Milan

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

13 May 2019

25+ Speakers

Leading authorities in NPLs

120 Seats

Register to secure yours today

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.

Register

€833+ 20% VAT per person

Start the registration process below:

Exclusive Host

Orrick
Exclusive Host

Sponsors

Cerved
Bronze

Agenda

  • 13 May
09:30 AM
REGISTRATION

09:30 AM 09:55 AM

09:55 AM
Host's Opening Remarks

09:55 AM 10:00 AM

Patrizio Messina

JW John Owen Waller

10:00 AM
Delegate Bonus Session: NPL workshop

10:00 AM 11:00 AM

11:00 AM
NPL MARKET OVERVIEW

11:00 AM 12:00 PM

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


Biagio  Giacalone

Gianrico  Giannesi

Riccardo  Sigaudo

12:00 PM
Lunch & Networking

12:00 PM 01:00 PM

01:00 PM
NPL SECURITISATION

01:00 PM 01:50 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:
Mario Aquino, DBRS
Nicolò Del Dottore, Orrick
Paolo Pellegrini, Cerved

Mario  Aquino

Nicolò  Del Dottore

Paolo  Pellegrini

01:50 PM
Networking Break

01:50 PM 02:30 PM

02:30 PM
SERVICING

02:30 PM 03:20 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:
Massimiliano Ciferri, Arrow Global

MC Massimiliano  Ciferri

03:20 PM
Networking Break

03:20 PM 04:00 PM

04:00 PM
REGULATORY DEVELOPMENTS

04:00 PM 04:50 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:
Marco Angheben, European DataWarehouse GmbH
Madeleine Horrocks, Orrick

Marco  Angheben

Madeleine  Horrocks

04:50 PM
INVESTMENT TRENDS

04:50 PM 05:40 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:
Annalisa Dentoni-Litta, Orrick
Riccardo Banchetti

Riccardo  Banchetti

Annalisa  Dentoni-Litta

05:45 PM
Cocktail Reception

05:45 PM 07:15 PM

Speakers

Biagio Giacalone
Head of Department
Intesa Sanpaolo
Marco Angheben
Head of Business Development & Regulatory Affairs
European DataWarehouse GmbH
Riccardo Sigaudo
Head of Origination
Banca IFIS
Mario Aquino
Senior Vice President, Global Business Development
DBRS
Madeleine Horrocks
Partner
Orrick
Gianrico Giannesi
Partner
Orrick
Nicolò Del Dottore
Of Counsel
Orrick
Annalisa Dentoni-Litta
Partner
Orrick
MC
Massimiliano Ciferri
Country Leader Italy
Arrow Global
Paolo Pellegrini
General Manager
Cerved Credit Management S.p.A.
Riccardo Banchetti
Partner
Eidos Partners

Hosts

JW
John Owen Waller
Managing Director
SCI
Patrizio Messina
Partner
Orrick

Register

€833+ 20% VAT per person

Start the registration process below:

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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

NPL MARKET OVERVIEW

11:00 AM 12:00 PM

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

REGULATORY DEVELOPMENTS

04:00 PM 04:50 PM

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

NPL MARKET OVERVIEW

11:00 AM 12:00 PM

Mario Aquino

Senior Vice President, Global Business Development
DBRS
Senior Vice President, Business Development, DBRS
Mario joined DBRS in January 2015 and is responsible for the relationships with all Italian clients across Structured Finance, Financial Institutions, Sovereign and Corporate ratings. Furthermore, he is also involved in the relationships with international investors and in the NPL space for all European countries. Previously, Mario has ten years’ experience in investment banking with ABN AMRO followed by Royal Bank of Scotland. He worked in M&A for 5 years executing projects within the telecom, industrial and FI industry. He was part of the Italian FI Origination team at Royal Bank of Scotland, being involved also in DCM and Structured Finance deals.
Mario holds a degree in business administration and a master of science in “Accounting, Corporate Finance and Control” at Bocconi University in Milan and speaks fluent English and Spanish.

13 May

NPL SECURITISATION

01:00 PM 01:50 PM

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

REGULATORY DEVELOPMENTS

04:00 PM 04:50 PM

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

NPL MARKET OVERVIEW

11:00 AM 12:00 PM

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

NPL SECURITISATION

01:00 PM 01:50 PM

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

INVESTMENT TRENDS

04:50 PM 05:40 PM

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

SERVICING

02:30 PM 03:20 PM

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

NPL SECURITISATION

01:00 PM 01:50 PM

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

INVESTMENT TRENDS

04:50 PM 05:40 PM

JW

John Owen Waller

Managing Director
SCI

13 May

Host's Opening Remarks

09:55 AM 10:00 AM

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

Host's Opening Remarks

09:55 AM 10:00 AM

Orrick

Exclusive Host
https://www.orrick.com/Locations/Italy

Cerved

Bronze

REGISTRATION

09:30 AM 09:55 AM

Host's Opening Remarks

09:55 AM 10:00 AM

Speakers

Patrizio Messina
Partner
Orrick
JW
John Owen Waller
Managing Director
SCI

Delegate Bonus Session: NPL workshop

10:00 AM 11:00 AM

NPL MARKET OVERVIEW

11:00 AM 12:00 PM

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


Speakers

Biagio Giacalone
Head of Department
Intesa Sanpaolo
Gianrico Giannesi
Partner
Orrick
Riccardo Sigaudo
Head of Origination
Banca IFIS

Lunch & Networking

12:00 PM 01:00 PM

NPL SECURITISATION

01:00 PM 01:50 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:
Mario Aquino, DBRS
Nicolò Del Dottore, Orrick
Paolo Pellegrini, Cerved

Speakers

Mario Aquino
Senior Vice President, Global Business Development
DBRS
Nicolò Del Dottore
Of Counsel
Orrick
Paolo Pellegrini
General Manager
Cerved Credit Management S.p.A.

Networking Break

01:50 PM 02:30 PM

SERVICING

02:30 PM 03:20 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:
Massimiliano Ciferri, Arrow Global

Speakers

MC
Massimiliano Ciferri
Country Leader Italy
Arrow Global

Networking Break

03:20 PM 04:00 PM

REGULATORY DEVELOPMENTS

04:00 PM 04:50 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:
Marco Angheben, European DataWarehouse GmbH
Madeleine Horrocks, Orrick

Speakers

Marco Angheben
Head of Business Development & Regulatory Affairs
European DataWarehouse GmbH
Madeleine Horrocks
Partner
Orrick

INVESTMENT TRENDS

04:50 PM 05:40 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:
Annalisa Dentoni-Litta, Orrick
Riccardo Banchetti

Speakers

Riccardo Banchetti
Partner
Eidos Partners
Annalisa Dentoni-Litta
Partner
Orrick

Cocktail Reception

05:45 PM 07:15 PM