Italian NPLs
Milan, Italy
November 13, 2019

Description

IMN’s 4th Annual Investors’ Conference on Italian & European NPLs will return to Milan, Italy on 13 November 2019 to address the latest updates in the non-performing loan market. The conference will bring together leading representatives from major banks, private funds, law firms, rating agencies, service providers and more to discuss the industry’s pressing topics, including:
  • Overview of Italy’s Banking Sector: Strengths, Weaknesses, Opportunities and Threats
  • Overview of Key Government Efforts to Stabilise the Italian Banking Sector (insolvency and debt recovery proceedings, bank consolidation efforts)
  • Investing in NPLs: Risk and Pricing Considerations for Investors
  • Funding the Program: The Role of Securitisation in Fueling NPL Purchasing Power
  • NPL Sellers’ Roundtable: Assessing the Impact of the Government Led Initiatives to Date
  • Application to Other Mediterranean Economies: Implications for Spain, Portugal and Beyond


Who Should Attend
  • Italian banks looking to re-capitalise
  • Private funds looking to invest in NPLs
  • Legal counsel
  • Rating agencies
  • Servicers
  • Banks facilitating NPL transactions

Investors & Issuers 199

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My Agenda

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Agenda

    Wednesday, 13 November 2019

      08:00
      Breakfast and Registration Opens




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      09:05
      Host’s Opening Remarks



        • Lauren Kerr, Conference Producer (IMN)

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      09:15
      The Italian Banking System: From Darkness to Daylight

        • Impact of macroeconomic factors on the NPL market: What is the forecast for Italy’s 2020 budget negotiations?
        • How is the political equilibrium influencing the global investor base?
        • Where does Italy fit on the Eurozone spectrum of distressed loans?
        • Impact of jumbo deals and multi-originator securitisations with local banks
        • Banking system reform: Disposal of unlikely-to-pay (UTP) and early stage NPEs
        • What are the new challenges and opportunities for the financial system after starting to see the white light?
        • Will investments in innovation and fintech platforms enhance operational capabilities and implement more efficient recovery techniques? 


        • Fabrizio Pagani, Global Head of Economics and Capital Market Strategy (Muzinich & Co.)
        • Biagio Giacalone, Head of Department, Active Credit Portfolio Steering (Intesa Sanpaolo)
        • Edoardo Ginevra, Chief Financial Officer (Banco BPM)

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      10:05
      NPL Seller Assessment and Strategy: Finding Your Niche

        • What NPL portfolio niches are burning bright on the radar? Are leasing and SME ABS characterizing the NPL market? 
        • Year in review: Evaluation of the seller spectrum over the last 12 months. 
        • How will NPL prices in 2020 compare with 2019?  
        • What assets are we starting to see performance trends? Positive vs. negative metrics
        • Alternatives to conventional securitisation: Is there a demand for whole loan portfolio sales or balance sheet recovery management?


        • Manuel Enrich, Investor Relations Director (Sareb)
        • Stefano Rossi, Chief Financial Officer (Alba Leasing)

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      10:55
      Refreshment Break




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      11:20
      Keynote Session: The Role of Italian Authorities in Tackling NPLs



        • Bruna Szego, Head of Directorate, Regulation & Macroprudential Analysis (Bank of Italy)

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      11:40
      The UTP Pipeline: Navigating Structures and Models

        • Breaking down the UTP scenario and the role of the challenger banks 
        • Will UTP be the restructuring of the Italian market due to slow down of securitisation under the GACs scheme?
        • Will this help to produce new solid M&A steams and industrial players?
        • How to leverage these structures to allow omission from bank originators


        • Massimo Lucchini, Restructuring Manager, Head of UTP (Depobank)

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      12:30
      Delegate Luncheon




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      13:30
      Keynote Session




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      Track A 13:50
      Legal Reforms and GACs Renovation: The Final Extension

        • GACs overview: How has GACs contributed substantially to boost NPL disposal volumes?
        • Business forecasts: What performance issues have caused recent downgrades as collections fall short of expectation?
        • Will underperformance cause change? E.g. Servicing shake ups and sub-portfolio sales
        • Beyond GACs: Has there been any progress with regards to justice and bankruptcy reform?
        • What will be the effects of the newly reformed "backstop regulation" by the European Council?



