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Agenda Overview

DAY ONE


08:15 Registration and refreshments 

09:00 Chairperson’s opening remarks

  1. Monica Insoll, Managing Director, Credit Market Research, Fitch Ratings


09:15 Macro parameters for High Yield Bonds: Will the market gain momentum again and what are the expectations for 2016?

  • Are low interest rates expected to continue well into 2016?
  • How are macro forecast for Europe picking up? Which countries are pushing Europe’s recovery?
  • How exposed is the European High Yield market to staggering growth in emerging markets?
  • Brexit: How are discussions affecting market confidence?
  1. Antonio Garcia Pascual, Chief Economist Europe, Barclays

09:45 Where are investors searching for yield in light of low interest rates and excess liquidity? 

  • Cov-lite expansion in the high yield sphere: Is the market finally seeing a reversed trend?
  • The European view: Where are investors looking for opportunities?
  • Brexit: How are discussions affecting market confidence?
  • What are pricing expectation in the current market?
  • How are investors assessing current fixed vs. floating rate notes attractiveness?
  1. Raphaël Chemla, Deputy Head of Corporate Debt, Edmond de Rothschild Asset Management
  2. Fraser Lundie, Co-Head of Credit, Hermes Investment Management
  3. Sunita Kara, High Yield Portfolio Manager, Aviva Investors
  4. Azhar Hussain, Head of Global High Yield, Royal London Asset Management
  5. David Newman, Head of Global High Yield, Rogge Capital Partners
  6. Gauthier Reymondier, Vice President, Sankaty Advisors - moderating

10:30 Morning refreshments and networking break

11:15 In-Depth Session: Scrutinizing the competitive product landscape for raising financing. Where does High Yield stand?  What are the short and anticipated long term developments?

  • The following sessions are designed to analyse the competitive landscape of financing products and the effect on the high yield bond market. After a market snapshot and analysis of current issuance trends, a panel will discuss the short and long term implications for the high yield bond market. 

11:15 Introduction: Market snapshot of the current deal environment

  • Examining issuance volumes and pricing
  • Highlighting the emergence of Term Loan B in the European market: Will the product consolidate as a new standard?
  • Alternative lending, unitranche and private placements: Threats to the HYB market?
  1. Evan Thorpe, Global Head of Market Analysis, Dealogic

11:30 Market Reaction Panel:

  • Assessing short term implications of strong competition and limited HYB issuances
  • Scrutinizing more aggressive structures in terms of high leverage ratios, looser covenants and competitive pricing 
  • Assessing liquidity in the loan markets and  effects on HYB
  • Long Term implications: How does the market anticipate the HYB product and role of HYB bankers developing?
  • Cyclicality or actual market shifts: Are alternative sources of funding posing a long term threat to the High Yield Bond market?
  • Highlighting Term Loan B characteristics: A necessary long term compromise in the current bond vs loan debate?
  1. Michael Marsh, Head of EMEA High Yield & Leverages Loan Capital Markets, Goldman Sachs
  2. Jeff Bennett, Head of High Yield Capital Markets, Europe, HSBC
  3. Youssef  Khlat, Managing Director-Global Head of High Yield Capital Markets, Crédit Agricole CIB
  4. Jane Bushey Bradshaw, Head of High Yield Capital Markets, Morgan Stanley
  5. Ed Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings - moderating

12:30 Lunch
14:00 Oxford Style Debate: This house believes that the introduction of a model indenture threatens the high yield market.

  • Discussing the case for a standard documentation/model indenture to assess deviations and special covenants faster and make issuance analysis easier.
  1. Tatjana Greil-Castro, Managing Director and Senior Portfolio Manager, Muzinich
  2. Matthew Merkle, Partner, Kirkland & Ellis International
  3. Jane Gray, Co-Head of European Research, Covvenant Review, LLC - chairing

14:45 The lack of secondary market liquidity: To what extent is this a systemic issue slowing down the HYB market? 

  • Analysing banks’ retreat from trading activities impacted market dynamics
  • Scrutinizing effects on HYB pricing as a result of weak secondary liquidity
  • How are regulators viewing effects of policies on secondary market liquidity? How can regulation be improved?
  • Analysing effects of more selective trading activities
  1. Jose Aguilar, Senior Portfolio Manager, BlackRock
  2. Hugo Squire, Credit Trader, Muzinich & Co.
  3. Nicholas Scott, Director, Credit Trading, Seaport Financial Europe Limited
  4. Michael Schmidt, Chairman, Algomi - moderating

15:30 Afternoon refreshments and networking break
 
16:00 In-Depth Session: Frontier markets: Assessing growth trends, challenges and opportunities in specific sectors and geographies

