ABS East
Miami Beach, FL
October 17 - 19, 2022

Description

ABS East 2022 will take place October 17-19 in Miami Beach, FL. Serving as one of the most important structured finance industry conferences, the 2022 gathering anticipates a delegation of over 4,000 structured finance professionals, which includes more than 2,000 attendees representing a diverse cross section of issuers and investors in the ABS market.

Now in its 28th year, ABS East has solidified its place as the must-attend Fall gathering of the securitization industry, offering beneficial market insights with actionable takeaways. As always, the program is developed by investors, and led by issuers, to ensure a timely and objective program.

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

Investors 2048

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Agenda

    Monday, October 17th, 2022

      6:30 AM
      Walkers Wellness: Bootcamp

      • Get energised with Walkers on the Fontainbleau 'Ocean Lawn' with a morning Bootcamp/HIIT class before the conference day kicks off. Space is limited so please RSVP to Katie.Klein@walkersglobal.com ASAP. 



      8:30 AM
      ABS East 2022 Opens & Delegate Registration

      • REGISTRATION TIERS 

        08:30 - 10:00: Sponsor & Exhibit Booth Set Up & Delegates attending 1:1 sponsor meetings ONLY
        10:00 - 11:00: Delegates staying at the Fontainebleau Hotel 
        11:00 - 11:45: Company Names A-M
        11:45 - 12:30: Company Names N-Z
        12:30 - Onwards: General Registration Open to All



      Tracks A-C Commence



      Track A 1:00 PM
      Leveraged Loan Market Update

        • State of the Leveraged Loan market- documentation, leverage, valuations, areas of concern
        • Longer term impact of loan only financing structures, and adverse selection, i.e., single-B concentrations
        • Given changes to the leverage loan market, are recovery rates anticipated to remain below historical levels?
        • Impact of Retail Funds competing with CLOs for Loans
        • Health of the Leveraged Loan Market with M&A cycle picking up


        • Olive Bian, VP (Nomura Securities)
        • Medita Vucic, Head of Loan Market Solutions (Wilmington Trust)
        • Lauren Law, Portfolio Manager (Octagon Credit Investors)

      Track B 1:00 PM
      Real Estate and Mortgage Market Dynamics

        • Macro factors impacting the real estate and mortgage markets
        • General outlook for the housing market over the next 1-2 years and beyond. Rising Rates, Forbearance, Purchase Market, ReFi Market etc.
        • Commercial Real Estate Market Evaluation – how are post-pandemic trends in commercial properties impacting the market landscape? E.g., Remote work, 4-day work week trials, geographical urban/suburban spread etc.
        • Market participant perspectives on the relative value and performance of mortgage products; (Non)Agency, Non-QM, FHA, GSE CRT, SFR, Jumbo, RPL/NPL.
        • Impact to potential changes in the risk profile given mortgage market dynamics (e.g., purchase/refi market)
        • Impact of inflation and home price correction on the housing market


        • Michael Khankin, Head of RMBS Research (Barclays)
        • Andy Walden, Economist and Director of Market Research (Black Knight Financial Services)
        • Youriy Koudinov, Senior Vice President (DBRS Morningstar)
        • Carl Webb, Senior Vice President Sales - Due Diligence (Infinity IPS, Inc.)
        • Scott Buchta, Senior Managing Director - Head of Fixed Income Strategy (Brean Capital)
        • Brian Landy, Managing Director (Amherst Pierpont Securities LLC)

      Track C 1:00 PM
      Pick up the (R)PACE!

        • Current market climate - how will the residential market be affected?
        • Performance of 2022 issuance to date, and projections for issuance volumes for 2023 and beyond?
        • What regulatory (federal/state/local) factors are helping or hindering market progress? E.g., Lender consent, consumer protections
        • How is a move towards unsecured home improvement lending going to affect R-PACE in the long run? Is this only temporary?
        • How does R-PACE transaction structure play into the asset's scalability? What needs to be done to increase R-PACE Assessments and issuance activity?


        • James Vergara, Chief Operating Officer (Home Run Financing)
        • Emile Ernandez, Managing Director (Kawa Capital Management)
        • Martin Gitlin, Counsel (Clean Energy Counsel)
        • David Bondy, Managing Director (Natixis)

      Track A 1:45 PM
      ESG Frameworks & Data Analytics

        • Importance of the ISSB and UNSDG as a consistent barometer to measure progress
        • Issuance Frameworks, best practices, and screening methodologies -  How are investors, issuers, banks, and rating agencies setting their intentions for success in the ESG space?
        • Is the US slower to adopt ESG practices? What lessons can be learned from the European markets?
        • When can we expect to see more standardisation and alignment of data and reporting? Is analytics, certification, and scoring standardisation key to increased transaction activity?
        • Market views on the SEC's ESG Disclosure Requirements proposal - How does the recent regulatory scrutiny of asset managers and potential greenwashing impact market confidence and future ESG strategies?
        • What value to third party ESG data providers, and rating agency data and analytics provide the market?


