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Agenda Overview

Day One: Thursday 11th September 2014

08.00 Registration & refreshments 08.45 Chairperson’s opening remarks 09.00 Market and economic overview: The need to know issues for the leveraged finance industry in 2015
  • Economic pressures and interest rate expectations for 2015
  • Outside the European core: Forecasting development of emerging market risk
  • When will the default rate start to increase?
  • How will the loan vs. bonds dynamic develop in 2015?
  1. Chetan Modi, Managing Director, EMEA Corporate Finance, Moody’s Investors Service
09.30 The Annual Heads of Leveraged Finance Debate: Is there enough deal flow for this level of competition in the market?
  • No way but up? The trajectory of leveraged loan volumes in Europe
  • How much longer can competition drive pricing down, leverage up and covenants out of the window?
  • What effect will the Fed guidelines on leverage have and will it apply to European assets as well?
  • The state of bank deleveraging: Is it done, on hold, or at this point only relevant to specific asset classes?
  1. Oliver Duff, Global Head of Leveraged Finance, HSBC
  2. Paul Gibbon, Managing Director, Leveraged Capital Markets, UBS
  3. Ignacio Blasco, Managing Director, Head of Leveraged Capital Markets, European Loan Syndicate, Societe Generale Corporate & Investment Banking
  4. Moderator: Jayan Dhru, Senior Managing Director, Global Head of Corporate and Infrastructure Ratings, Standard & Poor’s Rating Services
10.30 Morning refreshments & networking break 11.15 Case Study: Ceva Santé
  • Evaluating deal specifics: Management buy-out with minority PE partner
  • A cov-lite, pre-set deal structure: What was the PE response and how was it negotiated with the banks?
  • Dropping the US tranche altogether: Was the European appetite a one-off or the sign of a new era?
  1. Pierre Revel-Mouroz, Deputy General Director, Ceva Santé Animale
11.45 Regional spotlight: Is Europe’s periphery out of the woods?
  • Is the sovereign debt crisis now in the past?
  • Examining deal flow: Is the rise of high yield issuance also a good sign for the loan market?
  • Are local PE funds filling the gap left by global players in the region?
  • Examining deal flow across Southern Europe and the CEE
  1. Edward Eyerman, Managing Director, Leveraged Finance, Fitch Ratings
  2. José María Muñoz, Founding Partner, MCH Private Equity
  3. Jurgis Oniunas, Managing Partner, Ascendant Capital Advisors
  4. Moderator: Supriya Saxena, Director, Leveraged Finance, UniCredit
12.30 The Pitch: What is the best junior piece in the capital structure?

Three speakers will represent the three different options for junior debt within the capital structure. Each speaker will present a 5 minute pitch, followed by answering one question from each of the other speakers.

High Yield Bond    2nd Lien Loan    Mezzanine Financing

  • What are the 3 top advantages of my product?
  • What is the best example of how it has been used in a transaction?
  • Why has it been used in this particular case?
  1. Miguel Toney, Director, MezzVest
  2. Mathias Blumschein,  Managing Director, Debt Capital Markets – High Yield, ING
  3. Luke McDougall, Partner, Ashurst
13.00 Lunch 14.30 Cross-border issuance: Opportunistic or a structural shift?
  • Are issuers’ still using the US market merely to achieve better terms and pricing or has cross-border issuance become part of the system’s structure?
  • What characteristic does a European borrower need to have to access the US market and vice versa?
  • Matching revenue streams and currency swap costs: What are the deal dynamics for current transatlantic deals?
  1. Alan Davies, Partner, Debevoise & Plimpton
  2. David Beadle, Vice President - Senior Analyst, Moody’s Investors Service
  3. Robert Hetu, Managing Director, Credit Suisse
  4. Moderator: Pierre Maugüé, Partner, Debevoise & Plimpton
15.15 Private Equity Panel: Revealing the strategy of PE players: Why are there not more deals?
  • After successful IPOs, strategic sales and recycled returns: Where will all the dry powder go?
  • What sectors offer the best PE opportunities at the moment and which finance structures work best?
  • With multiples up on equity, will return expectations have to be adjusted or will PE use leverage to raise IRR?
  • Assessing the current exit environment: Is it the dawn of a new paradise for PE?
  1. James Yu, Partner, EQT Partners
  2. Jon Herbert, Director, LCD
  3. Matthew Sabben-Clare, Partner, Cinven
  4. Nishant Nayyar, Principal, Apax
  5. Moderator: E. Raman Bet-Mansour, Partner, Debevoise & Plimpton
16.00 Afternoon refreshments & networking break

THE LEVINVEST SUPER SESSION

LevInvest will close Day 1 of the conference for the first time by combining sessions and audiences. To grasp the full picture of the intricacies of supply and demand dynamics in the LevInvest space, the rooms of the two events will be merged for the remainder of the day to offer a complete overview for both audiences. The conference will close with a combined cocktail reception, converging the leaders of both the CLO and the Leveraged Finance markets.

