English (US) Chinese (Simplified)
Securitisation in China
Beijing, China
September 11 - 12, 2020

Description


Announcing the New Postponement Date Pattern – 11- 12 September 2020

Euromoney/IMN and CAF100 are proud to present the 4th Annual Global Investors’ Conference on Securitisation in China, taking place 11-12 September 2020 in Beijing. Cementing the event as a hub of the Chinese ABS market, the 2019 event brought together over 1,000 of the banking and investor community to share new developments in the domestic securitisation market, discuss important regulatory and policy developments, and shape the future of the Chinese ABS market.

Building on that success, the 2020 gathering will serve as the catalyst for cross border deal flow, and will provide international investors seeking to gain a foothold in China with a distinct competitive edge.

The  international community’s interest in Chinese ABS grows every day. We hope this event will serve as the ideal forum to continue this momentum year on year.  We hope to see you in Beijing this Autumn as the global ABS community gathers for mainland China’s largest structured finance industry event.

Who Should Attend
  • Investment Banks (Underwriters/Structurers)
  • Attorneys at Law Firms and Regulatory Organizations 
  • Analysts for Investment Banks and Rating Agencies 
  • Broker/Dealers
  • Accountants 
  • Financial Advisors to Issuers and Arrangers 
  • Consultants 
  • Issuers Funding via Debt Capital Markets 
  • Fixed Income Investors (Asset Management Firms, Pension Funds, Mutual Funds)
  • Regulators and Central Banks
  • Technology Platform Providers, Analytics Firms 
  • Trustees and Servicers

Conference Highlights

Agenda

    Friday, 11 September 2020

      07:30
      Delegate Registration Opens



      Commence Pre- Conference Learning Sessions, Classrooms A & B

      • These primer sessions will help attendees to understand basic concepts that will improve understanding of the more advanced topics to follow. They will be smaller sessions that encourage interaction with the presenters.

      Workshop A 08:00
      Securitisation 101: A Primer on Chinese ABS Structure

        • Primer on the structure of ABS
        • Role of various counterparties
        • An outline of the typical approval process (e.g. a “starter package” in regards to the approval process within NAFMII)
        • The structuring of new transactions and the necessary regulatory approval steps


      Workshop B 08:00
      A Primer on the Chinese ABS Market for Global Investors

        • Defining the interbank vs. exchange market and the regulatory landscape; defining asset backed notes and their inclusion in the interbank scheme
        • Respective roles and relationships between of the PBOC, NAFMII, China Banking Regulatory Commission and China Securities Regulatory Commission in governing the ABS market
        • Overview of relevant regulatory bodies applicable for individual asset classes and / or securitization regimes
        • Asset types and deal structures: Autos, Consumer loans, Corporate SME loans, trade receivables, factoring/leasing receivables
        • Emerging assets including CMBS and REITs
        • Entry points into the Chinese bonds markets for the foreign investor: Bond Connect, Qualified Foreign Institutional Investor (QFII) and China Interbank Bond Market (CIBM) Direct


        • Mascha Canio, Head of Credit & Insurance Linked Investments (PGGM)

      08:40
      Networking Break in the Exhibit Hall



      09:10
      Hosts’ Welcoming Remarks: Euromoney IMN and CAF 100



        • Tong Cao, Chairman (HDFH)

      09:40
      Keynote Speech



        • Gang Xiao, Former Chairman (China Securities Regulatory Commission (CSRC))

      10:00
      Keynote Speech



        • Songzuo Xiang, Professor; Former Chief Economist (Renmin University School of Finance; Agricultural Bank of China)

      10:20
      Refreshment Break in Exhibit Hall



      10:40
      Outlook for the Chinese ABS Market Amid Global Political and Economic Development Challenges

        • Given the slowdown in the pace of domestic market expansion, what is the issuance forecast for 2020? What are the major headwinds? Tailwinds?
        • What will the impact of the U.S. China Trade War be on the domestic ABS market?
        • Is the government’s desire to de-leverage going to drive additional volume?
        • What impact will tightening regulations on bank lending have on the ABS market’s pace of growth?
        • Impact of an economy transitioning from export –led to consumption-led model on demand for ABS financing
        • What is being funded and why securitisation as a funding choice? Residential housing, infrastructure, commercial property, consumer loans, online lending, factoring and leasing companies, SMEs and large corporates, Non-performing loans
        • Moving beyond the Interbank market; how can China attract more foreign participation in its domestic issuance?