        • Jake Katz, Head of Non-Agency RMBS Research & Data Science (Yield Book, An LSEG Business)
        • David Burt, Founder & Chief Executive Officer (Delta Terra Capital)
        • Praveen Joseph, Head of US Securitized Credit Investments (International Finance Corporation)
        • Marc Levine, Managing Director, Structured Solutions (Moody's Analytics)
        • Romina Reversi, Head of Sustainable Investment Banking, Americas (Credit Agricole Investment Bank)
        • Merryn Craske, Partner (Morgan, Lewis & Bockius LLP)

      Track B 1:45 PM
      Single Family Rental Sector Update

        • What are the fundamentals behind rising issuance? Are they solid or just a mirage driven by access to capital and arbitrage opportunities?
        • Riskier tranches are being sold from BB level down to non-rated debt
        • Dissecting the main drivers of new issuance: cash outs of prior deals by re-levering the pool at higher appraisal level
        • Impact of booming issuance on home prices and affordability


        • Luisa De Gaetano, Associate Managing Director (Moody's Investors Service)
        • Beth O'Brien, Chief Executive Officer (CoreVest)
        • Fred Perreten, Senior Director (Kroll Bond Rating Agency)
        • Mary Beth Fisher, Managing Director, Senior Investment Strategist (Amherst Pierpont)
        • Garrett Wallace, Vice President (Goldman Sachs)

      Track C 1:45 PM
      The Future of Banking? Neo & Non-Bank Lending

        • What is the current landscape for the neo-banking sector, and how will volatile market conditions impact this sector?
        • Funding mix: forward flow deals, private securitisations/warehousing’s, and public ABS - what works best for whom and why?
        • Banks - how a banking licence changes the picture
        • Looking Ahead - new trends and challenges


        • David Solow, Partner (Sidley Austin LLP)
        • Isha Sinwer, Vice President, US Depository Strategies (Nomura)
        • Mark Kearns, Vice President, Capital Markets (Tally Technologies, Inc.)

      2:30 PM
      Networking Refreshment Break



      Track A 3:00 PM
      CLO Manager Roundtable

        • How are CLO managers viewing the current market? Where have we come from and where we are headed?
        • H2/2023 expectations and outlook on fundamentals & technicals - How are Managers positioning their portfolio?
        • What impacts do inflation and rising rates have on technicals and fundamentals? E.g., Near term recession potential, other market fluctuations flowing through to the floating-rate safe heaven.
        • Emerging Manager trends and M&A Activity – how is the manager landscape evolving and what affects is tiering having?
        • How are managers working with data and analytics technology to shape the CLO market? Are manager strategies being impacted by technological advancements?
        • How are managers reacting to the NAIC proposal?


        • Eric Hudson, Senior Managing Director (Kroll Bond Rating Agency)
        • Adrienne Dale Burns, Managing Director, US CLO Portfolio Manager (Onex Credit)
        • Craig Stein, Partner (Schulte Roth & Zabel)
        • Olga Chernova, Chief Investment Officer (Sancus Capital Management)
        • Gretchen Bergstresser, Partner, Global Head of Performing Credit (CVC Credit Partners)
        • Meric Topbas, CLO Manager (Credit Suisse Asset Management)

      Track B 3:00 PM
      Market Outlook for GSE CRT

        • What is the expected issuance volume for GSE CRT transactions for 2023 and beyond? And what are the drivers of strategy for the GSE’s?
        • How are current GSE programs performing? Have there been any significant structural changes or developments?
        • What operational and supervisory changes can be expected for the GSEs in the near future and are these expected to impact their approach to CRT?
        • Resulting impacts on CRT following the FHFA case ruling
        • Risk profile across new credit protection bonds purchased by GSEs as a result of revised capital rules
        • Impact of GSE reform, lender regulation and affordable housing initiatives


        • Charles Trombley, Director (Credit Suisse)
        • Sagar Kongettira, Managing Director, US RMBS (DBRS Morningstar)
        • Mark Fontanilla, Founder (Mark Fontanilla & Company, LLC)
        • Rohit Sinha, Executive Director (Nomura Securities International)

      Track C 3:00 PM
      Buy Now, Pay Later: Credit Card Receivables

        • How will the current macro climate impact north American prime and sub-prime credit card ABS?
        • Review of collateral strength and characteristics i.e., credit quality, seasoning, geographic concentration, delinquencies, and credit utilization rate – are we seeing a more responsible consumer now than during previous crises?
        • Impacts of inflation to the consumer and resulting ABS market? Spreads, Pricing etc.
        • How do ESG factors play a component in the credit card market and within credit card ABS transactions?


        • Julie Gillespie, Partner (Mayer Brown LLP)
        • Jason Brown, Partner (Victory Park Capital)
        • Dale Hoops, Chief Risk Officer (Fidem Financial)
        • Anatoly Burman, Founder, CIO & CTO (Varda Re)
        • Herman Poon, Senior Director (Fitch Ratings)

      Track A 3:45 PM
      Emerging & Expanding: Middle Market CLOs

        • What is the outlook for MM transactions and deal pipeline following the SOFR adjustment pause?
        • Is favourable pricing, low default rates, and interest rate floors on managed and static pools making the MM space more attractive for investors? How can investors overcome the lack of transparency on the underlying collateral when assessing where to invest?
        • Have we passed spread adjustment tensions between debt and equity, lessening volatility for both BSL and MM CLOs? And are issues with the MM space exacerbated by origination mechanics and balance sheet stipulations compared to BSL?
        • What opportunities and threats exist in this space, and are any specific to middle market CLOs? I.e., new loan products, diversification through specific industries vs. transparency and performance data
        • Is the boom in MM issuance sustainable? What can be done to foster growth in this sector of the market?


