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Day one - Wednesday 5th April
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| 08.30 | Registration and refreshments
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| 08.50 | Chairman’s opening remarks
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| 09.00 | Opening keynote address: the growth of securitisation in the MENA region
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| | Dr. Nasser Saidi, Formerly Minister of Economy, and First Vice Governor, Central Bank of Lebanon
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| DEMAND FOR SECURITISATION IN MENA |
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| 09.20 | Securitisation in MENA: the view of an Emerging Markets practitioner
- Current market conditions affecting securitisation: supply and demand issues
- The lessons from other emerging markets: Greece, Central Europe, Latin America
- Key structural, regulatory and legal challenges in MENA
- The way forward towards developing securitisation as a credible funding and risk management tool in MENA
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| | Oscar Silva, Head of Corporate and Strucutred Finace, National Commercial Bank
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| 09.50 | Panel discussion: evaluating securitisation: the advantages and disadvantages
- What are the tangible and intangible benefits of securitisation?
- Who are the traditional players in the securitisation market?
- What levels of transparency are required and how much privacy is lost?
- What are the different fees related to a securitisation deal: how do they differ according to types of assets and country of origination?
- Securitisation friendly asset classes
- Evaluating securitisation vs. alternative funding methods
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| | Abdallah Nassif, Senior Analyst, Sturctured Finance, BSEC - Bemo Securitisation SAL Khalid Bucheeri, Chief Operating Officer, Liquidity Management Centre (Bahrain)
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| 10.30 | Morning tea and coffee
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| ATTRACTING INVESTORS? |
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| 11.00 | Understanding securitisation friendly asset classes in MENA
- What types of assets are we seeing securitised in MENA?
- New asset classes
- Shari’ah compliant securitisation
- Investment opportunities in the European securitisation market
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| 11.30 | Ratings and analysis of MENA securitisation structures
- Securitisation markets 2004 overview
- Meaning and value of ratings
- The rating process
- Credit analysis examples
- Legal analysis issues
- Rating sukuks
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| 12.00 | Panel discussion: how is the MENA regulatory environment developing to support conventional and Islamic deals?
- What regulatory structures need to be in place to attract investment and how this is changing?
- What levels of stability and permanence do international investors need?
- Typical pre-requisites for international investors
- Securitisation and SPV laws
- Taxation of securitisation transactions: current treatment and efficiencies achievable
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| | Jonathan Strum, International Attorney, Adj. Pro, Georgetown University Law Center - General Counsel, Siraj Capital Ltd.
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| 12.40 | Lunch
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| REAL ESTATE SECURITISATION |
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| 13.40 | The potential for CMBS in MENA
- Constrains to, and solutions for, CMBS structuring in Europe
- Typical CMBS structures in Europe
- Benefits of issuing and investing in CMBS
- The potential advantage of CMBS originated in MENA
- Rating agencies' view on ABS in MENA
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| 14.10 | Prospects for the development of the MENA RMBS market
- Models of international laws on securitisation: mortgage lending and mortgage foreclosure laws
- Interpreting riba in the context of mortgage lending
- Structuring RMBS deals
- Specific geographies offering the greatest opportunities for housing financing deals
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| 14.40 | Business Exchange Networking Session
Popular with senior executives across the world, you can now meet the key players in your industry, in a time-efficient structured meeting environment. This is a great opportunity to meet the senior executives in the market and to exchange business cards with real industry drivers. Swift and efficient interaction that you can be confident will lead to lucrative, ongoing associations. |
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| 15.20 | Afternoon tea and coffee
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| 15.40 | Panel discussion: securitisation of future flows: how, where and why?
- Particulars of ABS in MENA
- How does this type of deal fit within Islamic law?
- Structuring the deals: which sectors are most suited to this type of transaction
- Example of this type of deal and what makes it attractive to investors
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| 16.20 | Servicing issues in emerging markets securitisation
- Defining servicing as an important party to a performing securitisation deal
- Quality of servicer from an operational risk perspective
- How does SPV Management operate in emerging markets?
- What are the general activities falling under SPV Management?
