FIIN Annual Symposium
New York, NY
June 24, 2019
1120 Avenue of the Americas, 6th Floor, New York, NY 10036
The Fixed Income Investor Network was founded with an industry mandate of providing insights and ongoing education to investors and allocators participating in the structured finance industry.
This marquee one-day event will explore recent industry trends showcasing thought leaders to highlight investment opportunities and risk adjusted returns unique to our industry. The program will provide sophisticated insights into the securitization market for allocators and investors. It will also include deeper dives on advanced topics for seasoned ABS investors such as LIBOR transition, CLO loan performance concerns and GSE reform. The unique aspect of this program versus other industry symposia is that the editorial content has been sourced by members of the Fixed Income Investor Network. It is the active participation of these industry leaders that differentiates this industry-leading event.
This event is designed for both asset allocators who are currently allocated to the structured finance sector or who may be making an allocation in the near future and structured finance investors who are managing portfolios of structured finance instruments.
Who Should Attend
- Institutional Allocators and Investors
- Endowments and Foundations
- Family Offices
- Pension Consultants
- Institutional Investor Consultants
- Structured Finance Investors
- ABS & CLO Managers and Investors
- RMBS & CMBS Managers and Investors
- Financial Technology Providers
- Financial Service Providers with an interest in the Structured Finance Market
- Structured Finance Bankers
- Structured Finance Legal Advisors
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Monday, June 24th, 2019
Registration and Delegate Breakfast
- Alessandro Pagani , VP Portfolio Manager, Head of Mortgage and Structured Finance; Chairman, FIIN (Loomis Sayles & Company)
- Dave Blide , Managing Director (Fixed Income Investor Network)
D.C. Policy Update Forum: Update on Mortgage Market Reforms, The Return of PLS RMBS and the Role of the GSEs
Breaking Down the Role of Securitization in Mortgage Finance
- Differentiating among the various mortgage structured credit products: CRT and GSE deals, non-QM PLS RMBS, Single Family Rental ABS
- Mortgage ABS underwriting 2.0: how have standards and investor protections evolved since the 2008 crisis? What sticking points remain?
- Why the slow return of private label securities? Main obstacles and concerns about the private label market
- Role of government in mortgage finance: what are the main arguments for a reduction on GSE reliance? For a continuation of robust GSE RMBS issuance programs?
The CLO Market Forum: What are the Top Ten Challenges According to Investors Going into H2 2019/Q1 2020?
- Liquidity and trading concerns (time and expense and the bottlenecks that create this condition)
- Declining asset quality
- Covenant Lite CLOs, diminished investor protections
- Ratings methodology and downgrade watch
- Diminished arbitrage
- Sector performance concerns: Retail
- LIBOR transition
- Loan prices and underwater warehouse lines
- Risk retention: a net positive or negative for investors?
- Tiering asset managers in a waning credit cycle
- Ambuj Chaudhary CFA, Vice President (VOYA Investment Management)
- Olga Chernova , Chief Investment Officer (Sancus Capital Management)
- Amir Vardi , Managing Director, Structured Products Portfolio Manager (Credit Suisse Asset Management)
Leveraged Loans and the CLO Market Fundamentals
- How is a CLO structured, and what are the various investment profiles within the CLO? Which offer more attractive returns and how do you weight the risk?
- Why do CLOs deliver better returns for investors than non-managed static loan pools or indices?
- Key considerations when selecting your CLO manager
- CLO 2.0: how do these structures differ from their pre-crisis counterparts, and are they better able to weather economic cycles and sector disruptions (I.e. declining retail or challenged pharma)
- What are the chief criticisms arising today regarding underwriting standards of the underlying loans and are they merited? Are rating agencies heeding the trends and responding accordingly?
The Practical Realities of LIBOR to SOFR : Asset Manager Best Practices, A Case Study
- How to operationalize the LIBOR transition to SOFR; what investment professionals must know about LIBOR cessation, triggers, fallbacks and SOFR strategies
- What are investors demanding in terms of new issuance reference rate documentation and legacy deal language revision
- Do asset managers have the responsibility of communicating transition plans to their allocator clients or need they not bother?
- What are the material risks of SOFR going forward? What are the shortcomings of SOFR vs. LIBOR especially in regards to terms for tenors (1 month, 3 month vs. overnight reference rate)?
What Else Can ABS Do?
- Who are the main issuers of ABS and why would they choose securitization as a funding option?
- From financing plain vanilla consumer ABS assets such as credit card receivables and auto loan payments, to the more exotic fare such as PACE and Solar lease and loans, insurance linked securities and franchise fees- what assets can be securitized?
- What new and emerging trends are we witnessing in terms of assets being securitized?
- What can fintech do to make illiquid asset a tradeable security? Tokenized assets
- Joseph Lau , Managing Director & Chief Operating Officer (Lord Capital LLC)
Keynote Speaker: An Outlook on GSE Stewardship
Private Label Vs GSE Sponsored MBS
- Why Private Label Securities and not GSE RMBS?
- What risks are present in private label MBS? What could the due diligence process miss?
- Investor rights including statute of limitations, reps and warranties and deal agent developments
- Will GSE reform enable a more robust PLS RMBS Market?
- Eric Kaplan , Director, Housing Finance Program (Milken Institute - Center for Financial Markets)
How Venture Capital Assesses Opportunity: Lessons for the Traditional Asset Manager and Allocator
- What can FI asset managers learn from investors in other parts of the capital structure?
- What is PE and VC investors strategy to identify a scalable investment opportunity
- How do VCs evaluate and price Fintech and online lending platforms
- In what scenarios do interests of debt and VC interest converge and diverge?
- How do PE & VC players address a non-performing investment and lessons for debt holders
- Manish Kapoor CFA, Managing Principal (West Wheelock Capital)
Investor Due Diligence and Protections: Fintech as the Great Equalizer
- What are the key technological developments that are helping investors conduct due diligence
- Innovations in post deal surveillance
- How will fintech change the role of the trustee? Servicer?
- Can technology help smaller investors scale up to compete on the scale of larger investment houses with greater resource?
- Where are the following technologies being applied and to what result?
- Smart Contracts
Relative Value of Investing in the European vs. US Markets
- From divergent regulatory regimes to political uncertainty surrounding trade tensions with China and Brexit, is one market clearly more attractive than the other?
ESG and Impact Investing
- Robert McDonough , Senior Research Manager (Angel Oak Capital Advisors, LLC)
- Gil Crawford , Chief Executive Officer (MicroVest)
Diversifying Fixed Income Portfolios
- Why include ABS in your allocation strategy?
- Choosing your asset manager
- What sectors of the ABS market are most promising? Which may be headed for a downturn and why? Comparing CRT, CMBS, RMBS, CLOs, etc.
- Where does ABS allocation fit in within a fixed income portfolio?
- Landscape of ABS - existing product base and new asset classes being securitised
- Yield and liquidity characteristics compared to other fixed income investments
- ABS in a credit widening environment
- How does ABS fit for pensions and endowments with long duration liabilities?
Delegate Networking Reception Commences
To register for this conference you must be signed in
- FIIN Investor Member* - $0
- Non-FIIN Member Investor Rate - $295
- Conference Venue
InterContinental New York Times Square
300 W 44th Street
New York, NY, 10036
Please use the link above to book a room in IMN's room block, pending availability, until our cutoff date of Wednesday, June 3rd.
IMPORTANT NOTE: IMN has not retained any third party booking company to assist with reservations. If you are interested in making a reservation at the conference hotel, you must make your reservation using the link above.
Tel: +1(212)901-0506 Fax: +1(212)768-2484
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