        • Greg Myers, Group Sector Head - Debt & Capital Markets (Alter Domus)
        • Stephen Anderberg, Managing Director, Structured Finance (S&P Global Ratings)
        • Daniel Strong, Executive Director (SMBC Nikko Securities America Inc)
        • Allan Schmitt, Managing Director (Wells Fargo)
        • Nicholas Robinson, Partner (Allen & Overy)

      Track B 3:45 PM
      Market Spotlight: RMBS

        • What is the anticipated impact of higher interest rates, inflation and a cost-of-living crisis on consumer behaviour and the resulting performance of RMBS transactions
        • How do we envisage that the current market volatility will affect RMBS transactions and key issuers
        • What are the barriers to the growth of ESG RMBS securitisation
        • Investor views on the correct tools for the toolkit - are there new untraditional and innovative ways to transact and assess credit?
        • Administration and regulatory policy, CFPB changes and credit scoring reviews


        • Eric Hagen, Director (BTIG)
        • Jack Kahan, Senior Managing Director, RMBS (KBRA)
        • David Zhang, Managing Director (MSCI)
        • Chris Wheeler, Senior Vice President of Due Diligence (Servicing) (Infinity IPS)
        • Scott Swerdloff, Partner (Dentons)
        • Dmitri Rabin, Portfolio Manager (Jennison)

      Track C 3:45 PM
      Herbie goes to Miami: Auto ABS

        • Overview of the auto loan ABS market. How are macroeconomic pressures and consumer financial stresses impacting loan origination, issuance, pricing, and spreads?
        • Examination of collateral performance, ratings action, and liquidity challenges – will delinquencies and defaults become more prominent?
        • Rising importance of EVs and sustainable market changes - is this creating more ESG prominence in the sector?
        • How is ABS comparing to Whole Loan sales as a form of funding for issuers?
        • Evaluation of prime and sub-prime auto ABS sectors


        • Janette McMahan, Partner (Kirkland & Ellis)
        • Amy Martin, Senior Director (S&P Global Ratings)
        • Ines Beato, Senior Vice President, ABS (DBRS Morningstar)
        • Sarah Milam, Partner (Dechert LLP)

      4:30 PM
      IMN & FIIN Welcome Remarks



      4:40 PM
      Keynote Address: To be Announced Soon!



      5:20 PM
      ABS East 2022 Welcome Cocktail Reception, Sponsored by Infinity IPS



    Tuesday, October 18th, 2022

      6:30 AM
      Walkers Wellness: Yoga

      • Join Walkers on the Fontainbleau 'Ocean Lawn' for a morning Yoga class before the conference day kicks off. Space is limited so please RSVP to Katie.Klein@walkersglobal.com ASAP. 

      8:00 AM
      IMN & FIIN's Future Leaders Breakfast: "Investing in Your Own Future"

      • Part of IMN’s newly launched Future Leaders initiative, this dedicated session offers companies one additional complimentary pass to be utilized for their ‘future leader’. The session will incorporate discussion roundtables and enable unique networking between future leaders and company senior counterparts.

        Who can attend: Your allocated future leader will need to work directly within your company and be in the first five years of their career. To optimize this prime networking experience, the senior company representative is also expected to attend the breakfast. 

        *Important: This session has limited capacity and is available on a first come first serve basis.

        To RSVP, please email rosie.bell@imn.org confirming the name, title, email and work address (if different) of both the senior person and future leader who will be attending.

            Sponsored By:

      8:00 AM
      Delegate Breakfast & Registration Opens



      9:30 AM
      A New Era: ABS Market Overview

        • How are sectors performing and what is the outlook for pricing, spreads, and issuance volume? What sectors are steady and vulnerable given market volatility, and how are inflation and rate increases expected to impact loan origination and ABS issuance?
        • Where are market participants viewing the current opportunities in the market, and what are the current challenges and points of friction?
        • What is the current outlook on ESG integration for the fixed income capital markets? What questions should practitioners be asking, and is the extra work worth the pay off? Is market volatility making ESG less of a priority?
        • Does the current regulatory environment support the capital markets? What work still needs to be done?
        • What are the main macro and micro factors impacting the ABS market? E.g., market economics and political intervention


        • Cory Wishengrad, Senior Managing Director, Head of Fixed Income (Guggenheim Securities)
        • Annabel Schaafsma, Managing Director, Structured Finance (Moody's Investors Service)
        • Carl Webb, Senior Vice President Sales - Due Diligence (Infinity IPS, Inc.)

