London

One Bishops Square, London E1 6AD

17 October 2019

25+ Speakers

Leading figures in the Risk Transfer Sector

250 Seats

Register to secure yours today

Introduction

Join SCI for the 5th Annual Capital Relief Trades Seminar

The EBA's paper on significant risk transfer has facilitated increased standardisation across synthetic securitisations, but regulatory uncertainty remains in terms of STS requirements. SCI's Capital Relief Trades Seminar explores how these factors are being reflected in deal structures, as well as issuer and investor appetite. The event also examines issuance trends, areas of growth and potential barriers to entry.

Early-bird registration is now open

Delegate rates:

July: £833 +vat

August £957 +vat

September £1101 +vat

October £1266 +vat

Exclusive Host

Gold Sponsor

Silver Sponsor

Bronze Sponsors

Schedule

  • 17 October

Speakers

Early-bird registration is now open

Delegate rates:

July: £833 +vat

August £957 +vat

September £1101 +vat

October £1266 +vat

Alan Ball

Broker
Texel
Alan Ball, Texel Finance Limited

As a broker at Texel Finance Limited, Alan focuses on working with financial institutions and corporates in arranging and structuring insurance-based solutions for a range of structured credit and regulatory capital driven transactions. Prior to joining Texel Finance, Alan was a Senior Underwriter for Liberty Specialty Markets, where he led the Structured Risk Solutions team. Alan has structured and underwritten a number of innovative and bespoke forms of insurance cover to provide credit risk mitigation, regulatory capital and other benefits to clients. The underlying exposures covered by these insurance policies have included structured loan portfolios, specialist lending exposures, securities financing exposures and alternative assets including portfolios of private equity assets, CLOs and other structured finance exposures.
Prior to joining the insurance market, Alan was a practising corporate lawyer for 9 years, training and qualifying at Slaughter and May. During his time as a lawyer, Alan advised financial institutions, private equity clients and large corporates on a broad range of matters including M&A and ECM transactions, corporate restructurings and structured finance transactions.

17 October

Molly Whitehouse

Director
Mariner Investment Group
Molly Whitehouse joined Mariner in 2012, where she specializes in securitized products and regulatory-capital driven transactions. Through this strategy, Mariner has invested in transactions totaling more than $10 billion in notional risk transfer, with credits located in over 50 countries and exposure to multiple sectors including infrastructure, commercial real estate, equipment finance, and project finance. Ms. Whitehouse is primarily focused on deal structuring and origination, as well as management of the due diligence process. Prior to joining Mariner, she served as an Analyst at Institutional Financial Markets, Inc. Ms. Whitehouse earned her BA in Political Science with Honors from Yale University in 2011. 

17 October

Christian Moor

Principal Policy Advisor
European Banking Authority
Christian joined the European Banking Authority (EBA) in November 2010 and is responsible for regulation and policy issues relating to the capital markets union (including securitisation, covered bonds and sustainable finance). While at the EBA, he has been the main architect of the STS securitisation framework and has been one of the driving forces in the implementation of the STS framework into global standards and European regulation. He has also developed an EU harmonised framework for Covered Bonds and is currently working on significant risk transfer and NPL securitisation.
Prior to this position, Christian worked at De Nederlandsche Bank (DNB) as a banking supervisor and was responsible for prudential supervision on large and midsize banks in the Netherlands. While at DNB he set-up and chaired a structured finance taskforce and was a member of the covered bonds team.
From 2000 to 2008, he held various roles within structured finance and covered bonds at HSBC Bank, Fitch Ratings and Fortis Bank. At HSBC he was responsible for the origination and structuring of securitisation and covered bonds transactions in Benelux, Nordic region and Eastern Europe, while at Fitch he rated RMBS and Covered Bonds transactions across Europe and was a member of rating committees on all types of securitisation and covered bonds.
Christian holds an MSc in Economics, from the University of Groningen (Netherlands).

17 October

Kaelyn Abrell

Co-Portfolio Manager/Partner
ArrowMark Partners
Kaelyn is a Partner and Portfolio Manager for ArrowMark Partners. A core member of the ArrowMark team since the firm’s inception, Kaelyn leads ArrowMark’s fixed income efforts in securitized products and has spearheaded the regulatory capital relief strategy since 2010. Kaelyn was also the lead analyst for the firm’s participation in the Term Asset-Backed Securities Loan Facility (“TALF”) program. Prior to joining ArrowMark Partners in 2008, she was an analyst at Janus Capital Group where her areas of focus included residential and commercial mortgage-backed securities, asset-backed securities, and interest rates (2004-2008). Previously, Kaelyn worked at Great-West Life where she was Assistant Portfolio Manager of $5.5 billion in separate account, general account and total return assets with a focus on high quality fixed income securities (1998-2004). Kaelyn graduated from Illinois State University with a bachelor’s degree in Economics and earned an MBA from Indiana University.