      11:30
      New and Notable Regulatory Developments in the Chinese ABS Market

        • Overview of the current landscape and respective domains of each regulator
        • Developments in standardization and transparency
        • Recent regulatory measures supporting the healthy development of the market
        • How have the concepts of true sale and bankruptcy remoteness held up under recent litigation?
        • Outlook for additional regulatory developments specific to securitisation and progress made on legal structures
        • Government efforts to move beyond the bilateral nature of the interbank market and to broaden and diversify the investor base?
        • BondConnect progess and other measures supporting international investors participation in the Chinese Securitisation products


      12:20
      Delegate Luncheon



      Commence Concurrent Tracks A & B



      Track A 13:50
      Chinese Residential Mortgage Backed Securities

        • Will RMBS remain one of the largest and most prolific asset classes in terms of Issuance volume projections for 2020?
        • Will the large banks remain the dominant issuers or will smaller, regional banks pick up issuance pace?
        • How does the Chinese RMBS market compare with other developed markets such as the U.S. and Europe? Are there best practices in standardization and transparency to be employed?
        • The role of international credit ratings in supporting international investors’ participation
        • What role should the capital markets play in keeping housing finance affordable?
        • Will the Chinese government create a similar structure to Fannie and Freddie in the U.S., i.e. a government sponsored entity?


        • Chuanjiang Jin, Deputy Director, Debt Financing Department (ICBC)

      Track B 13:50
      Assessing the Impact of Big Data, AI on Underwriting Quality and Credit Ratings

        • How are lenders using AI and big data to analyze borrower risk? Is the underwriting decision process greatly improved thanks to the vast amount of additional borrower metrics? Does this lead to higher quality assets?
        • How does big data improve underlying asset selection in an ABS transaction? Will the ratings agencies acknowledge this with higher ratings? Will investors acknowledge this with preferred pricing?
        • What is the net true advantage to the underwriting process?


        • Hunter Li, China Chief Risk Officer (HomeCredit)

      Track A 14:40
      Consumer Loan Securitisation

        • Analyzing emerging regulations in this sector and the impact on consumer loan origination volume
        • Update on predatory lending and regulators’ efforts to curtail this practice
        • Assessing the landscape of P2P lenders; what are the best practices in online lending


        • Thomas Wang, China CFO (Home Credit )

      Track B 14:40
      Assessing Potential Use Cases for Blockchain in ABS

        • How can blockchain lower borrower costs by making the transaction more efficient?
        • Does utilization of a blockchain platform improve deal ratings? CRA views
        • From concept to reality: What is the timeline for a complete ABS deal to be transacted on the blockchain


        • Joanna Yeo, Managing Director, Head of Asia, Provenance.io (Figure)
        • Kangning Li, General Manager, TengAn Fund (Tencent Finance)

      15:30
      Refreshment Break in Exhibit Hall



      Track A 16:00
      Auto Loan Securitisation

        • Are we seeing a change in the pattern of demand for new vs. used cars evolving? For luxury car sales from the overseas market?
        • Why is this the most appealing asset class for foreign banks? For foreign investors?
        • Total outstanding volume of auto ABS as a portion of overall ABS issuance and growth projections for this asset class
        • Impact of Bond Connect on international investor participation in Chinese Auto ABS


      Track B 16:00
      Alternative Bank Funding Options for Balance Sheet Relief: Understanding Significant Risk Transfer Technology