      10:15 AM
      Better Investors Make Better Markets: Setting the FIIN Agenda, an Investor Roundtable



      11:15 AM
      Networking Refreshment Break



      11:45 AM
      Keynote: Macro-Economic and Geo-Political Market Assessment

        • Market analysis of macro risks to the global financial markets e.g., international conflicts, covid fallout, inflation and higher rates, election cycles
        • Global and US specific regulatory advancements that will impact financial markets
        • Climate Risk and ESG – How important are these factors in financial market sustainability
        • Evaluation of Consumer Credit and supply chain conditions under macroeconomic stresses and their impacts on the economy and financial markets


        • Will Caiger-Smith, US Editor (9fin)
        • Marc Giannoni, Managing Director, Chief US Economist (Barclays)
        • Conrad DeQuadros, Senior Economic Advisor (Brean Capital, LLC)
        • Gary Zhu, SVP | Head of Insurance (AllianceBernstein)
        • Silvio Tavares, President & Chief Executive Officer (VantageScore)

      Track A-D Commence



      Track A 12:15 PM
      CLO Market Overview

        • Review of CLO performance throughout market turbulence: underlying collaterals, OC tests, distressed credits, manager impact, debt and equity, secondary market etc.
        • Performance expectations given macro risks, and outlook for issuance (Refi, Reset, New Issue), and up/downgrades.
        • Where are we in the cycle?  When will defaults come back to life?
        • What potential impacts will the proposed NAIC increased RBC charges have on the CLO market?
        • Is ESG a viable strategy for CLOs? Why has the US market been slower to adapt then Europe? How does this affect bringing credit into the market and how far along the supply chain needs to be considered? What does this mean for underlying asset composition and legacy assets


        • Paul Nikodem, Managing Director, Head of Securitized Products Research (Nomura Securities International, Inc.)
        • Lauren Basmadjian, Managing Director, Co-Head of Liquid Credit and Head of US Loans & Structured Credit (The Carlyle Group)
        • Rebecca O'Brien, Counsel (Clifford Chance US LLP)
        • Derek Miller, Managing Director (Fitch Ratings)
        • Paul Burke, Managing Director, Head of Agency & Trust Sales (Citibank, N.A.)
        • William van Hertsen, Founder & CEO (New Debt Exchange)

      Track B 12:15 PM
      Market Spotlight: CMBS

        • CMBS New Issue vs. Secondary Trading - what is the current state of the market by volume, geography, ratings profile etc.
        • Impact of inflation, rate hikes, remote work trends, and other macro factors on CMBS origination, and commercial space valuation and demand.
        • What are the different subsectors of CMBS of most interest to investors currently? i.e. CRE CLO, Single Asset Single Borrower etc.
        • Relative Value of Agency CMBS vs. Bank Conduit CMBS
        • How are post-covid and current economic consumer appetites shaping CMBS trends?


        • Leon Tatevossian, Adjunct Professor (NYU Courant and NYU Tandon)
        • Luke Lu, Head of CMBS/CLO Research and Quantitative Modeling (Yield Book, An LSEG Business)
        • Harris Trifon, Managing Director, Portfolio Manager (Lord Abbett)
        • Mary Beth Fisher, Managing Director, Senior Investment Strategist (Amherst Pierpont)

      Track C 12:15 PM
      Bank and ILS Risk Transfer

        • U.S. banks use of risk transfer (methods, structures) to address their capital requirements. Performance review and market outlook.
        • Motivations for US banks to focus issuance on non-large corporate collateral and it's impacts on the investor base. What would cause US banks to increase their issuance of large corporate transactions?
        • Comparative issuance volumes and price stability for (Re)Insurance vs. Capital Markets. Credit performance trends and relative value for Risk Transfer
        • Sample economics for reinsurance participation across tranches (i.e., return on collateral across difference transactions and ratings)
        • Assessing Probable Maximum Loss (PML) on transactions; Regulatory and economic capital approaches


        • Gareth Old, Partner (Clifford Chance)
        • Greg Hertrich, Managing Director (Nomura)
        • Erick May, Executive Director (JP Morgan Securities LLC)

      Track D 12:15 PM
      Equipped for Success: Equipment Finance Spotlight

        • Where does the industry stand in terms of transaction volumes, pricing, supply and demand, deferral rates, M&A activity etc? How does this break down per sector and industry? i.e., Travel, Hospitality, Healthcare, construction, energy
        • What are the major trends in the market right now? Small vs. Large Ticket, Healthcare, (Home) Office Equipment, managed/bundled services, green/ESG, Insurer activity etc.
        • What regulatory and legal challenges are in the forefront of the Equipment Finance sector? How will the federal and state landscape evolve over the course of the next year
        • What is the current investor appetite, and what sectors are hot right now? And where are issuers seeing the current growth opportunities and challenges?


        • Lauren Lannefeld, Director (BMO Capital Markets)
        • Charles Stackhouse, Vice President (InterVest Capital Partners)
        • Sergey Moiseenko, Managing Director, U.S. ABS (DBRS Morningstar)
        • Brock Wolf, Managing Director (Truist)
        • Rick Matte, President & CEO (Encina Equipment Finance)

      1:00 PM
      Delegate Luncheon



      Track A 2:00 PM
      Fintech Advancements in Structured Finance

        • What are the key advancements being made in the fintech space impacting the capital markets? What applications do these have to specific asset classes?
        • Are we seeing digital assets replacing traditional assets in any significant volumes? What opportunities and threats does this pose to the ABS markets?
        • How are traditional lenders working with fintech players and incorporating practices?
        • How will the traditional roles change for broker dealers/credit sales professionals given the impact of technology such as electronic trading and increasing reliance on Artificial Intelligence?
        • What are the problems which market participants are looking to technology to solve?


