2026 Agenda

How are macroeconomic forces reshaping structured finance markets globally? Looking at interest rates, inflation, geopolitics, and more. Where are we in the credit cycle? How is performance diverging across key asset classes, as higher-for-longer conditions feed through to borrowers? What is driving investor behaviour today? Looking at risk appetite, liquidity constraints, relative value, and structural protections. Are there risks and opportunities being under-priced by the market? Where should market participants be looking, and more cautious, over the next 12-18 months?

The “cloud” and Artificial Intelligence are not just software floating in the sky; they are comprised of massive, hyper-secure, physical facilities that act as the engine of the global digital economy. As the world rapidly transitions into the era of Artificial Intelligence, the demand for high-density data centers in both the U.S. and EMEA has skyrocketed - bringing an unprecedented need for private capital and innovative financing structures.

In this exclusive fireside chat, Meghan Baivier, CFO of Aligned Data Centers – a recently valued $40 billion data center developer, owner, and operator – sits down to demystify the data center industry for the capital markets. This session will break down the true physical and financial realities of global digital infrastructure, the staggering capital required to meet the industry’s lofty AI-driven goals, and how top-tier developers are structuring their growth.

Attendees will get an inside look at Aligned’s unique strategy - combining adaptive, sustainable design with massive scale. The session will also explore the company’s recent acquisition - the largest digital infrastructure deal in history - and how this milestone will shape its upcoming capital needs as Aligned continues to solidify its position as the premier partner for the world's largest technology firms.

What makes Europe's structured finance markets attractive today? How does Europe compare to the U.S., and other global markets? Why are we seeing increased capital flowing into European credit and securitised assets? Is this a durable trend? How can initiatives like the CMU and SIU help unlock deeper pools of capital and support market growth? Which asset classes, funding models, and market structures offer Europe its strongest competitive advantage?

How are current and proposed European regulatory reforms; including changes to SecReg, BASEL, and solvency frameworks, reshaping issuance and investor demand? Where do capital requirements and prudential treatment still constrain securitisation’s role in bank balance-sheet management and market liquidity? How does Europe’s regulatory approach compare with the U.K., U.S., and other global jurisdictions? Is divergence creating competitive advantages, frictions, or fragmentation? What does that mean for cross-border transactions?

Examining liquidity, pricing and risk transfer across structured finance, focusing on secondary market conditions, bid–offer dynamics, balance-sheet constraints and volatility; how traders are responding to shifts in investor demand, funding costs and regulation; and what current trading behaviour signals about confidence, stress and relative value across asset classes.

Assessing RMBS with a focus on the growth of Equity Release securitisations; examining collateral performance, borrower behaviour, LTV migration, seasoning and repayment dynamics; investor appetite and pricing relative to prime RMBS; and the structural, legal and rating considerations shaping risk allocation and deal execution.

Assessing conditions in the leveraged loan market underpinning CLO issuance, including supply-demand dynamics, new origination vs. amend-and-extend activity, pricing and liquidity; how macro conditions, defaults and recoveries are evolving; and what this means for CLO collateral quality and reinvestment prospects.

Assessing the current health and maturity of the SRT market, looking at recent issuance volumes, pricing, deal structures; evaluating macro conditions, balance-sheet strategies, and regulatory capital considerations impact to supply-demand balance; and looking at underlying portfolio performance across key assets.

Examining the rapid expansion of digital infrastructure, including data centres, fibre networks and related assets, driven by AI and cloud demand; assessing underlying cashflow characteristics, asset longevity, sustainability constraints, geographic concentration, and tech obsolescence; and exploring how structured finance is being used to fund, scale and risk-manage this next generation of infrastructure investment.

Examining the rapid expansion of renewables, driven by energy transition policy, EV charging demand etc.; comparing residential and commercial solar PV models, including loans versus leases; assessing revenue profiles across contracted PPAs and merchant exposure; and exploring US–Europe divergences in market structure, risk allocation, financing models and investor appetite.

Practitioner-led evaluation on portfolio construction, credit selection and risk management, including how managers are navigating higher funding costs, loan market volatility and rating constraints; approaches to reinvestment, trading and extensions; and how manager strategies are evolving across different market conditions.

