Milan

Corso di Porta Romana, 61, 20122 Milano MI, Italy

July 1 2020

25+ Speakers

Leading figures in the Risk Transfer Sector

120 Seats

Register to secure yours today

COVID-19 Update as of 12 March 2020

It has unfortunately become necessary to postpone this conference. The new date is July 1, 2020

All delegate bookings will naturally carry forward. Sponsors and conference speakers have been told the same.

We expect that the situation regarding the Coronavirus will be more stable in June and very much forward to seeing you then.

Introduction

Join SCI for the Join SCI for the 3rd NPL Securitisation Seminar

SCI's 3rd Annual NPL Securitisation Seminar, kindly hosted by Orrick, will take place in Milan, the heart of the global NPL sector. This unique seminar - the only event in the industry dedicated to discussion around securitisation of NPLs - an opportunity for key investors, issuers and service suppliers to gather and add depth to discussions around European NPL portfolios, the regulatory treatments of such securitisations and the benefits of this technology as an exit mechanism. The seminar will explore recent developments in the European non-performing loan market, including regulatory updates, the establishment of an asset protection scheme in Greece and the emergence of Spanish NPL ABS. The event also highlights servicing and workout trends, as well as the performance of rated NPL securitisations.

Early-bird registration is now open

 

Delegate rates:

March – April: €833+ 20% VAT per person

May – June: €933+ 20% VAT per person

 

Start the registration process below:

Exclusive Host

Gold Sponsor

Agenda

  • 01 July

Speakers

Early-bird registration is now open

 

Delegate rates:

March – April: €833+ 20% VAT per person

May – June: €933+ 20% VAT per person

 

Start the registration process below:

Conference App

Many fellow delegates and speakers are already using the App to arrange meetings on the day. Please download and register the conference app to maximise your time at the event: https://attendify.com/app/5ompad

Francesco Di Costanzo

Investment Manager
Hoist Finance

01 July

Romina Rosto

Managing Director
Societe Generale
Romina is in charge of the Advisory team within the Asset Backed Products group of Société Générale.
She joined SG in September 2006, after 5 years with Banca Intesa.
She has been involved in NPL dismissals, public and private securitisations, in different jurisdictions and on various asset classes (inter alia NPL ABS, RMBS, SME ABS, leasing, consumer ABS, auto loans, healthcare receivables).
Romina holds a degree in Economics Cum Laude from Bocconi University. After the degree, she has conducted research activity for 1 year in the area of corporate finance for the same university.

01 July

Enrica Landolfi

Head of ABS Origination
HSBC
Head of ABS Origination for Continental Europe and Structured Finance for Italy

A 15- year veteran in HSBC holding different positions, Enrica Landolfi is currently head of ABS Origination for Continental Europe and Structured Finance for Italy.

With extensive experience in debt capital markets and structured finance field, she currently looks after the origination of public ABS and co-ordinates the activities in the non-performing loans financing space within EMEA as well as the coverage of all structured finance in Italy.

During her career, she has participated in the structuring and origination of more than 50 transactions backed by various asset classes such as consumer, automotive, mixed portfolio of secured and unsecured loans and non-performing loans.

Enrica is an Italian qualified lawyer with a degree in Law with distinction by the University of Naples. Moreover, she holds a Master of International Commercial Law from the University of Kent at Canterbury.

01 July

Gordon Kerr

Senior Vice President, Head of European Research
DBRS Morningstar
‘Gordon Kerr heads European Structured Finance Research at DBRS Morningstar. He publishes commentary and insight on all aspects of securitised and covered bond investing and keeps the market up to date on issues facing securitisation in Europe. Prior to DBRS Morningstar, Gordon spent 9 years in research and trading at Citi, covering securitised products, covered bonds and corporate credit. Gordon is a graduate of the Schulich School of Business in Toronto, Ontario, Canada, where he obtained a Masters in Business Administration. He also holds a science degree from Acadia University.

01 July

Biagio Giacalone

Head of Department
Intesa Sanpaolo
Biagio Giacalone – Head of Department, Active Credit Portfolio Steering

In over 24 years of work experience, Biagio has consolidated strong expertise in structured finance and capital markets activities. In this respect, he has been involved in several major transactions structured in the Italian market, including NPLs disposals. He managed the relationship with the top management of key corporate and institutional clients, contributing to the development of products and innovative financial solutions.
Currently, Biagio is Head of Active Credit Portfolio Steering Head Office Department at Intesa Sanpaolo, reporting directly to the Group CFO. In this function, he is responsible, at Group level, for credit portfolio management, credit strategies and NPL Plan activities.
Previously, he set up and developed the Credit Solutions Group at Banca IMI with the aim of building a centre of excellence for the structuring and management of the credit risk activities. The team has consolidated over the years results and leadership on the Italian market for securitization and transfer of illiquid risks. Prior to joining Banca IMI, Biagio has been Head of Business Development at Sanpaolo IMI and before Head of FIG - DCM at UniCredit. He started his career at Banca Commerciale Italiana as the originator and senior structurer for asset based finance transactions and credit derivatives trades, after a 3 year training period for highly potential professionals.
He graduated magna cum laude in Banking and earned an MBA at Stoà (ASFOR - Sloan School of Management - MIT, Programme).

