About ASIFMA Structured Finance Conference 2018
Following the past 4 successful editions in Asia, ASIFMA Structured Finance Conference 2018 was held in
September in Singapore themed ‘Asian Securitization and Covered Bonds’.
The conference attracted 150 participants from 70 organizations, including 12% buy side, 10% corporate
treasurers/issuers, 11% policy maker/public official, and 3% media. It also received support from over 40
senior speakers including key representatives from sell side, institutional investors, corporate treasurers,
global and regional regulatory community, market influencers and many other leading financialorganizations.

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The conference provided an excellent opportunity to bring together the structured finance communityfrom across Asia and the world to meet with the regulatory community, network with issuers andinvestors, and participates in key policy discussions on ways to develop Asia’s securitization and coveredbonds market. The collective efforts by ASIFMA and the participating organizations aim to deepen,
broaden and facilitate the liquidity in the Asian capital markets.

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We expressed our sincere gratitude for the valuable supports from the 7 Sponsors where the Lead
Sponsor is Singapore Exchange (SGX) and other sponsors include Clifford Chance, Moody’s InvestorsServices, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), IntexSolutions and Latham & Watkins, as well as 8 endorsing associations to support this conference.
The event continued to have received positive comments from speakers, sponsors, endorsers anddelegates. Most of them found the panel discussions enjoyable and engaging, the conference highlyinformative, thought-provoking and useful with the opportunity to meet and discuss with the global andregional stakeholders in Asia’s securitization and covered bonds markets.

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List of Participating Organizations in 2018:
Allen & Gledhill
AshurstASIFMA
AXIS Specialty Limited
Azalea Asset Management Pte Ltd
Barclays
Bloomberg
BNY Mellon
Cagamas Berhad
Cathay United Bank Co., Ltd
China Construction Bank (CCB)
CitcoCiti
CITIC CLSA Securities
Citywire Financial Publishers Ltd.
Clifford Capital
Clifford ChanceCommerzbank AG
Cornerstone Asset Management
Credit Guarantee & Investment Facility (CGIF)DBS Bank
Deutsche Bank
Deutsche Bundesbank
FinEX Asia
First Degree Global Asset Management
FlexFunds
FPG Asset & Investment Management Asia Pte.
Ltd.
Futures & Options WorldGFM Asset Management
HNWI Private Limited (Singapore)
HSBC
IHS Markit
ING Group

International Finance Corporation (IFC)
Intertrust Group
Intex Solutions (Shanghai) Co., Ltd
IPP Financial Advisers Pte Ltd
J.P. Morgan Asset Management
King & Wood Mallesons
Latham & Watkins
Linklaters
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Mizuho Bank
Mizuho Securities Asia Limited
Monetary Authority of Singapore (MAS)
Moody's Analytics
Moody's Investors Service
Perpetual Limited
Phillip Capital Management
Prudential Capital (Singapore) Pte. Ltd.
Refinitiv
Reserve Bank of New Zealand
SGX (Singapore Exchange Limited)
SICIM
Standard Chartered Bank
Stargate Corporation GroupState Street Corporation
Sumitomo Mitsui Banking Corporation
The Securities Association of Singapore
The Wall Street Journal
United Overseas Bank Limited (UOB)
Vistra Singapore
Wells Fargo Securities, LLC
WeShare Holdings Limited
Westpac Banking Corporation
Yulchon LLC

Event Website:
For more about ASIFMA Structured Finance Conference 2018:www.asifma.org/event/structuredfinance2018
For more information about ASIFMA events: www.asifma.org/events4

Program (Final)
Date:
Location:

Thursday 27 September 2018
SGX Auditorium, Singapore Exchange(2 Shenton Way, SGX Centre 1, Level 2, Singapore 068804)

Plenary Sessions
09:00-09:15

Registrants Check-in, Networking

09:15-09:20

Welcome Address• Vijay Chander, ED – Fixed Income, ASIFMA

09:20-09:30

Opening Remarks• Muthukrishnan Ramaswami, President, Singapore Exchange (SGX)

