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
Registration
Welcome by TSI and introduction
Jan-Peter Hülbert
Legal Overview
Kerstin Schaepersmann, Clifford Chance
- Why do it synthetically?
- Common structures
- Documentation clauses and credit events
Issuer Perspective
André Kobinger, Landesbank Baden-Württemberg
- Capital Management and economic reasoning for synthetic securitisation
- Strategic approach and synthetic securitisation programmes
- Challenges for setting up a transaction
Coffee break
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
Holger Beyer, Alantra
- 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
Marco Pause, 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
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.
During his professional career, Ulf has advised on a number of innovative and market-first transactions and participated in several legislative initiatives, most recently in relation to implementation of a legal framework for simple, transparent, and standardized securitizations and the blockchain-based settlement of securities under an ABCP program. As an integrated part of his practice, he also advises on derivatives (including credit derivatives) and has significant experience dealing with regulatory, capital markets, and tax-related issues pertaining to structured financings. Most recently, Ulf also has been advising on IBOR transition matters.
Ulf is recognized as a leading German lawyer in the areas of capital markets, structured finance, and securitization by IFLR 1000, JUVE, Chambers, and PLC Which lawyer? He has coauthored several articles on the legal risks and structural solutions for securitizations in Germany.
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.