- General description of the administration part of the SPV
- SPV and Servicer relationship (operational risk mitigation)
- SPV and asset management
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| 16.50 | Chairman’s closing remarks
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| 17.00 | Evening networking reception
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| 18.30 | Gala dinner
Spponsored by Volaw |
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Day two - Thursday 6th April
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| 09.00 | Chairman’s opening remarks
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| | Jonathan Strum, International Attorney, Adj. Pro, Georgetown University Law Center - General Counsel, Siraj Capital Ltd.
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| VITAL STEPS TO ENHANCING THE MARKET |
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| 09.10 | Breaching sovereign ceiling
- The rating approach to securitisation
- The theory of sovereign ceiling
- Structuring techniques to breach the sovereign ceiling
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| 09.40 | Typical risks and mitigants in emerging markets structured finance
- Typical sovereign risks
- Typical EM-specific collateral stresses
- Asset class-specific structures and mitigants
- Disincentives for sovereign interference
- Rating impact of structural mitigation
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| 10.10 | Structuring successful Sukuk products involving assets in non-Islamic jurisdictions: the interplay of legal, Shari'ah and regulatory considerations
- The various legal elements of a successful Sukuk product
- The interplay between Shari'ah and conventional legal implications
- Regulatory and tax elements
- Case study: Sukuk structures in Italy, New Zealand and the US
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| 10.40 | Morning tea and coffee
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| 11.10 | Panel discussion: breaking new ground in emerging markets ABCP
- Understanding the risks inherent in ABCP
- What are the associated premiums of ABCP?
- Required credit enhancements
- Multi seller securitisation conduits – how this works
- Examples of how these transactions work
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| | Nasri Diab, Professor of Law, Saint-Joseph University Rasha Katabi, Strategic Solutions Group, Global Debt Capital Markets, Merrill Lynch & Co
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| 11.50 | Exploring the future of ABCP from a mature market perspective
· What are the relative strengths of ABCP and why is this asset class becoming popular?
· Raising short-term debt – what makes ABCP favourable as a bankruptcy remote method?
· Extendible ABCP
· Trade receivables ABCP
· Understanding international investor sentiment and appetite for ABCP |
| | Rasha Katabi, Strategic Solutions Group, Global Debt Capital Markets, Merrill Lynch & Co
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| PROFILING MARKET SECTOR OPPORTUNITIES |
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| 12.20 | Lunch
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| 13.20 | Securitisation, the Islamic way...
- The impact of high demand from home buyers on the home finance companies in the GCC
- Regulatory constraints on capital funding for these companies
- Other factors contributing to the deepening of their liquidity crunch
- Islamic securitisation as the new lease of life
- The innovative way an Islamic home finance company can securitise its assets
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| | Sohail Zubairi, Vice President and Head of Sharia Coordination Department, Dubai Islamic Bank
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| 13.50 | Issuer panel: post-securitisation experience in various industry sectors
Nadim Aouad, Corporate Treasurer, Obegi Consumer Products (Lebanon)
Amr Abou El Seoud, Assistant General Manager, The Investment Dar Company (Kuwait)
CMBS
Pierre Abou Jaber, Chief Executive Officer, Ven.Invest Holding SAL (Lebanon)
Oil and gas securitisation
Campbell Evans, Manager/President, Open Choke Energy (USA)
Car leasing securitisation
Hani Taleb, Vice President, HANCO Rent-a-Car (Saudi Arabia) |
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| 15.00 | Afternoon tea and coffee
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| UNLOCKING NEW POTENTIAL AFTER RECENT PRECEDENTS |
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| 15.30 | Anticipating the secondary market
- How important is it that a secondary market develops
- Fundamental obstacles to the development of a secondary market:
lack of standardised underwriting criteria
lack of trust laws
lack of supply
- How can a secondary market be established in MENA
- Investor diversity with and without secondary trading
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| 16.00 | Synthetic CDOs: new role and challenges in the financial tool box
- Changed environment in synthetic CDOs
- Innovation and product development
- Applying the traditional derivatives approach to the synthetic credit risk market
- Potential for synthetic CDOs as a support tool for other financial transactions
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| 16.30 | Chairman’s closing remarks and end of conference
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| 16.40 | End of conference
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