        • Understanding the motivations for banks to issue a Significant Risk Transaction vs. a True Sale
        • Understanding the motivations for investors to buy a Significant Transaction (vs. a True Sale)
        • Overview of a Significant Transaction Structure: What assets can be referenced in SRTs? What has been done so far globally? Percentile Breakdowns, across types of loans books, and countries/geographies
        • What are the steps to take to get to a successful SRT Transaction? From selecting the portfolio, to structuring to legal documentation and closing. What does the investors’ due diligence process entail?
        • Comparisons with recent international credit risk transfer transactions and their development


        • Haiyun Zhang, Director, UIBE Financial Markets Institute & Professor, UIBE School of Banking and Finance (University of International Business and Economics, School of Banking and Finance)
        • Xiwen Fan, Chief Risk Officer (China-LAC Cooperation Fund)
        • Martijn van der Molen, Senior Director, Credit & Insurance Linked Investments (PGGM)

      Track A 16:50
      Supply Chain Finance and Securitisation

        • What were the main supply chain innovations in China in 2019?
        • Key highlights from the  Chinese government’s first supply chain policy paper
        • Emerging technologies, such as blockchain, as a major driver of more secure and trusted SCF models and initiatives
        • What obstacles to the development of Supply Chain Finance remain?
        • Can securitisation improve access to timely and effective funding and the high funding costs?
        • Overview of the drivers that have accelerated the development of ‘smart’ SCF over the past couple of years: China’s huge market size, pro-SCF policies, corporates’ strong desire to leverage SCF, and emerging new technologies coupled with the rapid development of Big Data


      Track B 16:50
      CLOs as an Onshore Funding Tool and Overseas Investment Opportunity

        • Understanding the structure and underlying collateral of a CLO
        • Key terminology
        • Overview of the various counterparties in a CLO transaction
        • Relative value of foreign- managed CLOs for Chinese investors seeking diversification
        • Outlook for developing a domestic Chinese CLO market
        • CLOs as a funding tool for infrastructure projects and mid-market companies
        • International CLO market experiences and differences


        • Charles Fan, Co-Founder & Chief Executive Officer (Jin Yi Capital)
        • Jason Ziegler, Managing Director (CIFC Asset Management)
        • Wei Wei, Deputy GM (China Construction Bank)
        • Eric Jan, Managing Director & Head of China Investments, Global Markets (Barings Investment Management (Shanghai) Limited)

      17:40
      Delegate Networking Cocktail Reception



      Day One of the Global Investors’ Conference on Securitisation in China Concludes



    Saturday, 12 September 2020

      07:30
      Delegate Registration Opens



      Commence Pre- Conference Learning Sessions, Classrooms A & B



      Workshop A 08:00
      Understanding Commercial Mortgage Backed Securities

        • Overview of the CMBS deal structure in China and how it differs from U.S. and Europe
        • Step by step: Procedure for executing a CMBS transaction in China


        • Manish Rajguru, Senior CMBS Portfolio Manager (Lord, Abbett & Co. LLC)

      Workshop B 08:00
      A Primer on Receivables Finance

        • Understanding the largest asset ABS asset class in China ABS
        • What is a receivable ABS and what is the step by step guide to issuing a deal? What is the borrower criteria and necessary infrastructure required?
        • Rationale for using securitisation as an SME funding tool
        • What are the main risks behind these products; recent asset performance review and credit outlook


      08:40
      Networking Break in the Exhibit Hall



      09:10
      Keynote Speech: Impact of the US China Trade War - An Economic Perspective



      09:30
      Keynote Speech



      09:50
      Keynote Speech



      10:10
      Keynote Speech “The Role of Government Sponsored Enterprises in Funding Housing”



        • Michael Bright, Chief Executive Officer (Structured Finance Association)

