Clifford Chance US LLP
31 West 52nd Street
New York
United States of America

1 February 2024

25+ Speakers

Leading figures in the Risk Transfer & Synthetics Sector

250 Seats

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Introduction: The Turning Tide in North American CRT

After years of anticipation and fluctuating predictions, the North American CRT market has finally experienced a significant turnaround. What triggered this pivotal shift, and is it a sustainable trend? Are established names driving this change, or are new players entering the scene? These questions and more will take centre stage at this eagerly awaited event in New York.

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  • 1 February 2024
    • Exploring strategies for GSEs to enhance CRT appeal amid declining issuance and rising interest rates.
    • The growing importance of (re)insurers in the CRT market.
    • S&P’s criteria changes for evaluating insurance companies and the impact on the MILN market.
    • Identifying areas of relative value in the CRT market.
    • Analysing market dynamics to distinguish promising opportunities from potential pitfalls.
    Panel Includes:
    Pratik Gupta, BofA Securities (Moderator)
    John Sim, JP Morgan
    Mark Fontanilla, Mark Fontanilla & Co.
    Jennifer Weiss, Arch MI
    Michael Shemi, Guy Carpenter
    •Drivers behind opting for a direct CLN versus an SPV-issued CLN structure and impediments to SPV deals, including the risk of being characterised as a commodity pool operator for certain assets.
    •What does the process of consultation with the Fed look like for issuance of direct CLNs?
    •How should banks think about the lower of $20bn or capital limit, as seen in the Fed’s no-action letters for CLN structures?
    •Assessing the current hurdles and potential deterrents to issuance.
    •Is the Fed's stance likely to evolve further and could more programmatic issuance emerge?
    Panel Includes:
    Gareth Old, Clifford Chance (Moderator)
    Ivan Loncar, Cadwalader
    ,Aleksandr Epshteyn, ATLAS SP Partners
    Sagi Tamir, Mayer Brown
    Bo Weatherly, US Bank
    •How will the Basel 3 Endgame proposals impact capital ascribed to different lending books and the CRT market more broadly?
    •Is the adoption of the SEC-SA model sustainable?
    •Examining the US approach to the ‘p-factor’ and its divergence with European regulators.
    •Spotlight on SEC plans for securitised markets in the upcoming year, including the impact of the new conflict of interest rule.
    •Anticipating the impact of a change in or continuity of administration in the US from January 2025.
    Panel Includes:
    Young Kim, Clifford Chance (Moderator)
    Mark Kruzel,Pimco
    Jennifer Bearden, IACPM
    Matthew Bisanz, Mayer Brown
    •Canadian CRT issuance boomed in 2023. How did this change the North American CRT landscape and is activity in the jurisdiction likely to continue picking up pace?
    •Identifying new entrants in the US CRT space and the impact of the Fed's revised asset threshold of $100bn.
    •Will regional banks join the party or has the SVB fallout affected appetite? How do smaller banks explain the exigencies of the market to an often sceptical board?
    •What are the different motivations for GSIBs, superregionals and regional banks to issue CRT transactions? What is the likely split among the different types of issuers as the market matures?
    •What kind of yields get investors interested and across which asset classes?
    •What could be done to make the CRT market more efficient and more mainstream?
    Panel Includes:
    Leanne Banfield, Linklaters (Moderator)
    Terry Lanson, Seer Capital
    Kaelyn Abrell, ArrowMark Partners
    Assia Damianova, Cadwalader
    Jason Marlow,Barclays
    Adrien Maton, Societe Generale
    •Will 2024 finally be the US CRT market’s year? How big could the market get in terms of both number of issuers and overall volume?
    •Will the investor base expand to absorb supply and how will this affect pricing? Could a secondary market for CRTs emerge?
    •How does the banking landscape in the US compare to the European banking landscape, and how does this affect the relative motivation to issue CRT deals? Will there be some divergence around asset quality and pricing between the two regions?
    •Do MDBs and DFIs represent a potentially major new class of CRT issuers?
    •What role can CRT play in the energy transition?
    •Given the encroachment of private credit into the bank lending space, what is the appropriate role for banks versus private credit and how does CRT fit within this dynamic?
    Panel Includes:
    Jed Miller, Cadwalader (Moderator)
    Thea Gausel, Clifford Chance
    Thomas Giuntini,MUFG
    James Bryson, Allen & Overy
    Kaikobad Kakalia, Chorus Capital
    Sanjeev Mordani, LuminArx