TSI Conference in cooperation with KfW

24 April 2024

TSI Conference in cooperation with KfW

Synthetic balance sheet securitisations and financing the transition

The event
English
Dates
24. April 2024
09.00-17.00
Onsite

KfW
Palmengartenstr. 5-9
60325 Frankfurt am Main

Participation fee
450 EUR for TSI partners
595 EUR for non-partners

Early-Bird participation fee
405 EUR for TSI partners
535 EUR for non-partners

The transition into a green and sustainable future has started, and we see broad consensus: Huge investments will need to be financed to a large extent through the banking sector, in turn requiring well-functioning securitisation markets. But are we prepared? Do we have a market able to absorb large volumes? What needs to be improved from issuers’ and investors’ perspective? We will discuss all these questions with leading experts in the German and European markets and a particularly focus on synthetic balance sheet securitisations. 

Agenda

9.00

Registration

9.30-9.45

Welcome
Bernd Loewen, KfW & Jan-Peter Hülbert, TSI

9.45-10.45

Market development of synthetic balance sheet securitisations

  • How has the market in Germany and Europe developed since the EBA Report 2020? 
  • Which asset classes, countries and structures dominate? 
  • Performance development 
  • Outlook for the US market 
     

Referenten: 
Holger Beyer, Alantra 
Joanna Kosek, Christofferson Robb & Company
Thomas Lupbrand, European Investment Fund

Moderation:
Dennis Heuer, White & Case

 

10.45 - 11.15

Breakfast & Networking Break

11.15 - 12.30

Regulatory framework - fit for purpose?

  • Keynote "Finalisation of Basel III and capital management at banks" (Martin Neisen, PWC) 
  • Finalisation of Basel III  
  • What influence do STS and banking regulation have? 
  • Transparency regime 
     

Referenten:
Michael Osswald, SVI 
Martin Neisen, PWC 
Kerstin Schaepersmann, Clifford Chance 
N.N.

Moderation:
Matthias Korn, Caplantic

 

12.30 - 13.45

Lunch & Networking Break

13.45 - 14.35

Investors‘ perspective

  • Private cash investors, insurance companies and public investors in competition? 
  • Which structures do investors prefer? 
  • Relative value in times of rising interest rates 
  • Performance and risks in various asset classes 
     

Referenten:
Rob Ford, TwentyFour 
Dr. Stephan Tilke, Munich RE
Angelique Pieterse, PGGM Investments

Moderation:
Oliver Gehbauer, Deutsche Bank

 

14.35 - 15.25

Issuer perspective – structuring from A to Z

  • Strategic approach for capital management 
  • Project management and transaction parties 
  • IT, data, transparency and reporting 


Referenten: 
Jens Lindner, Helaba 
Andras Vajda, iconicchain

Moderation:
Burkhard Rinne, Linklaters

 

15.25 - 15.45

Coffee & Networking Break

15.45 - 16.45

Contribution to financing the transition

  • Economic impact: investment and financing needs for the transition 
  • Particular relevance for the SME sector in Germany 
  • Platform solutions
     

Referenten: 
Friederike Köhler-Geib, KfW
N.N.

Moderation:
Jan-Peter Hülbert, TSI

 

