Milan

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

13 May 2019

25+ Speakers

Leading authorities in NPLs

120 Seats

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Join SCI for the 2nd NPL Securitisation Seminar

SCI’s 2nd 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 focus in depth on the specific factors that drive this asset class: GACS; Regulations; Deal performance; Servicing strategies; New entrants; and Investment Trends, and so on.
The day kicks-off with a workshop to get delegates up to speed with the technology and history of the sector, and several lengthy breaks have been built into the day to make it a powerful networking as well as educational experience.


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  • 13 May

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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 a 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 center 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 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).

13 May

Marco Angheben

Head of Business Development & Regulatory Affairs
European DataWarehouse GmbH
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.

13 May

Riccardo Sigaudo

Head of Origination
Banca IFIS
Riccardo Sigaudo joined the Banca IFIS Group in September 2017 having gained 10 years’ experience in the Corporate Finance & Strategy area. He has worked on ordinary and extraordinary finance projects for various Italian banks, including those in crisis. In Banca IFIS, he is Head of the Origination Team for IFIS NPL, focusing on scouting & execution of NPL purchase transactions and Senior Financing operations. During 2018, he concluded 12 NPL portfolio purchases amounting to a grand total nominal value of 3.6 billion Euro.

13 May

Gordon Kerr

Senior Vice President, Head of European Research
DBRS
‘Gordon Kerr heads European Structured Finance Research at DBRS. 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, 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.’
.

13 May

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".

13 May

Gianrico Giannesi

Partner
Orrick

Gianrico Giannesi is an Italian qualified lawyer based in Orrick’s Rome office. He is Deputy Head of the Italian Finance team.

His practice is focused on debt capital market and structured finance transactions, with a particular emphasis on CMBS, RMBS, CBO transactions, securitisation of leasing, consumer loans, commercial receivables, public receivables, trade receivables, healthcare receivables, tax receivables and non performing receivables.
Gianrico is also specialised in Minibond issuance, having advised the main Minibond market players on several of the first Minibond issues on the Italian market. He regularly advises the leading Italian and international banks acting as arrangers, lead managers and originators.
Gianrico is ranked among the key individuals in Chambers and Partners (Europe) in Banking & Finance and Debt Capital Markets: Securitisation. In The Legal 500 (EMEA), he is considered among the key advisers for Debt Capital Markets.
He is a lecturer in Master courses organised by LUISS Business School University (Rome) and is regular speaker at conferences and seminars on financial law topics.

13 May

Nicolò Del Dottore

Of Counsel
Orrick

Nicolò Del Dottore is a Senior Associate 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 gained a significant expertise on securitization and covered bonds transactions.
He is also an expert in public finance on which advises domestic and international banks in relation to finance transaction with public entities.
Graduated with honors at the University of Siena, he gained a LL.M at the London School of Economics and Political Science (LSE).

13 May

Annalisa Dentoni-Litta

Partner
Orrick

Annalisa Dentoni-Litta is a partner with the Finance team and is based in the Rome Office. 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.

13 May

MC

Massimiliano Ciferri

Country Leader Italy
Arrow Global
Max Ciferri is ArrowGlobal’s Italy Country Leader, tasked, among other things, to lead the integration of the recently acquired business into the Arrow Global group. Prior to his current role, he led the Italian operations of a European debt management company. Before that, he heId various leadership roles (general management, sales and operations) primarily for banking and financial institutions.

13 May

Paolo Pellegrini

General Manager
Cerved Credit Management S.p.A.
After a long experience in the management consulting sector, mainly dedicated to the Financial Services sector (first in Accenture 1997-2000 and then in McKinsey 2000-2005), Paolo Pellegrini gained a direct knowledge of the Italian banking sector covering the roles of Head of Financial Consulting Services at Unicredit Xelion Bank (2005-2007) and Head of Marketing and Retail Products of the Monte dei Paschi di Siena Group (20007-2015). Since May 2015, Paolo Pellegrini has been General Manager of CCM Spa, bringing to Cerved Credit Management world his knowledge of the Italian banking sector and specific skills/methodologies for the effective management of a network of professionals.