        • Michael Welch, Counsel (Clifford Chance LLP)
        • Cara Newman, MD, Head of Structured Finance (Redwood Trust, Inc.)
        • Brian Herr, Managing Director, Board Member (Exos Financial, FIIN)
        • Sonal Patel, Structured Finance/Capital Markets (Citibank, N.A.)
        • Nelson Chu, Founder & CEO (Percent)
        • Patrick Collins, Vice President (Goldman Sachs)

      Track B 2:00 PM
      An Evolving Opportunity: CRE CLOs

        • Market outlook amid a distressed commercial real estate market
        • Static vs Managed, and other key structural trends
        • What are the key factors driving CRE CLO issuance, and what factors will most affect CRE CLO market activity over the coming year? E.g., SOFR Transition, Relative Value to other asset classes, macro real estate markets, rising rates, other black swans?
        • Are there signs of a maturing market, or is there still room for external growth? What models exist for new entrants, and how much more flexibility do managed structures provide?
        • How are investors viewing relative value for CRE CLOs across the product spectrum, activity between the primary and secondary market? What asset types are favourable to investors?


        • Steven T. Kolyer, Partner (Sidley Austin LLP)
        • Alan Todd, Managing Director, Head of U.S. CMBS Strategy (BofA Global Research)
        • Julia Powell, Director (Credit Suisse)

      Track C 2:00 PM
      Consumer ABS Market Update

        • Performance tends heading in to 2023 – Macro perspectives and sector analysis across the consumer spectrum, and issuance projections. How are transaction pricing and spreads holding up?
        • How strong of a position is the consumer in today? Have we seen any material change in consumer behavior as a fallout to the pandemic and the current economic climate? I.e., lifestyle changes and work from home, government stimulus, unemployment levels etc.
        • What are the latest regulatory dynamics and policies driving the consumer lending sector? I.e., political regimes, CFPB policy, congressional credit reporting oversight
        • How does each ESG component factor into consumer related asset classes, such as Autos, Credit Cards, and Student Loans? Are some products just not ESG compatible?


        • John Toohig, Managing Director, Whole Loan Trading (Raymond James)
        • Jason Guss, Chief Executive Officer (Octane Lending)
        • Melvin Zhou, Managing Director (KBRA)
        • Brandon Grant, Executive Director (Mizuho Americas)
        • Margaret Rowe, Senior Director (Fitch Ratings)
        • Jack Ervasti, Director, Asset-Based Finance (KKR)

      Track D 2:00 PM
      Hunt for Yield: Opportunities in Private ABS

        • Increasing focus on privates and whole assets as investors hunt for yield
        • Is increased macro-economic uncertainty pushing more traditional and non-traditional esoteric issuers towards to the private markets in order to get deals done? Are we seeing more large cap companies exploring these markets beyond just SMEs?
        • Is increased use of the private markets sustainable, or will issuers return to the structured markets?
        • Process and methods necessary to execute a private transaction. What are the benefits to the bank/issuer/investor relationship and what types of transactions are we seeing and why? i.e., Bilateral vs syndicated

        Please note: Aflac request to be contacted for any attributable quotes, as a result of the discussion, by any media or press delegates.



        • CJ Wei, Vice President (Northleaf Capital Partners (USA) Inc.)
        • Jason Bross, Chief Operating Officer (Latitude20 Capital Partners)
        • Joe Ehrlich, National Practice Leader (Brown & Brown)
        • Leah Sanzari, Partner (Orrick, Herrington & Sutcliffe LLP)
        • Jim Dowd, Managing Director (Amherst Pierpont)
        • Chip Stevens, Senior Managing Director | Global Head of Structured Private Credit and Alternatives | Global Head of Macro and Derivatives (Aflac Global Investments)

      Track A 2:45 PM
      CLO Debt Roundtable

        • What is the outlook for CLO debt with inflation expectations and macro uncertainty? How long will debt remain attractive with volatile market conditions?
        • How are market participants viewing the widening of spreads and where is the yield in the capital structure? i.e., AAA, BBB, BB etc.
        • What impacts would the NAIC RBC charges have across the capital stack for CLO Debt?


        • Peter Sallerson, Senior Director (Moody's Analytics)
        • Steve Page, Managing Director (Barings)
        • Chris Saltaformaggio, Senior Director (New York Life Investors)
        • Amir Vardi, Managing Director, Head Structured Credit (Credit Suisse Asset Management)
        • Pratik Gupta, Head of CLO and RMBS Strategy (Bank of America)
        • Jill Scalisi, Chief Engagement Officer (KopenTech)

      Track B 2:45 PM
      Staying the Course: Non-QM

        • How has the Non-QM landscape changed over 2022 due to a number of closures/chapt.11 filings, and how will this impact origination and issuance in 2023 and beyond?
        • How are macro and mortgager market economics i.e. rising interest, rate hikes, cost of living etc., impacting the Non-QM space? How are Non-QM transaction spreads, and pricing?
        • How has the post-pandemic era shifted borrower profiles, and how are lenders now looking at and assessing risk profiles? E.g., credit quality, forbearance, delinquencies, and default rates.
        • What risk management measures do lenders need to take to capitalize on this opportunity without incurring loss?
        • How is the decline in refinancing impacting the Non-QM space? Is there still enough supply and demand for this product after an active 2021, and where can this demand be found?


