SCI's 6th Annual Risk Transfer & Synthetics Seminar 2022 | Structured Credit Investor (SCI) | 27 April 2022 | Clifford Chance New York, 31 W 52nd St, New York, NY 10019, USA

The North American synthetic securitization market is in a period of significant change and innovation. While the established tier one issuers are seen increasingly frequently, the last year has witnessed debut issuance from regional banks. More is poised to come, agree the experts. The event also showcases the GSE credit risk transfer sector- in which there will be greatly increased volume in 2022 – and the mortgage-linked note market.

Agenda:

• Market Overview
This panel focuses on recent trends in the North American synthetic securitization market. Are more US and Canadian banks going to turn to risk transfer technology to improve profitability and expand their balance sheets? What is likely to promote greater usage among US banks in 2022 and beyond? What type of instruments and rewards are investors looking for?
• Mortgage Risk Transfer
The GSE credit risk transfer market has been subject to a great many changes lately. This panel looks at the Enterprise Regulatory Capital Framework, the amendments to it, and what it all means for capital treatment of CRT transactions. It also examines blossoming new issue volume, changes in the mandate of the FHFA and latest developments in the mortgage insurance linked note market.
• This panel provides an overview of the North American regulatory framework for risk transfer transactions. Approval has been given to fledgling deals from regional issuers but do obstacles remain? How is the Biden’s administration’s focus upon affordable housing affecting the mission and strategy of the FHFA, the FHA and the CFPB? What are the main differences between the North American and European regimes, and are there any structural features that are treated differently?
• This panel examines the prospects for both incumbent issuers and new entrants to the North American CRT market, including Canadian banks and US regional banks. What are the motivations and obstacles involved when considering whether to execute a CRT? Are there fewer regulatory hurdles to overcome, following Texas Capital’s ground-breaking deal?
• This panel looks at how the investor base for CRTs is evolving as well as barriers to entry. Where do investors currently see relative value and opportunities? How will the market respond to rising inflation and increased rates, and how will these phenomena affect investor appetite for synthetic securitized products?
• Emerging Trends
What are the new asset classes and jurisdictions in the US CRT market? Which assets are likely to generate sufficient yield, and which assets are most attractive from a CRT perspective? Will we see more regional issuers in the US? Will more major banks join the established tier one issuers? What role can insurance companies play in the CRT market as buyers of credit risk? Can ESG considerations aid the growth of the market?

2022 Speakers

Kaikobad Kakalia
Chief Investment Officer, Chorus Capital

Danny Mamo
Senior Vice President, Structured Mortgage Reinsurance, Arch MI

Angélique Pieterse
Senior Director, PGGM

Kaelyn Abrell
Partner, Portfolio Manager, ArrowMark Partners

William Moretti
Director, Fixed Income, Portfolio Management, Equitable

Charles Martino
Vice President, JPMorgan Chase

John Sim
Managing Director, J.P. Morgan

Mark Fontanilla
Founder/Chief Strategist, Mark Fontanilla & Co., LLC

David Moffitt
Co-Head of US Credit Management, Investcorp

Som-lok Leung
Executive Director, IACPM

Terry Lanson
Managing Director, Seer Capital Management

Simon Boughey
US Editor, SCI

Jason Marlow
Managing Director in the Corporate Loan Portfolio Management team in Barclays Bank

Jeffrey Shue
Director, Freddie Mac

Andrew Hohns, PhD
Chief Executive Officer, Newmarket

Jeffrey Krohn
Managing Director, Guy Carpenter

Pratik Gupta
Head of CLO / RMBS Research, BOFA Securities

Jessica Littlewood
Partner, Clifford Chance LLP

2022 Sponsors

SILVER SPONSORS:
• Guy Carpenter
• Mark Fontanilla & Co
• Arch Mi
• Arrowmark Partners