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Distressed Credit Trading & Asset Performance Update Playback

 

At the end of March, the association held its first event of theAt the end of March, the association held its first event of theyear, the Distressed Credit Trading & Asset Performance Updatehosted in conjunction with IMN. The one-day virtual event consisted of 6 panel discussions from the Education Committeeand 5-task forces presenting various updates within their operating asset-classes. You can view each of the on-demand sessions below.

 

FIIN Education Committee Spotlight Roundtable: Privates in the Market

 

The ESG Task Force

 

Commercial ABS Task Force: The Time to be an Issuer

 

Consumer ABS Task Force: 2021 Year of Abundance

 

CLO Task Force: Market Recovery

 

RMBS Task Force

FIIN Roundtable: The Case for Digital Music Assets (Has this Ship Already Sailed?)

April saw the launch of a newApril saw the launch of a newvirtual educational offeringto the membership, the FIINRoundtable. The Roundtable isan open meeting to membersthat follows the format ofclosed-door Chatham HouseRules held virtually via a Zoommeeting. The purpose of these‘closed-door’ sessions is toallow members to connect andlearn from experts on specific,often niche topics in a settingthat has no media and is notpublished but instead designedto foster idea exchange in anopen discussion format, whichdiffers to that of a webinar. OnApril 8th we ran the first sessioninviting expert speakers fromvarious sectors in the musicindustry to speak to members.

The four speakers presented an insider's view of the changing business of music finance. "A few themes resonated with the panelists that structured finance investors may want to be aware of: (1) the asset class is not widely understood by traditional ABS investors (no one ventured a count of the number of securitizations out there that are backed by music royalties) but the data set on cash flow performance is rich and ownership is straightforward; (2) scarcity and uniqueness are drivers of sharp value appreciation; and (3) special servicing ("curation") is a big deal."

We have five Roundtables in the wings, on topics that range from private jet finance to blockchain regulation, to alternative energy finance and smart city investments, to true sale medical claims finance.

Distressed Credit Trading & Asset Performance Update

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  • 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.

    9:00am Eastern Time - Opening Panel

    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

We look forward to hosting you virtually this March!

Please Register here. 


Task Force Chairs

 

 

 

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