TSI Training

12 March 2025

TSI Training

SRT & Synthetic Securitisation – from a practical perspective

The event
English
Dates
12. March 2025
08.45-17.45
Onsite

True Sale International GmbH
Mainzer Landstraße 61
60329 Frankfurt

Participation fee
595 EUR TSI Partner
795 EUR for all other participants

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 training format in the well established, small classroom format training of TSI EVENTS.

Agenda

Wednesday, 12.03.2025

8.45 – 9.00

Registration

9.00 – 9.15

Welcome by TSI and introduction
Jan-Peter Hülbert

9.15 – 10.05

Legal Overview
Kerstin Schaepersmann & Antonia Walter, Clifford Chance

  • Why do it synthetically?  
  • Common structures 
  • Documentation clauses and credit events  
10.05 – 10.55

Issuer Perspective
N.N.

  • Capital Management and economic reasoning for synthetic securitisation  
  • Strategic approach and synthetic securitisation programmes 
  • Challenges for setting up a transaction 
10.55– 11.15

Coffee break

11.15– 12.05

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
12.05 – 12.55

Arranger / Investors Perspective  
Holger Beyer, Alantra

  • Involvement in the structuring process and legal documentation 
  • Preferences in terms of structures and pools 
12.55 – 14.15

Lunch Break

14.15 - 15.05

Regulatory aspects 
Ulf Kreppel, Jones Day

  • How to achieve capital relief 
  • SRT versus full deduction 
15.05 – 15.50

Role of STS in Synthetic Securitisation  
Marco Pause, SVI

  • STS framework in synthetics 
  • Verification process 
  • Challenges to achieve STS 
15.50-16.10

Coffee break

16.10 – 16.55

Transparency & Disclosure  
Andras Vajda, iconicchain

  • Setting up internal reportings 
  • Reporting form investors, auditors, supervisors 
16.55 – 17.35

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.   
from 17.35

Get Together

Holger
Holger Beyer
Managing Director,
Alantra Corporate Portfolio Advisors International Ltd
Holger has more than 25 years’ experience in a wide range of senior roles within the financial services sector. He has expertise in the securitisation of many different asset classes, which he gained at AgFe, Morgan Stanley, UniCredit and Commerzbank, using both synthetic and traditional structures as well as operational experience from building lending platforms and c-suite roles.
Holger has advised on the re-structuring, work-out, and disposal of distressed positions, both structured and corporate, acting for central banks in the Eurosystem and the administrators of various banks in the aftermath of the GFC. Holger has experience in the setting up of asset management structures to invest in financial assets and provided portfolio funding and risk capital to non-bank lending platforms.
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Christoph
Christoph Himmelmann
Director Risk & Regulation, FS Regulatory Management Banking
PricewaterhouseCoopers GmbH WPG
Christoph is Director and member of PwC's Governance, Risk & Compliance (GRC) practice in Germany. He has years of experience in providing consulting services and leading regulatory audits for numerous German and international banking clients. His focus areas are the current and future regulatory requirements for banks, i.e. Basel III and Basel IV including the corresponding EU implementation. Within PwC’s GRC team, he leads the cross-functional workstream on securitisations and supports various German and international clients with the implementation of the regulatory framework for securitisations. Further, he is responsible for the horizontal division “Regulatory Reporting and Disclosure Solutions” and thus takes care of related projects, audits and thought leadership activities. Besides, he is a frequent trainer for external and internal seminars on regulatory issues and publishes regularly in books, journals or blogs.
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Jan-Peter
Jan-Peter Hülbert
Managing Director,
True Sale International GmbH
Jan-Peter Hülbert has been Managing Director of True Sale International GmbH since July 2018. He brings over 20 years of experience in the banking and capital markets business, including 16 years in securitisation on the banking side. Jan-Peter has been responsible for client transactions for banks, corporates and leasing companies in the public ABS, private securitisation and ABCP segments. He holds a degree in business administration from LMU Munich and is a member of the Supervisory Board of STS Verification International GmbH and of the Supervisory Board of European DataWarehouse GmbH.
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Ulf
Ulf Kreppel
Partner,
Jones Day
Ulf Kreppel's practice focuses on cross-border securitizations and structured finance transactions. Amongst his clients are international financial institutions, investment firms and so-called "alternative capital providers".
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.
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Marco
Marco Pause
Director,
STS Verification International GmbH
Marco Pause has been a Director of STS Verification International GmbH since December 2019. He joined the STS Verification International GmbH in September 2019 as an Associate Director. Mr. Pause has many years of securitisation experience which he gained at the auditing company Deloitte in the Credit & Securitisation Advisory Team in Düsseldorf since 2005.
In his position as Senior Manager he was primarily responsible for the execution of numerous due diligences at German automotive and consumer banks as well as banks with mortgage portfolios in the context of securitisation and portfolio transactions. In the context of a multi-year project Mr. Pause directed the organisation and implementation of the project management of a state guarantee for a German Landesbank in connection with credit and solvency checks of individual exposures in the Shipping, Corporate Clients and Aviation segments.
Mr. Pause holds a degree in Business Administration from the Georg-August-University in Göttingen.
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Kerstin
Kerstin Schaepersmann
Senior Counsel, Structured Debt
Clifford Chance Partnerschaft mit beschränkter Berufshaftung
Kerstin Schaepersmann specialises in German and international structured finance transactions. She advises sponsors, arrangers, lenders, lead managers, issuers and originators on synthetic and cashflow securitisations (including CLOs, CMBS, repackagings and securitisations of trade and lease receivables) and secured loan transactions, as well as the restructuring thereof. She also advises on general bank regulatory questions (including licensing procedures and cross-border banking and investment services as well as regulation of derivatives and financial market infrastructures).
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Andras
Andras Vajda
Co-Founder & CEO,
iconicchain
András Vajda is the CEO and co-Founder of iconicchain, providing regulatory compliance automation solutions for highly regulated markets, based on private blockchain solutions. András has over 20+ years executive, technology leadership & customer facing experience in the Financial and Telecom sector, having successfully led the execution of 10+ securitization, blockchain and regulatory compliance projects with multi-national banking and regulatory customers. Prior to iconicchain, he has led multiple successful programs for Ericsson, all established high-growth, high-profit businesses. András holds an MSc in Distributed Systems and is the author of several articles and a book.
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Philipp
Philipp von Websky
Director, Portfolio Services (Pool & Asset Audits, Stratifications, WALs, Verification Agent, Trus-tee), Credit & Securitisation Advisory
Deloitte GmbH
Philipp von Websky (trained lawyer) is a Director and has been with Deloitte since 2001. In the Service Line Credit & Securitisation Advisory he is responsible for projects pertaining to the loan business and loan/credit transactions (credit treasury, securitisation, asset based finance). His work focuses on Advisory, Assuring Transaction Party und Audit/Due Diligence. He co-heads the blockchain-in-structured-finance initiative of Deloitte Germany. For details: www.deloitte.com/de/csa
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Antonia
Antonia Walter
Senior Associate, Structured Debt
Clifford Chance Partnerschaft mit beschränkter Berufshaftung
Antonia Walter specializes in advising on German and international structured finance transactions. She advises sponsors, arrangers, lead managers, issuers and originators on true sale (including CLOs, CMBS and securitisations of trade and lease receivables) and synthetic securitisations as well as secured loan structures. Antonia Walter also advises on the structuring and establishment of trading platforms and ABCP conduit programs, portfolio sales and other structured financings including regulatory issues related to securitisation transactions.
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Aminata Camara

Event management