16.45

Closing remarks, TSI

17.00

Get-Together

Holger
Holger Beyer
Managing Director,
Alantra Corporate Portfolio Advisors International Ltd
Holger joined Alantra in May 2020 as a senior member of the newly founded securitisation team, where he is responsible for synthetic securitisation. The team has thus far closed 10 synthetic deals referencing €10bn of assets including SMEs, corporates, residential mortgages and shipping loans.
Holger worked on his first synthetic securitisation in 1998, when Commerzbank issued its first Kaiserplatz transaction, but he has also closed many traditional securitisations across a broad spectrum of asset classes while at Morgan Stanley and Unicredito. Holger was a partner at AgFe for six years in the aftermath of the GFC, where he advised the Eurosystem on the work-out of structured bonds pledged as collateral by Lehman and other defaulted banks. His experience is complemented by two buy-side roles and a position as the CFO and COO of a small UK bank and fintech lending platform.
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Rob
Rob Ford
Advisor,
TwentyFour Asset Management
Rob is one of the founding partners of TwentyFour and a portfolio manager in the firm's ABS team.
His main responsibility is managing the firm’s ABS business, its public ABS funds and institutional mandates, and he is a member of the firm’s Asset Allocation Committee.
Rob has been trading ABS since their inception and is recognised as one of the market’s leading authorities on the asset class, receiving Global Capital’s Outstanding Contribution to Securitization award in 2021. He is also a pivotal member of several high level market initiatives and steering groups.
Beginning his career in 1986, Rob previously spent over 20 years at Barclays Capital (formerly BZW) in London as a fixed income trader covering a broad range of instruments, where he established and managed the floating rate credit trading unit and was Managing Director and Head of European ABS Trading.
From September 2023 Rob will be retiring from his full-time portfolio management role, but will retain an advisory role within TwentyFour, focusing on industry outreach and advocacy, education and leadership.
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Oliver
Oliver Gehbauer
Head of SRT Securitisation, Deutsche Bank London, Global Markets
Deutsche Bank AG London Branch
Oliver is Head of SRT Securitisation at Deutsche Bank’s Investment Bank in London. He is acting as arranger for Deutsche Bank’s own Synthetic Balance Sheet securitisations in Europe as well as for third party banks.
In the last two years alone DB executed nine synthetic securitisations for itself and its clients with a combined portfolio notional in excess of EUR 24bn.
Oliver has a wealth of experience in structured credit across a wide range of asset classes in both cash and synthetic format. In 2009, he advised Her Majesty’s Treasury on its £280 billion Asset Protection Scheme with respect to scheme design and risk assessment.
Prior to re-joining Deutsche Bank in 2019, he worked in various credit solutions roles at Citigroup, Credit Suisse and Lloyds Bank.
Oliver started his career in 2000 at Deutsche Bank Research in Frankfurt. He holds an MSc in Financial Economics from Exeter University (UK).
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Stefan
Dr Stefan Henkelmann
Partner, ICM
Allen & Overy LLP
Stefan is an Attorney with broad expertise advising on German and international capital markets transactions. Stefan specialises in advising on securitisations and other structured finance transactions (covering true sale, secured loan and synthetic structures across a broad range of asset classes), NPL transactions and restructurings in the capital markets sector (including bond restructurings and restructurings of securitisations and related assets). Another focus of his practice is the advice on bond transactions including Pfandbriefe, covered bonds, structured notes, hybrid and corporate bonds.
Stefan has also broad experience in advising on all related regulatory and insolvency law matters. He is a lecturer for capital markets law at the Institute for Law and Finance of the Goethe University Frankfurt.
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Dennis
Dr Dennis Heuer
Partner, Capital Markets – Structured Finance
White & Case LLP
Dennis Heuer is partner within the firm's global Capital Markets practice co-heading the EMEA Structured Finance Group as well as core member of the firm-wide ESG and Financial Institutions Industry Groups. Dennis focuses on Structured Finance (securitisations, structured credit products & derivatives) and FIG solutions and supports credit institutions and insurance companies, institutional investors and corporates in financing, capital relief and risk transfer transactions. Furthermore, Dennis and his team are rapidly growing expertise and experience in ESG-related advisory mandates as well as for clients in the fast-growth sector.
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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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Matthias
Matthias Korn
Managing Director,
Caplantic GmbH
Matthias is in charge of the Financial Solutions division of Caplantic GmbH, Hannover (Germany). A mayor business field is structuring, placement and modelling of securitisation transactions for capital relief purposes. Additionally Caplantic runs if needed the complete project within the bank itself. Matthias started his career in banking in 1995. Before joining Caplantic Matthias had several positions in banks both on the capital market and risk side with NORD/LB, DekaBank, Allianz and Dresdner Bank.
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Joanna
Joanna Kosek
Managing Director, Investment Management
Christofferson Robb & Company
Joanna Kosek is Partner and Managing Director at CRC. As Head of Germany and Poland she is active across all Northern and Eastern European regions with primary responsibility for structuring and originating synthetic and true sale SRT transactions with banks on diverse asset pools.

