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Agenda

  • Regional Bank-CRT Seminar, 24 September 2024, Chicago
    Has the probable renewed guidance from the Federal Reserve's B3E made CRT issuance in the USA more or less likely? Additionally, is it probable that the Fed will lower the "excessively high" P factor of 1.0, thereby encouraging more issuance? Given the potential for this change by September, we could then examine the impact of a reduced P factor on issuance. Is it accurate to say that 2024, despite the initial enthusiasm, has been disappointing so far? What are the reasons behind this? Can we expect an improvement in Q4?
    • How many regional banks are now looking at this product? Is there a cut off point? ie all banks over $100bn in assets (the Fed’s new floor for the toughest rules) or does it go lower than that?
    • How many asset managers are now looking at this product? Is there a danger of flooding the space?
    • What asset pools are particularly appropriate for synthetic securitization in the light of the revised rules?
    • Is there any progress on insurance companies getting clearance to become guarantors – as they do in Europe?
    • How has recent price tightening affected demand?
    • Will different asset pools need to be securitized to allow yields to become more attractive?
    Will stipulations change? Will some of the restrictions be dropped? How long does it/should it take for approval? Is it getting more streamlined? Is there any chance the whole approval process will be dropped?
    • What levels of issuance can we expect and from whom?
    • What about new buyers in the market?
    • Are they damaging its stability?
    • Where will spreads go?