent a large percentage of FIIN's membership. The group considers GSE reform, private label issuance, QM patch, and other regulatory and policy issues that impact investors. Eric Kaplan, Director, Housing Finance Program, Milken Institute - Center for Financial Markets  Chairs the RMBS Task Force.

      4:15 PM
      Round Robin Happy Hour: Meet 1 on 1 with Your ABS Peers

      • Connect with your fellow ABS East attendees through a series of spontaneous one-on-one video meetings. Over one hour, participants will join approximately 6 unique, intelligently matched 9-minute video calls. Registration to this event will be made available on the virtual conferenece platform during the live event. How it Works: MEET SOMEONE NEW Make new and interesting connections! SMART MATCHMAKING Our AI-powered algorithm creates meetings for you on the fly, based on your profile and interests. No advanced prep required. HOP FROM ONE CONVERSATION TO THE NEXT We make it easy to meet new people quickly, exchange ideas and circle back when the match is a great one.   Note: Attendees of this session must join the event on a laptop or desktop with Chrome or Firefox. No phones or tablets. 

        This event is for registered attendees of ABS East Virtual 2020 only.    Note: Attendees of all specialty networking sessions must join on a laptop or desktop with Chrome or Firefox. No phones or tablets.

      5:15 PM
      Day One of ABS East Virtual 2020 Concludes



    Wednesday, December 2nd, 2020

      9:00 AM
      Explore the Event Platform



      9:30 AM
      Keynote Session: The Rising Importance of ESG Principles in Investing

      • Hosted By: 
        • What are the three verticals of getting ESG ‘right’, and how do they interrelate?
        • ESG as a pathway promoting female leadership in finance; rising number of funds focused on ESG being founded by women
        • Why care about ESG? What are the main sources of demand (market, regulatory, client driven)?
        • Understanding the substance of E, S, and G and how do they inter- relate? It is not just a set of rules and data, but more nuanced. Can this be a strength rather than a challenge for ABS given the inherent inter- related nature of securitized assets?
        • Where are the greatest opportunities for investors and what questions should practitioners be asking? What is the upside opportunity from an investment perspective if ESG can be applied correctly?
        • What opportunities for ESG application have been created by the COVID crash? How can ESG mitigate the downside risk during periods of volatility? 
        • What about Diversity & Inclusion integration? 
        • Implications of the differentiation and opportunity for performance enhancement of the assets
        • Key takeaways from Europe on introducing ESG principles in investing
        Meet the ESG ABS Task Force at FIIN. Live Office Hours from 3:00pm - 4:00pm today.  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives.focused on ESG for ABS..  

        • Amanda Pullinger, Chief Executive Officer (100 Women in Finance)
        • Leslie Picker, Reporter (CNBC)
        • Emily Chew, Global Head of Sustainability (Morgan Stanley Investment Management)
        • Chrissa Pagitsas, Head of Enterprise Environmental, Social, Governance (ESG) (Fannie Mae)
        • Tina De Baere, Head of ESG and Macro Strategy (Cairn Capital)

      10:15 AM
      Road to Recovery: Investment implications in a Post Pandemic, Low Yield World

      • Hosted by the Fixed Income Investor Network (FIIN)
         
        • How long can we expect rates to remain depressed?
        • What will be the new norm for returns? 2% - 3%? 1.5%?  How will lowered expectations affect allocation strategy in the near/long term?
        • Will investors be forced to go longer out on the curve?
        • How are asset managers communicating with investors and managing expectations?
        • Are any new products emerging that really should not exist due to the search for yield?
        • Future of active asset management vs. passive; how will managers differentiate themselves?
        • Fading attractiveness of traditional Fixed Income as an asset class given ~30% of global debt yielding <0
        • What are some of traditional Fixed Income asset classes providing relative value opportunities?
        • What are some of alternatives and “plus” sectors in Fixed Income investing?
        • What are some of the relative value opportunities across assets classes? Case in point, currently equity dividend is much attractive vs. bond yield making high dividend stocks a good surrogate for income sourcing.
        • With a humongous long-term global policy (liquidity) put in place, what are some of medium to longer term implications including potential inflation risk and how do we manage those risks?
          Meet the Education and Advocacy Committees at FIIN. Live Office Hours from 11:45am -12:45pm today.  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives.