A technical exploration focusing on portfolio selection, calibration methods, tranche thickness, and execution formats; how internal models, capital relief objectives and supervisory expectations influence structuring choices; and how banks are managing timing, rollover risk and investor engagement in an evolving market.

Markets assessment from a trustee and transaction administration perspective, including operational resilience, reporting and data quality, and servicing performance; how trustees are adapting to more complex structures, private and hybrid transactions; and where operational risk, transparency and governance are becoming more critical as markets evolve.

Examining transport, energy, utilities and social infrastructure assets, and how long-dated, contracted cash flows are being financed through a mix of bank lending, private credit and capital markets solutions; and exploring where securitisation, refinancing and risk-transfer structures are emerging to support scale, liquidity and balance-sheet efficiency.

Examining how the architecture of CLOs is evolving as managers, banks and investors experiment with new structures to support growth, manage risk and access new pools of capital; analysing developments across private credit CLOs, hybrid collateral pools, warehouse financing and rated feeder vehicles; and assessing what these structural innovations mean for liquidity, investor participation and long-term scalability for CLOs.

A deep dive into how investors analyse and price SRT risk, including underlying portfolio composition, loss assumptions, structural features and capital efficiency; how SRT fits within broader structured credit portfolios; and how investors are adjusting return expectations, risk tolerance and allocation in response to macro and regulatory developments.

Examining the role of repackaging structures as a tool for tailoring and distributing credit risk, including typical SPV and hedging mechanics, investor use cases and risk considerations, from counterparty exposures and management of liquidity and documentation; exploring how repacks sit alongside securitisation, CLOs and SRT as markets evolve, regulatory boundaries blur and demand grows for flexible, bespoke risk-transfer solutions.

Exploring whether renewed issuance and investor demand reflect a sustainable recovery or short-term repricing; analysing asset-level performance, valuation assumptions, refinancing and maturity walls, and structural mitigants; and considering how lender behaviour, rating approaches and investor risk tolerance are influencing transaction viability and market depth.

Exploring tranche selection, relative value versus other structured credit assets, and performance expectations across the capital structure; how investors assess manager quality, structural protections and downside risk; and how allocations are shifting in response to macro and regulatory factors.

Examining the role of reinsurance and insurance capital in SRT transactions, covering risk selection, pricing methodologies and portfolio diversification; regulatory and accounting treatment across jurisdictions; and how reinsurers assess correlation, tail risk and scalability as SRT becomes a more systemic component of bank capital management.

What trends and themes are investors most focused on today, and how are asset performance, refinancing pressures and data quality influencing relative value across structured finance asset classes? How are views evolving as the credit cycle matures? How do public securitised markets compare with private credit and structured private deals in terms of transparency, pricing, and portfolio construction? How are investors balancing risk, yield, liquidity, and structural protection in a high-for-longer environment? How are allocation strategies likely to change over the next 12-18 months?

How is private credit evolving, beyond direct lending, through ABF, specialty finance, and structured funding models; and what is driving continued growth in SME lending, consumer finance and niche asset classes? What risks and challenges are becoming more visible as the private credit market matures, including asset performance, refinancing risk, concentration, transparency and recent high-profile restructurings or bankruptcies? How are the lines blurring between private credit and securitisation, looking at ABF, structured leverage, risk transfer, and capital markets execution; and what does this mean for market structure and scale? Where is private credit bridging the funding gap, and in what areas are we seeing increased bank partnership activity? Can private credit sustain this growth trajectory while maintaining underwriting discipline, investor confidence, and resilience through the credit cycle? What role will structured finance play in supporting the next phase of private credit growth?

How are the lines blurring between private credit and securitisation, looking at ABF, structured leverage, risk transfer, and capital markets execution; and what does this mean for market structure and scale?
How are private credit managers using structured funding tools e.g. warehouse lines, NAV facilities, forward-flow agreements and securitised structures, to support portfolio growth and capital efficiency?
How are banks re-engaging with private credit markets – as structurers, lenders and risk distributors – and what does this mean for the evolving relationship between banks and private credit managers? 
Who is ultimately providing capital to these structures? How are insurers, asset managers and other institutional investors assessing transparency, governance and reporting in structured private credit vehicles? 
As securitisation techniques increasingly underpin private credit financing, will these structures remain specialist tools or become a core part of the market’s long-term funding architecture?

