Time Slot |
Event | Speakers |
08:30 |
Registration | |
08:50 |
Chairman's opening remarks | Iain Barbour, Managing Director, MBIA UK Insurance Limited |
09:00 |
Keynote Address
| John Hurley, Governor, Central Bank and Financial Services Authority of Ireland |
09:20 |
Outlook for credit markets: Will life ever be the same again?
- How we lost the plot - Causes and triggers of a midsummer nightmare
- Financial systems under stress - Lessons to be learned
- Fundamentals on the spot: The outlook for default rates
- Regime change in bond markets - Relative values and valuations | Georg Grodzki, Global Head of Credit Research, Legal & General |
09:40 |
Has the dust settled yet?
- Timeline of events
- Ratings migration in ABS and CDOs
- Impact on CDO investors, rating methodology changes
- New opportunities | Michael Hampden-Turner, European Head of Structured Credit Research, Citi |
10:00 |
Panel Discussion I - The CDO Market
Deal flow: after a record H1 deals slowed over the summer, what's in the pipeline for 2008?
Synthetic securitisation & credit derivatives: the latest developments
Basel II: impact on CDOs, credit derivatives & structured credit products in Europe
The new wave of securitisation:
Collateralised fund obligations (cfos) & private equity-backed CDOs
Credit derivative product companies (CDPCs) and SIVs
Third generation constant proportion debt obligations (cpdos) and constant proportion portfolio insurance (cppi)
CDOs: rating volatility, the fallout from the US sub-prime defaults: the new ratings approach
Leveraged loan CDOS & CDS
Investment: Investing in CDOs
Investing in CDOs: outlook for 2008
Strategic advice for the CDO investor in a changing credit environment | Iain Barbour, Managing Director, MBIA UK Insurance Limited
Robina Barker Bennett, Head of Structured Products, HBOS
Walter Gontarek, CEO, Channel Capital plc
Eugene Yeboah, Head of Structuring - Structured Credit , Schroders |
10:40 |
Refreshment break - Sponsored by AIB IFS | |
10:55 |
Alternatives to CDOs
CDPCs | Walter Gontarek, CEO, Channel Capital plc |
11:10 |
Lessons of the Liquidity Crisis - Transparency
- Impact on European RMBS & ABS bond prices
- Availability of European deal and collateral performance information
- Trends in the ABX index | Jim Savitsky, Director, Markit |
11:30 |
The credit liquidity crisis: long-term impact on securitisation market
From US Subprime to European credit crunch
The impact of market value moves on investors
How have the rating agencies performed?
The response of the monetary and fiscal authorities.
Are there lessons from the past.
What does the securitisation market look like going forward? | Dermot Hardy, Head of Treasury, Aareal Bank AG, Dublin Branch |
11:50 |
Panel Discussion II: Implications of Credit Crisis for International Servicing
Corporate Servicing
- SPV and servicer relationship
Global ABS Listings
- debt listings, progress and problems across Europe
Domicilation of SPVS
- SPV domiciliation: SPV management and corporate governance issues
- Centre updates: Luxembourg; Jersey; Dublin; The Netherlands
Trustee Issues
- the growing role of trustees in securitised deals
- challenges facing trustees in an increasing diverse and complex market
Credit crisis - long term effects
| Gerard Scully, Head of Debt Listings, The Irish Stock Exchange
David Maughan, Associate & Head of Capital Markets Group, Maples & Calder
Paul Fenn, Development Director, HML - Homeloan Management Ltd
Anne Flood, Head of SPV (Securitisation and Asset Financing) Business Development, AIB International Financial Services Ltd |
12:20 |
Panel Discussion III: Ireland & Other International Centres of Excellence for ABS
Ireland: developments in 2007 and 2008 as an international securitisation centre
- Developments at the Irish Securitisation Forum: The 'Securitisation Blueprint'
Assessment of attractions of different jurisdictions
Update on taxation regimes across Europe
- Finance Bill Ireland 2008: what the industry wants
Regulation:
- Basel, Capital Adequacy Directive
- Basel II: implementation issues
- Impact of Basel on funding/origination issues
- Market Abuse Directive | Gerard Scully, Head of Debt Listings, The Irish Stock Exchange
Conor Hynes, Tax Partner, Deloitte
Conor Griffin, Director, Risk Advisory Services, Ernst & Young
Turlough Galvin, Partner, Matheson |
13:00 |
Lunch sponsored by Ernst & Young | |
14:15 |
Chairman's opening remarks | Fergal McGrath, Managing Director, Global Head of Credit Spread Portfolio, Dexia |
14:20 |
The outlook for corporate credit
- Global macro picture, default cycle and spreads
- Top-down vs. bottom-up perspectives on the credit cycle
- Impact of the "credit crisis"
- Implications of loan market developments for CDS/bonds | Jeffery Amato, Head of European Credit Strategy, Goldman Sachs International |
14:40 |
UK RMBS - Where to From Here?
The originators
The borrowers
The ratings | Victoria Johnstone, Senior Vice President, Structured Finance Quantitative Group, DBRS (Europe) Limited |
14:55 |
Keynote Address - US and European CMBS | Brian Lancaster, Managing Director, Wachovia Corporation |
15:10 |
Panel Discussion IV: Mortgage Backed Securities
Impact of global economy on the housing market – implications for debt markets
Sub prime lending - the future
Multi jurisdiction RMBS
Conduit trends in European RMBS in light of the 2007 liquidity crisis
Growth in CMBS – future trends
CMBS conduits
REITS
Issuance issues:
Update on the European prime RMBS market
US/European sub-prime market update
Impact of Basel II
Latest European deals and innovations
| Stephen Hynes, Managing Director Capital Markets, GMAC RFC
Brian Lancaster, Managing Director, Wachovia Corporation
Giuliano Giovannetti, Head of Sales & Market Development, PMI Mortgage Insurance Company Limited
Sean Hannigan, Financial Analyst, Associate, European Structured Finance Group, Standard & Poor's
Philippe Tapernoux, Head of UK/Northern Europe Securitisation, IXIS Corporate & Investment Bank |
15:50 |
Refreshment Break sponsored by Mazars | |
16:10 |
Rebuilding the house: structural alternatives for RMBS
- Do existing structures need fixing?
- Who drives the structure: the investor or the originator?
- How do different structures affect the economics and certainty
of the transaction?
- Some structural alternatives... | Iain Barbour, Managing Director, MBIA UK Insurance Limited |
16:30 |
Lessons of the Liquidity Crisis - Transparency - Financial Reporting:
The difficulties of reporting for credit derivatives
European directives
Basel/Capital Adequacy
IFRSs
Risk & reward quantification under IAS 39: is derecognition possible? | Martin Reilly, Audit Partner, Financial Services, Deloitte |
17:10 |
Panel Discussion V: Investment & Traders Panel
Research: Insight from the research teams
Finding relative value
Profiting from investment opportunities
Improving price transparency in primary & secondary markets
What investors liked in 2007
What asset classes are in demand?
Regulating retail structured products
Investing in CMBS
An Overview of the SIV Market
The latest developments in MBS, CMBS, CDOs, credit derivatives, & synthetic securitisations
The Future for Global ABCP: Market Outlook and Overview | Iain Barbour, Managing Director, MBIA UK Insurance Limited
Fergal McGrath, Managing Director, Global Head of Credit Spread Portfolio, Dexia
Alan Kerr, Managing Director, Harbourmaster
Neil Ryan, Chief Operating Officer, Quaternion Risk Management |
18:00 |
Champagne Reception - Sponsored by The Irish Stock Exchange | |