| 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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