Reviewing recent CLO issuance, spreads and structural trends across Europe and the U.S.; analysing how liability costs, arbitrage conditions and refinancing/reset activity are shaping performance; and evaluating the outlook for CLO volumes and returns in the current credit cycle.

Examining performance and risk dynamics across consumer ABS, including auto loans, credit cards, personal loans and student loans; comparing secured versus unsecured exposures as higher-for-longer rates feed through to borrowers; and assessing credit performance, underwriting standards, structural protections and investor appetite as consumer stress and bifurcation across asset types become more pronounced.

Examining the rapid growth of MM CLOs, comparing collateral, transparency, liquidity and performance versus BSL CLOs; assessing issuance pipelines and growth trajectories in Europe vs. U.S.; and analysing investor appetite, rating methodologies, and whether these structures represent a scalable extension of the CLO market or a distinct credit risk profile.

Examining the Australian ABS market as a mature, globally invested securitisation jurisdiction, focusing on RMBS and consumer assets; assessing credit performance, funding dynamics and investor appetite amid higher rates and household leverage; and exploring why Australia continues to attract offshore capital despite macro and housing-market pressures.

Examining non-traditional, rights-based cashflows where future-flow risk is central, including music, sports and intellectual property revenues; analysing cashflow forecasting assumptions, volatility and correlation, legal enforceability and downside protection; assessing how structuring, triggers, reserves and stress scenarios are used to translate uncertain future revenues into institutional-grade credit.

Assessing the state of the auto ABS market across loans and leases, including credit performance trends, underwriting standards and transaction pipelines; analysing residual value risk amid rapid EV adoption, pricing volatility and technology obsolescence; and examining the evolving role of captive finance arms, banks and non-bank lenders in funding vehicles and managing risk across the credit cycle.

Examining the evolution of fund finance and NAV-based lending as tools for liquidity, leverage and portfolio management in private credit; analysing collateral definition, advance rates, covenants and cash-flow waterfalls; and assessing performance, refinancing risk, investor appetite and the growing role of securitisation and capital markets solutions as these structures scale and mature.

Assessing funding conditions, execution choices and market access, covering public versus private issuance, structural trade-offs, investor engagement and pricing discipline; how issuers are navigating regulation, balance-sheet constraints and asset performance; and how funding strategies are evolving across cycles and jurisdictions.

Examining opportunities across South, and South-East Asia, with a focus on India’s rapidly scaling market alongside more selective opportunities across South-East Asia; assessing asset classes, regulatory evolution, investor access and structural challenges; and exploring where scale, transparency and domestic demand are enabling capital-market growth, and where fragmentation continues to constrain it.

A data-driven discussion led by analysts and researchers, focusing on credit performance trends, stress signals and divergences across asset classes; how macro pressures are feeding through to underlying collateral; and where research, modelling and surveillance are challenging prevailing market assumptions or highlighting emerging risks and opportunities.

Examining how SME lending is evolving as banks retrench and alternative lenders, private credit and ABF structures scale to fill funding gaps; assessing credit performance, underwriting standards and data-driven risk assessment in a higher-for-longer environment; and exploring how securitisation, forward-flow and warehouse funding can support sustainable growth.

Examining the use of back leverage and structured financing solutions to enhance returns, manage capital efficiency and support portfolio growth; analysing the role of banks in providing leverage at the fund level, including subscription facilities, NAV extensions and structured back-leverage solutions; assessing how structures interact with underlying assets, investor expectations and risk management.

Exploring securitisation opportunities across the Middle East, with a focus on Saudi Arabia and the UAE; examining the development of legal frameworks, regulatory infrastructure and asset origination; and assessing where international banks, investors and service providers can play a role in shaping early-stage markets tied to real estate, infrastructure and strategic development goals.

