Securitisation Quo Vadis

As the year winds up, there will be many presentations looking into 2022 and seeking to map out the course of European securitisation in the coming months. They will focus on the many securitisation specific developments we can anticipate for next year.

In our “Quo Vadis?” webinar, PCS will seek to look both a little further and a little wider to reflect on the forces that may impact the European securitisation market not only in 2022 but beyond, from ESG to Basel 3, and how these may interact with each other.

The original answer to the question “quo vadis?” was, of course, grim and we hope that the European securitisation market can avoid the fate of the man who originally asked it. But the level of uncertainty is high and the spectrum of outcomes for securitisation in the coming years is wide. PCS does not claim to offer predictions or answers, but we hope to explore to those elements most likely to determine one outcome or another. PCS will also express its own views on what it feels will be the better options in the many decisions that are to be made in the months to come.

AGENDA

 

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Sustainable Securitisation Today & Tomorrow

Like climate change, European rule making around sustainability and capital markets is moving with extraordinary speed.  So swiftly indeed that there are already a number of rules that impact securitisations today and are yet not always fully understood.  In addition to those rules, more are coming towards us fast.

As part of its Insight series, PCS has crafted a webinar that will seek to bring stakeholders up to date with the rules that are impacting or will soon impact European securitisations and those the drafting of which is already well in train.  The aim is to allow all market participants to prepare for the inevitable changes and participate in the shaping of those rules that are yet up for discussion as well as understand what is at stake for our industry.

Quick Background – ESG and capital markets

  • EU Green Plan
  • Taxonomy
  • Draft Green Bond Standard and the work of the TEG
  • Some unresolved controversies and the art of kicking cans

Today – existing ESG rules affecting securitisations

  • SFDR
  • NFRD
  • Sec Reg Disclosure Rules

Tomorrow – what is coming?

  • Article 449a CRR
  • EBA STS sustainability Report
  • EBA Green Asset Ratio
  • Green Bond Standard

Where are the battle lines forming?

  • Availability of assets
  • Asset vs Proceeds
  • Disclosure
  • Level playing fields
  • Where are my carrots, where are my sticks?

 

HFSF & PCS STS Workshop

In order to mark the occasion of HFSF joining the Prime Collateralised Securities Association, you are cordially invited to attend our joint session on Securitisation.

The webinar is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics, to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.

Agenda
15:00 15:10 Opening Remarks
  • Ilias Ε. Xirouhakis, Chief Executive Officer, HFSF
  • Michael Haralabidis, Chief Risk Officer, HFSF
15:10 15:25 Introduction to the PCS Association
  • Ian Bell, Chief Executive Officer, PCS
15:25 15:45 The basic mechanics of Asset Securitisation
Synthetics vs true sale: Focus on Synthetics

  • Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,  Head of Synthetic Outreach, PCS
15:45 16:05 Regulatory topics
Significant Risk Transfer

Simple Transparent & Standardised (STS) Regime

  •  Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,   Head of Synthetic Outreach, PCS
16:05 16:15 Break
16:15 17:00 Special Topics

Overview of basic structures in Synthetic Securitsations

Key practical considerations

STS in practice for Synthetic transactions

  • Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,   Head of Synthetic Outreach, PCS
17:00 17:20 Q&A

 

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Synthetic STS Part 2

PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations.

It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.

The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation.

We will also go through the practical lessons learned through those synthetic verifications that we have already conducted.

Part 1 Synthetics – An overview , Ian Bell ,  Dr. Martina Spaeth

Part 2 STS Synthetic Regime – Deep Dive ,  Ian Bell, Dr. Martina Spaeth

 

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Synthetic STS Part 1

PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations.

It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.

The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation.

We will also go through the practical lessons learned through those synthetic verifications that we have already conducted.

Part 1 Synthetics – An overview , Ian Bell ,  Dr. Martina Spaeth

Part 2 STS Synthetic Regime – Deep Dive ,  Ian Bell, Dr. Martina Spaeth

 

Register and watch