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The 3rd Finance Dublin International Securitisation Conference

30th November 2004, Dublin Castle

Conference Programme -
30th November 2004

View Intro to Securitisation programme

Time Slot Event Speakers
08:50 Opening remarks from the chair
'Finding value in today's market' 
Iain Barbour, Chairman of the European Securitisation Forum and Global Head of Structured Finance Research,, Commerzbank 
09:05 Irish market update
- Location of SPVs
- Type of deals proving most popular
- Impact of international developments
- Irish tax issues
- Developments in repackaging
- Future outlook / recommendations for growth 
Turlough Galvin, Partner, Matheson 
09:30 Markets and Research Session
- Impact of development of custom-tailored products/New heavily structured products
- Getting your share -influx of investors, demand outstripping supply even though supply is up on last year
- 'Global investor demand' - is diversifying across the US, European and Asian markets the best strategy?
- Impact of Basel II on pricing and investment strategy
- Rise and rise of the synthetic market
- New products: extendibles, restructured CDOs
- Finding value in CMBS
- Impact of covered bonds on RMBS market- issuance and investor trends
- Insurance securitisations - investor appetite 
Alexander Batchvarov, Head of International Structured Finance Research, Merrill Lynch
Ray Wyer, Director and Head of Specialist Origination, ABS, Bank of Ireland International Finance
Kobe Van der Straeten, Head of ABS/MBS Investments, Dexia
Mark Stout, Head of Securitisation, KBC Bank 
10:20 Evolution of structured credit products and its implications for fixed income investing
- Evolution of structured credit products such as credit derivatives, portfolio products, tranched products, and spread options
- Rapid increase in type, frequency, and precision of credit views that can be expressed in a bond portfolio
- Evolution of the practice of fixed income money management:
- Relaxing the long-only constraint
- Separation of alpha-beta
- Increased relative value trading opportunities
- The current economic environment of low but rising policy rates, tight low dispersion of spreads, and under-funding of many pension plans combined with the evolution of structured credit products suggests migration away from Lehman Aggregate based long-only mandates into customized solutions combining low-cost customized beta and high quality long/short alpha.


 
Peter Knez, Global CIO of Fixed Income, Barclays 
10:45 Coffee   
11:05 Traders Session
- Getting high returns in an environment of tight spreads and rising interest rates
- What is the year end spread widening potential- likely reaction in the new year if it does occur
- What is the impact of so many newcomers into the market - deal structures - tiering in the market / information available on deals
- Which asset classes are proving most popular/best performers; RMBS/CMBS/CDOs/CLOs
- Demand for mezzanine and subordinate tranches
- Liquidity in the primary and secondary markets- impact of strong demand
- Is the European market becoming commoditised and is this good for investors? (impact on liquidity) 
Andrew Allan, Head of Syndicate and Trading, UBS
Dean Atkins, European Head of ABS Trading, ABN AMRO
Rob Ford, Head of European ABS trading, Barclays Capital and Co-Chair, the European Securitisation Forum (ESF) Traders Working Group
Kevin Kilduff, Investment Manager, Bradford and Bingley Treasury Services (Ireland) 
11:55 Collateral Managers Session
- Growth in no. of CDO managers - impact on investment trends 
Donal Daly, Joint Managing Director, Avoca Capital 
12:10 Collateral Managers Session
Assessing role/performance of collateral managers in the current market of tight spreads
 
Mirja Wenski, Managing Director, Zais Group 
12:10   Alan Kerr, Managing Director, Harbourmaster 
12:25 Q&A session   
12:30 Lunch   
14:00 Opening remarks from the Chair  Ludo Schockaert, Managing Director, Dexia Investments Ireland 
14:05 Structuring and issuance panel
- Issuance of securitised product: capital relief, risk management or funding
- Funding: what role should securitisation play in your funding strategy?
- Impact of rising interest rates on structure of deals
- RMBS versus covered bonds - impact on the market
- Outlook for covered bonds issuance is in UK/Ireland/ Europe  
David Balai, Head of Securitisation, HBOS Treasury Services
Vincent Digby, Head of Funding, Bank of Ireland
Richard Knatchbull, Senior Structurer, Euro Capital Structures 
14:30 Regulatory and Tax session
- Financial Services Action Plan - challenges and opportunities for ABS Issuers/SPV's
- Impact of Basel II - challenges for originators
- IFRS update 
Liam O\'Reilly, Chief Executive, Irish Financial Services Regulatory Authority
Deirdre Somers, Director of Listing, Irish Stock Exchange and Chair, Irish Securitisation Forum
David Smyth, Partner, Ernst & Young
Paul O'Connor, Head of Risk and Prudential Supervision, Irish Bankers Federation
Michael Whelan, Director, Deutsche International Corporate Service 
15:00 Conduit/ABECP market panel session:
- Conduit market continues to grow - how big will it become?
- What's in the pipeline - a look at new entrants/products
- New asset classes; Liquidity; Credit arbitrage conduits
- Cross border ABCP strategies; Extendible structures (North Sea Funding);
- Locating conduits (Ormonde Quay - first conduit fully structured and run out of Dublin)
- Impact of regulatory, accounting (Fin 46) and Basel developments 
Alan Cameron, Head of Securitisation, Rabobank
Rob Koning, Global Head of Conduits, ABN AMRO
Neil MacDermott, Senior Manager, Sachsen LB 
15:40 Coffee   
16:00 Investor appetite for synthetic CDOs
- Global/European overview including Ireland
- Risk/reward analysis
- Competing products
- New developments and innovative products in the pipeline
- Future outlook 
Craig Shepherd, Managing Director, Credit Derivatives Structuring, Scotia Capital, Toronto 
16:20 Corporate Securitisation
- European outlook
- 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? 
Brian Feighan, Executive Vice President, Demica (Ireland) 
16:35 CDO Session
- Update on European CDO issuance patterns
- How CDOs fit into an investor's credit portfolio
- Profiling the European leveraged loan and SME loan CDO market
- Developments in CDOs of ABS - synthetic vs cash
- Synthetic bespoke CDOs: Value in correlation trades
- Impact of FAS 140- Liquidity and depth of the secondary CDO market 
Ganesh Rajendra, Director & Head-European Securitisation Research, Deutsche Bank
Terry McCabe, CDO Director, AIB Capital Markets
Mark Bowles, Head of Fixed Income Investment, HVB Group 
17:20 Closing remarks from the chair   
17:30 End of conference

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Drinks Reception

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Conference Sponsors
(confirmed to date)
Click on logos for information

Bank of New York

Deutsche Bank Trust & Securities Services

Matheson Ormsby Prentice

Scotia Capital

SPV is Wilmington Trust SP Services firm for Europe


Function Sponsors
Click on logo for information

Ernst & Young

Irish Stock Exchange

Marsh


Exhibitors
(confirmed to date)
Click on logos for information

Genworth Financial

IDA

JP Morgan

Moody's Investor Services

Mourant



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