01 July

Patrizio Messina

Partner
Orrick
Patrizio Messina is a dual qualified lawyer (England and Wales, and Italy), a senior legal expert in International Business and Finance with specific regional focus on Europe and Africa (WAEMU and CEMAC). Patrizio serves as leader of the Global Finance sector and is a member of the Firm’s Global Management Committee.

Patrizio is fellow of the King's College of London and visiting professor at the MBA of the LUISS Business School in “Legal Aspects of International Business Finance”.
Patrizio represents governments, large public companies, global leading banking and financial groups, hedge and private equity funds on complex and pioneering transactions.
Patrizio is (i) a deep expert in Debt Capital Markets transactions spreading from Corporate bonds, Eurobonds, Mini-bonds, EMTN and private placements, to asset finance and securitizations as well as other structured financings collateralized by a large variety of performing and non-performing assets; and (ii) senior advisor in major strategic M&A in Europe with focus in the banking, energy and infrastructure industries.
His experience includes sophisticated banking deals, leveraged finance and tailored funding arrangements.

01 July

Madeleine Horrocks

Partner
Orrick

Madeleine Horrocks is a finance and capital markets partner based in the Milan office and a dual-qualified English and Italian lawyer.

She is a member of the firm's Structured Finance Group.
Madeleine has expertise in a number of different areas and her broad practice covers all types of finance and capital markets work, with a particular emphasis on securitisation, derivatives, EMTN, covered bonds, structured finance and general lending. She regularly represents arrangers, lead managers, swap counterparties, issuers, trustees and noteholder representatives on a wide range of finance and capital markets matters. Madeleine advises major Italian and international banks, corporates and financial institutions active in the European financial markets. She also has experience of advising on finance transactions in the emerging African off-grid energy sector.
She has been based permanently in Italy since 2003. Prior to joining Orrick, Madeleine worked for a leading international firm in their Milan office.
Madeleine is ranked Band 2 in Chambers Global for Capital Markets Italy (Foreign Expert) and in the Legal Community Finance Report 2018 she is described as "Superlative: pragmatic with a business orientated approach which allows her to solve complex issues always and easily".

Sabrina Setini

Senior Associate
Orrick

Sabrina Setini is an Italian qualified lawyer and Of Counsel in the Italian Finance Group, based in the Rome office. Sabrina has a large experience in advising clients on banking, finance, structured finance, and debt capital markets.

Sabrina specializes in advising prominent Italian and international banks and large corporations, financial companies, and investment funds on matters concerning securitisation and asset finance, for both performing and distressed assets (including transactions where the Italian State provides a guarantee on the senior rated notes (GACS)). She also deals with securitisations carried out in the context of acquisition transactions as well as sale processes of NPLs. In the debt capital market sector, she constantly advises clients on the issuance of minibonds, corporate and eurobonds, EMTN programmes, basket bonds structures, as well as high yield, equity-linked, and exchangeable notes.
Prior to joining Orrick, Sabrina worked in the legal department of the Renewable Energies Division at the Italian Ministry of Environment, where she gained specific energy law experience.
Sabrina gained a Ph.D. in European Private Law and Compared Judicial Systems at the University "Roma TRE" of Rome; and she is fluent in English.

Alessandro Accrocca

Partner
Orrick

Alessandro Accrocca is an Italian qualified lawyer and Partner in the Finance Group, based in the Milan office. He has strong experience in structured finance, banking law and banking regulation law.

In particular, he has participated in a wide number of transactions, such as debt, equity and structured products issues, securitisations, covered bonds, debt restructuring and derivatives, advising both domestic and international leading clients.
In 2005 – 2008, he worked as director in the Legal Group in London for UBS Limited, covering all legal matters connected with the business carried out by the bank in Italy.

Annalisa Dentoni-Litta

Partner
Orrick

Annalisa Dentoni-Litta is a dual qualified attorney (Italy and New York) and a partner with the Finance team. She has wide experience in structured finance, securitizations and covered-bond transactions with a focus on public finance and Italian local public entities.

Her structured finance experience includes advice to arrangers, issuers and originators in relation to a number of public and private securitizations, both domestic and cross-border, as well as receivables purchase transactions, involving various types of receivables, including RMBS, consumer loans, healthcare receivables, tax and trade receivables.
She assists on several covered-bond programmes established by Italian banks.

Nicolò Del Dottore

Of Counsel
Orrick

Nicolò Del Dottore is Of Counsel at Orrick and member of the Finance team.

He focuses on structured finance transactions, financings, debt restructuring, assignment and factoring of receivables mainly due by public bodies. In particular, he has gained significant experience on securitization and covered bonds transactions.
He is also skilled in public finance advising domestic and international banks in relation to finance transaction with public entities.
He graduated with honors at the University of Siena, he gained a LL.M at the London School of Economics and Political Science (LSE).

