JOIN SCI FOR THE 9TH ANNUAL RISK TRANSFER AND SYNTHETICS SEMINAR

Exclusive Host


Draft Agenda

    • New administration in the White House and Congress. Possibility of B3E slipping off the agenda and its impact on CRT issuance in the U.S.
    • Key agency appointments affecting CRT industry; potential replacements and their influence
    • Possible shift in the U.S. regulatory regime towards the lighter approach seen in the EU
    • Regulatory impact on deal structuring, especially under Reg
    • Potential rollback of existing regulations and its significance for the industry
    • How will the incoming administration affect the GSEs? Will the conservatorship debate be revived? Will Sandra Thompson remain at the FHFA (we might know this by February).
    • Now that the GSE programs CAS/STACR are firmly IG, has the investor base changed, and will it change further?
    • What will issuance look like in 2025?
    • What will be the mix between capital markets and reinsurance? What is the capacity of both, and is it expected to change? What is the relative value trade in 2025?
    • Recent structural nuances.
    • Deal structure considerations under Reg Q
    • Core components of synthetic securitization; considerations related to Volcker and CFTC regulations
    • Comparing syndicated deals versus bilaterally negotiated ones; examining if a middle ground exists. What are the benefits and disadvantages of different types of syndication. Is there one option that is better than the rest and why?
    • What are the benefits and disadvantages of different types of syndication. Is there one option that is better than the rest and why?
    • US banks continue to be uncomfortable issuing syndicated deals using SPVs, despite consensus among external counsel that it is possible. Is this impeding the development of the market?
    • Considerations related to Volcker and CFTC regulations
    • Possibility of reinsurers becoming eligible guarantors; alternative of writing guarantees from a European subsidiary
    • Difference of motivation between regionals and GCIBS
    • Difference of investors in deals issued by larger banks and smaller banks
    • Difference of regulatory approach to the regionals
    • What are the obstacles for regionals? Cost, expertise, operations, resources, governance?
    • Will regionals reference different assets? What about CRE?
    • Will new types of investors come to the market in 2025?
    • Assets gaining popularity with CRT issuers and reasons behind their appeal
    • Potential for new asset classes in 2025 and market need for diversification to boost yields
    • Adjusted expectations for the U.S. market following 2024’s underperformance
    • Investor opportunities in portfolio construction and specific assets
    • Potential growth in riskier assets, exemplified by a recent hospital loan CRT with 13% yields
    • Narrowing CRT spreads; comparison with other assets, particularly CLOs
    • CRT’s competitive standing in broader market pricing
    • Possible shift of new buyers away from CRT to other asset classes
    • Fairness of a focus on spread compression; unique asset exposures in CRT market
    • CLO yields compared to CRTs, and evaluating if this comparison is appropriate
    • Weighing dedicated SRT strategies against hybrid strategies
    • Comparison of U.S. and European CRT markets, with Europe as an established, robust market
    • Insights U.S. market might gain from European experience
    • Structural differences in the markets; investor base and trade structures across regions
    • What are the benefits of completing an SRT as an issuer in Europe? How is this different in the US?

Speakers