Joanna is also Chair of the ESG committee, setting the Firms approach in the blind pool and real asset areas. She joined the Firm in 2009 from the structured finance team at Assured Guaranty in London, where she specialized in collateralized loan obligation investments. Prior to Assured Guaranty, she worked in the Credit Asset Management Department at Dresdner Kleinwort, structuring capital relief transactions for the bank and optimizing the bank's RWA. She has a First Class B.Sc. in mathematics and computer science from the University of London (2003). She wrote her MSc Thesis in Pure Mathematics at Imperial College London (2004). She is based in London.
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Friederike
Dr Friederike Köhler-Geib
First Vice President Economics Department, Chief Economist, Economics Department
KfW
Dr Friederike (Fritzi) Köhler-Geib is Chief Economist of KfW Group and Head of KfW Research. Prior to this, she spent more than 10 years at the World Bank, most recently in the position of Lead Economist and Programme Leader for Central America.
She studied Economics in the USA, France, Germany, Spain and Switzerland. As Chief Economist of KfW Group, she analyses trends relevant for KfW in the economy, society and on the financial markets and brings a new dynamic to the economic and financial policy debate. The focus of her work lies in the analyses of economic developments and growth trends in Germany. A particular focus is placed on small and medium-sized enterprises and the role of innovation and digitalisation in improving competitiveness, as well as issues related to the goal of a climate-neutral economy. Furthermore, Dr Fritzi Köhler-Geib also actively addresses economic policy connections between Germany, Europe and the world.