        • Paul Nikodem, Managing Director, Head of Securitized Products Research (Nomura Securities International, Inc.)
        • Robert McDonough, Assistant Treasurer (Angel Oak Capital; Fixed Income Investor Network)
        • Michael Cunningham, Senior Managing Director (Cantor Fitzgerald)
        • Michael Silberfeld, Senior Manager (Deloitte & Touche LLP)
        • Chris Wheeler, Senior Vice President of Due Diligence (Servicing) (Infinity IPS)
        • Susan Hosterman, Senior Director, North American RMBS and Covered Bonds (Fitch Ratings)

      Track C 2:45 PM
      Online Lending & Specialty Finance

        • What opportunities and threats are emerging in online lending? E.g., growth of digital banks impacting fintech lending
        • How have the underwriting themes evolved throughout 2022, and have these weakened or maintained lending volumes?
        • How are macro-economic factors such as interest rates and tariffs affecting the market's economic growth? How are platforms assessing their credit risks?
        • Is Online Lending yet synonymous with unsecured consumer, or is it still treat as a separate fintech asset class?
        • How are investors viewing asset performance to date, bond pricing structures, and other points of concern?


        • Matthew Hays, Partner (Latham & Watkins)
        • Bill Yialamas, Chief Financial Officer (Reach)
        • Beth Starr, Managing Director (Truist Securities)
        • Dhruv Vakharia, CFO (Vervent)
        • Rohit Arora, Chief Executive Officer & Co-Founder (Biz2Credit)
        • Surat Maheshwari, Head of Capital Markets (Prism)

      Track D 2:45 PM
      Air, Land, & Sea: Aircraft, Rail, and Container Transport ABS

        • What is the outlook for transportation assets such as shipping, container, and rail? How are deal structures changing post pandemic, and what are the macro factors affecting the sector? e.g., global trade, supply chain, labor shortages
        • How was transaction volume faired across the Aircraft sector? i.e., Body vs Engine; Commercial vs Business/Private; Freight etc.
        • While the commercial aviation is still in bumpy recovery, aircraft ABS new issuance has resumed and most senior ABS notes' prices in the secondary market have come back to par.
        • To what extent will the timeline for airline recovery hinder recovery of the sector to pre-Covid levels? How will national vs international recovery factor into this equation?
        • What makes these sectors attractive for new and legacy investors?
        • What geopolitical factors are impacting the transport equipment and aviation spaces?


        • Kalash Pandey, Vice President (Goldman Sachs)
        • Sean Hinze, Senior Vice President, Portfolio Manager (PIMCO)
        • Jing Xie, Director, Public Fixed Income (Northwestern Mutual Investment Management Company, LLC)
        • Yezdan Badrakhan, Managing Director, Head of Non-Flow ABS (MUFG)
        • Hylton Heard, Senior Vice President, U.S. Structured Credit (DBRS Morningstar)
        • Xavier Auge, Executive Director (Mizuho Americas)

      3:30 PM
      Networking Refreshment Break



      Track A 4:00 PM
      CLO Equity Roundtable

        • CLO equity returns - what to expect? Is there a tug of war happening between diminishing benefit of Libor floors and pressure on interest coverage ratios vs. low default environment?
        • Is there an increased call risk in CLO equity? What strategies are being deployed here? i.e., Buy and hold vs. buy and call
        • Is CLO equity the best consensus trade in 2022? What are the risks and what are the investment strategies around it?
        • SOFR and CLO equity: What is the drag on equity returns due to mismatch? What is the most prevalent transition language in CLO equity docs, and what % of CLO equity would suffer from the hard-wired 26 bps language?
        • Impact of SOFR-LIBOR basis on CLO portfolios and equity distributions - E.g. How much of the switch will impact equity returns when the portfolio is at 25, 50 and 75 % SOFR?


        • Asif Khan, Managing Director, Global Head of CLOs (MUFG)
        • Benjamin Tyszka, Managing Director (Ares Management)
        • Keyur Vyas, CLO Strategy & Research (Barclays)
        • Maggie Wang, Managing Director, Global Head of Structured Products Strategy (Citigroup)
        • Quentin Robert, Vice President Fixed Income (Morgan Stanley)
        • Pablo Rios, Director (Vibrant Capital Partners)

      Track B 4:00 PM
      Accelerating Momentum: C-PACE

        • Transaction volume outlook and performance review. What macro factors are impacting C-PACE Demand? I.e., building cost inflation
        • What specific considerations are there for new construction vs retrofitting? And how is the use of ‘retroactive’ and ‘recapitalisation’ expected to impact C-PACE origination?
        • What regulatory and state/local incentives currently exist to incentivise C-PACE as an alternative source of capital? How is gap financing and tax credit considerations impacting cost, pricing, and returns?
        • How are commercial owners and developers using C-PACE financing as a long-term financing option to lower energy costs, reduce carbon footprints, increase property values and meet ESG goals?
        • What progress is being made on the state program level across the country, and what is the cause and effect?