Exploring opportunities across emerging European markets, including Central and Eastern Europe, Greece, Cyprus and Turkey; examining the shift from legacy NPL-driven activity toward RPL and new issuance in real-economy assets; assessing regulatory, structural and investor considerations; evaluating improving origination, transparency and market confidence can attract further capital-market participation.

Examination of forward-flow structures as a tool for funding and risk transfer, covering asset eligibility, pricing mechanics, credit triggers and duration profiles; how performance data, underwriting standards and representations shape investor protection; and how forward-flow arrangements are being used alongside warehousing and securitisation to optimise capital efficiency and scalability across consumer, SME and specialty finance portfolios.

Exploring how banks, non-banks and sponsors are using receivables and ABCP structures to finance working-capital assets, and bridge the gap between warehouse funding and public term securitisation; exploring credit performance and operational risks, dilution and fraud; the role of technology, data and servicing controls; and how investor demand, conduit structures and capital markets execution strategies.

Examining the evolution of non-bank lenders across long and short term specialty finance asset types; analysing how funding models, regulatory frameworks and risk management differs from traditional banking; and assessing performance, investor appetite and structural considerations.

Examining how large-scale development programmes across the Gulf are creating demand for structured credit and capital markets financing; analysing the emergence of securitisable asset pools across mortgages, infrastructure, consumer lending and project finance; and assessing how international investors, banks and arrangers are structuring transactions and deploying capital as issuance pipelines begin to scale.

Examining the foundational infrastructure required for digital capital markets to scale, including data security, cryptographic resilience, interoperability between new platforms and legacy systems, and operational trust; and exploring how institutions are preparing market infrastructure to support long-dated, confidential securitised and private credit assets as technology adoption accelerates.

Unpacking the foundational infrastructure required for digital capital markets to evolve and scale, including data security, cryptographic resilience, interoperability between new platforms and legacy systems, and operational trust; and exploring how institutions are preparing market infrastructure to support long-dated, confidential securitised and private credit assets as technology adoption accelerates.

Examining how accelerating technology cycles are reshaping credit risk across securitised assets, including semiconductors, EVs and technology-dependent infrastructure; assessing how shifts in chip architecture, performance benchmarks and energy efficiency are undermining traditional assumptions around asset life, residual values and refinancing; and exploring where existing valuation, stress testing and due-diligence frameworks are being challenged by rapid technological change.

Examining how fintech solutions are being applied across the structured finance lifecycle, from origination and underwriting to servicing, monitoring and reporting; assessing the use of alternative data, automation and fraud detection to improve credit performance and transparency; and evaluating which technologies have scaled successfully versus those that continue to face integration, governance and adoption challenges.

How is AI being deployed across the structured finance value chain today? Looking at underwriting, surveillance, servicing, reporting, and due diligence. Where are the biggest practical gains and bottlenecks? What challenges are limiting adoption of AI into financial markets; such as legacy systems and processes, data quality, model governance, regulatory scrutiny etc.? How is the rapid expansion of AI reshaping investable asset classes such as datacenters and digital and energy infrastructure, and how can structured finance play a role in funding growth? As AI becomes more embedded in credit decision-making and market infrastructure, how is the market looking to balance efficiency and innovation with resilience, transparency and regulatory oversight? What are the sustainability and ESG implications of AI growth? From energy and water usage, to carbon credits and offsetting, how should these risks be assessed and priced?

Assessing the state of tokenised securities and on-chain capital markets, focusing on issuance, settlement, custody and interoperability with existing financial infrastructure; examining the role of institutional stablecoins, CBDCs and delivery-versus-payment mechanisms; and evaluating regulatory treatment, capital implications and whether on-chain settlement can materially improve efficiency, liquidity and risk management in securitised and private credit markets.

Examining the evolution of digital assets from speculative instruments into potential sources of credit exposure, as tokenised and crypto-linked structures begin to intersect with structured finance markets; analysing developments in on-chain collateral, tokenised securitisation and structured products backed by digital assets; and assessing the challenges around valuation, volatility, regulation and institutional adoption as crypto markets move closer to traditional credit frameworks.