13 May

Riccardo Banchetti

Partner
Eidos Partners
After some years spent at the derivatives desk in Bankers Trust, Riccardo joined Lehman Brothers in 1993 working in the fixed income derivatives operation and since 2002 heading the fixed income division in Italy. In 2003 Riccardo moved to London and joined Lehman Brothers’ European Executive Committee and became Co-Head of the Bank’s European Fixed Income business. In 2006 Riccardo returned to Italy as Chief Executive Officer to take over the running of the operation and in 2008 he became co-Chief Executive of Lehman Brothers in Europe and the Middle East. In 2009 he founded, together with Antonio Miele, Pactum Advisers which subsequently acquired Eidos Partners srl in 2011. Riccardo has a degree in Economics from the University “La Sapienza” in Rome

13 May

Francesco Dissera

Managing Director
StormHarbour Securities LLP
Francesco Dissera is a Managing Director heading the EMEA Fixed Income Structuring and Advisory.
Francesco has over20 years investment banking and capital markets experience. Prior to joining Stormharbour, Francesco spent 14 years at UBS AG building the securitisation and covered bond business across EMEA: lately Francesco was heading the ABS effort at UBS AG.
Prior to UBS AG, Francesco worked at JP Morgan in London and New York, when he was involved in executing the very first Italian ABS transaction. Francesco has originated and executed more than 60 ABS transactions across EMEA, with particular focus on FIG and Government related assets. He has great experience in enabling both internal and external issuers to finance residential and commercial mortgages; personal loans; auto loans and leases; non performing secured and unsecured loans; real estate assets; healthcare and Government related receivables.
His geographical focus has spanned Italy, Iberia, Switzerland, UK and Greece. He has also executed transactions in France, Belgium, Russia, Ukraine and UAE.
Francesco holds a BA in Business and Economics from the University of Bologna and a Masters in International Finance from the University of Pavia.

13 May

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/].

13 May

Romina Rosto

Managing Director
Société Générale
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.

13 May

Vittorio Savarese

Head of Structuring and Loan Management
Banca IMI
Vittorio Savarese is Head of Structuring and Loan Management in Banca IMI. Within Global MarketsSolutions and Financing, the Structuring and Loan Management team is responsible for structuring capital markets transactions aiming at managing financial risks for institutional clients, including Intesa Sanpaolo group. Within this mission, the Structuring and Loan Management team arranges synthetic securitizations and deleveraging transactions of illiquid assets, including NPLs.Before joining Banca IMI, Vittorio has been at Sanpaolo IMI in the Business Development desk and previously with UniCredit Banca Mobiliare, both in Milan and London, where he worked in the securitisation and debt capital markets businesses. Vittorio has also worked in Paris, at Société Générale in the Equity Derivatives Business and at RBS London in the Securitisation desk. He graduated magna cum laude in Banking at the University of Rome “La Sapienza” and earned a MSs in Banking and International Finance at the Cass Business School in London. Vittorio also owns a PhD in Banking, earned at “La Sapienza”, where he had been teaching assistant for three years.

13 May

Gaetano Anselmi

Head of Risk Control
Banca Carige
Gaetano joined Carige Bank in mid 2016 to implement the firm’s NPL disposal strategy. While executing Carige's first NPL securitisation with GACS, he took charge of the risk control function.
Prior to Carige, Gaetano spent nearly 20 years in London, holding senior positions in Credit Risk, Credit Structuring and Credit Portfoglio Management, at Commerzbank, Dresdner Bank and Kleinwort Benson. After investment banking Gaetano moved to investment and corporate advisory with focus on illiquid and real assets.
He started his career in cash sales and then in Relationship Management at Ambrosiano Veneto Bank, London Branch.

13 May

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 currentlyHead 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.

13 May

Carlo de Donato

Senior Director
Citi
  • Carlo joined Citi in 2010 and currently advises European banks and insurance companies on a wide range of strategic balance sheet solutions across all asset classes (performing and non performing) with particular focus on IFRS accounting and the impact of Basel III and Solvency II. Prior to Citi, Carlo was the Head of Credit Portfolio Management within the Group Credit Treasury of Unicredit Group, focusing on structuring and executing synthetic securitisations for strategic capital management purposes and risk management, and portfolio rebalancing.
  • Carlo’s experience in balance sheet management advisory comes from various mandates held on asset disposals, asset guarantee schemes, NPLs disposals working for banks and also advising governments (in particular the Dutch and the Italian Ministry of Finance).
  • Previous to joining Citi, Carlo has worked in various roles in structured finance ranging from securitisation, structured products to risk management at a number of investment banks, including Unicredit, TD Securities and Meliorbanca.
  • Carlo holds a degree in Financial Engineering at the Politecnico di Milano and he is a professor for AIAF courses (Italian association of financial analysts) and ASSIOM (Italian association of financial operators)

