JOIN SCI FOR THE 9TH ANNUAL RISK TRANSFER AND SYNTHETICS SEMINAR
Draft Agenda
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7:30 AM ET - 8:30 AM ET
Registration & Breakfast
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Welcome Note & Opening Remarks
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Dawn of a New Era: Regulatory Reform?
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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.
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Key agency appointments affecting CRT industry; potential replacements and their influence
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Possible shift in the U.S. regulatory regime towards the lighter approach seen in the EU
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Regulatory impact on deal structuring, especially under Reg
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Potential rollback of existing regulations and its significance for the industry
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Latest Developments in the GSE Market
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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).
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Now that the GSE programs CAS/STACR are firmly IG, has the investor base changed, and will it change further?
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What will issuance look like in 2025?
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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?
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Recent structural nuances.
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Deal structure considerations under Reg Q
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Core components of synthetic securitization; considerations related to Volcker and CFTC regulations
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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?
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What are the benefits and disadvantages of different types of syndication. Is there one option that is better than the rest and why?
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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?
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Considerations related to Volcker and CFTC regulations
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Possibility of reinsurers becoming eligible guarantors; alternative of writing guarantees from a European subsidiary
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Newcomers: the regional banks
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Difference of motivation between regionals and GCIBS
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Difference of investors in deals issued by larger banks and smaller banks
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Difference of regulatory approach to the regionals
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What are the obstacles for regionals? Cost, expertise, operations, resources, governance?
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Will regionals reference different assets? What about CRE?
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Will new types of investors come to the market in 2025?
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Assets gaining popularity with CRT issuers and reasons behind their appeal
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Potential for new asset classes in 2025 and market need for diversification to boost yields
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Adjusted expectations for the U.S. market following 2024’s underperformance
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Investor opportunities in portfolio construction and specific assets
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Potential growth in riskier assets, exemplified by a recent hospital loan CRT with 13% yields
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Narrowing CRT spreads; comparison with other assets, particularly CLOs
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CRT’s competitive standing in broader market pricing
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Possible shift of new buyers away from CRT to other asset classes
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Fairness of a focus on spread compression; unique asset exposures in CRT market
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CLO yields compared to CRTs, and evaluating if this comparison is appropriate
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Weighing dedicated SRT strategies against hybrid strategies
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Comparison of U.S. and European CRT markets, with Europe as an established, robust market
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Insights U.S. market might gain from European experience
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Structural differences in the markets; investor base and trade structures across regions
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What are the benefits of completing an SRT as an issuer in Europe? How is this different in the US?
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