Photo credit
©: KfW-Bildarchiv / Thorsten Futh
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Jens
Jens Lindner
, Asset Backed & Trade Finance
Landesbank Hessen-Thüringen Girozentrale
Jens Lindner has been working at Helaba Landesbank Hessen-Thüringen as an originator and structurer in the area of asset-backed finance since February 2023. Previously, he was with NIBC Bank for almost 10 years, initially as a senior director in the Structuring department of NIBC Bank in Germany, from 2019 he was Managing Director of the newly formed FinTech & Structured Finance department in Frankfurt, serving companies from the FinTech and Financial Services segment with a focus on customized structured asset-based financing.
From April 2007 to March 2013 he worked at Commerzbank, until November 2009 as head of the ABS Management department responsible for a team of risk managers who oversee investments in securitisations and structured credit products of the Commerzbank Group in risk management. Since joining Commerzbank in April 2007, he has been responsible for arranging term transactions with external customers as department head in the Asset Finance Solutions division. Before his move, he held the position of Vice President-Senior Credit Officer for 5 years in the Structured Finance Group at Moody's in Frankfurt. He mainly oversaw European transactions and was responsible for the servicer quality ratings in the EMEA region. Jens Lindner was previously employed in the European Asset Securitization Group of DZ (DG) BANK, which he has been instrumental in building up since 1998. During this time, his area of responsibility included the origination and structuring of transactions as well as the establishment and management of the bank's European ABS trading book. He began his professional career as a credit analyst in the cooperative financial network. Jens Lindner holds a diploma from the Frankfurt School of Finance and Management (HfB), Frankfurt am Main.
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Bernd
Bernd Loewen
Member of the Board,
KfW
Mr. Bernd Loewen currently oversees finance, the internal organization and consulting division and human resources within the Executive Board of KfW Group. He joined the Executive Board in July 2009 and was also accountable for the risk and IT department up to the separation of the corresponding C-level executive functions. Prior to joining KfW, he spent 5 years as Member of the Management Board for Investment Banking and Treasury of mBank SA in Poland, and 10 years in increasingly senior commercial and non-commercial positions at Commerzbank in Germany and the USA. He holds the equivalent of an MBA from Westfälische Wilhelms-Universität Münster, is an Advisory Member of the Steering Committee of the Federal Agency for Financial Market Stabilization, and is the Chair of the Advisory Council of the True Sale International GmbH, both based in Frankfurt, Germany.
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Thomas
Thomas Lupbrand
Structured Finance Analyst , Guarantees & Securitisation
European Investment Fund
Thomas is a Structured Finance Manager at the European Investment Fund, working on the fund’s investments in synthetic and traditional securitisation transactions in Northern and Central Eastern Europe. Before joining the EIF in 2016, he held several positions in Deutsche Asset & Wealth Management and KPMG.
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Benedikt
Benedikt Mankel
, Regulierung und Standards
Deutsche Bundesbank
Benedikt Mankel is an expert on regulatory policy issues relating to securitisations at the Deutsche Bundesbank. The studied mathematician represents the Bundesbank in various European and national working groups and actively contributes to the interpretation and development of the legal framework. His professional experience includes one year at the European Central Bank, during which he was instrumental in establishing the SSM hub on securitisation.
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Martin
Martin Neisen
Partner,
PricewaterhouseCoopers GmbH Deutschland
Martin Neisen leads for the Governance, Risk and Compliance division at PwC Germany. Martin has more than 20 years of project experience at banks, insurance companies and insurance companies.
Martin also heads the SSM Office of the PwC network, which brings together experts from all eurozone countries to coordinate the cooperation with the SSM and the support for the SSM-supervised banks.
For many years he is involved in international project teams regarding the implementation of regulatory requirements and solving problems that simultaneously concern regulation, risk management and accounting. Martin leads PwC's global Basel IV initiative.
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Michael
Michael Osswald
Managing Director,
STS Verification International GmbH
Michael Osswald is the Managing Director of STS Verification International GmbH (“SVI”), a third party verifier providing STS verifications of ABCP, non-ABCP and synthetic securitisations under the European securitisation regulation. He joined SVI in February 2019 and oversees all verification and related corporate activities of SVI across Europe. Michael has extensive securitisation experience both as investor and the origination and structuring of term ABS, ABCP and synthetic transactions, which he gained from 1998 at Landesbank Baden-Württemberg in Stuttgart and London and subsequently at ABN AMRO Bank in Frankfurt as part of the European ABS team. In 2009, he moved to the transportation finance division of KfW IPEX-Bank and was, prior to joining SVI, Senior Credit Officer at Erste Abwicklungsanstalt in Düsseldorf, where he was responsible for the asset securitisation, infrastructure, aviation and shipping sub-portfolios. Michael holds a degree in business administration from the Julius Maximilian University of Würzburg.
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Angelique
Angelique Pieterse
Senior Director Credit Risk Sharing Transactions , Credit & Insurance Linked Investments
PGGM Investments
Angélique Pieterse works as Senior Director at PGGM Investments, in the Credit & Insurance Linked Investments (CILI) team with a focus on Credit Risk Sharing transactions. The CILI team manages a dedicated mandate, currently over €6.5 billion in size, which invests in tailor-made bilateral risk sharing transactions with financial institutions. Angélique joined PGGM in June 2007, after having worked at ABN AMRO Bank for twelve years, initially in wholesale lending with a focus on trade finance and as of 1999 in Capital Markets, specializing in credit bond and structured product. Angélique holds a Master’s degree in Econometrics from Erasmus University Rotterdam.
PGGM is a leading pension fund administrator, asset manager and advisor with origins in the care and welfare sector. PGGM manages long-term pension assets totaling EUR 240 billion (December 31, 2023).


More information can be found on: https://www.pggm.nl/en/our-services/credit-risk-sharing/
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Burkhard
Dr Burkhard Rinne
Partner,
Linklaters LLP
Dr Burkhard Rinne specialises in structured finance transactions (including securitisations, structured covered bonds, asset-based finance and other secured financings). He further advises on the clearing through central counterparties, on the settlement of securities, the pooling of cover assets as well as on regulatory capital relief structures for banks. He holds special expertise in transactions involving the use of the German refinancing register. Burkhard frequently advises banks and protection providers on guarantees issued for regulatory capital relief purposes, including in the form of synthetic securitisations.
He is listed as one of the "Next Generation Partners" in Legal 500 Germany 2023 for structured finance and securitisation and as "Highly regarded" by IFLR1000 2023 in the field of structured finance and securitisation. Burkhard is further recommended by Chambers Europe 2023 in the area of structured finance and securitisation.
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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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Dr Stephan Tilke
SVP Client Relationship & Risk Direct Credit Solutions,
Munich Re
Dr. Stephan Tilke (Senior Structurer, Munich Re)
20 years of relevant industry experience as:
credit portfolio asset manager (Munich Re),
credit modeling consultant (Risk Research)
Background in Credit Portfolio modeling, optimization & securitization.
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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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Head of Event Management