Significant Risk Transfer
London, UK
March 31, 2022

Description

*GET YOUR TICKETS NOW - ONLY 150 SEATS REMAINING WITH SUPER EARLY BIRD PRICING ENDING JANUARY 21ST*

IMN’s 5th Annual Investors’ Conference on Significant Risk Transfer returns as an in-person conference 31 March and will continue to be the premier SRT industry gathering by bringing together major market players, including leading investors, issuers, service providers, and government regulators.

Attendees will gain a competitive edge from expert-led sessions on 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 99

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My Agenda

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Agenda

    Thursday, 31 March 2022

      08:30
      Registration Opens & Delegate Breakfast



      09:15
      SRT Market Overview

        • Review of market activity and issuance volumes from 2021 and projections for 2022 and beyond. How has transaction performance looked over the past year? Is this expected to continue? And how does this breakdown per sector and geography?
        • Will the SRT market continue to be resilient against continued salient financial market and geo-political turbulence, and what form will these take? I.e., Inflation, LIBOR, tapering of Covid support schemes, supply chain risks etc.
        • Given rising inflation, how isolated is SRT? How impacted are rates, different sectors, and portfolios and their underlying asset pools?
        • Have structuring terms loosened in the SRT market during the bull market in credit, similar to the proliferation of covenant light structures in HY markets?
        • Have there been any trends in the ways that issuance is conducted in SRT: bilateral vs club vs syndicated? What has been driving this?


        • James Parsons, Partner (PAG)
        • Luca Paonessa, Senior Portfolio Manager (PGGM)
        • Jessica Littlewood, Partner (Clifford Chance)
        • Frank Benhamou, Managing Director, Head of Funding and Capital Solutions (Barclays)

      10:15
      ESG Considerations for Risk Sharing

        • What common measures, standards, or approaches to ESG are being developed, and has the pandemic expedited ESG needs and values?
        • Is there a disconnect between investors and issuers in terms of offloading balance sheet anti-ESG assets creating un-investable portfolios, or does the capital release allow for more progressive lending?
        • ESG transparency, disclosure, and reporting requirements – how are firms handling these extra measures?
        • How important is investor due diligence? How is ESG being measured to show progress in achieve its means?
        • Reflections from COP26 for financial markets, successes, failures, and any implications on risk sharing transactions?


        • Kaikobad Kakalia, Chief Investment Officer (Chorus Capital Management Ltd)

      11:00
      Networking & Refreshment Break



      11:30
      Transaction Case Study

        • Critical assessment of a recent transaction featuring all key parties involved.


      12:00
      Keynote: Announcing Soon!



      12:30
      Delegate Luncheon



      13:45
      Regulatory Spectrum Evaluation for Risk Transfer

        • Reactions to the Basel4 legislative proposal publication – what impacts does this have on the SRT market. E.g., modelling of transactions, economics of tranches.
        • UK vs EU divergence post-Brexit – Impacts and cross-jurisdictional transaction considerations.
        • EBA SRT Paper – implications of a delay on implementation and issuance
        • Examination of the Capital Requirements Directive & Regulation, and the Bank Recovery and Resolution Directive.
        • IFRS9 implementation and scrutiny in the wake on COVID-19 practices and increased credit risk.
        • Other regulatory developments and impacts to the Risk Transfer market; TRIM, Securitisation Regulation, LTRO, ESMA templates, Climate Stress Testing etc.


        • Som-lok Leung, Executive Director (International Association of Credit Portfolio Managers)
        • Timothy Cleary, Partner (Clifford Chance)

      14:30
      Issuer Roundtable

        • European banks are at record high levels of capitalisation, whilst SRT volumes continue to grow. What is this telling us about how banks are using SRT to manage their balance sheets?
        • Will treating excess spread as a first loss tranche hinder issuance? How are banks and investors addressing issues caused by payment holidays?
        • Are new investors entering the market? Which barriers to entry remain and what are the potential solutions?
        • How do banks view the receding support of EIF trades, and will increased opportunity for private investors boost risk-sharing transactions? Has this helped open up more jurisdictions across Europe?
        • How are issuers marking their transactions, and how is their function perceived by senior management?


        • Syril Pathmanathan, Senior Vice President (The D.E. Shaw Group)

      15:15
      Networking & Refreshment Break

      • Hosted by  

      15:30
      Evolution of SRT: Emerging Trends in Risk Transfer

        • What are the prospects for further issuance from Greece, Central and Eastern Europe, and Asia?
        • Review and analysis of the increased US market activity. How is the differing regulatory landscape making way for further North American SRT transactions, and what are they key differences?
        • How is the South American and APAC market developing? Has actionable progress to be made throughout the pandemic era?
          • Can Australia ever be brought into the fold? What would this take?
        • How is technology playing a part in the evolution of the SRT market?


        • Angelique Pieterse, Senior Director (PGGM)
        • Matthew Humphrey, VP, Securitised Products (Barclays)

      16:15
      Investor Roundtable

        • What are the target returns being achieved in the SRT space? How does that differ between levered and unlevered investors? What has been the performance over time?
        • What are the key events that have hit SRT performance? How has the different marking methodologies applied by banks impacted performance?
        • How do investors look at ancillary strategies to SRT to leverage off the knowledge developed in SRT investing?
        • What are the prospects for mezz investors? Do we need them if banks are getting more familiar with the asset class and willing to provide leverage? 
        • What is the appropriate amount of leverage for the SRT asset class? Is it zero or ten times?


        • Terry Lanson, Managing Director (Seer Capital Management, LP)
        • Olivier Renault, Managing Director Head of Risk Sharing Strategy (Pemberton Capital Advisors)

      17:00
      Networking Drinks Reception

      • Hosted by

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  • Investor Rate - £895
  • Early Bird Rate - £1,795
  • Standard Rate - £1,895
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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. 

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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