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European commercial mortgage-backed securities (CMBS) issuance topped out at €2.9bn in 2018, after 13 deals came to the market — a figure not seen since 2013. An asset class that appeared buried after the financial crisis has outpaced other asset classes in recent times.
Given the potential of the European market, this event is extremely valuable as it brings together the leading CMBS issuers, regulators and the investors interested in discussing key developments and opportunities in the industry.
IMN provides a platform that informs and engages the audience, facilitates 1:1 private investor and issuer meetings all day, and makes this conference a major catalyst for the CMBS product deal flow in Europe.
Who Should Attend
- CMBS lenders
- Mortgage bankers
- CMBS structurers and bankers
- Legal and financial advisors
- Landlord insurers
- Rating agencies
- CMBS servicers
- Other financial providers
Issuers & Investors 131
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Breakfast and Registration Opens
IMN Welcome Note
- Lauren Kerr, Director of Programming (IMN)
Host’s Opening Remarks
- Lucy Oddy, Partner (Allen & Overy)
European CMBS Outlook: State of the Nation
- 2020 update of the evolutionised CMBS market
- What are the underlying macro-factors influencing the re-emerged CMBS market as we see the highest number of deals since 2015?
- Are loan structures becoming too borrower friendly? Is it a case of too many lenders chasing too few borrowers/assets? Covenant-light CMBS transactions in Europe – are they here to stay?
- Assessing the impact of online shopping on pricing, rent, valuation of retail properties; how has this affected the security and stability of the loans? Are loans underpinning CMBS backed by retail more likely to underperform?
- Are fears that CMBS will be the star underperformer again merited? How will regulators react?
- Peter Cosmetatos, Chief Executive Officer (CREFC Europe)
- Clarence E. Dixon, Managing Director - Global Head of Loan Services (CBRE)
- Mathias Herzog, Director (S&P Global Ratings)
- Isabel Tinsley, Senior Associate (Allen & Overy)
Opportunities in the CMBS Market
- Are there any asset classes or jurisdictions that are next on the CMBS list?
- Is there scope for more multi-jurisdictional or multi-borrower deals?
- Can the CMBS market utilise secondary portfolios not being jumped on by banks? Are we seeing a reposition of prime asset types?
- Are synthetic CMBS transactions attractive?
- How do the higher capital requirements impact investor appetite for CMBS?
- What are the headline risks in terms of retaining a buoyant market?
- Maggie Zhao, Partner (Clifford Chance LLP)
- Emile Boustani, Director - Asset Backed Products (Societe Generale)
- Richard Green, Partner (Venn Partners)
- Euan Gatfield, Managing Director (Fitch Ratings)
Keynote: LIBOR Transitioning and Economic Impact of Moving to SONIA
Hot in the Pipeline: Opportunities and Concerns
- Impact of EU Securitisation Regulation: Has the dust settled or are there still challenges?
- Potential for changing the regulatory treatment of CMBS? STS eligibility, capital requirements etc.
- Benchmark rate changes: EURIBOR, SONIA, impact on hedging and other concerns
- Brexit: What will the impact be?
- Emma Matebalavu, Partner (Clifford Chance)
- Salim Nathoo, Partner (Allen & Overy LLP)
CMBS: Investor Perspective
- What are investors focusing on and looking for and how is that impacting structures and documentation?
- Are there any particular structural developments, asset classes or jurisdictions that are challenging to invest in?
- What could be improved in the provision of investor information and reporting, both pre and post-closing?
- Investor expectations: Ratings agencies and servicers
- Colin Behar, Portfolio Manager (Prytania Asset Management)
- Rahul Malde, Investment Manager (Hermes Investment)
- Stephen Morita, Director (Eastdil Secured)
- Claire Schoeman, Director (M&G Investments)
The Borrower's Perspective and Capitalising on Agency CMBS
- Can the flow of information from borrowers to investors be streamlined? Is there any information that borrowers want to remain confidential?
- What do borrowers expect from servicers?
- Is there a trend for borrowers seeking more control of the CMBS process by imposing requirements on CMBS structural points?
- What are the challenges and motivations behind a private agency CMBS?
- Hugh Fraser, Head of Capital Markets (M7 Real Estate)
- Laurence Flavin, Chief Financial Officer (Finance Ireland Limited)
- Lisa Truchon, Principal (Blackstone)
A Tale of Two Continents: U.S. Overview
- European v US CMBS: Structural differences
- CRE CLOs: Will these eventually translate across the ocean as a capital markets exit?
- Does direct lending and loan on loan finance in Europe indicate potential for a CRE CLO market?
- Nick Shiren, Partner (Cadwalader, Wickersham & Taft LLP)
Looking into the Crystal Ball: Continuing the CMBS Momentum
- Are we seeing an increase in banks choosing this exit strategy to clear balance sheets?
- Are investors more comfortable with CMBS 2.0?
- Investor base: How is European CMBS being marketed outside of Europe?
- Future of retail CMBS: Bad asset or just bad pricing?
- Green bonds – Is there demand?
- Documentation evolution: What structural nuances are making their way through?
- Sabah Nawaz, Special Counsel (Cadwalader, Wickersham & Taft LLP)
- Luis Amador, Chief Operating Officer (Trepp LLC)
- Andrea Bora, Managing Director (Goldman Sachs)
Conference Ends and Networking Reception Begins. Co-hosted by:
- Conference Venue
Allen & Overy LLP
One Bishops Square
London, E1 6AD
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