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Agenda Overview

Day One, Tuesday September 20th 2016

 

8.15am Registration and refreshments

9.00am Chairperson’s opening remarks

Pierre Maugüé, Partner, Debevoise and Plimpton

9.10 am Europe going forward: How will structured credit and leveraged finance markets converge and differ going into 2017?

  • Low interest rates, low volumes, low yield: When are conditions going to improve?
  • How long is Europe going to remain a borrower friendly market?
  • Are there too many players in the market to secure high yield?
  • Can regional markets shield themselves from political risk?
  1. Cathy Bryce, Head of Leveraged Finance, Allied Irish Bank
  2. Richard Hopkin, Head of Fixed Income, AFME
  3. Maite Vizan Perez, Co-head of Leveraged Finance, BBVA
  4. Moderator: Edward Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings

9.40am The Annual Heads of Leveraged Loans Debate: Are leveraged loans falling out of favour?

  • Analysing deal volume, pricing, risk management, supply and demand
  • How are international banks reacting to high liquidity in European markets? Are they changing tactics?
  • To what extent are banks and debt funds working together? What structures are emerging?
  1. Peter Hurd, Head of Leveraged Finance Capital Markets, EMEA, Nomura
  2. James Fenner, Head of Leveraged Finance, SMBC
  3. Supriya Saxena, Managing Director, Unicredit
  4. Marina Mulcair, ‎Head of Leveraged Capital Markets EMEA, Societe Generale
  5. Brian Percival, Managing Director, Rabobank
  6. Moderator: Sandra Veseli, Managing Director, Moody’s Investors Service

10.25am Non-bank lenders: How are they changing the dynamics of the leveraged loans space in Europe?

  • What are alternative lenders offering that banks can not? What are the implications of direct loans?
  • How are structures evolving? Are non-bank lenders playing an essential role?
  • To what extent is unitranche eating into the syndicated space? Is it here to stay?

 

  1. Carmen Alonso, Head of Private Debt, Tikehau Capital
  2. Ignacio Diez Torca, Managing Director, TREA Direct Lending
  3. Taddeo Vender, Managing Director, Marlborough Partners
  4. Vincent Vitores, Head of Spain, Private Debt, Bluebay Asset
  5. Pascal Meysson, Managing Director, Alcentra
  6. Howard Sharp, Head of Mid-market Direct Lending, Park Square Capital
  7. Moderator: Ian Borman, Partner, King Wood & Mallesons

11.00am Refreshments and networking break

 

11.40am Risk retention fund vehicles: How will managers overcome ‘skin in the game’?

  • Are risk retention rules creating an oligopoly of CLO Managers?
  • Are managers fully incentivised on investor security in retention structures?
  • Analysing survival strategies for smaller CLO managers
  • Comparing vertical vs. horizontal strips
  • What obstacles must smaller managers overcome to attract investors?
  1. Rob Reynolds, Chief Investment Officer, Spire LP
  2. Hans Christensen, Chief Executive Officer, MJX Asset Management
  3. Barry Lane, Director, Business Development, 3i Debt Management
  4. Moderator: Julian Schickel, Head of London Office, Managing Director, ZAIS Group

12.15pm To what extent are developments in the US loan market leading to more convergence across European and US CLOs?

  • How are US cross-border deals affecting the European loan market?
  • Sector risk vs single-name risk in the US and Europe. How worried should investors be?
  • Consequences of a divergence in European and US volumes and different credit cycles
  1. Adeel Shafiqullah, Managing Director, Och-Ziff Management Europe
  2. Pierre Verlé, Head of Credit, Carmignac Gestion
  3. Bogdan Ciucu, Portfolio Manager, Chenavari Investment Managers
  4. Moderator: Florian Viros, Credit Analyst, Carmignac Gestion

12.50pm With record levels of dry powder, what tactics are private equity sponsors likely to employ next?

  • Are private equity firms sticking to what they know or is there scope for diversifying portfolios?
  • What sectors are expected to see the most activity?
  • How is maximum value creation being managed in a cautious environment?
  • What dynamic are we seeing between PE and strategic buyers?