13 May

Paolo Gabriele

Head of Banking and Financial Institutions
Finanziaria Internazionale Group
Paolo Gabriele has worked at Finanziaria Internazionale group since 2000. He has extensive experience in the origination, execution and structuring of securitisation and structured finance transactions for large Italian corporates and financial institutions across all major asset classes (including inter alia RMBS, SME CLO, NPLs, Leasing, Auto Loans, Consumer ABS, Trade receivables, infrastructure project finance). He advised banks and investors in several performing and non performing portfolio disposals and investments. Paolo is currently Head of Banks and Financial Institutions at FISG S.r.l.(Banca Finanziaria Internazionale Group) and board member at Finanziaria Internazionale Investment SGR.

13 May

Federico Dal Cin

Head of Data Management & Special Projects
Securitisation Services S.p.A
He has joined Securitisation Services in 2006 and he has been in charge of managing several securitisation transactions with different types of asset, including Leasing, SMEs and RMBS, both performing and NPLs.
In particular he has been involved in different deals relating to medium and large corporate in a turnaround phase and Real Estate UTP portfolios transferred by the main Italian banks.
Federico is the Head of the Data Management, a team of professionals skilled in the setting up of transaction information flows and analysis and investor reporting activity of the securitised portfolios.

13 May

Giuseppina Martelli

Director, EMEA Structured Finance
S&P Global
Giuseppina Martelli Director, EMEA Structured Finance
Giuseppina Martelli is a Director with S&P Global’s Milan office in the Structured Finance Department.
Since joining S&P in November 2005 she has been involved in the rating assignment of structured finance transactions backed by different type of assets: RMBS, Leases, Auto loans, Consumer loans, SME loans. She worked mainly on Italian transactions but also covered other jurisdictions such as Spain, UK and Germany.
Prior to working with S&P Global, she worked for BBVA Milan in the department of sales and trading of fixed income products.
Giuseppina holds a Master Degree in Economics from “Università Commerciale Luigi Bocconi” in Milan and a Master of Business Administration (MBA) from “SDA Bocconi School of Management” in Milan.

13 May

Gregorio Consoli

Partner
Chiomenti
Gregorio Consoli joined the Firm in 2002 and became a Partner in 2013.
Head of the Banking and Finance department, Gregorio advises Italian and international companies and financial institutions on legal and regulatory profiles of ordinary and extraordinary transactions and of day-by-day transactions. His practice has a particular focus on corporate finance, structured finance, capital markets and asset finance. He also advises banks, funds and asset managers on regulatory issues concerning the structuring and execution of financial transactions.
Gregorio is a member, as the legal expert for Italy, of the ECBC task force, which supports the European Banking Authority (EBA) in prudential supervision.

He has been ranked as a leading lawyer in prominent international legal guides such as Chambers, IFLR 1000 and Legal 500. He was awarded "Lawyer of the Year" at Legalcommunity Finance Awards 2019, "Lawyer of the year Banks" at the TopLegal Industry Awards 2018 and “Italian lawyer of the year NPL” at the Legalcommunity Finance Awards 2017.


Membership in Professional Associations
Member of the Rome Bar (Italy), 2004.

Education
Graduated in Law, L.U.I.S.S. Guido Carli University, Rome, Italy, 2001; Ph.D, Business Law, L.U.I.S.S. Guido Carli University, Rome, 2008; Executive Education, Leadership in Law Firms, Harvard Law School, 2017.

Languages
Italian, English

13 May

Ilias Kyriakopoulos

CEO Principal
EuPraxis FSI
Ilias is the CEO Principal of EuPraxis FSI.

EuPraxis offers independent recovery & advisory services for troubled loan portfolios across all asset-classes of the NPL spectrum in the Greek Market. EuPraxis FSI’s major shareholders are: The Fire Group S.p.A, the leading Italian independent credit servicer active since 1992 employing more than 2.300 people.StormHarbour Securities LLP, a regulated global investment firm, focuses on sales & trading; structuring & advisory; and capital markets activities; with a presence in the US, Europe and Asia.

Ilias is a target oriented Entrepreneur/Doer, Principal Investor, ex Citi leverage Finance professional. Ilias has extensive experience in investment banking, NPL management, corporate restructuring, valuations, investment appraisals, project development & management, M&A, privatizations, PPP/PFI, EU Funding Schemes and Greek Investment Law.