      10:30
      Refreshment Break in the Exhibit Hall



      10:50
      The Investor’s Panel: Global Views on the Chinese ABS Market

        • Can China still be considered ‘emerging’ with >$200bil in annual issuance?
        • If so, does this label restrict the type of investor who can participate? What more is needed to label China a ‘mature market’
        • What are the main obstacles: lack of sufficient information and data, and performance history, comparable credit ratings, unfamiliar taxation framework, regulatory and legal uncertainty, currency volatility, economic growth uncertainty?
        • What information are investors seeking as comfort given the relative lack of performance history and fast development of the markets?
        • Is Bond Connect making a material difference in terms of increasing international investor participation?
        • How important is a robust secondary market?
        • What Chinese structured finance products attract international investors the most?
        • Attracting a broader base of investors by ensuring diversity of ABS credit quality tranches with clear pricing differentiation of risk
        • Relative values between inter-bank bond market products, stock exchange traded products and asset-backed notes


        • Matthew O'Sullivan, Head of Origination Asia Pacific (M&G Investments)

      11:40
      Environmental Social Governance (ESG) and the Bond Market

        • Defining “ESG”: how does one qualify a deal, what are the key characteristics, and is a global standard emerging?
        • Overview of the PBOC published guidelines on ESG bond issuance and qualifications
        • Motivations for obtaining an ESG label?
          • Funding cost considerations
          • Investor diversification
          • Alignment with Chinese government policy
        • How do Chinese ESG qualifications align with international standards?
        • What efforts are underway to harmonise with overseas market standards?
        • Potential for ESG bond and ABS issuance in the near term


      12:30
      Delegate Luncheon



      Commence Concurrent Tracks A & B



      Track A 13:50
      Deleveraging Through Securitisation for Financial Institutions and SOEs

        • Why is securitisation the favored tool for bank deleveraging vs. whole loan sales
        • What is the risk of a mainly interbank market? Are efforts underway to further de-risk the banking system by expanding the investor base globally?
        • How successful has Bond Connect been in this regard? When will we see meaningful changes in the nature of the market?
        • State owned enterprises must also reduce their leverage ratio as per government mandate


        • Bingxi Shen, Former Inspector, Financial Markets Division (People's Bank of China)

      Track B 13:50
      Key Considerations for the China Domestic Investors

        • Has major headway been made in the domestic market in terms of investor protections? Profiling the investors, risks and the opportunities
        • The emergence of the private investor vs. a bank dominated market
        • Will a more diverse investor profile lead to more tiering of the market in terms of senior versus subordinated?
        • Servicing landscape
        • What are the various investment strategies to date? Is a local onshore partner or office necessary for foreign investors?
        • How investor protections vary in different parts of the market


      Track A 14:40
      Financing Infrastructure Projects Using ABS

        • Financing Gaps in Infrastructure and SMEs 
        • Securitisation as a means for financing the Belt and Road Initiative as well as other major infrastructure projects in mainland China   
        • Targeted government and regulatory support; setting criteria and standardising transactions 


      Track B 14:40
      Securitisation as a Tool for NPL Reduction

        • Overview of the current NPL ratio in China and major asset types (real estate, corporate)
        • What support is the government providing to reduce the NPL balance?
        • Various bank strategies for disposing of NPLs and the role of securitisation
        • Securitisation as a funding tool versus whole loan portfolio sales: relative value
        • Estimated issuance volume of NPL ABS in 2020
        • Lessons from successful NPL securitisation platforms such as the Italian GACS scheme and Greece’s APS scheme
        • How to create a liquid secondary market for Chinese NPLs: assessing the need for growing and diversifying the investor base globally
        • International experiences in NPL securitizations


      15:30
      Refreshment Break in Exhibit Hall



      Track A 16:00
      What is the Outlook for Funding Commercial Real Estate via REITS and ABS

        • What is the role of the REIT funding mechanism given tightened bank lending against real estate assets?
        • Comparing the relative value of cost of capital and amount of capital raised versus bank funding
        • In tier 1 cities such as Beijing and Shanghai, commercial developers are seeking to raise capital against existing property portfolios, which outweighs new construction funding demand. Is this trend even more obvious than last year?
        • Government is encouraging corporates to deleverage, as well as the developers. These developers are facing even reduced support from banks. They turn to ABS. Regulators are further tightening the rules and this is lowering issuance volume from certain developers