 

  1. Javier Martín, Associate Director, 3i
  2. Carlos Julia, Investment Director, Miura Private Equity
  3. Taddeo Vender, Managing Director, Marlborough Partners
  4. Moderator: Pierre Maugüé, Partner, Debevoise and Plimpton

1.25pm Lunch

2.40pm How are managers responding to a dearth of supply in underlying loans?

  • Are asset sourcing methods in need of evolving?
  • Analysing default trends: Will the underlying loans hold up in the face of volatility?
  • Will we see managers compete for allocations on a shrinking pool of underlying assets?
  • Ramping trends: What percentage should managers aim for in this market?

 

  1. Gauthier Reymondier, Managing Director, Bain Capital Credit
  2. Patrick Marshall, Head of Direct Lending and CLOs, Hermes Investment Management
  3. Thierry de Vergnes, Global Head of Debt Fund Management, Lyxor Asset Management

 

3.20pm Europe vs US: How much further convergence are we likely to see in the leveraged finance space? Are the dynamics between US and European markets changing?

  • Where in the market are we continuing to see cov-lite deals? Is this trend likely to continue in Europe?
  • What level of covenant erosion is still deemed to be acceptable?
  • To what extent has there been a swap in transatlantic investor roles? Which market is more favourable for investors at the moment?

 

  1. Lisa Gundy, Vice President, Senior Covenant Officer, Moody’s Investors Service
  2. Frederic Maire, Partner, DELFF Management Ltd
  3. Moderator: Lorraine Vaz, Partner, King & Wood Mallesons

 

3.50pm Afternoon refreshments

4.15pm LevInvest roundtables

 

Led by an expert moderator, the roundtables will create an informal environment to discuss and debate issues over a glass of champagne, enabling the full LevInvest audience to gather together.

Attendees will be able to move around the tables, maximising networking and learning opportunities.

 

  • US CLO Manager

Hans Christensen, Chief Executive Officer, MJX Asset Management

  • Debt Fund alternatives to CLOs

Thierry de Vergnes, Global Head of Debt Fund Management, Lyxor Asset Management

  • CLO Investor

            Eric Havard-Duclos, Head of Investments, Axa Investment Managers

  • Rating agency

Ian Perrin, Associate Managing Director, Structured Finance, Moody’s Investors Service

  • Law

Lorraine Vaz, Partner, King & Wood Mallesons

  • Direct lending

Patrick Marshall, Head of Direct Lending and CLOs, Hermes

  • Covenant trends in leveraged finance

Jane Gray, Co-Head European Research, Covenant Review

  • Global CLO regulatory challenges

Rich Buckley, Senior Counsel, Barings LLC

Elliot Ganz, General Counsel, Loan Syndications and Trading Association

 

5.45pm Chairperson’s closing remarks followed by drinks reception

 

Day two Leverage Finance Stream, Wednesday September 21st 2016

8.45am Morning refreshments

 

9.10am Chairperson’s opening remarks

9.20am What does the rise of European Term Loan B mean for High Yield Bond issuances across Europe?

  • Assessing the loan vs bond markets with considerations of term flexibility, pricing and structures in the current market
  • What does the future of the high yield bond market look like? What will drive primary issuances?
  • To what extent will the ECB’s Corporate Buying Program boost European High Yield Bond Issuance?
  1. Benjamin Lahnstein, Head of High Yield, Mizuho
  2. Jane Gray, Co-Head European Research, Covenant Review
  3. Alberto Ramon, Head of High Yield Capital Markets and Project Finance Bonds – Europe, Santander
  4. Vivien Buttiaux, Director, Structured Acquisition Finance, ING
  5. Moderator: Alan Davies, Partner, Debevoise and Plimpton

 

 

10.05am How do ratings agencies view the current low credit quality environment across Europe? Are they adapting their products in reflection of the current market?

  • Analysing increase in risky capital structures, increasing competition and current trends
  • What factors are considered when downgrading a company? What does the increase in downgradings mean for the leveraged finance market in the near future?
  • Managing risk in an uncertain market: what do ratings agencies think?
  1. Sandra Veseli, Managing Director, Corporate Finance, Moody’s
  2. Paul-Antoine Conti, Director, Leveraged Finance, Fitch
  3. Moderator: Ian Borman, Partner, King & Wood Mallesons

10.50am Morning refreshments and networking break

11.25am How are banks coping with Basel and ECB regulations? Have these impacted the leveraged finance space?

