10th Annual Spanish Funding Conference | afme

10th Annual Spanish Funding Conference

07 Feb 2019 Gran Meliá Fénix Hotel, Madrid



Morning workshop registration and refreshments


Morning workshop: Synthetic Securitisation and Significant Risk Transfer

  • What is Significant Risk Transfer?
  • What is the current state of play in the European and Spanish SRT market?
  • Current regulatory challenges facing SRT participants: JST backlog, excess spread, EBA discussion paper and ESMA disclosure
  • What’s the difference between synthetic and true sale securitisation?
  • Will synthetics join the STS club?

Steve Gandy, Managing Director, Head of Private Debt Mobilisation, Notes and Structuring, Santander CIB

Timothy Cleary, Partner, Clifford Chance
Juan Carlos Martorell
, MD, Co-Head of Structured Solutions, Mizuho International
Pablo Sánchez González
, Structured Finance Manager, European Investment Fund (EIF)



Main conference registration and networking breakfast


Morning chair’s opening remarks
Richard Hopkin, Managing Director, Head of Fixed Income, AFME



Keynote address
Sebastián Albella Amigo, Chairman, Spanish Securities Markets Commission (CNMV)

Michael Cole-Fontayn, Chairman, AFME


Expert Session: Credit, Regulatory and Structuring Developments in Spanish Securitisation – How did 2018 Pan Out and What Can We Expect for the Coming Year?

  • What have been the main credit trends? What more can we expect?
  • What will be the probable impact of the new mortgage law?
  • Which STS criteria will be most challenging? An overview on the new data template, transparency and due diligence requirements
  • How do market players adapt to the new capital rules and decision tree between SEC-IRBA, SEC-SA and SEC-ERBA?

Keynote presentation: STS Implementation
Christian Moor, Principal Policy Advisor, European Banking Authority (EBA)

Anna Bak, Associate Director, Securitisation, AFME

Mark Lewis, MD, Head of PCS Operations, Prime Collateralised Securities (PCS)
Alexandre Linden
, Senior Transactor, BNP Paribas 
Christian Moor, Principal Policy Officer, European Banking Authority (EBA)
Antonio Tena, Vice President, Senior Analyst, Moody’s Investors Service


Panel discussion: Transition from Euribor and Eonia to Risk Free Rates

  • State of play
  • Fall back clauses in contracts
  • Issues affecting the Spanish mortgage market, consumer protection
  • Legal considerations in Spain

Richard Hopkin, Managing Director, Head of Fixed Income, AFME

Gregorio Arranz, Secretary General, Spanish Mortgage Association (AHE)
Ignacio Estruga
, Associate Director, S&P Global Ratings
Mikael Stenström, Senior Adviser, European Central Bank (ECB)


Networking lunch


Afternoon chair’s opening remarks
Anna Bak, Associate Director, Securitisation, AFME



Roundtable: Latest Trends on the Spanish NPL Market

  • Evolution of the Spanish NPL market and comparison with its European peers
  • Mortgage-secured vs SMEs’ debt-based NPLs
  • Has there been an acceleration in the sale of NPLs?
  • New players in the market

Evis Progonati, Assistant Editor, Debtwire

Paula León Arias, Director, Retail Institutional Investments, SAREB 
María López Iparraguirre
, Vice President, Analyst, Global Structure Finance, DBRS Ratings


Panel Discussion: Alternative Funding in Spain

  • The end of the ECB’s bond-buying scheme. What will be used to replace this source of funding?
  • New financing instruments for SMEs: Project Bonds, Mini Bonds and Commercial Papers
  • P2P lending and crowdfunding as new financing sources

Harry Noutsos, Global Head of ABS, ING Bank


Juan David García Restrepo, Structured Finance and Covered Bonds, Senior Director, Fitch Ratings
Miguel de Noronha Ribeiro de Almeida, Executive Director, DCM Project Bond Team, Santander CIB
Gonzalo Goméz Retuerto
, Managing Director, Fixed Income Markets, Bolsas y Mercados Españoles (BME)


Networking break


Panel Discussion: Sustainable Finance

  • Why go green? Benefits for issuers and investors
  • Green bonds: what is an eligible project?
  • Socially Responsible Investing (SRI) and ESG’s criteria
  • The new European Commission’s action plan on sustainable finance: legislative proposals and TEG’s state of play
  • What does the EC’s initiative mean for the capital markets?

Miguel García de Eulate, Head of Treasury and Capital Markets, Caja Rural de Navarra

Antoni Ballabriga, Global Head of Responsible Business, BBVA
Luisina Berberian
, Associate Director, S&P Global Ratings
Raluca Tircoci-Craciun, Head of Growth and Emerging Markets, Implementation Monitoring and Senior Policy Advisor, International Organisation of Securities Commissions (IOSCO)


Roundtable: FinTech and Innovation in the Capital Markets

  • The evolution of capital markets: why, what and how
  • The use of tokenised securities in debt capital markets
  • Applying blockchain in securitisation: risks and uncertainty
  • MTFs under MiFID II financial reforms

Pablo Portugal, Managing Director, Advocacy, AFME

Jonathan Healey, Head of Global Markets eCommerce, BBVA CIB
Ana Puente Pérez
, Head of Securities Markets and Financial Instruments Regulation, Spanish Treasury
John Whelan, Head of Digital Investment Banking, Santander CIB


Afternoon chair’s closing remarks
Anna Bak, Associate Director, Securitisation, AFME



Networking drinks reception