        • Jared Schlosser, Senior Vice President (Stonehill)
        • Alexandra Cooley, Chief Investment Officer (Nuveen Green Capital)
        • Mansoor Ghori, Co-Founder & Chief Executive Officer (Petros PACE Finance)
        • Susan Morth, Chief Executive Officer (Energy Improvement Corporation NY PACE)
        • Evan Roth, Managing Director (Guggenheim Securities, LLC)
        • Bali Kumar, Chief Operating Officer (Pace Loan Group)

      Track C 4:00 PM
      On the SLAB? FFELP & Student Loan ABS

        • What are the expectations for student loan forgiveness given the current political landscape?
        • How is inflation and pandemic related savings depletion impacting FFELP delinquencies and the TTM CDR?
        • What impact is the PSLF program and private loan origination having on the market, and issuance volumes and projections
        • How are SLABS performing in the market in terms of pricing and spreads?


        • Steve Levitan, Partner (Morgan, Lewis & Bockius LLP)
        • Ronald Page, Chief Executive Officer (CapaFinancial LLC)
        • Theresa O'Neill, Managing Director (Bank of America)
        • Ian Rasmussen, Managing Director (Fitch Ratings)
        • Toms Zachariah, Global Securitized Products (Barings)

      Track D 4:00 PM
      De-Fi or Sci-Fi? Blockchain & DLT for Capital Markets

        • Are certain sectors out-pacing others in their adoption of blockchain and digitization? What are the pro’s and con’s for the capital markets?
        • What are the real-world applications of blockchain in reducing points of friction and increasing transparency?
        • Are early adopters seeing the benefits and necessity from their digitized transactions? Is this novelty or the future?


        • Skip Carlson, Head of Growth – Blockchain and Digital Assets (RSM US LLP)
        • Patrick Tadie, Global Head of Structured Finance (Wilmington Trust)
        • Joe Vellanikaran, Chief Executive Officer (Brightvine)
        • Pat LaVecchia, CEO and Co-Chairman (Oasis Pro Markets LLC)

      Track A 4:45 PM
      Breaking the Bias: Women in Securitisation

        • What barriers currently still exist for women in the financial markets, and what can we do to break down those barriers?
        • Did the pandemic result in any material positive changes for women in the financial markets?
        • How better performing are diverse teams, and are we seeing increased DE&I terms factoring into transactions as a result of a post-pandemic focus on ESG?
        • How are gender viewpoints differentiated and what factors are taken into consideration? How does this ultimately impact performance?
        • ESG as a means to advance female leadership in fund management – Why does ESG appear to be the leading practice attracting female talent, and what other opportunities exist?


        • Jayme Fagas, Global Head, Valuations & Transparency (LSEG)
        • Deirdre Harrington, Senior Managing Director (Cantor Fitzgerald)
        • Nicole Bright, Associate (Paul Hastings)
        • Amanda Lazier, Partner (Maples and Calder)
        • Meagan Signoriello, Partner (Lowenstein Sandler LLP)
        • Kinnary Armstrong, Executive Director (Mizuho Americas)

      Track B 4:45 PM
      Here Comes the Sun: Solar Securitisation

        • Review of recent transactions. How are current market conditions affecting the trends, challenges, deal structures, and investor appetite for Solar ABS.
        • Governmental and regulatory developments - how helpful is the IRA bill, including ITC extension, and infrastructure bill to the progression of the Solar ABS Market?
        • Where are the current opportunities across the product spectrum i.e. C&I, DG, Resi, Community, Battery Storage etc.
        • Is the development of ESG market practices helping institutionalize the Solar market, through further accessibility, favourable pricing, and deal terms?
        • What underlying assets make up these portfolios, and how important are PPAs and Solar Storage to these transactions?


        • Emeka Ngwube, Managing Director (Credit Agricole CIB)
        • Kevin Humphrey, Managing Director, Trade Credit & Political Risk (Brown & Brown)
        • Derek Poon, Associate (Allen & Overy LLP)
        • Jamie Hutson, Chief Investment Officer (DSD Renewables)
        • Doug Williams, Director (KPMG LLP)

      Track C 4:45 PM
      Building Back Better: Infrastructure & Project Finance in CLOs and ABS

        • How big of an impact did the infrastructure bill have on origination and issuance for this sector? In what subsectors are we seeing the most interest, activity, and supply?
        • Where are the current opportunities in this sector? Should investors be looking outward to the rest of the world or is the US pipeline strong and sustainable for the long term?
        • Are we finally starting to see more robust project finance and infrastructure CLOs in the pipeline? What will it take to get this product in to the mainstream?
        • How are ESG factors being taken into consideration in this sector? Are investors looking for diversification and yield in green infrastructure and project finance transactions?


        • Steven T. Kolyer, Partner (Sidley Austin LLP)
        • Mahesh Assomull, Director (MUFG)
        • Denise Persau Tait, Co-President of Starwood Infrastructure Finance (Starwood)

      Track D 5:30 PM
      Esoteric Networking Drinks Reception, Sponsored by DZ Bank



      5:30 PM
      Women in Finance Networking Drinks Reception, in partnership with Women & FIIN



      5:30 PM
      ABS East 2022 Day 2 Concludes



    Wednesday, October 19th, 2022

      8:00 AM
      Delegate Breakfast & Registration Opens



      9:00 AM
      Keynote Address: To be Announced Soon!



