SCI's Emerging Europe SRT Seminar

ADN Conference Center Sp. z o.o. Sp. k.
Browary Warszawskie
Building GH; wejście B
Grzybowska 56 Street
00-844 Warsaw

18 June 2024

25+ Speakers

Leading figures in the Emerging Europe SRT Sector

200 Seats

Register to secure yours today

Join SCI for the inaugural Annual Emerging Europe SRT Seminar

Unlocking SRT Opportunities in Emerging Europe

Step into the forefront of Significant Risk Transfer (SRT) in Central & Eastern Europe with SCI’s Emerging Europe SRT Seminar. Tailored for emerging SRT practitioners, this exclusive event offers insights into the distinct challenges and opportunities shaping SRT strategies. Connect with industry leaders and gain practical insights to navigate this evolving landscape.

Virtually every jurisdiction in the Central and Eastern Europe region has seen at least one SRT transaction now, with local regulators appearing to find some level of comfort with synthetic securitisation and a local ecosystem forming in terms of legal, tax and capital advisors. While Poland is likely to remain the most active jurisdiction, given the volume of SRT deals that have already been issued in the country, growth is anticipated across all of the CEE markets. But rather than a step-change between 2023 and 2024, it is expected to be an accretive process over time of new originators benefiting from the product and repeat issuance from existing market participants, as investor appetite for CEE exposure grows.

Secure your spot now to develop a comprehensive understanding of SRT in Central & Eastern Europe.

Registration is now open


Cost per Delegate:

Applies until Subscriber DiscountSubscriber Rate Non-Subscriber Non-Subscriber Discount
29 March 25% €1,124€1,274 15%
30-Apr20% €1,199€1,349 10%
18-June10% €1,349 €1,499 0%

SCI News subscribers – to receive a discount code please contact Ieva Nainaite ievan@structuredcreditinvestor.com (Enter discount code on next page.)

For sponsorship and speaking opportunities please contact David Zaher dz@structuredcreditinvestor.com


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Agenda

  • 18 June 2024
    The CEE region comprises over 10 different countries, each of which is at a different stage in its development of a securitisation market. What differentiates CEE jurisdictions from other regions is that banks typically have smaller balance sheets and, at least for the time being, a sizeable portion of their SME/corporate books tend to benefit from development bank guarantees, especially post-Covid. This could result in a wider variety of assets appearing in CEE SRT reference pools than in other more developed jurisdictions, including consumer and mortgage loans.

    • How does SRT interact with the specificities in law and frameworks across the region?
    • How supportive are regulators of synthetic securitisation and is CEE lagging in the adoption of SRT rules?
    • What are the key challenges and opportunities for the CEE SRT market?
    • Which portfolios are available and would represent a sufficient size for a homogeneous reference pool?
    • Are multi-jurisdictional or multi-asset class trades a possibility?

    Panel Includes:
    Harry Noutsos, PCS
    Wasif Kazi, Unicredit
    Francois Roos, BNP Paribas
    Alexa Molnar-Mezei, Erste Group Bank
    Few CEE jurisdictions have a tried and tested legal and tax framework for true sale securitisation, so synthetic securitisation would seem to be the more natural route for issuers wishing to access the SRT market.

    • What are the advantages and disadvantages of SRT in synthetic versus true sale format in the context of the CEE region?
    • When should SRT transactions be undertaken and what are their objectives?
    • Which asset classes make sense?
    • What are the differences between funded and unfunded structures?
    • What are the benefits of STS for synthetic and true sale securitisations? What are the challenges? What is the value of third party verification?

    Panel Includes:
    Michael Osswald, STS Verification International
    Eric Denton, Allen & Overy
    Michał Marciszewski, PKO Bank Polski
    Timothy Cleary, Clifford Chance
    A number of first-time originators in the CEE region are exploring the feasibility of bringing an SRT deal. This panel highlights the challenges for new issuers, including the operational, preparatory and reporting hurdles involved.

    • What are best practices for issuers wishing to set up and expand new SRT programmes?
    • Given the prevalence of standardised banks in the CEE region, is a different dynamic emerging in respect of the Basel 4 rules versus other regions where IRB banks predominate?

    Panel Includes:
    Christopher Leonard, Clifford Chance (Moderator)
    Robert Bradbury, Alvarez & Marsal
    Georgie Stoev, EIF
    Karol Prazmo, mBank
    Aleksandra Lewandowska, Bank Millennium
    The CEE region has the potential to offer high-quality asset pools and significant growth for investors. This panel gauges investor appetite for CEE SRT transactions, including relative interest in Poland versus other jurisdictions in the region.

    • How do investors assess transactions in CEE vis-à-vis transactions in more developed European countries and the US?
    • How relevant are currency considerations/hedging requirements when investing in smaller CEE jurisdictions?
    • What role do MDBs, such as the EBRD, EIF and IFC, play in the CEE SRT market?

    Panel Includes:
    Som-lok Leung, IACPM (Moderator)
    Joanna Kosek, Christofferson, Robb & Company
    Konstantin Karchinov, Veld Capital