17 October

Martin Neisen

Partner
PwC
Martin Neisen is a PwC Partner located in Frankfurt. He is leading the Regulatory Management business in PwC Europe.
Language: Deutsch, English, Netherlands
Areas of Expertise
•German regulatory banking law
•Qualitative and quantitative risk management
•Credit Risk, Market Risk, OpRisk
•Credit rating processes
Previous Clients (excerpt)
•Deutsche Bank
•Commerzbank
•HSH Nordbank AG
•DekaBank
•VW FS AG
•DZ BANK AG

17 October

Matthias Korn

Head of Financial Solutions
Caplantic
Matthias is in charge of the Financial Solutions division of Caplantic GmbH, Hannover (Germany). A mayor business field is structuring, placement and modelling of securitisation transactions for capital relief purposes. Additionally, Caplantic runs if needed the complete project within the bank itself. Matthias started his career in banking in 1995. Before joining Caplantic Matthias had several positions in banks both on the capital market and risk side with NORD/LB, DekaBank, Allianz and Dresdner Bank.

17 October

Gregg Disdale

Head of Alternative Credit Research
Willis Towers Watson
Gregg is Head of Alternative Credit at Willis Towers Watson, leading a multi-disciplinary research team with expertise in credit, private markets, hedge funds, and asset research.

17 October

Steven Gandy

Managing Director and Global Head, Private Debt Mobilisation-Notes and Structuring
Santander
Steve Gandy is Managing Director, Head of Private Debt Mobilisation, Notes and Structuring, for Santander Corporate and Investment Bank in London.
He has over 27 years’ experience in the securitisation industry, having completed transactions in Europe, United States, Latin America and Asia. He serves on the Board of Directors of the European Data Warehouse, and has also served as Member Chairman of the Securitisation forum of AFME, where he participated in the development of the PCS initiative and currently serves as the chairman of the PCS Market Committee. Steve is also the current chairman of the Securitisation Working Group of the European Banking Federation.
During his 40 years of banking experience, Steve has held a number of management positions, with postings in the US, Mexico, Hong Kong and Paris prior to arriving in London in 1999.
He holds a Bachelors of Arts degree in Linguistics from the University of Texas, and an MBA from Thunderbird, the American Graduate School of International Management, where he also won the Barton Kyle Yount Award.

17 October

17 October

Fiona Walden

Senior Vice President and Global Head of Credit
RenaissanceRe
With more than 15 years of experience in structuring, advising and working on financial transactions, Fiona Walden is SVP and Global Head of Credit. She joined RenaissanceRe in 2018 and specializes in the use of insurance for capital solutions, bank capital, mortgage insurance and strategic risks. She is based in Bermuda.

Previously, Ms. Walden was Co-head of the Strategic Capital Products team at Liberty Specialty Markets. Prior to this, she worked at Willis as Deputy Head of Structured Finance, a position she held from 2010 to 2015. Ms. Walden also has experience as a Managing Associate at the law firm Linklaters where she specialized in tax law.

She has a Bachelor of Arts degree in Jurisprudence from Pembroke College, Oxford University, and an LPC from BPP Law School, London. In addition, Ms. Walden holds the Chartered Institute for Securities and Investment Certificate in Investments (Securities & Financial Derivatives).

17 October

Leanne Banfield

Managing Associate
Linklaters
Leanne Banfield is a Managing Associate in the Derivatives and Structured Products Group in the Linklaters London office and specialises in structured finance and derivatives with a particular focus on repackagings and credit-linked products, including synthetic securitisations. She has acted for financial institutions across multiple jurisdictions and has advised on a wide range of bespoke synthetic risk transfer structures. Leanne has spent time in the firm’s Dubai and Abu Dhabi offices.

17 October

Jessica Littlewood

Partner
Clifford Chance
Jessica is a partner in the structured finance and derivatives practice of global law firm, Clifford Chance LLP.She is recognised as a market leader in synthetic securitisations, risk transfer transactions and other regulatory capital driven structures, having acted for numerous banks and financial investors on such transactions over the past two decades.Jessica has also been working with AFME and PCS in connection with the current reforms to the EU securitisation regulations as they affect synthetic securitisation, and has participated in discussions with regulators and policymakers on these proposals.She currently works in the London office of Clifford Chance and previously worked in their New York office between 2000 to 2003.

17 October

D

DBRS

TBC

Jo Goulbourne Ranero

Consultant
Allen & Overy
Jo is a consultant in our Financial Services Regulatory team. She has experience advising on a variety of banking regulatory matters including capital and liquidity requirements.

