Join IMN and the Task Force Chairs representing the full spectrum of asset-backed securities at the Fixed Income Investor Network (FIIN)’s Distressed Credit Trading and Asset Performance Update on March 31, 2021.
Experts will discuss how to navigate the sunset of the pandemic and the impact COVID-19 has had and will continue to have on the ABS market, as well as opportunities and risks they see for the year ahead. This is the first of a quarterly series of events as we evaluate distressed assets and hear from the buy side on the state of the ABS market.
9:00 AM - 9:40 AM EASTERN TIME - Education Committee Spotlight Roundtable: Privates in the Market
• Increasing focus on privates and whole assets as investors hunt for yield
• Process and methods necessary to execute a private transaction
• Dissolution of traditional boundaries between banks, investors and issuers
• Changing landscape for structured products with more investor entities not constrained to the CUSIP space
• Methodology to evaluate risks and and rewards in a new asset class
• Evolution of Securitisation - who else will get disintermediated?
10:00 AM - 10:40 AM EASTERN TIME - The ESG Task Force
• Environmentally aligned esoteric securitizations
• Social and environmental metrics for ESG issues across all structured finance asset classes:
• RMBS: Reporting requirements and developments for green and social bonds
• CLOs: Expected increase in US issues of green/social bonds
• CMBS: Agency green/social bonds
• ABS: ESG metrics in consumer ABS
• Governance in deal structures: How are investors protected when structures are challenged?
11:00 AM - 11:40 AM EASTERN TIME Consumer ABS Task Force: 2021 Year of Abundance
• Performance evaluation and government stimulus: Troubled versus stable sectors; when government support trails off where will delinquencies rise?
• Bifurcation and modification levels for auto sub primes and prime: Could these modifications and forbearances lead into performance deterioration?
• What are the latest regulatory dynamics and policies driving the consumer lending sector? How will the change in regulatory regimes impact various sector in 2021?
1:00 PM - 1:40 PM EASTERN TIME CLO Task Force: Market Recovery
• How has the broader CLO market been affected by the market rebound and vaccine news: CLO underlying collaterals, CLO OC tests, distressed credits, and booming equity market
• Refi and resets coming in hot: What will happen when we approach April payment dates and beyond?
• How do we re-engage CLOs in the negotiation of restructurings as a larger part of the broader loan market?
• When does the new administration mean for the CLO market: Volcker, risk retention, a bullish year for ESG?
• How has the continued involvement of manager-equity funds changed the dynamic in the U.S. issuance, especially in regard to the involvement of investors less suited to invest on their own?
2:00 PM - 2:40 PM EASTERN TIME Commercial ABS Task Force: The Time to be an Issuer
• Analysis of aircraft ABS: Supply vs. Demand
• Rail car ABS: How do these fundamentals compare to aircraft?
• The road to recovery: Do we see a light at the end of the tunnel for this ABS class?
• Whole business securitization and other private ABS classes
- 3:00 PM - 3:40 PM EASTERN TIME RMBS Task Force
• What are investors' concerns about current forms of COVID-19 housing releif and what are the important things to focus on as we begin to make our way out of thr pandemic? Whar are the key reporting metrics and information that investors and other market participants need to get a materially accurate read on current or future investments?
• How will the Biden-era CFPB impact the mortageg finance and mortgage market landscape? What should investors be on the lookout for? What could the CFPB do that could materially change the rules for investors?
• Delay of the mandatory compliance date for the revised Qualified Mortgage Rule, QM Seasoning Rule, and Temporary GSE Patch expiration.
• Focus on servicer accountability in connection with COVID-19 relief and recovery? How about other parties (e.g., mortgage holders)?
• Racial Equity and Inclusion as a top CFPB priority.
• What should investors expect from the FHFH and the GSEs? From HUD and the HUD entities? • What other regulatory changes could come into view and how will these impact the market, investors and other participants.
We look forward to hosting you virtually this March!