      Track B 16:00
      The Role of Securitisation in Funding Small Business Lending

        • How can securitisation support small business funding as traditional bank financing channels become harder to obtain?
        • Tapping into the interbank market: can asset backed notes attract more overseas investors and ease access to funding for SMEs?
        • Emerging non-FI lenders: Profiling the landscape of issuers amid increasing regulatory scrutiny
        • Blockchain and big data: can this help reduce origination risk by better vetting borrowers?
        • International experiences in funding SME lending through securitisation


      16:50
      The 4th Annual Global Investors’ Conference on Securitisation in China Concludes



    Day 1

      07:30
      与会代表登记



      会前培训,课堂A & 课堂B

      • 这些入门课程将帮助与会者了解基本概念,从而加深对之后话题的理解。这是鼓励与演讲者互动的小型会议。

      Workshop A 08:00
      课堂A:资产证券化介绍:中国ABS结构入门

        • 资产证券化的作用与结构
        • 交易中各方角色
        • 典型审批流程概述(例如,中国银行间交易商协会审批流程的“启动包”)
        • 新交易的结构和必要的监管批准步骤


      Workshop B 08:00
      课堂B:给海外投资者:中国资产证券化市场入门

        • 界定银行间市场与交易所市场,及相关规管架构; 定义资产支持票据及将其纳入银行间市场计划
        • 中国人民银行、中国银行间市场交易商协会、中国银保监会和中国证监会在管理资产证券化市场的作用和关系
        • 单类资产ABS操作/ABS监管制度的概览
        • 资产类型和交易结构:个人汽车贷款、消费贷款,中小企业贷款、贸易应收账款、保理/租赁应收账款等
        • 新兴资产:包括商业地产抵押贷款支持证券(CMBS)和房地产投资信托(REITs)
        • 外国投资者进入中国债券市场的路径:债券通,合格境外机构投资者(QFII)和中国银行间债券市场(CIBM)直接投资


        • Mascha Canio, Head of Credit & Insurance Linked Investments (PGGM)

      08:40
      展区交流互动



      09:10
      主办方欢迎致辞:Euromoney IMN 和中国资产证券化百人会论坛 (CAF 100)



        • Tong Cao, Chairman (HDFH)

      09:40
      主旨演讲



        • Gang Xiao, Former Chairman (China Securities Regulatory Commission (CSRC))

      10:00
      主旨演讲



        • Songzuo Xiang, Professor; Former Chief Economist (Renmin University School of Finance; Agricultural Bank of China)

      10:20
      茶歇交流



      10:40
      全球政治环境和经济发展挑战下的中国ABS市场展望

        • 随着国内市场扩张步伐放慢,2020年的整体发行量将会如何? 市场主要的不利因素是什么? 有利因素又是什么?
        • 中美贸易战对国内ABS市场影响几何?
        • 政府去杠杆的愿景是否会导致市场发行量增加?
        • 银行越发收紧的贷款的政策将对ABS市场的增长产生什么影响?
        • 中国经济由出口导向转变为消费导向,这对ABS融资的需求会产生怎样的影响?
        • 筹集资金用途为何?为何选择资产证券化作为融资手段? 住宅地产,基础设施,商业地产,消费贷款,线上借贷,保理和租赁公司,中小型企业和大型公司,以及不良贷款
        • 走出银行间市场,中国如何吸引更多海外机构参与其国内发行?


