The Finance Dublin Securitisation Conference 2005 -
Investment and Issuance: Debt, ABS and Credit
The conference this year has been extended to two days, with the scope widening to summarise global issues for investors in the fixed income markets, and outlining key areas of opportunity for issuers – as well as the impact of regulation, and the role of domiciles and servicing centres in issuance and structuring.
Day 2 - 29th November 2005
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| Return to Day 1 conference programme |
| Time Slot |
Event | Speakers |
| 08:30 |
Registration | |
| 09:00 |
Introduction from the Chair | Ludo Schockaert, Managing Director, Dexia Investments Ireland |
| 09:10 |
Trends in corporate credit quality
- Credit cycles compared
- The outlook for defaults
- The impact of credit derivatives on credit conditions | Philip Wooldridge, Senior Economist, Financial Markets, Monetary and Economic Department, Bank for International Settlements |
| 09:40 |
Trends and innovations in the CDO market
- CDO market growth
- Structural developments in CDOs
- Updates in the valuation of CDOs
- CDOs squared, CDOs cubed – what's next?
- Single tranche CDOs
- Synthetic CDOs trends and market performance
- Hybrid CDOs and hybrid synthetic CDOs
- Trends in CDO surveillance
- Understanding and managing the risk of CDO strategies | Moderator: Jeremy Carter, Director, European Structured Finance Group, FITCH Ratings
Jerry Donohue, CDO Portfolio Manager, Henderson Global Investors Ltd.
Martin McDermott, Director, MBIA UK Insurance Limited
Charles Peach, Vice President, International Credit Structuring Group, Nomura International plc
Olivier Renault, Vice President, Quantitative Credit Strategy, Citigroup |
| 10:30 |
Developments in the leveraged loan asset class and the European CLO market
- Overview of the European CLO market
- Optimal CLO structures
- Mezzanine market trends
- Profile of leading CLO managers in Europe – success factors
- Market outlook: next generation CLOs | Julian Green, Director of Loans, Henderson Global Investors Ltd
Alan Kerr, Managing Director, Harbourmaster |
| 10:50 |
COFFEE - Sponsored by MARSH | |
| 11:10 |
Overview of the Irish SPV market
- Recent changes in legislation
- Types of transactions
- What does Ireland offer?
- Recommendations for growth
| Turlough Galvin, Partner, Matheson |
| 11:30 |
Impact of IFRS/ IAS 39 on securitisation
- Key provisions of the accounting standards
- Progress of IAS 39 implementation across Europe
- Key implementation issues and challenges
- Future developments | Philip Shinn, Chartered Accountant, Nexgen Financial Solutions |
| 11:50 |
High yield: the diversifier diversifies
- The high yield rationale
- The European high yield market
- ..... Why invest now? "This is surely all over?"
- Global high yield
- Summary | Anton D Simon, Head of European High Yield, Putnam Investments |
| 12:10 |
ABS/MBS trading updates: improving efficiency in the trading of securitisation
- Growth and structural innovations in ABS/MBS
- ..... New and evolving asset classes
- ..... CDS of ABS
- ..... Indices
- Impact of Basel II
- Liquidity issues in the secondary markets
- Improving transparency and increasing frequency in ABS/MBS pricing
- Developing the use of ABS/MBS as collateral for repo purposes | Rob Ford, Head of European ABS trading, Barclays Capital and Co-Chair, the European Securitisation Forum (ESF) Traders Working Group |
| 12:30 |
LUNCH – Sponsored by Ernst & Young | |
| 14:00 |
Introduction from the Chair | Deirdre Somers, Director of Listing, Irish Stock Exchange and Chair, Irish Securitisation Forum |
| 14:10 |
Credit market investors panel: opportunities for 2006
- Investment overview – a look at markets and sectors that performed strongly
- Current market trends and trading strategies
- Pitfalls that investors should avoid
- New opportunities for finding the best returns
- Predictions for the year | Moderator: Fergal McGrath, Managing Director, Global Head of Credit Spread Portfolio, Dexia
Patrick Coleman, Managing Director, Depfa
Andrew Curtin, Head of Credit Investments, Anglo Irish Bank
Dermot Hardy, Head of Treasury, Aareal Bank AG, Dublin Branch
Caroline Wharton, Senior Manager, Credit & Investments, Naspa Dublin |
| 15:00 |
ABCP options for issuers
- ABCP market overview
- Regulatory updates
- Commercial paper vs FRNs vs MTNs – market outlook
- Conduit trends
- Future outlook | Louise Mason, Director, Conduit and Credit Products, Credit Suisse First Boston |
| 15:30 |
COFFEE - Sponsored by TMF Structured Finance Services | |
| 15:50 |
Panel discussion - do covered bonds still add value?
- European regulatory changes and competition between different frameworks - does Ireland need to update its covered bond legislation?
- Emerging markets [e.g. Italy, Austria, Holland, Portugal, etc.], structural developments and opportunities for investors
- Primary and secondary market practice: trends and challenges
- Subordination risk for unsecured creditors? Will regulators in other countries follow the approach of the UK FSA? (The UK product – update on the FSA's approach)
- Spreads and relative value
- New issues in Irish covered bonds | Moderator: Kieran Walsh, Director of Treasury, DEPFA BANK plc
Georg Grodzki, Global Head of Credit Research, Legal & General
Ralf Grossman, Director of Fixed Income/Credit Research, IXIS Corporate & Investment Bank
Vincent Digby, Head of Funding, Bank of Ireland
Louis Hagen, Executive Director and Member of the Board, Verband deutscher Pfandbriefbanken e.V. (Association of German Pfandbrief Banks) and Chairman, European Covered Bond Council (ECBC) |
| 16:40 |
Encouraging the growth of Ireland as a securitisation and structured finance centre - the role of the regulator
Referring to topics concerning:
- Investment activity in securitised instruments in Ireland
- Issuance
- Service provision | Liam O'Reilly, Chief Executive, Irish Financial Services Regulatory Authority |
| 17:00 |
Panel discussion - What the Irish securitisation industry needs for its future development | Moderator: Deirdre Somers, Director of Listing, Irish Stock Exchange and Chair, Irish Securitisation Forum
Darina Barrett, Audit Partner, Financial Services, KPMG
Deirdre Lyons, Head of International Financial Services, IDA Ireland
Aileen O'Donoghue, Director, Financial Services Ireland
Liam O'Reilly, Chief Executive, Irish Financial Services Regulatory Authority
Neil Ryan, Managing Director, Naspa Dublin and Head of Investors Working Group, Irish Securitisation Forum
Enda Twomey, Deputy Chief Executive, Irish Bankers’ Federation |
| 17:40 |
DRINKS RECEPTION - Sponsored by BDO Simpson Xavier
CLOSE OF CONFERENCE | |
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