Synthetic balance sheet securitisations do play a significant role in banks capital management. Especially in the context of the challenges of financing the huge investments required for the digital and sustainable transition, the European Economy will require bank based lending to support the growth.
The European synthetic SRT market has been growing significantly over the past three years and doubled in size, but will this be sufficient? How do synthetic securitisations function, how is it structured, who does invest and how do you achieve capital relief?
We invite all interested parties to join us for this new training format in the well established, small classroom format training of TSI EVENTS.
Agenda
Tuesday, 17.09.2024
Registration
Welcome by TSI and introduction
Jan-Peter Hülbert
Legal Overview
Dr. Stefan Henkelmann, A&O Shearman
- Why do it synthetically?
- Common structures
- Documentation clauses and credit events
Coffee break
Issuer Perspective
Markus Schaub, LBBW
- Capital Management and economic reasoning for synthetic securitisation
- Strategic approach and synthetic securitisation programmes
- Challenges for setting up a transaction
Basel IV / Capital Management / Basel / Output Floor
Christoph Himmelmann, PWC
- Basel IV - What's new for securitisations?
- Understanding the mechanics of the Output Floor
- Impact on RWA calculation and capital management
Arranger / Investors Perspective
Dominik Walter, UniCredit
- Involvement in the structuring process and legal documentation
- Preferences in terms of structures and pools
Lunch Break
Regulatory aspects
Ulf Kreppel, Jones Day
- How to achieve capital relief
- SRT versus full deduction
Role of STS in Synthetic Securitisation
Michael Osswald, SVI
- STS framework in synthetics
- Verification process
- Challenges to achieve STS
Coffee break
Transparency & Disclosure
Andras Vajda, iconicchain
- Setting up internal reportings
- Reporting form investors, auditors, supervisors
Extra-comfort for the investor: the Verification Agent
Philipp von Websky, Deloitte
- monitoring over the lifetime of the transaction.
- assets treated like own vs. like third party risk position.
- pitfalls and typical findings.
Get Together
He specialises in advising on securitisations – covering true sale, secured loan and synthetic structures across a broad range of asset classes – and other structured finance and derivatives transactions including repackagings, secured notes, strategic equity and non-performing loan transactions. Another focus of his practice are bond transactions including Pfandbriefe, covered bonds, structured notes, hybrid and corporate bonds and bond restructurings. Stefan has also broad experience in advising on all related regulatory and insolvency law matters. He is widely recognised as one of Germany’s leading capital markets lawyers.
Stefan works with major international clients, including banks, financial institutions, asset managers, corporates, originators and investors, across jurisdictions and in multiple sectors, including in particular financial services, real estate, infrastructure, energy and alternative investments.
With more than 20 years of product experience, Mr. Kreppel has extensive expertise in the structuring and execution of structured finance transactions. This includes public and private securitizations, asset-based lending and covered bond transactions, structured as stand-alone term transactions as well as asset-backed notes programs. Mr. Kreppel advises on a variety of asset classes, such as auto loans and leases, consumer credits, trade receivables and real estate loans. He also acts as program counsel for several European-based asset-backed commercial paper programs.
Mr. Kreppel has advised on a number of innovative and market-first transactions, including the purely blockchain-based issuance and settlement of asset-backed commercial paper. In addition, he regularly advises on regulatory aspects in financing transactions, e.g. on so-called "simple, transparent and standardized" (STS) securitizations as well as questions regarding the European Securitization Regulation. Mr. Kreppel has coauthored several articles on the legal risks and structural solutions for securitizations.