Significant Risk Transfer
London, UK
February 6, 2020

Description

IMN’s 3rd Annual Investors’ Conference on Significant Risk Transfer will once again be held at the Clifford Chance offices, Canary Wharf, London on 6 February 2020. The conference will continue to be the premier SRT industry gathering kicking off the New Year by bringing together major market players, including leading investors, issuers, service providers, and government regulators.

Attendees will gain a competitive edge from attending our sessions hosted over this one-day conference, which features speakers whose expert insights provide important industry and regulatory updates, key trends, and opportunities and challenges facing the SRT market. 

A must-attend event, IMN’s Investors’ Conference on Significant Risk Transfer is a platform that informs, engages and delivers a competitive edge for the UK and European Structured Finance community.

Who Should Attend
  • Issuers
  • Investors
  • Broker-Dealers
  • Regulators
  • Law Firms

Investors 190

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Conference Highlights

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Agenda

    Thursday, 06 February 2020

      08:00
      Conference Opens for Registration & Breakfast



      09:15
      Welcome Remarks



        • Lewis Manson, Associate Conference Producer (IMN)

      09:20
      Through the Looking Glass: Macro-Economic & Geo-Political Forecast

      • An actuary's nightmare: In an increasingly turbulent environment, what are the ramifications on a slowing global economy, and major concerns for the financial markets? This 'scene setting' session will assess the necessary steps to take towards risk mitigation and briefly outline the major geo-political and macro-economic highlights, such as; international trade wars, an anticipated turn in the Credit Cycle, and the remaining unknowns of Brexit.

        • Richard Hopkin, Managing Director & Head of Fixed Income, Capital Markets (Association for Financial Markets in Europe (AFME))
        • Sarah Hewin, Chief Economist, Europe & Americas (Standard Chartered Bank)

      09:50
      20/20 Vision: SRT Market Overview

      • Despite a rocky start, 2019 has seen record issuance – How buoyant will this sector remain amid a looming recession? Is this growth in issuance volume sustainable? This panel will evaluate the current market activity in terms of issuance volumes along with projections for 2020 and beyond. In a dramatically evolving sector we will look at; developments in the regulatory space such as STS, BASEL, ESMA templates (and recent European Comission adoption), CRR and IFRS9; motivations for synthetic versus cash SRTs, and the developing structures that are framing the picture for new entrants, new structures and overall sector sustainability. 20 minutes of this session will be a dedicated Myth vs. Reality section. Using our interactive Q&A tool, Sli.do, delegates can submit their questions to this sector specific panel of experts, in order to debunk industry myths and get down to brass tack realities! Please note this session is off the record. Should you wish for any official comments please contact the speakers directly. 

        • Jessica Littlewood, Partner (Clifford Chance)
        • James Parsons, Managing Director (PAG)
        • Robert Simmons, Senior Associate (Allen & Overy)
        • Frank Benhamou, Managing Director, Head of Capital Solutions Structuring (Barclays)
        • Syril Pathmanathan, Senior Vice President (The D.E. Shaw Group)

      10:50
      Deal Spotlight: JUPITER

      • FCT Jupiter 2019 is a US$3.4 billion credit risk transfer referencing over 250 loans sourced from Societe Generale’s structured finance franchise across sectors including energy, aircraft, real estate, and telecoms. The credit protection covers a low mezzanine tranche privately placed with one of the Mariner Investment Group International Infrastructure Finance Company funds. The transaction has an innovative feature whereby Societe Generale has committed to redeploy a portion of the released capital in new Positive Impact financing.

        • Molly Whitehouse, Director & Portfolio Manager (Newmarket Capital)
        • Pascale Olivie, Director, Asset Backed Products Advisory (Societe Generale)
        • Suzana Sava-Montanari, Counsel (Latham and Watkins)
        • Ingrid York, Partner (White & Case LLP)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      11:20
      Networking Refreshment Break



      11:50
      Keynote Question Time, with the EBA

      • An update on the EBA's STS discussion paper, and an open forum to address delegate questions.

        • Timothy Cleary, Partner (Clifford Chance)
        • Christian Moor, Principal Policy Advisor, Capital Markets Union (European Banking Authority (EBA))

      12:30
      Delegate Luncheon



      13:30
      Deal Spotlight: Project Meno

        • Synthetic securitisation of largely undrawn revolving credit facilities originated to large corporate and financial institution borrowers in Europe
        • Santander’s first ever unfunded SRT/capital relief securitisation with a completely new investor base, Santander working with three re/insurance companies to execute the transaction
        • Structured as a direct contract of insurance providing first loss protection on a EUR 1.3bn portfolio
        • Transaction references the EAD of the underlying assets, as opposed to the notional, relying on recent regulatory guidance to provide a high-level of capital relief at an attractive cost to the issuer – enables capital relief to be obtained against the important target area of large corporate back-up lines


        • Timothy Cleary, Partner (Clifford Chance)
        • David Saunders, PDM Notes & Structuring (Santander Corporate Investment Banking)
        • RJ Shea, Vice President, Underwriting (Renaissance Reinsurance)
        • Timothy Small, Managing Director (Aon Reinsurance Solutions)
        • Simon Crone, Senior Underwriter (Fidelis)

