As the entire US structured finance industry descends upon Las Vegas for the SFVegas conference this week, the energy feels upbeat. Hallways are bustling with individuals and loud conversation.
Participants have noticed how packed the conference feels this year, compared with last.
“It’s going to be a big one, I think around 10,000 people in attendance,” said a banker in an elevator to a non-delegate, who wondered why everyone was “dressed the same”.
Attendance over 10,000 would be a record, breaking 2024’s rollcall, which was estimated at around 8,800-9,100.
“I haven’t been to this conference in probably 10 years," said one investor, "and I immediately noticed how packed it is now. The market has really grown.”
Participants are also noticing the increased workload this year.
“I think we have about 40-50 meetings on Monday and a little less on Tuesday,” an RMBS issuer said.
That was backed up by an RMBS syndicate banker, who joked that issuers like the one above would have to “divide and conquer”.
“The energy feels really good, we have the most meetings we’ve ever had,” the banker said. “People are trying to find spots in the market to invest.”
Even if the lure of Vegas's entertainments might tempt some, participants are focused on work.
“I’m here for building relationships with originators and issuers,” the investor said. “It is good to get up to speed on various platforms and learn about their shelves and offerings.”
The RMBS issuer is happy to oblige: "Our investors want us to touch base with them about news and updates about our platform and what we’ve been up to."
Issuers find SFVegas useful for connecting with west coast accounts which do not attend ABS East in Miami or make it over to the east coast often.
"I think we’ll be getting extremely strong demand from our bond buyers after the conference," the issuer said.
However, not all are leaving with the same impression. Another RMBS investor, who had been in meetings all day long, was left with a lukewarm impression of the sector, compared with other asset classes his colleagues look at.
“It’s tough to say, but I feel that RMBS is slightly less constructive [than] other sectors,” he said.