        • Steven Abrahams, Senior Managing Director (Amherst Pierpont Securities)
        • Jayesh Bhansali, Chief Investment Officer (IRIQIV)
        • Madhur Duggar, Vice President (New York Life Insurance)
        • Alessandro Pagani, ‎Vice President, Portfolio Manager, Head of Mortgage and Structured Finance; Chairman, FIIN (Loomis, Sayles & Company, L.P.)
        • Angelique Pieterse, Senior Director (PGGM)
        • Vishwanath Tirupattur, Managing Director (Morgan Stanley)

      11:00 AM
      Assessing the Liquidity of the Structured Credit Market in a Time of Crisis and the Future of Trading

        • Structured credit products still suffer from perceived illiquidity compared to corporate credit despite record trading volumes. Why?
        • Bank perspectives on the activity levels of their CLO/ABS/MBS trading books since the March shutdown
        • Future of our markets from a trading perspective: Is there enough info out there to allow you to trade electronically?
        • Overview of trading volumes versus pricing trends on the busiest days of the week (Wednesday, Thursday)
        • Is the inverse relationship between trading volume and prices a sign that manual trading could not keep up with increased demand? What do traders think?
        • Could traders effectively handle the increased volume and execute in a timely manner?
        • How does this compare to the stock market where typically, the highest prices happen on the busiest trading days?


        • Mario Rivera, Managing Director; Board Member (Fortress Investment Group; FIIN)
        • James Vogl, CFA, Head of Product (KopenTech)
        • David Sklar, Director, Head of ABS & Non-Agency RMBS Trading, BofA Securities (Bank of America)
        • Brian Kustrup, ABS Trader (Credit Agricole CIB)
        • Patricia Antonios, Director (Eagle Point Credit Management)
        • Michelle Williamson, Executive Director, Agency Mortgages (Mizuho Securities USA LLC)

      11:45 AM
      FIIN Office Hours: Meet the Leadership of FIIN

      • 11:45am - 12:45pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the Leadership of FIIN: Join FIIN's Head of Operations and various members of the Executive Committee to learn about upcoming educational and editorial initiatives. Drop by to suggest areas of focus for FIIN, or just to learn more about the organization's mission and structure.

      11:45 AM
      Exhibit Hall Networking Break

      • Join Kensignton Mortgages' Alex Maddox for a live issuer presentation during this programming break. Link to join within the Hubb Platform.

        • Alex Maddox, Capital Markets Director (Kensington Mortgages)

      Commence Concurrent Tracks A-D

      • *A note on timings: we want you to stay engaged with the fantastic content we have on offer today from our superb speaker faculty.  Recognizing that a virtual conference is consumed differently, we want to enable you all to grab coffees, snacks, check emails and, dare we say, tend to children (!), therefore each panel includes a 15 minute buffer at its conclusion to allow you to take those breathers, stay charged and ready to go.

      Track A 12:15 PM
      Trends in the CLO Sector: Sector Opportunities and Risks

        • Which are the most COVID -impacted sectors?
          • Rideshare services;
          • Airlines;
          • Hospitality & Leisure
        • When do we get back to 2019 issuance levels, or is this the new permanent state?


        • Tricia Hazelwood, International Head of Securitized Products (MUFG)
        • Adrienne Dale Burns, Portfolio Manager (MidOcean Credit Partners)
        • Olga Chernova, Chief Investment Officer (Sancus Capital Management)
        • Laila Kollmorgen, Managing Director (PineBridge Investments)

      Track B 12:15 PM
      CMBS Investing

        • What are some of the more promising opportunities in CMBS investing?
        • Does this sector actually have the best opportunity given attractive Cap rates amid a low yield environment?
        • When paper money is devaluing due to lack of fiscal discipline and central bank easing; ca CMBS coupons be a temporary safe haven given liquidating the 70% of the CMBS assets will take years?
        • Arguing for the value of the conduit and single asset single borrower trade
        • Pricing action as an indicator of bull vs. bear investor sentiment
        • CMBS servicer concerns: is there systemic risk as servicers must advance the P&I throughout the forbearance period? Are CMBS servicers inherently more vulnerable throughout the forbearance period than their residential peers? Is additional backup needed here?