01 July

Edward J. O'Brien

Advisor
European Central Bank
Edward J. O’Brien has been an Adviser in the Directorate General Macroprudential Policy and Financial Stability at the European Central Bank (ECB) since 2014. He has wide-ranging responsibilities, supporting the Directorate General's senior management in the day-to-day functioning of the area, whilst also participating in or coordinating work-streams on topical macroprudential and financial stability issues. Most recently, this has included leading an ECB big data project on securities financing transactions data, and providing substantial policy input to the EU Council’s action plan on non-performing loans.
He played a key role in the preparations for the establishment of the SSM in the euro area, in particular the ECB’s Comprehensive Assessment of 130 banks, and gained wide-ranging crisis management experience through his role in financial sector work for EU/IMF financial assistance programs in a number of euro area countries.
He received his Ph.D. from the University of Dublin, Trinity College, where he was an IRCHSS Government of Ireland Scholar.

01 July

Massimo Famularo

Managing Director, Head of Italian NPLs
Distressed Technologies
Massimo has a long experience in Investment Management with a focus on distressed assets [https://www.linkedin.com/in/massimofamularo/]

He is actually Head of Italian NPLs at Distressed Technologies, one of the leading Analytics and Pricing advisors for NPL buyers in Italy, and Board Member at Frontis NPL, a special servicing company with a focus on Large Ticket Secured NPL.

His previous experience includes being in charge of Cariparma Credit Agricole NPL Department (3 offices 30 FTEs 2.5Bn under management), portfolio management for Jupiter Finance (now Cerved Credit Management), portfolio Analytics for Archon Group Italia (A Goldman Sachs affiliate) and management consulting for Oliver Wyman. Since 2009 he is member of GLG Council.

Massimo holds a BA in Economics with honours from Luiss University in Rome, has been winning solver of Innocentive Challenge: “Systems to Monitor Institutional Corruption” and has a Blog on FattoQuotidiano.it and a professional Blog and Linkedin Group [https://mfamularoenglish.wordpress.com/].

01 July

Marco Angheben

Head of Business Development & Regulatory Affairs
European DataWarehouse
Marco joined European DataWarehouse GmbH (ED) as Director Business Development in January 2013. ED was created by a diverse set of shareholders in June 2012 as a result of the European Central Bank ABS Loan-level Data Initiative. ED is a repository where institutions upload their data and information in an open, transparent and trusted environment for public and private ABS, covered bonds, ACC, NPL and whole loan portfolios. Institutional data users such as investors can access aggregate information, loan level data and documentation in a systematic manner via web, cloud or API. ED operates as a utility providing a range of products and services.
Previously, Marco coordinated with a team of advisors the implementation of the ECB ABS Loan-level Initiative at LCM Partners. He holds a degree in Economics at Ca' Foscari University in Venice.

01 July

Orrick

Societe Generale

REGISTRATION

08:45 AM 09:30 AM

Welcoming Remarks

09:30 AM 09:35 AM

Patrizio Messina - Orrick

Speakers

MARKET OVERVIEW

09:35 AM 10:30 AM

Panel kindly sponsored by  

An overview of what is driving European non-performing loan activity, highlighting issuance volumes, the main asset types and major jurisdictions. What is the outlook for the market, given the turn of the credit cycle? What role is technology and data playing in the development of the market, including the use of artificial intelligence and digitalisation? What are the main workout strategies being pursued?

Romina Rosto - Societe Generale
Enrica Landolfi - HSBC
Biagio Giacalone - Intesa Sanpaolo






Speakers

REGULATORY DEVELOPMENTS

10:30 AM 11:25 AM

A discussion of recent NPE regulatory and legislative developments, including the EBA’s opinion on CRR constraints and the prospects for NPL significant risk transfer deals. What impact are the ECB/EBA/ESMA NPL templates having on portfolio sales and securitisation? Is the European Parliament’s secondary market directive facilitating increased liquidity and investor participation?

Marco Angheben, European DataWarehouse

Speakers

Lunch & Networking Break

11:25 AM 12:25 PM

SERVICING

12:25 PM 01:20 PM

This panel examines the importance of sourcing relationships and the rise of strategic partnerships, including joint ventures. What is driving consolidation across servicers and what benefits does this bring? How much of a constraint is servicing capacity and supply of talent to the development of the NPL market?

Nicolò Del Dottore - Orrick


Speakers

NPL SECURITISATION

01:20 PM 01:50 PM

A focus on the GACS and Hercules guarantee schemes. Can NPL securitisations be executed economically without such schemes? Are ReoCos and LeaseCos likely to become more widespread? How have rated NPL securitisations performed and are ERC curves catching up with reality?

Francesco Di Costanzo - Hoist Finance
Gordon Kerr - DBRS Morningstar

Speakers

Network Break

01:50 PM 03:20 PM

Keynote Fireside Chat

03:20 PM 03:50 PM

Edward J. O'Brien -European Central Bank

Speakers

INVESTMENT TRENDS

03:50 PM 04:45 PM

This panel explores emerging NPL opportunities, including the rise of non-performing real estate leases and Spanish securitisation issuance. How is the UTP loan market progressing? Which new pockets of value are likely to appear in 2020?

Massimo Famularo - Distressed Technologies

Speakers

Cocktail Reception

04:45 PM 06:00 PM