Description 活动介绍

• IMN's ‘Chinese NPLs Virtual Series’, taking place 14-15 October, is a series of live virtual panels that will provide insights on the opportunities in China NPL market.  As is the host of the leading Italian and Greek NPL events annually in Europe, IMN has established a strong network of large private equity firms specializing in the investment and servicing of bank loan portfolios. Building on the success of these events, the inaugural Chinese NPLs Virtual Series will bring together overseas investors and local asset management companies to discuss strategies that will help China’s leading banking institutions optimise their balance sheets. The series will cover the various means of NPL disposal including whole loan sales, in-house and third party servicing, and the potential role of securitisation. The event will be presented in English and the timing will allow for US Investors on the East and West Coast as well as those based in Europe to participate live.   此次活动即将开放注册，请联系events@imn.org以获取详细信息。 IMN中国不良资产主题会议将于10月14-15日在线举行。改系列活动将通过在线讨论形式，聚焦中国不良资产市场投资机会。 IMN作为每年在欧洲举办意大利和希腊不良贷款会议的主办方，在不良资产领域内建立了强大的关系网络，其中包括数量众多的专注于不良贷款重组及投资的大型私募机构。 基于持续数年成功举办不良资产行业活动的基础和经验，由我司主办的中国不良贷款主题会议将于2020年7月在线举行。海外投资者和中国国内资产管理公司将进行在线实时交流，讨论如何帮助商业银行优化资产负债表。此次活动讨论内容将涉及不良贷款各种处置方式，包括整体贷款出售、内部和第三方服务、以及不良资产证券化所发挥的作用。 此次活动将采用英文交流，时间也将优先选取美国东西部投资者及欧洲投资者方便参会的时间段。
  
  

Day One: Understanding the Fundamental of China NPL Market 了解中国不良资产市场

09:00 ()
China NPL market 101 中国不良市场概述

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  • Understand the classification of NPLs in China and how it differs from those in other jurisdictions;
  • Understand the market development of China NPLs market– from the NPL crisis 20 years ago to the current status;
  • A brief introduction of the regulatory landscape in China NPL market – which regulators oversee the market, what is the individual role of PBOC (People’s Bank of China) and CBIRC (China Banking and Insurance Regulatory Commission)?
  • An introduction of China NPL ecosystem – who are the main market participants? What are their functions? Who are the Big 5 AMCs? What is difference between them and local AMCs? How does the servicing ecosystem look like?
  • What does NPAS (Non-performing Asset Securitisation) mean? What are the underlying assets? What is the difference between NPAS and traditional securitisation?

   

  • 中国不良贷款的分类，并对比其与其他市场的区别；
  • 中国不良贷款市场的发展——从20年前的不良贷款危机到今天；
  • 简要介绍中国不良贷款市场的监管架构，例如中国人民银行（PBOC）和中国银保监会（CBIRC）各自的职责是什么？
  • 介绍中国不良贷款市场主要参与者及各自角色？五大资产管理公司是谁？他们和地方资产管理公司有什么区别？
  • 不良资产证券化是什么意思？基础资产是什么？它与传统资产证券化有什么区别？

  
  
  

09:45 ()
Break

10:15 ()
The Rising Investment Opportunities in China NPL Market amid a Slow-down Global Economy 全球经济增速放缓大环境下的中国不良市场机遇

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  • A forecast of global economy: it is projected by the IMF that the global economy will contract by 3% or more in 2020, which is much worse than the 2008 financial crisis. How much damage has the pandemic caused already? Which sectors are influenced the most?
  • What measures have been taken by the leading economies to mitigate the negative influences – in terms of fiscal policy, momentary policy, and measures in financial market?
  • Due to the impact of COVID-19, China has reported a 6.8% contraction in GDP for the first quarter.  2021 is the first year of China’s 14th Five-year Plan, with economic activities are gradually back to normal in the country, has the worst past yet? Can we expect a slow recovery? What kind of monetary policy can we expect?
  • A discussion about banks’ strategies and efforts to reduce NPL: it is reported that  China’s NPL and stressed assets hit USD 1.5 trillion in 2019, and is set to continue growing with or without the COVID-19 impact;
  • How have China’s NPL management strategies evolved during the last two decades? What lessons have we learnt?
  • What are the main strategies of NPL clean-up? Which market players are involved? Costs comparison among different NPL disposal strategies;
  • A discussion about Chinese enforcement and bankruptcy processes / challenges;
  • China has been raising tolerance for NPL ratio since the outbreak of Coronavirus, what will be the consequences and what are the associated opportunities?
  • Does the rising level of NPL constitute a large threat to China’s banking stability? Compared to state owned banks, are smaller lenders more risky – local commercial banks, rural credit cooperatives, and rural commercial banks?
  • Why asset quality is a big issue of NPL, will asset quality deteriorate further in the coming years amid trade tensions and other uncertainties?
  • A forecast of the upcoming year: Where are the opportunities? What are the concerns?