16.45 pm
Examining the market after the rebirth of CLOs: Credit metrics, collateral evaluation, liquidity and pricing
  • How has CLO liquidity developed, and how has it affected leveraged deal volumes?
  • Pricing developments of leveraged loan deals in the US and Europe
  • CLO credit drivers and performances metrics
  • Matching up investor inflow with leveraged deal terms and pricing
  1. Sandeep Chana, Associate Director, Structured Finance Ratings, Standard & Poor’s
17.15 Tracking liquidity-supply dynamics: The eternal run-around of leveraged deals and CLO investments
  • How has the CLO revival made the leveraged finance market more sustainable?
  • Which jurisdictions and borrowers are driving loan volumes? LBO and M&A activity projections
  • Are deals with high leverage ratios and loose covenants only possible because of investor acquiescence?
  • Is there enough paper for diversity?
  1. Jonathan Butler, Managing Director, Pramerica Investment Management
  2. Matthew Sabben-Clare, Partner, Cinven
  3. Adeel Shafiqullah, Managing Director, Leveraged Finance, PineBridge Investments
  4. Geert Lippens, Global Head of Leveraged Finance, BNP Paribas 
  5. Moderator: Fiona Hagdrup, Fund Manager, M&G Investments
17.45 Chairperson’s closing remarks followed by the LevInvest Drinks reception

Day Two: Friday 12th September 2014

08.30 Morning refreshments and networking 09.00 Chairperson’s opening remarks 09:15 Leveraged Loan Investors’ Panel: How much liquidity is too much liquidity?
  • What are investors’ views on cov-lite structures and pricing?
  • Still searching for yield? Non-dedicated investors entering the leveraged space
  • The secondary market: Is there enough liquidity in Europe to match current deal terms?
  • How much of the leveraged loan come-back is driven by institutional investors and how much by banks?
  1. David Milward, Head of Loans, Henderson Global Investors
  2. Jeff Boswell, Head of Portfolio Management – Credit Fund Management, Intermediate Capital Group
  3. Craig Abouchar, Partner and Portfolio Manager, Castle Hill Asset Management
  4. Moderator: Carlo Saba,  European Head of Par-Loan Trading, Deutsche Bank
10.00 Examining recent cov-lite transactions: How are they different from pre-crisis ones and what effect do they have on the market?
  • Are European cov-lite deals here to stay or a feature of a bullish market?
  • Ceva Sante, Numericable and more: What were the motivations for choosing a cov-lite structure and what are the investors’ views?
  • What are the potential implications of cov-lite deals from the loan recovery perspective?
  • Fleshing out the details of terms, pricing and credit quality: European vs. US and pre-crisis vs today’s cov-lite deals
  1. Paul Watters, Head of Corporate Research, Standard & Poor’s
  2. Chris Lovgren, Managing Director, Global Head of Loan Syndications, Natixis
  3. Moderator: Peter Hurd, Managing Director, Acquisition & Leveraged Finance Capital Markets, Nomura
10.45 Are high yield bonds and leveraged loan dynamics always a zero-sum game?
  • Are issuers always compelled to choose between assets?
  • Is the rise of cov-lite deals in Europe affecting high yield bond issuance?
  • Are the two products in direct competition and how did the rise of high yield bonds affect the loan market in the long-term?
  1. Desmond English, Loan Portfolio Manager, Emerging Markets and High Yield, Pioneer Investments
  2. Sandra Veseli, Associate Managing Director, EMEA Corporate Finance, Moody’s Investors Service
  3. Thomas Muoio, Managing Director, European Head of Leveraged Finance Capital Markets, Jefferies
  4. Moderator: Mathias Blumschein, Managing Director, Debt Capital Markets – High Yield, ING 
11.15 Morning refreshments and networking break
11.45 The Oxford style debate: Here we go again

Two teams will take the stage, and each will present opening arguments and engage in a debate about a proposition with a genuine desire to sway the audience. The audience will vote on the proposition before and after the debate.
The debate is styled to be confrontational and controversial – team members of each side don’t necessarily hold the opinion they represent.
  • This house believes that we never learn our lessons and are in the middle of a new unhealthy credit bubble
  1. Moderator: Stephen Mostyn-Williams, Chief Executive Officer, DebtXplained
  2. Gareth Noonan, Managing Director, Cohen & Company
12.45 LP Panel: Changing of the guards?
  • Are co-investments the new strategy for the long-term?
  • With commitment from public pension funds declining, are family offices, private sector pension, insurance and sovereign wealth funds taking over?
  • Loss of equality: Are there tensions between newer, large-ticket investors and traditional, smaller investors?
  1. George Anson, Managing Director, HarbourVest
  2. Guy Eastman, Chief Investment Officer, Co-Head Private Equity Fund Investment, Aberdeen SVG Private Equity
  3. Francesco di Valmarana, Partner, Investment Team, Pantheon
  4. Moderator: James D. C. Pitt, Partner, Lexington Partners
13.15 Chairperson’s closing remarks followed by lunch and end of conference