|Event Date||Wed Apr 27 EDT (about 1 month ago)|
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.
• 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?
Chief Investment Officer, Chorus Capital
Senior Vice President, Structured Mortgage Reinsurance, Arch MI
Senior Director, PGGM
Partner, Portfolio Manager, ArrowMark Partners
Director, Fixed Income, Portfolio Management, Equitable
Vice President, JPMorgan Chase
Managing Director, J.P. Morgan
Founder/Chief Strategist, Mark Fontanilla & Co., LLC
Co-Head of US Credit Management, Investcorp
Executive Director, IACPM
Managing Director, Seer Capital Management
US Editor, SCI
Managing Director in the Corporate Loan Portfolio Management team in Barclays Bank
Director, Freddie Mac
Andrew Hohns, PhD
Chief Executive Officer, Newmarket
Managing Director, Guy Carpenter
Head of CLO / RMBS Research, BOFA Securities
Partner, Clifford Chance LLP
• Guy Carpenter
• Mark Fontanilla & Co
• Arch Mi
• Arrowmark Partners