17 October

Daniela Francovicchio

Senior Structured Finance Manager
European Investment Fund
Daniela Francovicchio heads the South European Unit of the Guarantees and Securitisation team at the European Investment Fund. Prior to joining EIF she worked in London for some of the major American and European investment banks. In her current role at EIF she is involved in selecting and executing SMEs securitisation transactions to which EIF and/or EIB participate by guaranteeing part of the tranched risk.

17 October

S

Himesh Shah

Managing Director
Christofferson Robb
Himesh is a Managing Director of CRC (UK), where he is responsible for originating and structuring investments, as well as negotiating deal documentation. He joined CRC from Credit Suisse in London, where he spent eight years as a Director, originating and structuring capital release transactions for European banks. Prior to Credit Suisse, he was with the European securitization teams at BNP Paribas and ING Barings. He spent eight years as an actuarial consultant in the risk, finance and insurance practice at William M. Mercer. He has a B.Sc. Honours in mathematics from Imperial College, University of London (1988) and is a Fellow of the Institute of Actuaries. He is based in London.

17 October

Kaikobad Kakalia

Chief Investment Officer
Chorus Capital
Kaikobad Kakalia is the CIO of Chorus Capital. Chorus Capital is a specialist asset manager investing in performing loan portfolios through risk sharing transactions with financial institutions operating in Europe. Kaikobad joined Chorus Capital at the beginning of 2014, from the Royal Bank of Scotland Plc where most recently he worked as a Managing Director in the Financial Institutions Group. Prior to that, from 2006 to 2012, Kaikobad managed the Treasury Structured Solutions team which originated, structured and executed more than 24 risk transfer transactions on behalf of ABN AMRO and RBS. Kaikobad has over 25 years of financial markets experience, having worked in London, New York and Hong Kong, in a variety of areas including sales, structured finance, CPM, Treasury and most recently Financial Institutions. He was one of the founding members of ABN AMRO’s Portfolio Management Group in 2001, and RBS’ Investment Bank Treasury in 2008.

17 October

Maurits Fliehe Boeschoten

Senior Structured Finance Advisor
FMO
Maurits Fliehe Boeschoten is a senior structured finance advisor in FMO, the Dutch development bank. FMO focuses on emerging markets and developing countries using the UN Sustainable Development Goals as the guiding principles. FMO has recently launched NASIRA, an EUR 500 mln synthetic impact facility leveraging European Commission, Dutch government funds and external investors.

17 October

Barend van Drooge

Associate Director Credit & Insurance Linked Investments
PGGM
Barend van Drooge, CFA is associate director in the Credit & Insurance Linked Investments (CILI) team of PGGM, which has two dedicated mandates to invest in insurance linked investments and credit risk sharing transactions on behalf of PFZW, the pension fund for the Dutch health care sector. Within the team, Barend focuses primarily on credit risk sharing transactions and is member of the team’s investment committees and regulations center. PGGM has invested in credit risk sharing transactions since 2006 and currently manages a portfolio of over € 5 billion. Before joining PGGM, Barend worked as a corporate and tax lawyer in Singapore.

17 October

SG

Societe Generale

TBC
Societe Generale

17 October

Salim Nathoo

Partner
Allen & Overy

17 October

Frank Benhamou

Managing Director
Barclays
Frank Benhamou is a Managing Director in the FiRM Credit Structuring team at Barclays International and joined in 2006. He oversees the origination, structuring and execution of a variety of transactions ranging from risk transfer solutions to portfolio co-investment, balancesheet securitisation and structured secured funding. Prior to joining Barclays International, Mr Benhamou worked for a year in the Equity Derivatives Trading team in Calyon Paris. Mr Benhamou holds a Master Degree from Ecole Centrale which comprises a year of specialisation in Applied Mathematics to Finance and Entrepreneurship. He also holds a postgraduate degree from La Sorbonne University in Financial and Economical Mathematics.”

17 October

Robert Bradbury

Managing Director
Storm Harbour
Robert Bradbury is a Managing Director focusing on European Fixed Income Structuring and Advisory. Robert has significant experience in investment banking and capital markets and joined StormHarbour in November 2015 from Societe Generale. There he covered a broad spectrum of clients in the Financial Institutions Solutions group. Prior to that he worked in the Portfolio Management Structured Executions group at Barclays Capital in London, where he structured transactions to address funding, liquidity and capital constraints for banks. Robert has also worked extensively to implement and monitor new global regulation standards such as the liquidity buffer and leverage ratio.

Robert has extensive experience in capital markets products including structured credit derivatives, cash ABS, synthetic credit products, collateralised financing, loans (IG, HY, project finance, ABLs etc), distressed loan workout scenarios and non-performing loan portfolios. His regional coverage has included the UK, Ireland, France, Germany, Scandinavia, Spain and Portugal, encompassing structures involving large corporate loans, SME loans, residential and commercial mortgages, auto loans and leases and exotic receivables. He has also executed significant transactions involving clients and assets in UAE, USA and Asia. Robert holds a Masters degree in Physics from the University of Oxford, where he attended Queen’s College, and he is also a CFA® charterholder.