09:30-10:15

−−−−−
••
••
•

10:15-10:45
10:45-11:30

Panel 1: Overview of Latest Trends in Asian Securitization
Greater interest from Asian investors in cross-border agency & RMBS deals
Evolution of Chinese CMBS/REIT structures
Renewed growth and investor interest in the Asian CLO marketGrowth & Innovation in Chinese corporate debt ABS (ABNs/other structures)
Potential growth in international investor interest in China ABS via “Bond Connect”
Paul Landless, Partner, Clifford Chance
Peeyush Pallav, Senior VP, Structured Debt Solutions, Treasury & Markets, DBS
Kyson Ho, MD, Head of Structured Finance, Asia-Pacific, HSBC
YuCheng Lin, Head of Securitisation Origination (Australia and SEA), Investment Banking Asia, SMBC
Vijay Chander, ED – Fixed Income, ASIFMA (Moderator)
Coffee Break−−−−−••••••Panel 2: Specific Case Study – Bayfront Infrastructure Capital Project Finance CLO
Key structural drivers & considerations
Legal and other issues that had to be considered
Issuer and investor perspectives
Analysis of Risk & Returns
Key rating considerations
Cristina Chang, MD, Head, Global Securitized Products, Asia Pacific, Citi
Premod Thomas, Head of Strategy, Clifford Capital
Timothy Hia, Partner, Latham & Watkins
Laurent Lassalvy, Senior VP, Credit Strategy and Standards Group, Moody’s Investors Service
Alan Yeoh, Head of Structured Business Group, Asia, MUFG
Francis Edwards, Partner, Clifford Chance (Moderator)

511:30-12:15

Panel 3: Auto Loan Securitization− International comparison of auto loan ABS structures− Specific emphasis on auto loan issuers who have carried out ABS under identicalprograms/structures in different markets− Ratings issues related to auto loan ABS− Discussion of the investor base and secondary market liquidity− Other revolving structures• Kevin Ingram, Partner, Clifford Chance• Alistair Ho, MD, Head of Structured Finance, Mizuho• Dipanshu Rustagi, Assistant VP – Analyst, Structured Finance Group, Moody’s Investors Service• Taemoon Chung, MD & Head of Securitization Asia, MUFG
• Paul McBride, Partner, King & Wood Mallesons (Moderator)

12:15-13:15
13:15-14:00

Buffet Lunch
Panel 4: Developments in Other Regional Markets− Has the granting of increased access to international investors and growth in the Indian
securitization market− Latest trends in Korea, Malaysia, Thailand, Australia and other markets− Latest trends in Islamic finance, securitization of sukuks• Chung Chee Leong, President & CEO, Cagamas Berhad• Oualid Ammar, Senior Financial Officer, IFC Treasury Client Solutions, Asia and the Pacific,International Finance Corporation (IFC)• Clarence Chan, VP, Financial Solutions Department, Asian Investment Banking Division, MUFG
• Toby Andres, Project Manager, Reserve Bank of New Zealand• Vernon Spencer, Executive Chairman, Stargate Corporation Group• Rahul Arora, Head of Structured and Asset Finance, Asia, Westpac (Moderator)

14:00-14:45
−−−−−
••
•
•
14:45-15:15

Panel 5: Aircraft & Equipment Finance ABS/ Other ABS Structures
Evolution of the aircraft ABS & equipment finance market structures
The role of operating lessors/servicers/others
Other innovations in the ABS space
Legal/Tax/Accounting issues
The investor base for aircraft ABS
Fintan Smyth, Senior Executive Director, FPG Asset & Investment Management Asia Pte. Ltd.
Alistair Ho, MD, Head of Structured Finance, Mizuho
Cristina Chang, MD, Head, Global Securitized Products, Asia Pacific, Citi
Vijay Chander, ED – Fixed Income, ASIFMA (Moderator)
Coffee Break6

15:15-16:00

Panel 6: Asian Covered Bonds – Latest Developments− Asian covered bond issuance in multiple currencies and scope for LCY issuance− The Covered Bond Label: Do Asian covered bonds qualify− The potential for regional covered bonds to qualify as HQLA Level I assets and as eligible
collateral for use at Central Bank discount windows− The widening investor base for Asian covered bonds• Atul Jhavar, Head of Southeast Asia DCM, Barclays• Christopher Walsh, Partner, Clifford Chance• Tariq Dennison, Investment Advisor, Retirement Portfolios, GFM Asset Management• Joe Wong, VP – Senior Analyst, Structured Finance Group, Moody’s Investors Service• Colin Chen, MD, Head Structured Debt Solutions, Treasury and Markets, DBS (Moderator)

Concurrent Break-out Discussions (Closed to the media)*In this session of simultaneous break-out discussions, each represents a designated topic with 2 facilitators
leading the dialogue. Delegates feel free to join any discussion.
*Please proceed to Academy Rooms for Concurrent Break-out Discussions.
16:10-16:55

Concurrent

Break-outDiscussions(1) Project Bonds – Securitization & Infrastructure Finance• Vijay Chander, ED – Fixed Income, ASIFMA• Kiyoshi Nishimura, CEO, Credit Guarantee & Investment Facility (CGIF)(2) Fintech & Blockchain• Vernon Spencer, Executive Chairman, Stargate Corporation Group• Simon Cheung, Chief Technology Officer, WeShare Holdings Limited
16:55-17:00

Closing Remarks

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