      11:30
      中国ABS市场监管领域新动向

        • 监管概述及不同领域监管的划分
        • 在标准化和透明度方面的发展
        • 对于促进市场健康发展有利的最新监管政策
        • 在最近的诉讼中,如何区分“真实出售”和破产的概念?
        • 未来是否有进一步针对资产证券化领域的法律发展以及法律框架的逐步完善
        • 政府在超越银行间市场以及帮助扩大投资者多元性中所做出的努力
        • 债券通最新发展,以及政府对于鼓励海外投资者参与中国证券化市场的其他有力举措


      12:20
      与会代表午餐



      平行论坛分会场A及分会场B



      Track A 13:50
      分会场A: 中国个人住房抵押贷款资产支持证券

        • 展望2020年,就发行量而言,RMBS是否仍将是规模最大、资产类别最丰富的产品之一?
        • 大银行们会继续作为主导市场的发行人,还是较小的区域性银行也会加速产品发行?
        • 中国的RMBS市场与其他发达市场(如美国和欧洲)相比如何? 是否有借鉴标准化和透明度俱佳的市场实践?
        • 国际评级机构在促进国际投资人参与中国市场中所发挥的作用有哪些?
        • 资本市场在承担住房融资方面应发挥什么作用?
        • 中国政府是否会建立与美国房利美和房地美类似的结构,即政府支持机构?


        • Chuanjiang Jin, Deputy Director, Debt Financing Department (ICBC)

      Track B 13:50
      分会场B: 评估大数据、人工智能在产品承销质量和信用等级方面的作用

        • 贷款方如何使用人工智能和大数据手段来分析借款人风险? 借助大量的借款人评估指标,产品承销的决策过程是否得到显著改善? 这是否会进而提升资产质量?
        • 大数据如何改善ABS交易中的基础资产选择? 评级机构是否会认可这一优势,从而给出更高评级?投资者会因此而给出更优价格吗?
        • 大数据和人工智能对于产品承销过程真正的优势体现在哪里?


        • Hunter Li, China Chief Risk Officer (HomeCredit)

      Track A 14:40
      分会场A: 消费贷款证券化

        • 分析消费金融领域的新兴法规及其对消费贷款量的影响
        • 高利息贷款现状以及监管机构致力于减少此类贷款的各种举措
        • 评估P2P贷方的情况; 线上借贷有何可借鉴的实践操作?


        • Thomas Wang, China CFO (Home Credit )

      Track B 14:40
      分会场B: ABS领域中区块链的作用

        • 区块链技术如何通过提高交易效率来降低借款人成本?
        • 利用区块链平台会提高产品评级吗? 评级机构意见如何?
        • 从概念到现实:用区块链技术完成一单完整的ABS交易何时到来?


        • Joanna Yeo, Managing Director, Head of Asia, Provenance.io (Figure)
        • Kangning Li, General Manager, TengAn Fund (Tencent Finance)

      15:30
      茶歇交流



      Track A 16:00
      分会场A: 个人汽车抵押贷款资产证券化

        • 从海外市场豪华车的销售情况来看,市场对于新车和二手车的需求模式有否发生变化?
        • 为什么这是对外资银行和外国投资者最具吸引力的资产类别?
        • 作为资产证券化产品的一个类型,汽车抵押贷款证券化存量和新发行增长前景如何?
        • 债券通对国际投资者参与中国个人汽车贷款抵押支持证券的影响


      Track B 16:00
      分会场B: 银行另类合成风险转移:了解Significant Risk Transfer策略

        • 了解银行开展信贷资产重大风险转移交易的动机(与真实出售对比)
        • 了解投资者参与信贷资产重大风险转移交易的动机(与真实出售对比)
        • 信贷资产重大风险转移交易结构概述:哪些资产可以适用于SRT?在全球市场上各类信贷的占比(国家/地域)
        • 从选择投资组合、到结构化和法律文件,获得成功的SRT交易需采取哪些步骤?投资者的尽职调查需要做些什么?
        • 比较近期国际风险转移交易及其发展


        • Haiyun Zhang, Director, UIBE Financial Markets Institute & Professor, UIBE School of Banking and Finance (University of International Business and Economics, School of Banking and Finance)
        • Xiwen Fan, Chief Risk Officer (China-LAC Cooperation Fund)
        • Martijn van der Molen, Senior Director, Credit & Insurance Linked Investments (PGGM)