Ilias Kyriakopoulos is furthermore the major shareholder of AEGIS S.K. - a multi-sector focused independent and award-winning Investment Advisory Boutique engaging in both Financial Advisory as well as Consulting Engineering - and has directed the firm's development as Managing Partner since September 2009.

Ilias is an ACCA - Chartered Accountant and has a Master’s Degree in International Securities Investment Banking from ICMA-Centre (International Capital Markets Association)/UK and Business Administration Degree from RWTH-Aachen/Germany (Diplom Kaufmann-BWL).

13 May

Salvatore Ruoppolo

Head of Real Estate and Leasing NPL
Intrum
Salvatore Ruoppolo

Real Estate and Leasing Director
Salvatore is, from December 2018, Real Estate & Leasing Director of Intrum Italy. He joined Intesa Sanpaolo in July 2014 as Head of Asset Management of Reoco Intesa Sanpaolo SpA as part of the real estate arm of Capital Light Bank, with the responsibility for the investment and the asset management team and the legal asset management. In 2015 Salvatore started covering also the role of Head of Real Estate Asset Class in Intesa Sanpaolo Provis.
Prior of this experience Salvatore has been partner in Cordea Savills LLP (now Savills Investment) where he joined the team as Head of Investment with the responsibility for the investment and asset management of the Italian platform.
In Cordea Savills LLP Salvatore has been member of the Transaction Advisory Committee overseeing all European Investments.
Before joining Cordea Savills, Salvatore has been part of the team of Pirelli Real Estate were had a number of roles since 2002. In 2008 he became responsible of the Residential Department of Pirelli Real Estate overseeing the residential investment in Italy. From 2002 to 2008 Salvatore was responsible for implementing the business model of Pirelli Real Estate in Central and Eastern Europe in joint venture with Unicredit Group.
This role had a particular focus on Poland, where he was responsible for the acquisition of a local development company, entering into a wider joint venture, setting up an investment, agency and project management departments. Salvatore also has experience of working in Romania and Bulgaria, having set up joint ventures with Unicredit in both countries.
Previously Salvatore was based in Milan and worked on various asset management and investment projects for the partnership with Morgan Stanley Real Estate Funds, including the setting up of the start up, Pirelli Real Estate SGR, following the asset management activities.
Salvatore has started his experience in a Construction Company. After his degree in Civil Engineering, Salvatore made a full MBA in Bocconi.

13 May

Davide Fiore

NPL Investment Manager
Intrum
Davide Fiore is an Investment Manager at Intrum, where he is responsible for structuring, underwriting, portfolio analysis and reporting.
Davide has over 13 years structured finance, asset financing and capital markets experience, having arranged and executed covered bond programmes, cash and synthetic ABS transactions (and any related derivative and repo transaction) across several assets classes (NPL, residential and commercial mortgages, leasing, consumer loans, SME loans) and jurisdictions (Italy, Spain, Switzerland, UK, Greece, France, UAE). Prior to joining Intrum in 2018, Davide spent 9 years in London working at UniCredit, UBS, RBS and before that 3.5 years in Milan working at Citi. Davide holds a MSc in Economics and Financial Markets from Bocconi University.

13 May

Raffaella Restelli

Transaction Management
Centotrenta Servicing S.p.A.
Raffaella begun working in Securitisation in 1999 with Credit Agricole as head of the middle office transaction management team.
In 2009 Raffaella joined Accounting Partners where she started the agency activity in securitisation transactions and left in December 2018 to join Centotrenta Servicing as Head of Transaction Management Department.

13 May

Tom McAleese

Managing Director
Alvarez & Marsal
Tom McAleese is a Managing Director and Head of the Bank Restructuring practice in Europe with over 25 years experience in Financial Services, covering leadership roles in banking private equity and consulting in Ireland, the UK, Europe and the US. At A&M Tom is an expert in bad bank structuring, bank resolution, non-core & NPL management and bank risk & governance.
Before A&M, Mr. McAleese served as the Managing Director for five years at Barclays Bank Ireland plc, with ABN AMRO Bank for eight years including: Country Representative – Ireland, Group Vice President of the Leasing and Tax Products Group in Chicago, and Head of Business Development of ABN AMRO IFSC. Other roles included executive roles for GPA Group plc , KPMG and Swiss Re. Chaired Credit Committees at Barclays and ABN AMRO
Tom is a Fellow of the Institute of Chartered Accountants, a Fellow of the Institute of Bankers and a Member of the American Institute of Certified Public Accountants

13 May

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.