        • Leon Tatevossian, Adjunct Professor, Financial Mathematics and Engineering (NYU Courant and NYU Tandon)
        • Avner Husen, Managing Director (Fortress Investment Group)
        • Ralph Saturne, Senior Research Analyst (Income Research + Management)
        • Roy Chun, Managing Director, CMBS Surveillance (Kroll Bond Rating Agency)
        • Erin Stafford, Managing Director, Head of North American CMBS (DBRS Morningstar)
        • Elizabeth Crawford, Co-head, Securitized Products Division Head, Securitized Research (TCW)

      Track C 12:15 PM
      Sector Snapshots: Unsecured Consumer ABS

        • Despite challenged technical, performance has held up. Is this due to a change in consumer behavior since the GFC? Are we witnessing a more responsible consumer since 2008? Or is it simply government assistance propping up performance?
        • Is there a change in consumer behavior related to COVID (i.e lower credit card bills due to changed lifestyle changes/staying at home)?
        • Supply/demand going forward in a portfolio world
        Meet the Consumer ABS Task Force at FIIN. Live Office Hours from 1:00-2:00pm today.  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives focused on Consumer ABS.

        • Patrick Collins, Vice President (Goldman Sachs)
        • Felix Zhang, Managing Director (Ares Management)
        • Harry Kohl, Director (Fitch Ratings)
        • Rosemary Kelley, Sr Managing Dir & Head of ABS (Kroll Bond Rating Agency)
        • Priya Desai, Senior Vice President (-)
        • Pooja Shendure, Principal (Atalaya Capital)

      Track D 12:15 PM
      Building Deals Tailored to Suit: The Rise of Private Debt and Asset Based Lending

        • Private credit is ‘made to order’, which is not possible in a syndicated deal: what are the opportunities, underwriting and triggers in a new world environment? 
        • Is there big opportunity to step in parts of the market where banks are stepping away, and focus on private debt transactions?
        • Does the ability to customize triggers and safeguards in case of another bump in the road (stimulus goes away), offers better protection from a collateral standpoint?
        • Not just middle market: What are the assets being financed across the consumer, commercial, and specialty finance sectors? 
        • COVID sector: Can private debt finance PPE such as the importing of masks and hand sanitizers? Is this a sustainable asset class?
        • What are the potential downsides to private debt? Illiquidity, 2-3 year timelines
        Meet the Private & Commercial ABS Task Force at FIIN. Live Office Hours from 2:00pm - 3:00pm today.  Drop in and share your thoughts with the buy side, and learn about recent FIIN initiatives.focused on private and commercial ABS..

        • Brian Herr, Managing Director (Exos Financial)
        • Nelson Chu, Founder & Chief Executive Officer (Cadence)
        • John Timperio, Partner (Dechert LLP)
        • Eriko Aron, Managing Director (SCIO Capital LLP)

      1:00 PM
      Log-in Luncheon & Women's Power Hour

      • Women’s Networking Power Hour,  co-hosted by: A strong professional network is the single most powerful tool for women’s advancement. Over one hour, participants will join approximately 6 unique, intelligently matched 9-minute video calls with fellow women in the industry for the purpose of fostering new connections. Registration for this event will be made available on the virtual conference platform. MEET SOMEONE NEW Make new and interesting connections! SMART MATCHMAKING Our AI-powered algorithm creates meetings for you on the fly, based on your profile and interests. No advanced prep required. HOP FROM ONE CONVERSATION TO THE NEXT We make it easy to meet new people quickly, exchange ideas and circle back when the match is a great one. Note: Attendees of this session must join the event on a laptop or desktop with Chrome or Firefox. No phones or tablets. 

        This event is for women who are registered attendees of ABS East only.   

      1:00 PM
      FIIN Office Hours: Consumer ABS Task Force

      • 1:00pm - 2:00pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the Consumer ABS Task Force:  The Consumer ABS Task Force address asset types including auto loans, credit card receivables, student loans and other consumer related instruments.  The Task Force is Chaired by Jack Ervasti, Consumer Investments ABS, Global Atlantic Financial Group.

