Capital Relief Trades 2024

Join SCI for the 10th Annual Capital Relief Trades Seminar

Cost per delegate:

Applies until	Subscriber Discount	Subscriber Rate	Non-Subscriber	Non-Subscriber Discount
31-Aug	25%	£1,234	£1,398	15%
30-Sep	20%	£1,316	£1,481	10%
19-Oct	10%	£1,481	£1,645	0%

* A seat at the gala black-tie dinner held at the Royal Institute of British Architects on 17th October

Applies until	Price
31 – Aug	£390
17 – Oct	£450

Platinum Sponsor

Gold Sponsor

Silver Sponsor

Agenda

Day 1 – 16th October
08:00 - 09:00

Registration Opens

09:00 - 09:10

Welcome Note & Opening Remarks

John Owen Waller, SCI Managing Director
Robert Bradbury, Alvarez & Marsal (Event Chairman)

09:10 - 09:40

keynote Address

Securitisation Risk and Regulatory Capital
William Perraudin, Risk Control
09:40 - 10:30

Setting The Scene

• Regulatory Developments: Understand the latest regulatory changes and their implications on the synthetic securitisation market.

• Market Trends: Gain insights into current trends and recent activities within the SRT market to inform your strategies and decisions.

Panel Includes:
Parya Badie, A&O Shearman (Moderator)
Molly Whitehous, Newmarket Capital
Ruhi Patil, Dentons
Kaikobad Kakalia, Chorus Capital
Fernando González, ECB
Zak Chaudary, Deutsche Bank
10:30 - 10:50

Networking Break
10:50 - 11:40

North American Issuance Dynamics – The Way Ahead?

• US vs. European Practices: Explore the divergence between US and European market practices and its impact on issuance dynamics.

• Regional Bank Progress: Learn about the progress regional banks are making in the SRT market, with a focus on auto SRT transactions and other asset classes.

• Market Stability Post-SVB: Discuss the market's stability 18 months after the fall of SVB.

• -CLN Structures: Compare direct CLNs and SPV CLNs to determine which structure may dominate in the future.

Panel Includes:
Jeffrey Krohn, Guy Carpenter (Moderator)
Angela Ulum, Mayer Brown
Terry Lanson, Seer Capital
Tamar Joulia, IACPM
Joe Koebele, Lockton Re
11:40 - 12:30

Unfunded SRT

• Role of (Re)insurers: Discover how the participation of (re)insurers is transforming the investment landscape.

• Intermediaries' Role: Examine how intermediaries facilitate growth in the SRT market.

• Structuring Innovations: Learn about innovative structures enabling (re)insurers' participation in funded and STS SRT.

• Optimising Pricing: Explore how combining funded and unfunded formats can optimise pricing strategies.

Panel Includes:
Edmund Parker, Mayer Brown (Moderator)
Raffaela Baechler, Arch Insurance
RJ Shea, RenaissanceRe
Robert Simmons, A&O Shearman
François Roos, BNP Paribas
Andrea Itri, Munich Re
12:30 - 13:30

Lunch & Networking Break
13:30 - 14:20

Balance Sheet optimisation – A Regulatory Perspective

• Strategic Integration: Understand how SRT can be integrated into bank strategies for effective capital management.

• Post-Basel 3.1 Environment: Discuss strategies for banks to thrive in a post-Basel 3.1 regulatory landscape.

Panel Includes:
Jo Goulbourne Ranero, A&O Shearman (Moderator)
Pascale Olivie, Societe Generale
Nimesh Verma, Man Group
Meindert de Jong, PGGM
Oliver Gehbauer, Deutsche Bank
14:20 - 15:10

SRT Relative Value

• Market Dynamics: Analyse supply and demand drivers, spread trends and transaction volumes in the SRT market.

• Comparative Analysis: Compare the relative value of SRT investments with direct lending and CLO investments.

• Value Drivers: Identify factors that could change relative value considerations across these products.

• Investor Differentiation: Learn how investors can differentiate themselves in a competitive market.

