London

One Bishops Square, London E1 6AD

30 September 2020

25+ Speakers

Leading figures in the Risk Transfer Sector

250 Seats

Register to secure yours today

Introduction

Join SCI for the 6th Annual Capital Relief Trades Seminar

This year is expected to bring further standardisation to the European CRT market with the publication of the EBA’s final SRT report and its paper on STS for synthetics. SCI’s Capital Relief Trades Seminar will explore the impact of these guidelines, as well as the latest structuring innovations in the sector. The event will also examine the role of insurers, the full-stack issuance trend and the development of the US market.

Early-bird registration is now open

Delegate rates:

March – April: £933 + vat

May – June: £ 1,033 + vat

July – August: £1,133 + vat

September: £1,433 + vat

Exclusive Host

Gold Sponsor

Bronze Sponsors

Schedule

  • 30 September

Speakers

Early-bird registration is now open

Delegate rates:

March – April: £933 + vat

May – June: £ 1,033 + vat

July – August: £1,133 + vat

September: £1,433 + vat

Conference App

Many fellow delegates and speakers are already using the App to arrange meetings on the day. Please download and register the conference app to maximise your time at the event: https://attendify.com/app/4bky5v

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.

30 September

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 totalling 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.

Pascale Olivie

Director
Societe Generale
Pascale joined SG early 2019 and is today in charge of developing regulatory capital optimization & de-risking solutions for FIs. In 2019, she executed two CRT trades for approximately 7 bn€ securitized portfolio.
Prior to joining SG, she worked 12 years at CACIB, firstly within the Securitization team and then within the CPM team where she was responsible for the structuring and management of regcap and secured funding deals for own account ; she built there a solid track record of synthetic securitizations deals and bespoke risk transfer transactions: 14bn€ securitized portfolio since 2014, covering a wide range of asset classes (incl. corporate assets, trade finance & emerging assets, Project/asset finance, capital calls) under Notes format and bilateral financial guarantee ; with some recent landmark transactions: first Green Capital Notes backed by a $ 3bn of Structured Finance portfolio (2017); synthetic securitization of a 3bn€ corporate assets portfolio with EIB Group within Juncker Plan (2017); synthetic securitization of a 2bn$ trade finance & emerging assets portfolio with IFC with reallocation on Social Emerging assets (2018).
Pascale graduated from the Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE, Paris)

30 September

Kaelyn Abrell

Partner, Portfolio Manager
ArrowMark Partners
Kaelyn Abrell | Partner, Portfolio Manager

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.

30 September

Daniela Francovicchio

Senior Structured Finance Manager
European Investment Fund

30 September

Allen & Overy

Exclusive Host

Societe Generale

Gold

Texel

Bronze

Mariner

Bronze

ARROWMARK PARTNERS

Bronze

European Investment Fund

Bronze

Registration

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
  • How do activity and issuance levels so far in 2020 compare to those seen last year?
  • How are transactions performing and are defaults expected to rise with the turning credit cycle?
  • What are the latest structuring innovations in the sector?
  • Are standardised banks becoming more active?

Networking Break

10:40 AM 11:10 AM

REGULATORY DEVELOPMENTS

11:10 AM 12:00 PM

A focus on the EBA’s discussion paper regarding STS criteria for synthetic securitisations and its final SRT report
  • What insights do the EBA’s reports provide and how are they likely to be incorporated in transactions?
  • Does excess spread hinder the achievement of SRT in synthetic securitisations?

Lunch & Networking

12:00 PM 12:50 PM

THE ROLE OF INSURERS

12:50 PM 01:40 PM

An examination of the role of insurers in the CRT market
  • Are insurers good counterparties for standardised bank risk-sharing deals?
  • Which innovations and solutions do insurers bring to the CRT market?

Alan Ball - Texel

Speakers

Keynote Fireside Chat

01:40 PM 02:10 PM

Networking Break

02:10 PM 02:30 PM

FULL-STACK ISSUANCE

02:30 PM 03:20 PM

A look at the full-stack issuance trend
  • What are the drivers behind the growing volume of full-stack SRTs?
  • What are the pros and cons of cash versus synthetic securitisation for SRTs? 

ISSUER AND INVESTOR PERSPECTIVES

03:20 PM 04:10 PM

An exploration of issuer and investor perspectives on the CRT market
  • What is the likelihood of new issuers and investors entering the market?
  • Which barriers to entry remain and what are the potential solutions?
  • What are the latest jurisdictions and asset classes to emerge?

Kaelyn Abrell - ArrowMark Partners
Daniela Francovicchio - European Investment Fund
Pascale Olivie - Societe Generale

Speakers

Networking Break

04:10 PM 04:30 PM

Workshop Session

04:30 PM 05:00 PM

STRUCTURING CONSIDERATIONS

05:00 PM 05:50 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?

Capital Relief Trades Awards

05:50 PM 06:30 PM

Cocktail Reception

06:30 PM 07:30 PM