09.00 Chairman’s welcome and opening remarks

Jae Ha Lee,  Professor of Finance, Sangkyungkwan University
 

09.15 Keynote address: Market deregulation and liberalisation – moving towards a capital market-oriented economy

• Revision of the ABS Act and the Commercial Law
  Rationale for the revision
• Anticipated ABS market changes and impact on originators and investors
• Impact on the securitisation/structured products market – product diversification
• Basel II impact on the ABS/MBS industry

Sam-Cheol Park, Head of ABS Affairs Team, Financial Supervisory Service

09.45 How has KHFC helped to open up the market?

• Development of the the secondary mortgage market and KHFC's initiative
• Overview of KHFC's current securitisation business models
• Major changes in business environment of mortgage lenders
• Why underlying assets of KHFC MBS are limited to fixed-rate mortgages originated under its mortgage purchase commitment program
• Structural characteristics of KHFC MBS and how well accepted they are by investors
• KHFC MBS - an efficient funding source for long-term FRMs?
• Future business directions to better serve financial institutions' funding needs and to broaden investor base  

Chae-Sun Chung, General Manager, Securitisation Business Department, Korea Housing Finance Corporation

10.15 Networking coffee break

11.00 Where is the Korean ABS market going?

• Capital Market Consolidation Act – challenges and opportunities for Korea’s commercial banks
• Outlook for Korean ABS and RMBS – Impact of US/UK credit crisis on domestic/ cross border markets
• Prospects for RMBS issuance from domestic Korean banks. Is RMBS the next big thing or is it bleak? What’s causing domestic banks to hold back?
• Competing with non-Korean serial issuers – positioning local banks to investors and is monoline the answer?
• Real estate project finance loans and outlook – what is the next most important/likely asset to be securitised after PF? 
•  Corporate ABS outlook and alternative funding sources – is it the right time for M&A syndicated loans and LBOs?

Young Chang Son, Director, Financial Markets/Structured Product, ING

11.30 Panel discussion: Sub-prime crisis impacts and responses

• Who has taken on the ultimate risk of defaults on sub-prime mortgages?
• Liquidity issues and regulatory capital – implications for banks and balance sheet management
• Spillover effect on mortgage-related asset-backed commercial paper and refinancing issues – how are issuers coping, what are they currently doing with the excess paper and what else can they do with the excess paper to mitigate situation?
• Current and potential impact on Asian/Korean markets
• How does Asia/Korea differ?
• Residential price cap (LTV, DTI caps), tightened regulations on mortgages and new tax regulations
• Issues in Korea’s weak property market – should investors be concerned?
• How are Korean authorities responding to the sub-prime crisis and their own problems?

Boudewijn Berger, Director, Head of Asset Securitisation Asia, ABN AMRO
Hae-Geun Chung, Managing Director, Head of Derivatives Division, Daewoo Securities
William Ross, Managing Director, Head of ABS & Structured Bonds Asia Pacific, HSBC
Sun-Joo Hong, Managing Director, Asset-Backed Securities, JP Morgan

Moderator:

Michelle Taylor, Partner, Orrick Herrington & Sutcliffe

12.15 Networking lunch

13.45 Originators’ panel: Asset popularity and market conditions for domestic/cross border transactions now and going forward

• Auto loans – steady outlook?
• Are credit cards key to cross-border deals and is public placement a viable option?
• Cross border and domestic experiences and differences
• Subordination/structure differences 
• Jurisdiction/ regulatory changes and other challenges
• Emerging asset classes and diversified ABS for cross border transaction
• Outlook for cross border

Moderator:

Eugene Chang, Partner, Orrick Herrington & Sutcliffe

14.30  The challenge for Korean rating agencies 

• For the international investor who wants to invest in local paper, how should Korean rating agencies compare with international ratings? Is the harmonization of rating agencies necessary to make it easier for investors?
• Allowing the entry of international rating agencies
• Basel II implications

Chang Ho Moon, Head of Structured Finance Department 1, Korea Investors Service

15.00 Networking coffee break

15.45 Korea’s offshore ABS landscape – finding value in the current credit situation

• Offshore cross border situation in current credit climate
• Outlook for Korea’s offshore RMBS market – increased lending, product diversification and volume

Emily Chiu, Associate Director ABS, Standard Chartered

16.15 Panel discussion: Legal and regulatory developments in Korea securitisation

• Basel II implications on banks
• Proposed amendments to ABS Act – progress?
• New developments of ABS market from the perspective of accounting and tax matters
• Capital Markets Consolidation Act

Il-Yong Ko, Head, New Basel Accord Team 1, Financial Supervisory Service
Min Han, Partner, Kim & Chang
Pil Kyu Kim, Research Fellow, Korea Securities Research Institute
Won-Hyun Lim, Partner, Samil PricewaterhouseCoopers

Moderator:
Jeffrey Chen, Partner, Mayer Brown

17.00 Chairman’s closing remarks followed by evening drinks reception

08.45 Registration and morning coffee

09.15 Chairman’s welcome and opening remarks

Jae-Ha Park, Chief Economist,  Korea Institute of Finance

11.15 Panel discussion: Impact of market dislocation on structured credit for Korean investors

• Where are we going from here?
• Capital Markets Consolidation Act
• How is the market for structured credit and what are investors investing in? Is there a strong demand for synthetics over cash? Synthetic CDOs, credit CPPIs and CPDOs
• Preference for managed portfolio and asset manager ratings
• International investment banks versus local investment banks
• Impediments to market growth

Eugene Chung, Chief Investment Officer, Kyobo Asset Management Company
Kyu Jin Kim, Advisor, Financial Research Team, Hanbit Law Group
Dong-Min Lee, General Manager and Head, Global Investment Part, Samsung Life Insurance

Moderator:

Jae-Ha Park, Chief Economist,  Korea Institute of Finance