      9:45 AM
      Advancing ESG in the Capital Markets

        • Given current market conditions is ESG a nice to have or a high priority? How are ESG deals currently performing, and what is the issuance pipeline outlook? How active are the primary and secondary markets for ESG?
        • Supply & Demand: Are there enough ESG compliant assets available to securitize? What additional infrastructure does the structured credit market need (warehousing, secondary liquidity, etc.)?
        • What are market participants observations on current practice in issuing sustainability labelled Securitisations, and what are the key considerations and differences between asset classes across both consumer and commercial lending? I.e., Consumer, MBS, CLO
        • Market views on the SEC's ESG Disclosure Requirements proposal - How does the recent regulatory scrutiny of asset managers and potential greenwashing impact market confidence and future ESG strategies?
        • What will it take to cement ESG into the ABS mainstream? I.e., Standardization, Regulation, Ratings, Data, technology etc. What lessons can be learned from Europe and Asia?
        • How can the market combat 'greenwashing', and what impact does recent scrutiny of certain asset managers have on future ESG strategy?


        • Joseph Lau, President/CIO; Chair (LordCap Green; FIIN)
        • Tim Ruxton, Managing Director (Alter Domus)
        • Romina Reversi, Head of Sustainable Investment Banking, Americas (Credit Agricole Investment Bank)
        • Ann Rutledge, Chief Executive Officer, Board Member (Creditspectrum Corp; FIIN)
        • Nathan Gabig, Partner (KPMG LLP)

      10:30 AM
      Word from the Hill: Regulating the Capital Markets

        • Major legislation and its impacts on the capital markets: Inflation Reduction Act, Infrastructure Bill, FHFA, CFPB etc.
        • Recent shift in constitutional administrative law
        • Discussion on major SCOTUS decisions reshaping the markets; EPA vs. West Virginia, and AHA vs. Becerra
        • Resulting impacts on CRT following the FHFA case ruling
        • Developments in other regulatory areas affecting the capital markets; pro’s, con’s, and hurdles to progress


        • Isaac Boltansky, Director of Policy Research (BTIG)
        • Chris DiAngelo, Partner (Katten Muchin Rosenman LLP)
        • Cameron Jones, Director, Regulatory Compliance Leader (RSM US LLP)
        • Michael Bright, Chief Executive Officer (Structured Finance Association)

      11:15 AM
      Networking Refreshment Break



      11:45 AM
      ESG Investment Strategies & Due Diligence

        • What do investors look for in an ESG structured finance transaction? Are current practices meeting investor needs and will we ever see differences in pricing between Green and Non-Green transactions?
        • ESG mandates: How are investors managing their ESG risk?
        • How can we close the gap between current ESG reporting and investor expectations?
        • How are investors viewing the 'Greenium' on ESG transactions? How is this expected to change given current market conditions, and is ESG the right space for finding alpha?
        • What kind of data due diligence and language is being included and what we want to see more of?


        • Kathryn Weiss, Partner (King & Spalding LLP)
        • Adelaide Morphett, Associate (Newmarket Capital)
        • Carla Schriver, Vice President (Goldman Sachs)

      12:30 PM
      SO-FaR So Good: LIBOR to SOFR Transition

        • SOFR Transitions- implications to CLOs legacy, current holdings, CSA/approach, state of loan market issuance
        • How is the transition process going? And how is the market responding to its impacts? E.g. CLO Arbitrage, potential basis mismatch.
        • If historical basis between LIBOR SOFR has been the ARRC recommended CSA, then why is the market still stuck on 10/15/25?  And how will loans trade when the basis is near ARRC levels?
        • How will this new benchmark behave in a Fed tightening/easing environment
        • Do other fixed rate alternatives provide more carry for income buyers


        • Tina Locatelli, Counsel (Hunton Andrews Kurth)
        • Matt Clarkin, Senior Vice President (U.S. Bank)
        • Kristi Leo, President (Structured Finance Association)

      1:15 PM
      ABS East 2022 Concludes



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Contact Us

Venue

  • Conference Venue
  • Fontainebleau Miami Beach


    4441 Collins Avenue
    Miami Beach, FL, 33140
    USA

    Additional Info:

    The room blocks at the Fontainebleau and Eden Roc are reserved for sponsors and speakers only, and booking instructions will be provided by IMN. 

    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 Arnold, Head of Sales, at CArnold@imn.org.
    For speaking opportunities: Lewis Manson, Program Director, at Lewis.Manson@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 or Eden Roc properties, you will need to book directly with IMN. 
  • Overflow Hotels
  • Eden Roc Miami Beach


    4525 Collins Avenue
    Miami Beach, FL, 33140
    USA

    Additional Info:
    • Rooms are available through the above booking link only on a first come, first served basis. There is no call in booking.
    • There is a 2 night minimum stay requirement over the peak nights Monday (10/17/22) and Tuesday (10/18/22). Pre and post nights are subject to availability.
    • There is a 2 night non-refundable deposit required and taken at the time of booking.
    • Deposits are not refundable in the event of any cancellations or no shows.
  • Nobu Hotel


    4525 Collins Avenue
    Miami Beach, FL, 33140
    USA

    Additional Info:
    • Rooms are available through the above booking link only on a first come, first served basis. There is no call in booking.
    • There is a 2 night minimum stay requirement over the peak nights Monday (10/17/22) and Tuesday (10/18/22). Pre and post nights are subject to availability.
    • There is a 2 night non-refundable deposit required and taken at the time of booking.
    • Deposits are not refundable in the event of any cancellations or no shows.

Speakers


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Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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