   

  • 全球经济前景展望：国际货币基金组织预测2020年全球经济将萎缩至少3%，比2008金融危机更为严重。此次新冠疫情究竟对经济造成多大的破坏？哪些行业受影响最大？
  • 全球主要经济体采取了哪些措施来降低经济冲击 -- 财政政策、短期政策和金融市场措施；
  • 由于疫情影响，中国一季度GDP增长为负6.8%，2021年是中国“十四五”规划的第一年，随着中国经济活动逐步恢复正常，最糟糕的一年已经过去了吗？经济稳步复苏是否可期？货币政策又将如何走向？
  • 银行如何降低不良贷款：中国的不良贷款和压力资产在2019年已经达到1.5万亿美元，该数据还将持续增长，银行对此将如何决策；
  • 我们从过去20年中国中国不良市场的发展和变化中汲取了哪些经验？
  • 不良贷款的处置主要策略主要有哪些？涉及哪些市场参与者？不同不良贷款处置策略的成本比较；
  • 中国国内强制执行破产程序及其相应挑战的讨论；
  • 自新冠疫情爆发以来，中国政府一直在提高对不良贷款率的容忍度，此举市场影响几何？
  • 不良贷款水平上升是否对中国银行业稳定构成重大威胁？与国有银行相比，地方商业银行、农村信用合作社和农村商业银行是否面临更大风险？
  • 在未来几年，在贸易紧张和其他不确定因素的影响下，资产质量是否会持续成为市场关注点？
  • 展望未来：风险和机遇何在？

  
  
  

  • James Feng, Chairman (Poseidon Capital Group)

11:00 ()
Day One of the Chinese NPL Virtual Series concludes

Day Two: Understanding Chinese NPL in Depth 深度了解中国不良市场

09:00 ()
Global Investors’ Panel: good practice sharing 海外投资者专场：海外市场经验分享

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  • The phase-one US China trade deal allows US institutions to acquire nonperforming loans directly from Chinese banks, without local middlemen. It is deemed as a ‘game changer’ for foreigners’ role in China’s bad debt market. But with the outbreak of COVID-19 and the associated travel limit, will this slow down the license application? What are we expecting to see in the market?
  • How important is it for international servicers and investors to have onshore presences?
  • NPL outlook, developments, and opportunities in other more mature countries/markets;
  • Servicing and foreclosure: good practices and public oversight;
  • Compare and Contrast China NPL market with the other jurisdictions;
  • Discussion around different asset classes and expected returns - Which NPL assets are most attractive to international investors?
  • Experience from more established jurisdictions in Europe and US: What efforts have been made in European countries to reduce NPL ratio from the government level? To what extent has the government get involved? Has the government intervention worked?
  • How much amount of NPL has been reduced? Which sectors still have the highest volume of NPLs?
  • What kind of role should China government play in NPL reduction?

   

  • 第一阶段美中贸易协定允许美国机构直接从中国银行获得不良贷款，无需依靠中间商。此项规定一度被认为是转变市场风向的关键。但随着新冠疫情爆发及相关的旅行限制措施出台，外资执业许可的申请是否会被延迟？市场影响几何？
  • 对国际服务商和投资者而言，是否有必要设立在岸机构？
  • 探讨发达国家不良贷款市场前景、发展和机遇；
  • 发达市场成功经验分享；
  • 对比中国不良市场和发达市场；
  • 资产类别与预期回报： 哪些不良资产对国际投资者最具吸引力？
  • 欧洲国家在政府层面为降低不良贷款率作出了哪些努力？政府干预程度如何？效果如何？
  • 欧洲国家不良贷款降低效果是否显著？哪些行业的不良贷款量仍然最高？
  • 中国政府在减少不良贷款方面应发挥什么样的作用？

  
  
  

  • Volker Recker, Senior Banker (EBRD)

09:45 ()
Break

10:15 ()
NPL Securitisation 不良资产证券化

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  • Why banks choose to use securitisation as a tool to deal with NPL especially when the underlying assets are credit card and mortgage? What are the main features of these underlying assets?
  • What are the key differences between a traditional ABS and NPAS? When the underlying assets are NPA (Non-performing Assets), what should investors, especially junior tranche investors pay attention to?
  • Key issues in valuation;
  • What are the challenges facing rating agencies?
  • Strategies to mitigate the risk when designing the deal structure;

   

  • 为什么对于信用卡和房贷，银行通常倾向于选择资产证券化作为处置工具？这些贷款的特点是什么？
  • 不良资产证券化与传统的资产证券化之间有什么区别？面对不良资产支持证券，投资者，尤其是劣后级投资者应该注意什么？
  • 估值中的关键点和注意事项有哪些？
  • 面对不良资产支持证券，评级机构面临哪些挑战？
  • 是否有可能通过交易结构的设计来降低投资风险？

  
  
  

  • Kingsley Ong, Partner; Secretary General (Eversheds Sutherland; APSA)
  • Qiong Xiao, Deputy General Manager, Beijing Business Headquarters (Shenzhen China Merchants Ping An Asset Management Co., Ltd.)

11:00 ()
Day Two of the Chinese NPL Virtual Series concludes