      14:00
      Evolution of SRT: Emerging Structures, Players & Asset Classes - and Technologies to Manage Them

      • A growth in issuance volume, thickening tranches, and the emergence of dual-tranche and mezzanine structures – Is this creating a gateway for new market entrants in the Insurance, Pension Fund, and Hedge Fund spaces? How will this affect the resiliency and sustainability of this sector, factoring in new asset classes such as auto and residential mortgages alongside the typical large corporate and SME exposures? How favorable do we view the risk and return profiles of these emerging asset classes, and will this equate to continued and sustainable growth? How can we ensure cost effective management of these asset classes and interactions with investors and regulators?

        • Himesh Shah, Portfolio Manager (Christofferson, Robb & Co)
        • Matthias Korn, Head of Financial Solutions (Caplantic GmbH)
        • Fiona Walden, Senior Vice President, Credit & Financial Lines (RenaissanceRe)
        • Juan Grana, Managing Director (Arrowmark Partners)
        • David Wainer, Partner (Allen & Overy LLP)
        • Andras Vajda, Co-Founder & Chief Executive Officer (iconicchain)

      14:45
      Networking Refreshment Break



      15:05
      “This House Believes”: Investor & Issuer Forum

      • The Investor and Issuer Forum will serve as a team debate to answer the statement:
        "This house believes we can achieve structural and regulatory harmonisation within this sector”. Assessing the relative value of SRT as a balance sheet management tool and investment option, covering;
        • The motivations to issue and the appetite to invest, given the differing regulatory affects, and the varied risk and return profiles on both homogenous and diversified portfolios.
        • How are new and repeat issuers adapting to the new and alternative investor base
        • Is the importance on data creating a barrier to transactions?
        • What can be classified as a 'pièce de résistance' investor/issuer relationship
        • What lessons are still to be learned in order to help standardise market practice in this sector? Is this standardisation reliant on regulatory harmony or industry behaviour?


        • Salvatore Nuccio, Head of Financial Institutions Solutions (Banca IMI)
        • Mascha Canio, Head of Credit & Insurance Linked Investments (PGGM)
        • Kaikobad Kakalia, Chief Investment Officer (Chorus Capital Management Ltd)
        • Alan McNamara, Head of Financial Solutions (Bank of Ireland)
        • Olivier Renault, Managing Director (Citigroup)

      15:50
      Evolution of SRT: Cross-Continental Activity & New Labels

      • In a very Euro-centric market, what activity can be seen from outside of continental Europe, what are the jurisdictional differences, and do they inhibit cross-border dealing? What needs to shift to allow the APAC region to move from exploratory to actionable, and will Room2Run act as the catalyst for further MDB transactions? Given significant industry focus to ESG compliance, will we see a shift in 'impact' considerations from second thought to priority for relief capital?

        • Steve Gandy, Managing Director, Head of Private Debt Mobilisation (Santander Corporate & Investment Banking)
        • Marina Piccioni, Head of Structuring – International Cooperation (Cassa Depositi e Prestiti)
        • Juan-Carlos Martorell, Managing Director, Co-Head of Structured Solutions (Mizuho International plc)
        • Elena Lee, Executive Director, Balance Sheet Securitisation, Capital Structuring and Distribution Group, Financial Markets (Standard Chartered Bank)
        • Molly Whitehouse, Director & Portfolio Manager (Newmarket Capital)
        • Benedetto Fiorillo, Managing Director (NatWest)

      16:30
      Conference Concludes & Drinks Reception Commences. Drinks Reception Hosted By:



Sponsors

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Venue

  • Conference Venue
  • Clifford Chance LLP


    10 Upper Bank Street Canary Wharf
    London, E14 5JJ,
    England
    Map

    Additional Info:

    Please note: IMN has not contracted with any third party agencies to assist with reservations.  All reservations should be made directly with the hotels listed below.
  • Suggested Hotel
  • Hilton London Canary Wharf Hotel


    South Quay, Marsh Wall
    London,
    UK

    Additional Info: IMN does not have a room block at this hotel. 
  • Suggested Hotel
  • London Marriott West India Quay


    22 Hertsmere Rd, Canary Wharf
    London, E14 4ED,
    England

    Additional Info: IMN does not have a room block at this hotel. 

Content/Audio Files

  • Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab.

    Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files.
  • Thursday, 06 February 2020
  • 09:20

    Through the Looking Glass: Macro-Economic & Geo-Political Forecast



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 09:50

    20/20 Vision: SRT Market Overview



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 10:50

    Deal Spotlight: JUPITER



    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 11:50

    Keynote Question Time, with the EBA



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 13:30

    Deal Spotlight: Project Meno



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 14:00

    Evolution of SRT: Emerging Structures, Players & Asset Classes - and Technologies to Manage Them



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 15:05

    “This House Believes”: Investor & Issuer Forum



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 15:50

    Evolution of SRT: Cross-Continental Activity & New Labels



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

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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