        • Jack Ervasti, Vice President (Global Atlantic Financial Group)

      2:00 PM
      FIIN Workshop: What Asset Owners Need to Know about ABS Performance in Times of Crisis

        • Evaluating collateral performance during times of market and consumer stress
        • Understanding deal workouts and bankruptcy procedure
        • Due diligence best practices for selecting your ABS Asset Manager
        Hosted by the IMDDA and FIIN  

        • Daniel Strachman, Co-Founder (IMDDA)
        • Joseph Lau, Chief Operating Officer (Lord Capital LLC)
        • Olga Chernova, Chief Investment Officer (Sancus Capital Management)
        • Mario Rivera, Managing Director; Board Member (Fortress Investment Group; FIIN)

      Track A 2:00 PM
      Trends in the CLO Sector: Private Equity Update

        • CLO investors: what has private equity been doing?
        • CLO investors cannot hold bridge loans for bankrupt companies; does this create inherent advantage for private equity entrants to fill the financing void? What are they asking for in return in terms of seniority investor status?
        • Does this leave CLOS at an inherent disadvantage? What could be the possible solutions to this imbalance?
          • Make CLO documentation more permissive to allow CLOs to hold bridge loans; esp. impt if we expect and increased number of defaults
          • Start regulating Private Equity


        • Thomas Majewski, Managing Partner & Founder (Eagle Point Credit Management)
        • Wynne Comer, Chief Operating Officer (AGL Credit Management LP)
        • Obinna Eke, Principal (Apollo Global Management)
        • Don Young, Partner (CBAM Partners, LLC)
        • Yvonne Stevens, Managing Partner (HalseyPoint Asset Management)

      Track B 2:00 PM
      Servicer Advance Financing

        • How are the independent servicers faring given widespread payment forbearance uptake?
        • Are commercial real estate servicers in bigger jeopardy than residential?
        • Are there any potential plans for government intervention should many independent servicers start to fail?


        • Alan Todd, Managing Director, Head of U.S. CMBS Strategy (BofA Global Research)
        • Rudene Haynes, Partner (Hunton Andrews Kurth LLP)
        • Michele Olds, Senior Vice President, Master Servicing (Nationstar Mortgage / Mr. Cooper Group)

      Track C 2:00 PM
      Sector Snapshots: Auto ABS

        • Ratings actions, collateral performance, issuance outlook, liquidity challenges


        • Jennifer Thomas, Senior Consumer ABS Analyst (Loomis, Sayles & Company, L.P.)
        • Margaret Rowe, Senior Director (Fitch Ratings)
        • Amy Martin, Senior Director (S&P Global Ratings)

      Track D 2:00 PM
      Sector Snapshots: ABCP

        • Ratings actions, collateral performance, issuance outlook, liquidity challenges


        • Theresa Kradjian, Partner (Morgan, Lewis & Bockius LLP)
        • Aditya Reddy, Managing Director (MUFG)
        • Matthew Grimes, CFA, Managing Director (Wells Capital Management)
        • Ronald Flynn, Executive Director (J.P. Morgan Securities LLC)

      2:00 PM
      FIIN Office Hours: Private & Commercial ABS Task Force

      • 2:00pm - 3:00pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the Private & Commercial ABS Task Force:  This group covers assets that Include equipment leasing, receivables factoring, aircraft, and other off the run areas that are not covered by CLOs, RMBS, Consumer, or CMBS.  Brian Herr, Managing Director, Exos Financial is the Chair.

      2:45 PM
      Exhibit Hall Networking Break

      • LAST CHANCE TO ENTER TO WIN RAFFLE PRIZES! Visit the Virtual Exhibit Hall before the conference concludes to chat with company experts at their booths, download resources, and schedule 1:1 meetings.

      Track A 3:00 PM
      Volcker Rule Update

        • What are the major changes of note since the October 1st update?
        • How have the changes to Volcker rule played into the markets since?
        •  Within CLOs, will bonds come back?
        • What are the implications across other ABS products?


        • John Murphy, Partner (DLA Piper)
        • Linda Bartosch, Associate (Dechert LLP)
        • Elliot Ganz, General Counsel and Chief of Staff (LSTA)
        • Viravyne Chhim, Senior Vice President (GSO)

      Track B 3:00 PM
      SFR Investing

        • Which operators have successfully pinpointed areas of growth and increased demand?
        • How can ABS investors differentiate operator strategy and benefit from the population migration trend towards single family homes?
        • Which geographic  areas are poised for most growth? (Atlanta, Florida, the Carolinas)
        • How do you tailor new investments to an understanding of post COVID lifestyle changes?


