A Henry Stewart Briefing
The European
CMBS/RMBS Market
Towards 50bn/200bn Euros Markets

SPEAKERS

• Stephen Atkins, Group Compliance Director, Freedom Finance Holdings Ltd
• Iain Barbour, Managing Director, MBIA UK Insurance Limited
• Craig Beresford, Director of Asset Sales, GMAC-RFC Limited
• Nick Butler, Special Counsel, Cadwalader, Wickersham & Taft LLP
• Hamish Johnstone, Head of Asset Sales Execution, GMAC-RFC Limited
• Timothy Jones, Director Fixed Income Division, European Real Estate Finance & Securitisation, Credit Suisse
• Andrea G. Pittaluga, Director, Standard & Poor’s
• Trevor Pothecary, Chairman and Chief Executive, Mortgages plc & Managing Director, Merrill Lynch International Bank
• Anant Ramgarhia, Vice President, Real Estate Finance & Securitisation, Merrill Lynch International

The European CMBS Market
• The global market and deal volume
• Origination levels in the UK and Europe
• Where is the market headed?
• Key drivers for banks
• ‘New’ Europe, Poland and beyond
• Alternative asset classes
• The existing programmes – is there room for further players?

The B Note Market – Structuring High Leverage Deals in a Low Yield Environment
• Debt vs. equity considerations
• Financial covenants
• The players
• The year ahead – A/B/C/D?

The B Note Market – Structuring and Legal Issues
• A/B Structures
• Servicing
• Work-outs
• Reporting
• Pari-pasu deals

The European CRE CDO Market
• Prospects
• What can be exported from the US?
• Potential issues

The European RMBS Market
• The European mortgage markets and the role of RMBS
• The current drivers of the development of the RMBS market
• Credit environment and transaction performance
• Developing secondary market liquidity for RMBS – keys to success

The UK Mortgage Market
• Where is the UK mortgage market headed?
• The prime market
• The non-conforming market
• Will margins hold up?
• The UK property market
• The Buy to Let market
• Servicing – ‘In house’ or ‘Out house’
• The year ahead – potential issues

The European Mortgage Market
• Opportunities – where are they and what are they?
• What is the size now and where could it go?
• Emerging markets
• Is there a non-conforming market?
• Is there a Buy to Let market?
• Servicing – ‘In house’ or ‘Out house’
• The year ahead – potential issues

The Growing Whole Loan Sale Market
• The size of the market – who are the buyers and sellers?
• Why is this market growing and will it continue?
• What are the benefits to the buyer and seller?
• How are these portfolios priced?
• Servicing these portfolios – transferred, retained or third partied?
• Potential issues