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Securitisation as a risk management asset class in the South African market: a useful case study for newer markets?

Broadcast on Nov 25, 2020 from Livestream: Bonds, Loans & Sukuk Africa 2020 - Virtual Conference

Strategic Partner

National Treasury, Republic of South Africa

Platinum Sponsor

Absa

Platinum Sponsor

Africa Finance Corporation

Platinum Sponsor

Standard Bank

Gold Sponsor

African Export-Import Bank (Afrexim)

Gold Sponsor

MUFG

Gold Sponsor

SMBC

WAEMU Sponsor

Agence UMOA-Titres

Silver Sponsor

Development Bank of Southern Africa

Silver Sponsor

Emirates NBD

Silver Sponsor

Rand Merchant Bank (RMB)

Bronze Sponsor

African Trade Insurance Agency

Bronze Sponsor

Fitch Ratings

Bronze Sponsor

GCR Ratings

Bronze Sponsor

KFW DEG

Subscribe for access:

  • Securitisation as a safe haven for investment: Why is this vehicle becoming more attractive to investors?
  • Overcoming compliance burden and regulatory costs: What methods worked well in South Africa?
  • Does one size fit all? Can legal and regulatory nuances be translated to different African economies?

Moderator

Marc Hearn

Marc Hearn

Executive: Debt Capital Markets and Securitisation

Standard Bank

Marc Hearn

Marc Hearn

Executive: Debt Capital Markets and Securitisation at Standard Bank

Marc is an Executive in the DCM and Securitisation team at Standard Bank. During his almost 20 years of banking experience he has covered a wide range of structured debt products including vanilla bonds, hybrid capital instruments and securitisation. He has covered a range of markets including the UK, South Africa, the CIS and Australia. Marc is currently based in Johannesburg and focused on DCM and asset backed financing opportunities both in South Africa and across the continent.

Standard Bank

Marc Hearn

About Standard Bank Group

Standard Bank Group is the largest African bank by assets, operating in 20 African countries and 5 global financial centres. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.

Standard Bank has a 157-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.

Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.

The group has over 50 000 employees, more than 1 100 branches and 9 000 ATMs on the African continent, which enable it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management.

Headline earnings for 2019 were R28.2 billion (about USD2 billion) and total assets were R2.3 trillion (about USD163 billion). Standard Bank’s market capitalisation at 31 December 2019 was R277 billion (USD20 billion).

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

For further information, go to http://www.standardbank.com

Speakers

Yohan Assous

Yohan Assous

Head of Structured Finance – Africa

GCR Ratings

Yohan Assous

Yohan Assous

Head of Structured Finance – Africa at GCR Ratings

Yohan holds a Master in Management from Ecole des Hautes Etudes Commerciales (H.E.C) in Paris, France.

After starting in Mergers and Acquisitions at BNP Paribas in London and New York and setting up funding platforms for Small and Medium enterprises (SMEs) in an independent Structuring advisory firm in Paris, he joined the Structured Finance department of Fitch Ratings in Paris and subsequently in the South African office between 2002 and 2007. Yohan rated a wide portfolio of securitisations and other Structured Finance instruments (e.g. Covered bonds) across various assets classes (ABS, RMBS, ABCP, CLNs etc.) and jurisdictions (France, UK, Spain, Belgium, Luxembourg, South Africa etc.).

Yohan then moved to Investec Bank Ltd as a Debt Capital Markets Structurer. His mandate was to set up additional funding platforms for the Private Bank division of the bank as well as its external clients. In 2011, Yohan joined the Debt Capital Markets team of the Transaction Capital Group. He participated to the listing of the Bayport Medium Term Note Programme and set up recurring funding platforms for Transaction Capital’s subsidiary SA Taxi.

In 2017, Yohan joined GCR Ratings as Sector Head of its Structured Finance Ratings department where he manages GCR’s portfolio of Structured Finance transactions across Africa and is responsible for the development of GCR’s rating methodologies.

GCR Ratings

Yohan Assous

GCR Ratings (GCR) is Africa’s leading rating agency, with a rating coverage in excess of 500 ratings in over 20 African countries. Through its network of local offices in South Africa, Nigeria, Kenya and Mauritius, GCR has the largest rating team in Africa, which gives it unmatched on-the-ground presence, as well as easy access to market participants.

GCR traces its origins back to 1996 and has since established itself as the leading rating agency in Africa, accounting for the majority of all ratings accorded on the African continent. GCR is licensed as a rating agency in a number of markets, including Kenya with the Capital Markets Authority, Nigeria with the Securities and Exchange Commission, Zimbabwe with the Reserve Bank of Zimbabwe and Mauritius with the Financial Services Commission. In South Africa, GCR is registered as a Credit Rating Services Provider by the Financial Services Conduct Authority and is recognised as an eligible External Credit Assessment Institution (ECAI) by the South African Reserve Bank.

Gill Raine

Gill Raine

Senior Policy Advisor

ASISA

Gill Raine

Gill Raine

Senior Policy Advisor at ASISA

Gill Raine is a Senior Policy Advisor at the Association of Savings and Investments of South Africa and is responsible for the fixed income standing committee. She has over 30 years of experience in banking and financial markets and has been actively involved in developments in the capital markets over this period including fixed income derivatives, inflation linked debt, securitisations and toll roads.

ASISA

David Towers

David Towers

David Towers

Director at Quadridge Trust Services

Quadridge Trust Services

AK Ismail

AK Ismail

Head of Treasury and Finance

SA Home Loans

AK Ismail

AK Ismail

Head of Treasury and Finance at SA Home Loans

AK Ismail is a qualified chartered accountant and currently head of the finance & treasury departments at the SA Home Loans group. AK’s team is responsible for bringing new RMBS securitisation deals to market, originating structured credit deals and managing and reporting on such deals. In addition, the team manages market risks that the group is exposed to as well as the investment of group cash.

As a former member of the corporate and investment banking team at Standard Bank, AK has over 7 years of experience in structured finance and asset securitisation. Prior to his appointment at Standard Bank, AK spent several years in external audit, specialising in financial services groups across South Africa, The United Kingdom and Ireland.

SA Home Loans

Thato Khaole

Thato Khaole

Thato Khaole

Investment Analyst at Futuregrowth Asset Management

Thato joined Futuregrowth in January 2015. Her responsibilities initially involved valuations, data and risk management support, and unlisted trading. Thereafter, Thato joined the investment team as an investment analyst. Her responsibilities include deal origination, investment analysis, and deal negotiation and structuring in both the listed and unlisted credit market, although her primary focus is on listed issuance. Thato’s deal portfolio has included securitisations and other structured products, and the automotive, retail, municipalities, healthcare and water sectors.

Thato was one of six candidates nominated to participate in Old Mutual’s year-long Investment Analyst Programme, which she successfully completed in 2018. Her most recent speaking engagements regarding securitisation include the Moody’s Sub-Saharan Africa Annual Summit in 2019 and the Milken Institute’s Accelerating Securitisation in Africa webinar in September 2020.

Futuregrowth Asset Management

Strategic Partner

National Treasury, Republic of South Africa

Platinum Sponsors

Absa Africa Finance Corporation Standard Bank

Gold Sponsors

African Export-Import Bank (Afrexim) MUFG SMBC

WAEMU Sponsor

Agence UMOA-Titres

Silver Sponsors

Development Bank of Southern Africa Emirates NBD Rand Merchant Bank (RMB)

Bronze Sponsors

African Trade Insurance Agency Fitch Ratings GCR Ratings KFW DEG