        • Ricardo Rivera Saad, Vice President (Morgan Stanley)
        • Caroline Chen, Senior Vice President (Income Research & Management)
        • Mukund Narayanan, Director (Fortress Investment Group)
        • Anna Deriy, Vice President, RMBS (DBRS Morningstar)
        • Beth O'Brien, Chief Executive Officer (CoreVest)
        • Daniel Choquette, Senior Managing Director (Cerberus Capital Management)

      Track C 3:00 PM
      Sector Snapshots: Online Lending

        • What is the latest in bank partnership agreements and funding models for online lenders?
        • How large of a role did online lenders play in the PPP program? Were they held back from helping more?
        • Update on the performance of the collateral since the start of the pandemic and economic shutdown; how have these loans fared versus other consumer ABS asset classes?
        • Fintech lenders were left in the cold by government. TALF had no support for CLOs. Same thing with SME ABS. Handful of originators like, who are not SBA Backed and are funding small business. Why no support from the government?


        • Amanda Baker, Partner (Mayer Brown LLP)
        • Rohit Arora, Chief Executive Officer & Co-Founder (Biz2Credit)
        • Justin Burns, Principal (Atalaya Capital Management LP)

      Track D 3:00 PM
      China: How Has the Economy Emerged post COVID?



        • Jian Hu, Managing Director & Head of New Ratings for US Corporate Asset Securitization (Moody's Investors Service)
        • David Zhang, Managing Director (MSCI)
        • Raymond Chen, Co-Secretary General (CAF100)
        • Yunwen Zeng, General Manager - Asia Pacific (Intex)
        • Paul Gruenwald, Global Chief Economist (S&P Global Ratings)

      3:00 PM
      FIIN Office Hours: ESG Task Force

      • 3:00pm - 4:00pm EST During open office hours, you can drop in and meet the various committees and task forces of the Fixed Income Investor Network.  1. Discover what FIIN is working on 2. Suggest areas of focus and events  3. Learn how you can join FIIN and get involved About the ESG Task Force:  ESG has emerged as a factor for investment decisions on par with traditional criteria. The Task Force concerns itself with advancing ESG by engaging the investors on best practices, initiatives in the broader investment universe in the US and globally, as well as regulatory developments.  Rob McDonough, Director of ESG and Regulatory Initiatives, Secretary FIIN; Angel Oak Capital  serves as Interim Chair.

      3:45 PM
      Women@FIIN Interactive Workshop: Building Your Brand and Finding Your Voice, Tips for Maximizing Social Media

      • Hosted by: Learn how to maximize your profile, search for new business connections and expand your reach in this interactive workshop led by Erikan Obotetukudo, Founder of KIN, a media and communications agency that develops the brands of diverse finance leaders and institutions looking to connect with multicultural and multigenerational audiences around the world. Clients include leaders across top US Banks and venture firms.  At Linkedin, she was a thought partner and strategic advisor to a portfolio of 200 finance leaders, corporate executives, investors, and tech entrepreneurs.

        • Erikan Obotetukudo, Founder (Paper Trail Media)

      4:30 PM
      ABS East Virtual 2020 Concludes



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Venue

  • Conference Venue
  • Fontainebleau Miami Beach


    4441 Collins Avenue
    Miami Beach, FL, 33140
    USA

    Additional Info:

    The room blocks at the Fontainebleau, Nobu Eden Roc and Confidante are reserved for sponsors and speakers only, and booking instructions will be provided by IMN. Conference delegates may book in the room block at the “Recommended Hotels” listed below.

    For attendees requiring a reduced government rate, we recommend checking the Holiday Inn Miami Beach Oceanfront. Please note that we do not have a room block at this property. 

    Key Event Contacts

    For sponsorship opportunities: Chris Keeping, Head of Sales, at ckeeping@imn.org.
    For speaking opportunities: Jade Friedensohn, Managing Director, at jfriedensohn@imn.org.

    IMPORTANT NOTE: IMN has NOT retained a third party booking company to assist with reservations. If you are interested in making reservations at the Fontainebleau, Nobu Eden Roc or Confidante properties, you will need to book directly with IMN. For any of the alternative suggested properties, you may contact that hotel directly.
  • Suggested Hotel
  • Grand Beach Hotel


    4835 Collins Avenue
    Miami Beach, FL, 33140
    USA

    Additional Info: IMN's room block at the Grand Beach will open on Monday, July 13. Rooms will be available on a first come, first served basis, pending availability. 

Speakers

Content/Audio Files

  • Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab.

    Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files.
  • Tuesday, December 1st, 2020
  • Wednesday, December 2nd, 2020

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Tel: +1(212)901-0506 Fax: +1(212)768-2484
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