Panel Includes:
David Toole, Simmons & Simmons (Moderator)
Frank Benhamou, Cheyne Capital
Kaelyn Abrell, ArrowMark Partners
Thea Gausel, Clifford Chance
Jason Marlow, Barclay
15:10 - 15:30

Networking Break
15:30 - 16:20

Challenges and Innovations – An Investor Perspective

• Market Preparedness: Discuss preparations for significant losses and stresses in the CRE sector.

• Market Liquidity: Address the illiquidity of the market and the need to diversify the investor base.

• Pricing: Evaluate whether risk is properly priced in SRT deals.

• Innovations: Explore recent innovations that benefit the buy-side, such as back leverage.

Panel Includes:
Leanne Banfield, Linklaters (Moderator)
Alastair Pickett, Chenavari
Aidan McKeown, Magnetar
Andrew Feachem, Guy Carpenter
Niels Las, PGGM
16:20 - 17:10

Skills Gap

• Talent Shift: Analyse the impact of the sell-side brain drain to the buy-side on the SRT market.

• Talent Development: Discuss where new talent is coming from and how it is being developed.

• Skillset Requirements: Identify the characteristics required in an SRT skillset.

• Recruitment Trends: Explore recent recruitment trends in the industry.

Panel Includes:
Christopher Leonard, Clifford Chance (Moderator)
Artem Chernovolenko, Barclays
Catherine James, RCQ Associates
Alexis De Vrieze, ArrowMark Partners
Juan Grana, Chorus Capital
17:10 - 17:15

Event Chairman's Closing Remarks

Robert Bradbury, Alvarez & Marsal

17:15 - 18:15

Cocktail Reception
Day 2 – 17th October
07:30 - 08:30

Registration Opens

08:30 - 08:40

Welcome Note & Opening Remarks

Robert Bradbury, Alvarez & Marsal (Event Chairman)
08:40 - 09:40

Women in Risk Sharing

Policing the boundaries: protecting work/life balance
In the securitisation market, the transactional nature of the work – commonly involving long hours and tight deadlines - creates challenges, especially for parents with young families. What can the industry do to improve work/life balance as a whole? Women’s views are often marginalised, and their perspectives, ambitions and needs not taken into account. How can an effective dialogue be created in this context?

Panel Includes:
Ruhi Patil, Dentons (Moderator)
Elena Cosic, Chorus Capital
Frank Benhamou, Cheyne Capital
Catherine Tuckett, Liberty Specialty Markets
09:40 - 10:00

Networking Break
10:00 - 10:50

Hot Spots Round Table

• New Jurisdictions: Explore opportunities arising from the adoption of SRT by Nordic and Benelux banks following Basel 3.1 implementation.

• New Asset Classes: Explore which asset classes are set to provide opportunities in the coming year.

• ESG: Discuss the role of synthetic securitisation in supporting ESG and digital transitions.

Panel Includes:
Jonas Backlund, Revel Partners
Niklas Thulin, DNB
Thomas Lupbrand, EIF
Ruairi Neville, Arch Insurance
10:50 - 11:40

Emerging Markets showcase

• Regional Drivers: Understand the factors driving interest and activity in Latin America, South Africa and Central and Eastern Europe.

• Role of MDBs and DFIs: Examine how multilateral development banks (MDBs) and development finance institutions (DFIs) are attracting private capital to emerging markets.

• Case Study: Review a case study highlighting a successful emerging market transaction.

Panel Includes:
Edmund Parker, Mayer Brown (Moderator)
Xavier Jordan, IFC
Georgi Stoev, EIF
Pedro Martins, Bank Millennium
11:40 - 12:00

Networking Break
12:00 - 12:40

New Entrants Workshop – An Arranger Perspective

• First-Time Issuers: Learn how first-time issuers should approach the SRT market.

• SRT Challenges: Discuss the complexity, data quality and infrastructure challenges in the SRT market.

• Disclosures and Ratings: Understand what investors require from pool disclosures and ratings versus what banks are willing to provide.

• Market Standardisation: Explore whether market terms are beginning to standardise.

Alan McNamara, Howden
12:40 - 12:45

Event Chairman's Closing Remarks

Robert Bradbury, Alvarez & Marsal

12:45 - 13:45

Lunch & Networking