SCI REGULATORY CAPITAL RELIEF TRADES SEMINAR
Interpret regulations, Price RWAs, Structure trades, Develop a risk transfer strategy
3 December 2015, London
Location: 20 Primrose St, London, EC2A 2RS
INTRODUCTION
SCI's Regulatory Capital Relief Trades Conference on 3 December provides an in-depth exploration of the expanding regulatory capital relief opportunity as banks pursue a variety of strategies to help reduce Basel 3-related capital charges on risk weighted assets (RWAs).
How are banks structuring these trades, and who is best placed to help place them?
Risk Managers and Heads of Regulatory Risk should attend the seminar to better understand the types of trades being structured and how to price them. Portfolio managers should attend to find out where the opportunities lie, the implications of entering into trades and the nuances of valuing a trade.
As pricing has eased in recent weeks across the capital structure, this is the ideal time to learn and network with the industry to determine your strategy in this sector.
SPONSORED BY
3 COMPELLING REASONS TO REGISTER
1. Network with your industry peers - companies such as Awbury, Balbec Capital, Barclays, BNP Paribas, Chamonix Partners Capital Management, Credit Suisse Asset Management, European Investment Fund, Greensledge Capital Markets, Lloyds Bank, Lone Star, M&G, Nomura, Rabobank, Standard Chartered, Stone Mountain Capital and Varde Partners are all registered to attend.
2. We have 20+ speakers confirmed, all with deep sector experience.
3. Build on your knowledge of Capital Relief Trades and Risk Weighted Assets with 5 in-depth and highly focussed seminar panels: we will address CRT Regulatory Treatment; Structuring; Pricing; Capital Alternatives and Relative Value.
We have had a strong reaction to the invitations to speak at this event; given the perceived opaqueness of the subject matter and the relatively early stage this sector is at, anyone involved in Capital Relief Trades would undoubtedly be impressed.
WHY THIS EVENT?
- The first event of its kind dedicated to Capital Relief Trades.
- You will be in excellent company: we have senior personnel registered from many top tier banks in the UK and Europe, as well as institutional investors, challenger banks and hedge funds.
- Highly experienced and knowledgeable speakers who have been at the coal face of this sector for several years. Meet and learn from: Nomura, Chorus Capital, StormHarbour, Lloyds, Christofferson Robb, Natixis, Citi, Reed Smith, Unicredit, Chenavari, Elanus Capital, Standard Chartered, Apollo, Mariner Capital, and Caplantic, and more.
So if you are involved in Capital Relief Trades and Risk Weighted Assets please join us in London on 3rd December for an event rich in networking and educational material.
If you would like to know about sending a team of people we also have special discounts please get in touch
DELEGATE COST
�737 + vat
(substitutions are fine at any time)
If you would potentially like to send team of people we have special discounts available - please get in touch
YOU ARE PROTECTED: 100% MONEY BACK GUARANTEE
A significant amount of time and energy is committed to researching SCI's events to secure the best topics and speakers. We are therefore confident you will be fully satisfied and are happy to protect your investment by offering you a 100% Money Back Guarantee: if at any point in the next 12 months you feel that you didn't get value from the panel discussions at this event SCI will refund your investment or offer you the equivalent value towards another SCI service or event (no-shows and cancellations don't count.)
AGENDA
09:15-10:15 REGULATORY TREATMENT
An overview of Basel 3 regulatory capital requirements and the supervisory formula used by most banks for risk transfer trades. How has increased regulatory acceptance of reg cap trades impacted the market and are cross-country differences being adequately addressed? How do synthetic securitisations fit within the European 'simple, transparent and standardised' framework and is harmonisation expected to address differences in treatment across standardised and advanced approach banks?
Panel includes:
Kaiko Kakalia, Chorus Capital
Romain Brive, Natixis
Carlo De Donato, Citi
Claude Brown, ReedSmith
Rasheed Saleuddin, West Face Capital
10.15-10.40 Networking Break
10:40 - 11:40 STRUCTURING CONSIDERATIONS
An overview of a typical regulatory capital risk transfer structure. How should participants approach the tranching of risk and when does it make sense to split mezzanine tranches into senior and junior pieces? When would a true sale securitisation be preferable to a synthetic structure? How have reg cap trades performed over time? Case study.
Panel includes:
Daniela Francovicchio, European Investment Fund
Sachin Patel, Natixis
Jessica Littlewood, Clifford Chance
Robert Bradbury, StormHarbour
11.40-12.00 Networking Break
12:00-13:00 PRICING TRENDS
A look at how regulatory capital trades should be priced. Which modelling and data issues should investors take into consideration and how can the lack of a liquid/efficient index tranche market be addressed when making assumptions around default correlation? Is there an implicit 'spread floor' provided by banks' 'opportunity' cost of capital and would a tighter market generate more supply? Are new issue spreads expected to follow broader public credit spreads or will they tighten on the back of heavier demand?
Panel includes:
Hubert Tissier de Mallerais, Chenavari
Paolo Montresor, UniCredit
Bob Paterson, Lloyds
Juan Grana, Nomura
Matthias Korn, Caplantic
13.00 - 14.00 Lunch
14:00-15:00 OPPORTUNITIES & RELATIVE VALUE
A look at investment trends across the reg cap trade space. Which jurisdictions and asset classes are seeing the most activity at present, and where are future hot spots likely to arise? Which originators are most popular and why? How can investors differentiate between deals? Is a secondary market expected to develop, subject to different potential regulatory outcomes?
Panel includes:
Brad Golding, Christofferson Robb
Andrew Hohns, Mariner Capital
Francesco Dissera, StormHarbour
Steve Baker, Apollo Global Management
15:00-16:00 CAPITAL ALTERNATIVES
An overview of how banks are addressing other challenges beyond RWA relief, such as optimising their balance sheets, stabilising ratings and countering RWA migration. How is European harmonisation of the treatment of reg cap trades interacting with the concurrent harmonisation of RWAs? Why execute an RWA relief transaction versus other capital alternatives, such as rights issues and AT1, and are there other structures appropriate to responding to such challenges?
Panel includes:
Matthew Moniot, Elanus Capital
Jeremy Bradley, Lloyds
Emil Petrov, Nomura
Nick Stainthorpe, ReedSmith
16.00 Cocktails and Close