Themes of the 2004 CONFERENCE PROGRAMME:
Once again the conference will feature presentations from key market players including representatives from the syndicate and trading desks of the international investment banks, from the top ABS institutional investors, collateral managers, arrangers, law firms, and corporates. Case studies of key deals transacted during the year will also be a feature of this unique one-day event.
The conference will aim to update, inform and familiarise delegates with the latest trends and developments in the European securitisation market, and some of the core themes to be discussed at this year’s conference include:
* Investor pool widens in face of new challenges
– hedge funds expand their fixed income/credit strategies, and start including ABS in their portfolios. How can the credit and structured finance markets provide new opportunities for hedge funds, and how can this be translated into service offerings?
* Getting your share
– with the huge increase in the number of investors, demand is outstripping supply even though supply is up on last year; Getting high returns in an environment of tight spreads and rising interest rates; Investing in ABCP - managing the risks when faced with new regulations and IASB's IAS 39 & SIC 12; Influx of custom tailored/heavily structures products – are investors taking too much risk?; Impact of rising interest rates on your portfolio; Asset classes – what new classes are emerging and which are likely to perform the best?; The potential for arbitraging the US and Euro ABCP markets; Assessing strengths of individual covered bond issues in the new diverse European market
* Regulatory environment becomes more onerous
– The rolling-out of the Financial Services Action Plan, including the introduction of the Prospectus and Transparency Directives, the completion of Basel II and the continued introduction and debate on IFRS will have a significant impact on all market players. In addition, the SEC is set to introduce disclosure and reporting requirements for ABS and MBS – what impact will this have on the market?
* Issuance is up 44 per cent on last year
- Funding – what role should securitisation play in your funding strategy?; ABCP conduit financing versus term securitisations; government securitisations
* Conduit/APBCP market goes from strength to strength –
conduit origination, structuring short-term receivables; Impact of regulatory/accounting developments; New asset classes; Liquidity; Credit arbitrage conduits – (Developments during the year will be profiled - e.g. the June 2004 story in Finance Dublin covering of Sachsen LB's Ormonde Quay deal, the first conduit fully structured and run out of Dublin); Cross border ABCP strategies; Extendible structures;
* CDO market becomes more sophisticated
– as it moves away from single jurisidiction deals, the CDO market is becoming increasingly complex and diversified; new asset classes continue to emerge - potential for alternative asset CDOs; innovative developments; what do the rating agencies think?; European leveraged loans market reaches record level – where will the market go next?; Impact of Fas 140; overview of the secondary market; growth in credit derivatives; developments in the credit default swap market
* Covered bonds come of age
– mega issuers emerge as market takes off in the UK, Germany updates its pfandbrief laws, new legislation in Italy, Finland and Sweden. Also market continues to develop in Ireland, as Bank of Ireland readies its autumn issue, the first Irish mortgage backed ACS issue, and talk begins of allowing commercial property be used in the cover pool.
* Corporate securitisation – here to stay?
With interest rates set to rise, how will this compare with other types of funding?; Trade receivable securitisations - an opportunity for all corporates or best suited to down-graded institutions or fallen angels?
* SPV domiciliation/listing
– meeting the challenge of the Prospectus and Transparency Directives; Jurisdiction update - impact of the new Luxembourg law; the onshore/offshore debate – will International Accounting Standards bring the centres closer?; the increasing importance of the trustee/administrator role as structures get more complex; Repackaging developments
The conference brochure and programme will be circulated at the beginning of September. If you wish to be included in the programme, as a sponsor or exhibitor, we will need to hear from you within the next couple of weeks.
In the meantime, please return here for further information and updates on the conference