Milbank LLP,
55 Hudson Yards
New York
NY 10001
30th May 2024
25+ Speakers
150 Seats
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12:55 - 13.00Welcome Note & Opening Remarks -
13:00 - 13:50The evolution of data centre securitizationOf all the areas of digital infrastructure in the securitization market, securitization of data centres has grown among the most rapidly and continues to expand dramatically with no end currently in sight. But the market is changing as well. The market was initially financed in the real estate market but is now reliant almost entirely on securitization. It began to be realized that the rental revenues in the data centre market have unique value. However, questions remain. What are the best ways to finance the building and maintenance of data centres building and is there enough capacity in the market to absorb the extraordinary expansion?
Panel Includes:
John Hwang, A&O Shearman (Moderator)
Tom Yanagi, DigitalBridge
Beth Starr, Truist Securities
Michael Metallo, Barclays
Santhosh Rao, MUFG
Jie Liang, S&P Global Ratings
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13:50 - 14:35A survey of the fibre optic/digital infrastructure spaceThis panel looks at everything else in the burgeoning digital infrastructure space which is not a data centre, such as fibre optic cables, distributed networks, compute architecture and wireless towers. A need to be creative as to what is “real property” and “personal property” has given rise to some of the most inventive types of financing seen anywhere in the esoteric sector. We look at the evolution of the financial technology involved, including, for example, recent developments in indefeasible rights of use and shared infrastructure.
Panel Includes:
Dan Chambers, Fitch Ratings (Moderator)
Patrick S. Campbell, Milbank LLP
Kelly Mellecker, Goldman Sachs & Co. LLC
Christopher Poggi, Ropes & Gray LLP
Lauren Miller, Morgan Stanley
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14:50 - 15:45Media/music royalty securitizationThe securitization of media and music royalties is one of the most innovative and certainly eye-catching areas of the esoterics market. It incorporates several specific features, such as the use of securitization in acquisition financing. We also examine what exactly constitutes media and music assets, and how some are more suitable for securitization than others. Media royalties are also often harder to value than other assets, yet this is clearly important for any successful deal.
Panel Includes:
Gary Zhu, AllianceBernstein (Moderator)
Mike Shearman, Redding Ridge Asset Management LLC
Michael Nowakowski, Conning
Salina Sabri, Barclays
Thomas De Angelis, KKR
Amanda Molter, Concord Music Group
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16:05 - 17:00Whole business securitizationIn an era of increasing pressure on bank balance sheets from a number of different sources, the securitization of whole business lines has become an increasingly attractive and important option. We look at the assets that are particularly suitable for this product and what the different mechanisms entail. We also examine the growing speed and flexibility of execution, the growth of the investor pool, why this asset class continues to be popular and how it is likely to move forward.
Panel Includes:
Xilun Chen, KBRA (Moderator)
Michael L. Urschel, Milbank LLP
Priya Desai, MetLife Investment Management
Patricia C. Lynch, Ropes & Gray LLP
Charles Pesant, Paul, Weiss, Rifkind, Wharton & Garrison LLP
Benjamin Fernandez, Barclays
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17:00 - 17:45Private credit, private placement and fund financeThe role of private credit in the provision of liquidity is one of the most striking features of the capital markets in the third decade of the 21st century. This panel looks at its place in esoteric securitization, alongside, as well, private placements. Fund finance has also become a very prominent asset class in esoteric securitization. Will it continue to grow or have we reached the extent of its popularity? We’ll also make comparisons between different types of rated structures and whether, in fact, ratings are essential to this growth of this market.
Panel Includes:
Jan C. Stewart, Mayer Brown LLP (Moderator)
Scott Rosen, Ares Management Corporation
Gary Miller, Revere Capital
Rob Sannicandro, Deutsche Bank Securities Inc