  • How is risk governance changing?
  • Are these regulations giving direct lenders a competitive edge?
  • To what extent are banking regulations forcing corporates to seek finances in public markets? How are banks reacting to this?
  1. Alexander Merwart, Director, Commerzbank
  2. Patrick Amis, Deputy Director General, ECB
  3. Moderator: Edward Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings

12.10pm Exploring challenges private equity is facing in an active mid-market M&A environment

  • Are LBOs becoming more expensive for sponsors? What regions are they looking at for deals?
  • What deal origination models are they using?
  • Do private equity firms need to underwrite given the strength of bank liquidity?
  • Exits: IPOs or trade sales?
  1. Nashant Nayyar, Principal, Apax
  2. Jurgis Oniunas, Managing Partner, Ascendant Capital Advisors

12.50pm Close of conference followed by lunch

 

Day two CLO Stream, Wednesday September 21st 2016

8.45am Morning refreshments

 

9.00am Chairperson’s opening remarks

Vahe Andonians, Managing Partner, SCDM

 

9.10am To what extent must the CLO investor base diversify to survive?

  • Where are the elusive AAA investors? Will it remain bank-dominated?
  • Analysing the impact of Japanese entrants into the Euro market
  • How will managers attract more ‘real money’ investors to CLOs?
  1. David Matson, Managing Director, IKB Fund Management
  2. Eric Havard-Duclos, Head of Investments, Axa Investment Managers
  3. Moderator: Cecilia Yu, Partner, Trader and Investment Analyst, Serone Capital Management

 

 

 

9.45am Risk retention rules in the US vs Europe: How dependent are US managers on the Euro market?

  • Contrasting US and EU CLO structuring processes: How are they evolving?
  • Are US issuers fully incentivized to comply with European regulations?
  • What are the ramifications for investor diversity in these two markets?
  1. David Quirolo, Partner, Cadwalader, Wickersham & Taft
  2. Jonathan Bowers, Partner, Senior Portfolio Manager, CVC Credit Partners
  3. Nick Voisey, Managing Director, Loan Market Association
  4. Moderator: Hans Christensen, Chief Executive Officer, MJX Asset Management

 

10.25am Morning refreshments and networking break

 

11.00am Will increasing securitization of direct lending assets herald an expansion into the CLO space?

  • Are CLO managers willing to accept unrated borrowers into their vehicles?
  • How is underwriting criteria evolving for midmarket lenders?
  • Would the market accept a tranched investor base for SME loans?
  • Are we seeing convergence in the CLO and direct lending investor base?
  1. Ignacio Diez Torca, Partner, TREA Direct Lending
  2. Pascal Meysson, Managing Director, Alcentra
  3. Moderator: Lars Schmidt-Ott, Managing Director, Be Spoke Capital

 

11.40pm Presentation: State of play and relative value in primary and secondary CLO markets

  • Excess returns vs expected loss: Comparing alternative assets and underlying collateral
  • How effective are parameters to measure CLO market efficiency?
  • Exploring evolution over time of manager tiering parameters, given growth of risk retention compliant vehicles

Mark Hale, Chief Investment Officer, The Prytania Group

 

 

12.20pm Analysing downsizing among the bank market-makers in secondary trading: How will banks remain competitive?

  • Are we witnessing a market correction in the secondary market?
  • Will a revival in the primary market ensure bolstered arbitrage and spreads in secondary?
  • To what extent is the CLO secondary market in need of new market makers?
  • Shifting relative value in secondary trading
  1. David Snyder, Managing Principal, Portfolio Manager, Halcyon Loan Management
  2. Christopher Schumann, Head of ABS & CLO Trading, DZ Bank
  3. Cecilia Yu, Partner, Trader and Investment Analyst, Serone Capital Management
  4. Moderator: Vahe Andonians, Managing Partner, SCDM

 

1.00pm Chairperson’s closing remarks followed by lunch and close of conference