      Track A 16:50
      分会场A: 供应链金融及其证券化

        • 2019年中国主要的供应链创新是什么?
        • 中国政府首份供应链政策文件的重点
        • 新兴技术,如区块链,作为更安全和可信的供应链金融模型和计划的主要驱动因素
        • 供应链金融的发展还存在哪些障碍?
        • 证券化能否提供及时有效的融资渠道并改善高昂的融资成本?
        • 中国巨大的市场规模、支持供应链金融的政策、企业强烈的使用供应链金融手段的意愿、新兴的新技术与大数据的快速发展,这些都是近几年来推动“智能”供应链金融发展的驱动力


      Track B 16:50
      分会场B: 企业贷款资产支持证券(CLO):一种在岸融资工具和海外投资机会

        • 了解CLO的结构和基础抵押品
        • 关键术语
        • CLO交易中各交易角色的概述
        • 外资管理的CLO对于寻求多元化投资的中国投资者的相对价值
        • 中国国内CLO市场发展展望
        • CLO作为基础设施项目和中等规模企业的融资工具
        • 国际市场CLO经验与差异


        • Charles Fan, Co-Founder & Chief Executive Officer (Jin Yi Capital)
        • Jason Ziegler, Managing Director (CIFC Asset Management)
        • Wei Wei, Deputy GM (China Construction Bank)
        • Eric Jan, Managing Director & Head of China Investments, Global Markets (Barings Investment Management (Shanghai) Limited)

      17:40
      与会代表交流酒会



      第一天会议结束



    Day 2

      07:30
      与会代表登记



      会前培训,课堂A & 课堂B

      • 这些入门课程将帮助与会者了解基本概念,从而加深对之后话题的理解。这是鼓励与演讲者互动的小型会议。

      Workshop A 08:00
      课堂A:了解商业地产抵押支持证券

        • 中国CMBS交易结构概述以及它与美国和欧洲的区别
        • 逐步解析:在中国执行CMBS交易的程序


        • Manish Rajguru, Senior CMBS Portfolio Manager (Lord, Abbett & Co. LLC)

      Workshop B 08:00
      课堂B:应收账款融资入门

        • 了解中国最大的资产证券化类别
        • 什么是应收款资产证券化?如何发行? 借款人需要符合什么标准?必要的市场基础设施有哪些?
        • 中小企业采用证券化作为融资工具的原因
        • 这些产品潜在的风险是什么? 回顾近期资产表现和信用评级展望


      08:40
      展区交流互动



      09:10
      主旨发言



      09:30
      主旨发言



      09:50
      主旨发言



      10:10
      主旨发言:政府支持机构在住房融资中的作用



        • Michael Bright, Chief Executive Officer (Structured Finance Association)

      10:30
      茶歇交流



      10:50
      投资者圆桌讨论: 国际视野下的中国ABS市场

        • 每年发行超过200 亿美元的中国市场,还能被认为是"新兴市场"吗?
        • 如果是,这个标签是否限制了可以参与的投资者类型?要给中国贴上“成熟市场”的标签还需要什么?
        • 主要障碍是什么:缺乏足够的信息和数据、业绩记录、可比信用评级、不熟悉的税收框架、监管和法律不确定性、货币波动性、还是经济增长不确定性?
        • 鉴于相对缺乏业绩记录和市场快速发展,投资者希望获得哪些信息以作慰藉?
        • 债券通在增加国际投资者参与方面是否有实质性区别?
        • 一个强劲的二级市场究竟有多重要?
        • 哪些中国结构化金融产品最吸引国际投资者?
        • 通过确保资产支持证券(ABS)产品分层的多样性,以及对不同风险资产的差异化定价,吸引更广泛的投资者群体
        • 银行间债券市场产品、交易所交易产品和资产支持票据之间的相对价值


        • Matthew O'Sullivan, Head of Origination Asia Pacific (M&G Investments)