13 May

Cerved

Bronze

REGISTRATION

09:45 AM 10:30 AM

Welcoming Remarks

10:30 AM 10:35 AM

Speakers

NPL MARKET OVERVIEW

10:35 AM 11:30 AM

An overview of the main issuer and investor participants in the European non-performing loan market, including issuance volumes and major jurisdictions. In this regard, the impact of IFRS 9, the ECB’s provisioning guidelines and Italian political risk will be assessed, together with the new market focusing on the disposal of UTP. The panel also highlights challenges associated with non-core disposals, the role of government support schemes— such as the extension of the GACS scheme—and the importance of the securitisation exit.


Panel includes:
Gianrico Giannesi, Orrick
Biagio Giacalone, Intesa Sanpaolo
Riccardo Sigaudo, Banca IFIS
Romina Rosto, Societe Generale
Enrica Landolfi, HSBC


Speakers

NPL SECURITISATION

11:30 AM 12:25 PM

A deep-dive into the main forms of NPL securitisation, including structuring and rating agency considerations. We also outline the steps involved in executing an NPL securitisation with the new ESMA NPE underlying template, and focus on due diligence, estimating recoveries and addressing cashflow uncertainty. We will also examine a case study of a hypothetical deal.

Panel includes:
Paolo Gabriele, Securitisation Services S.p.A

Gordon Kerr, DBRS
Nicolò Del Dottore, Orrick
Paolo Pellegrini, Cerved
Vittorio Savarese, Banca IMI
Gaetano Anselmi, Banca Carige

Speakers

Lunch & Networking Break

12:25 PM 01:25 PM

SERVICING

01:25 PM 02:20 PM

Post-investment asset management requirements combined with market illiquidity means investors that control servicing platforms have an advantage when investing in NPL portfolios. This panel explores the role of servicers and the different servicer strategies in resolving non-performing exposures, including collections, loss mitigation, workouts and enforcement. It also examines the importance of sourcing relationships and strategic partnerships such as joint ventures (Intesa, Banco BPM case studies). Further issues include the role of artificial intelligence in the servicing process.

Panel includes:
Giuseppina Martelli, S&P Global Ratings

Massimiliano Ciferri, Arrow Global
Federico Dal Cin, Securitisation Services S.p.A
Ilias.kyriakopoulos, EuPraxis FSI
Salvatore Ruoppolo, Intrum
Tom McAleese, Alvarez & Marsal



Speakers

New Models of Credit Management: the UTP challenge and the broader NPE environment in Italy

02:20 PM 02:50 PM

  • Increasing volumes raises challenges for the special servicing industry
  • Competitive landscape consolidation, specialization, M&A
  • The UTP dilemma cure vs default rate
  • New challenger disruption and old incumbent evolution
  • The broader European perspective

Workshop Host: Massimo Famularo, Distressed Technologies

Speakers

Networking Break

02:50 PM 03:20 PM

REGULATORY DEVELOPMENTS

03:20 PM 04:15 PM

A discussion of developments on the European Commission’s NPL Action Plan for secondary market initiatives, the prevalence of ReoCos and the tax issues associated with them in Italy. Does IFRS 9 offer an incentive for the creation of new structures such as synthetic UTPs?

Panel includes:
Madeleine Horrocks, Orrick
Marco Angheben, European DataWarehouse GmbH
Carlo de Donato, Citi
Gregorio Consoli, Chiomenti
Raffaella Restelli, Centotrenta Servicing S.p.A.

Speakers

INVESTMENT TRENDS

04:15 PM 05:10 PM

This panel focuses on emerging NPL opportunities, including new jurisdictions and asset types, as well as new participants entering the market. Issues to be discussed include further investment in new jurisdictions such as Greece, Portugal and Ireland, as well as the impact of further banking consolidation on issuance. Would a possible extension of GACS to UTPs and Greece’s two NPL securitisation schemes comply with EU state aid rules?

Panel includes:
Francesco Dissera, StormHarbour
Annalisa Dentoni-Litta, Orrick
Riccardo Banchetti, Eidos Partners
Davide Fiore, Intrum

Speakers

Cocktail Reception

05:10 PM 07:00 PM