17 October

Allen & Overy

Societe Generale

Caplantic

Mariner

Texel

Arrowmark Partners

Renaissance Re

Linklaters

DBRS

European Investment Fund

REGISTRATION

08:30 AM 09:00 AM

Workshop Session

09:00 AM 09:50 AM

MARKET OVERVIEW

09:50 AM 10:40 AM

An overview of the current status of the capital relief trades market, focusing on areas of growth and potential barriers to entry.
•How does activity and issuance levels so far in 2019 compare to those seen last year?
•How is a turn in the credit cycle likely to impact supply and demand?
• How are rising interest rates affecting investor IRR targets?
• How have previous deals performed?
• How is the market adapting to the requirements of the Securitisation Regulation and STS framework?
•Is there any clarity on the transition from CRA templates to ESMA’s templates?

Panel includes:
Jo Goulbourne Ranero - Allen & Overy
Kaikobad Kakalia - Chorus Capital
Robert Bradbury - Storm Harbour




Speakers

Networking Break

10:40 AM 11:10 AM

STRUCTURING CONSIDERATIONS

11:10 AM 12:00 PM

How regulatory developments are being reflected in CRT structuring activity.
• Is the emergence of thicker tranches and dual-tranching creating opportunities for insurance companies and pension funds?
• How else are insurers and reinsurers becoming involved in the market?
• Which other considerations should structurers take into account?
• How are CRT deals priced?

Panel includes:
Leanne Banfield - Linklaters
Matthias Korn - Caplantic
Fiona Walden - RenaissanceRe


Speakers

Lunch & Networking

12:00 PM 12:50 PM

STS CONSIDERATIONS

12:50 PM 01:40 PM

 Focus on the EBA’s discussion paper regarding STS criteria for synthetic securitisations.
• Does excess spread hinder the achievement of SRT in synthetic securitisations?
• What are the issues with terminating protection under an issuer bankruptcy scenario?
• What are the pros and cons associated with third-party verification agents?
• How can issuers maintain borrower anonymity while complying with ESMA’s securitisation disclosure requirements?

Panel includes:
Barend van Drooge - PGGM
Steven Gandy - Santander
Salim Nathoo - Allen & Overy

Speakers

Keynote Fireside Chat

01:40 PM 02:10 PM

Jessica Littlewood - Clifford Chance & Christian Moore - EBA 

Speakers

ISSUER PERSPECTIVE

02:10 PM 03:00 PM

This panel investigates the drivers for emerging issuers, as well as barriers to entry.
• What role are direct CLNs likely to play in opening up the issuer base?
• How are banks overcoming the issues associated with excess spread in cash SRTs?
• Is CECL a driver for US banks to begin issuing CRTs?
• How is SRT being embraced by multilateral development banks?
• What constitutes a ‘perfect’ investor partner from an issuer’s perspective?

Panel includes:
Steven Gandy - Santander
Frank Benhamou - Barclays

Speakers

INVESTOR PERSPECTIVE

03:00 PM 03:50 PM

 The shake-up that is emerging in investor preferences.
• What are the motivations for investors switching their focus from granular assets to non-granular assets and vice versa?
• How do investment strategies and rationale differ between the hedge fund and pension fund/insurance company constituents?
• Which factors should investors weigh up before entering or leaving the CRT market?

Panel includes:
Himesh Shah - Christofferson Robb

Kaelyn Abrell - ArrowMark Partners
Gregg Disdale - Willis Towers Watson
Daniela Francovicchio - European Investment Fund
TBC - Societe Generale

Speakers

Networking Break

03:50 PM 04:20 PM

Workshop

04:20 PM 04:50 PM

Workshop Host: Martin Neisen, PwC

Speakers

ISSUANCE TRENDS

04:50 PM 05:40 PM

 New asset classes, jurisdictions and ways of utilising CRT technology that are emerging.
• What are the challenges involved in analysing non-corporate/SME exposures?
• Is there a future for ESG/impact SRTs?
• What is hindering the growth of the CRT market further?
• How can CRTs be used to hedge IFRS 9 volatility?

Panel includes:
Molly Whitehouse - Mariner Investment Group
Maurits Fliehe Boeschoten - FMO
Alan Ball - Texel

Speakers

Capital Relief Trades Awards

05:40 PM 06:20 PM

The awards categories are:

1.Issuer of the year
2.Transaction of the year
3.Impact deal of the year
4.Innovation of the year
5.Investor of the year
6.Credit insurer of the year
7.Arranger of the year
8.Law firm of the year
9.Advisor of the year
10.Personal contribution to the industry award.

Cocktail Reception

06:20 PM 07:20 PM