      11:40
      环境、社会、公司治理(ESG) 和债券市场

        • 定义“ ESG”:ESG投资的合规要求及其主要特征,其全球化标准是否正在形成?
        • 概述中国人民银行发布的关于ESG债券发行和发行标准的指引
        • 获得ESG标签的动因有哪些?
          • 融资成本考量
          • 投资者 多元化
          • 与政府政策方向保持一致
        • 比较中国的ESG标准与国际标准
        • 协同国内标准与国际标准的先行举措
        • 近期展望:ESG债券和ABS产品发行


      12:30
      与会代表午餐



      平行论坛分会场A及分会场B



      Track A 13:50
      分会场A: 金融机构和国有企业通过证券化去杠杆

        • 为什么证券化是银行去杠杆化的首选工具,与全部贷款出售相比
        • 主要交易市场是银行间市场,这种体系存在的风险是什么? 是否有举措正在通过扩大全球投资者范围来进一步降低银行体系风险?
        • 债券通在这方面的作用几何? 市场性质何时会发生本质改变?
        • 国有企业也要按照政府规定降低杠杆率


        • Bingxi Shen, Former Inspector, Financial Markets Division (People's Bank of China)

      Track B 13:50
      分会场B: 国内投资者的主要关切点

        • 在投资者保护方面,国内市场是否取得了重大进展? 分析投资者、风险、和机遇 
        • 私人投资者的出现与银行主导的市场
        • 更多样化的投资者类型是否会带来更多的市场分层?高级和次级
        • 市场服务纵览
        • 迄今为止有哪些投资策略? 外国投资者是否需要在岸的合作方或者设立在岸办公室?
        • 市场中不同部分不同程度的投资者保护


      Track A 14:40
      分会场A: 资产证券化在基础设施建设项目融资中的应用

        • 填补基础设施建设和中小企业融资缺口 
        • 资产证券化作为一种融资手段,在“一带一路”项目和其他国内基础设施建设项目中起到的作用 
        • 有哪些有针对性的政府和监管支持,旨在制定标准,并使得交易标准化 


      Track B 14:40
      分会场B: 不良资产处置策略与证券化的作用

        • 概述当前中国的不良贷款率和主要资产类型(房地产,企业)
        • 政府为减少不良贷款余额做了哪些努力?
        • 处理不良贷款的各类银行策略以及证券化在这之中的作用
        • 资产证券化作为融资工具与贷款组合出售相比:相对价值
        • 预测2020年不良贷款ABS的发行量
        • 成功的不良贷款证券化平台的经验教训,例如意大利的GACS计划和希腊的APS计划
        • 如何为中国不良贷款创造一个高流动性二级市场:评估在全球范围内发展并丰富投资者类型的必要性
        • 以资产证券化作为手段来处置不良资产的国际经验


      15:30
      茶歇交流



      Track A 16:00
      分会场A: REITS和ABS在商业地产领域的应用前景

        • 鉴于银行对房地产资产的贷款收紧,房地产投资信托基金的融资机制起到什么作用?
        • 比较资本成本相对所募集的资金与银行融资相比的相对价值
        • 在北京和上海等一线城市,商业开发商正在寻求为现有房地产投资组合筹集资金,这一需求甚至超过了新建房屋需求。 这种趋势是否比去年更加明显?
        • 政府鼓励企业和开发商去杠杆化。这导致开发商能得到的银行支持更少了。 他们转投于ABS。监管政策正在进一步收紧,这也降低了某些开发商的发行量


      Track B 16:00
      分会场B:证券化在中小企业融资方面的作用

        • 随着传统银行融资渠道越发收紧,证券化如何帮助小企业融资?
          进入银行间市场:资产支持票据能否吸引更多的海外投资者,且方便中小企业的融资?
        • 新兴的非金融机构贷款人:在监管日益严格的情况下,对发行人的概况进行分析
        • 区块链和大数据:可以通过更好的审查借款人来降低发起风险吗?
        • 以资产证券化手段来支持中小企业融资的国际经验


      16:50
      大会闭幕



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  • Friday, 11 September 2020
  • Saturday, 12 September 2020
  • Day 1
  • Day 2

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