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      Track B 13:50
      Emergence of the Secondary Market

        • Is the market finally evolving into standard secondary liquidity?
        • Will this higher reselling of sub portfolios help to increase the investor base?
        • What is the appetite for participating?
        • Performance analysis to date: Volumes and reformation performance
        • Rating agency perspective: Business to action plan


        • Pier Paolo Radaelli, Director (LCM Partners)
        • Edward O'Brien, Adviser, Directorate General Macro-prudential Policy & FS (European Central Bank)

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      Track A 14:35
      Servicer Landscape: Consolidation Trends

        • Servicer challenges: Revenue streams, operational excellence and exhancing capabilities 
        • Finding the best combination of servicing acquisition (platforms merging, investor acquisition and larger servicer acquisition)
        • Is it worth newer entrants or funds to invest in these acquisitions considering they are owned under larger portfolios?
        • Does consolidation allow servicers to implement more sophisticated propositions
        • What will the role of the UTP have on new growth of servicers


        • Giovanni Lombardi, General Counsel (Illimity Bank)

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      Track B 14:35
      The Broader Investor Base: What to Expect as a New Entrant

        • How to invest in Italian NPLs if you are a first time buyer
        • What obstacles and opportunities can you expect
        • Risk analysis: Why have these mitigated after 3 years of intense activity


        • Marco Pompeo, General Counsel (Arrow Global)
        • Michele Russo, Head of Funds Specials Situations (Park Square Capital LLP)

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      Track A 15:20
      Securitisation: The Key to an International Product Solution

        • Will securitisation be the key to transfer the NPL market into a non-regulated world?
        • Italian market compared to other jurisdictions: Will securitisation act as a long-term solution for all European balance sheets?
        • Performance of existing NPL securitisations in the last 2 years
        • Has the ESMA NPE template provided more investor protection? 
        • 2020 prediction on NPL issuance volume


        • Anna Bak, Associate Director, Securitisation (AFME)
        • Claudio Tumeo, Head of ALM, Funding & Collateral Management (Credito Valtellinese)

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      Workshop B 15:20
      Pan European Progression: Taking Tips from the Italians

      • Acquisition Case Study 1: Are local Italian firms expanding their acquisitions to other European countries? E.g. Spain. Will this help to better market competition? Greek Case Study 2: How can countries such as Greece utilize Italy’s experience and schemes to move their own markets forward and improve balance sheet problems? Irish Case Study 3: As the second-most-active seller of NPEs, what is Irelands driving force to retrench the Irish market? (15 minute fire-round case studies with audience participation encouraged)


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      16:05
      Refreshment Break




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      16:25
      Investor Duration, Protection & Opportunities: Finding the Sweet Spot

        • Investor duration: As ECB regulation means increased provisions on portfolio acquisition, what kinds of models will be required to survive these rules when acquiring bank balance sheets?
        • Investor protection: Impact of the new ESMA NPL template
        • Investor opportunities: How to leverage cheap funding and limited assets
        • Market opportunities: NPL to UTP perspective
        • Are investors seeing a shift in monopoly of the NPE and financing market? How can investors manage declining volumes in the primary market?
        • Is securitisation the most investor confident option for buying NPLs? 


        • Pierre Lussato, Managing Director (Bayview International)
        • Gabriele Giorgi, Head of NPL strategy (Algebris Investments)
        • Natalia Joubrina, Credit Opportunities (AnaCap Financial Partners)
        • Guido Lombardo, Chief Investment Officer (Credito Fondiario)

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      17:10
      Closing Remarks & Conference Cocktail Reception Commences




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Sponsors

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  • Investor Rate - €995
  • NPL Originator Rate - €1,195
  • Early Bird Rate - €1,995
  • Standard Rate - €2,295
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Keynote Speaker

Contact Us

Venue

  • Conference Venue
  • Hotel Principe di Savoia


    Piazza Della Republica 17
    Milan, 20124
    Italy
    Fax: (39) 02 6595838, (39) 02 29006781

    Additional Info:

    IMN has a small number of discounted sleeping rooms available for the evening of 12 November.  Reservations can be made using the booking link above and are available on a first come, first served basis until 22 October.  As per hotel policy, guests will be able to make changes to their reservations prior to 22 October; after 22 October all guests will be 100% responsible for their own accomodation.  Any ammendment/cancellation,/no-show will be 100% charged as specified in their resservation. Please note that IMN has not retained any third party vendors to assist with reservations.  Please make all reservations using the booking link above.  Do not accept any calls from vendors requesting credit card information in order to assist in the booking process.

Speakers


1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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