  • First, a panel will discuss the different markets in comparison and highlight likely future deal opportunities. Subsequently, delegates are invited to join our roundtable discussions focusses on a specific jurisdictions and sectors, allowing delegates to be actively involved in discussions and tailoring thee agenda to their needs.
  • Where is the market headed? Gauging High Yield appetite across Europe and different sectors 
  • Are some sectors more promising in terms of new issuances?
  • Analysing fierce price competition: How can deals be made more attractive in key frontier markets such as the Balkans?
  • Highlighting short terms political upheavals affecting market appetite and prospects
  • Discussing technical and legal changes as drivers of market activities in Europe
  • Tapping the local investor base: Which markets offer best prospects? 
  1. Robert Berzins, Managing Director, Beach Point Capital Europe LLP
  2. Louis Gargour, Chief Investment Officer, LNG Capital
  3. Francesca Fraulo, Head of Corporate Ratings, CRIF Ratings
  4. Christian Hendker, Head of Fixed Income Research, Talanx Asset Management - moderating

15:45 Roundtables: High Yield growth opportunities across Europe

  • The conference will break out into roundtable discussions, focussed on the below outlined jurisdictions. Led by an expert moderator, the roundtables will create an informal environment to discuss geographical issues, raise questions and engage in debate on future opportunities. Attendees will be able to move around the tables after 30 minutes, maximising networking and thought leadership opportunities.
  1. Discussing German reluctance of HYB issuances and expected development going forward - Scott Boothby, Managing Director, Head of High Yield Capital Markets, Commerzbank
  2. Spain: Runner up to Europe’s major HY players UK, France and Germany?
  3. Opportunities in HY oil & gas - Alex Griffiths, Managing Director, Head of Natural Resources and Commodities, EMEA, Fitch Ratings
  4. Will Italy’s strong 2015 continue in the coming year? - Riccardo Guglielmetti, Head of Investor Relations, Maire Technimont
  5. Scrutinizing opportunities in the Balkans - Robert Berzins, Managing Director, Beach Point Capital Europe LLP
  6. Benelux states: hidden treasure?
  7. Transparency and disclosure practices in the HYB market - Carlo Oly, Head of Issuers and Clients, Luxembourg Stock Exchange
17:30 Chairperson’s closing remarks followed by drinks reception


 

DAY TWO

Wednesday, 9th September 2015

08:30 Morning refreshments

09:00 Chairperson’s opening remarks

Sabrina Fox, Co-Head of European Research, Covenant Review LLC - moderating

9:15 Are the M&A and LBO markets expected to fill the gap of low corporate issuances? Spotlight on PE issuer activity

  • Scrutinizing deal opportunities in the mid-cap space and in Europe’s frontier markets
  • Examining pricing, deal structures and maturities 
  • Analysing trends towards a wider spectrum of maturities to meet PE industry demands
  • Evaluating loan vs bond financing options and flexibility considerations
  1. Nishant Nayyar, Principal, Apax Partners
  2. James Yu, Partner, EQT Partners
  3. David Wilmot, Joint Head of  Mezzanine and Private Equity, Babson Capital Europe
  4. Conor Daly, Vice President - Global Capital Markets & Portfolio Manager (Leveraged Finance), BlackRock - moderating


10:00 Examining cov-lite advancement: What degree of covenant erosion is acceptable?

  • What covenants and structural features are emerging in current conditions?
  • Scrutinizing the convergence of bond and loan covenant structures
  • What is being done to ensure investor protection?
  • Analysing the erosion of financial maintenance covenants for senior secured loans and the potential knock on effect on the HYB market
  • What degree of erosion of covenants for other debt instruments is acceptable?
  1. Andrew Lake, Head of High Yield and High Yield Portfolio Manager, Mirabaud Asset Management
  2. Mitch Reznick, Co-Head of Credit, Hermes Investment Management
  3. Martin Reeves, Global Head of High Yield, Legal and General
  4. Desmond English, Senior Portfolio Manager, Pioneer Investment
  5. Garland Hansmann, Portfolio Manager, Investec Asset Management
  6. Sabrina Fox, Co-Head of European Research, Covenant Review LLC - moderating

10:30 Morning refreshments and networking break

11:00 What is driving primary issuances in the high yield bond market? What are issuers looking for?

  • Pricing, maturities, deal structures: What are issuers prioritizing?
  • To what extent does excess liquidity serve the market? What is the necessity of HY in the current credit cycle?
  • Examining issuer perspective on fixed and floating rate notes
  • Cov-light from the issuer perspective: How much flexibility is really needed?
  1. Jane Pilcher, ‎Group Treasurer, Anglian Water Group
  2. Jens F. Grüner-Hegge, Vice President Corporate Finance, Stolt-Nielsen Limited
  3. Giancarlo Reschigna, Head of Corporate Structured Finance, Maire Technimont
  4. Stefan Peteursson, CFO, Arion Banki
  5. Benjamin Lahnstein, Head of High Yield, Mizuho Bank

11:45 Examining rising importance of environmental, social and governance (ESG) compatibility in deal structures

  • Examining investor appetite for ESG requirements: Can a trend among institutional investors be identified?
  • To what extent are environmental scandals affecting governance requirements and scrutiny in high yield investments? Do they make a risky investment even more exposed? To what extend are ESG uncertainties an additional acceptable risk factor?
  • What impact do ESG requirements have on issuers? How does it affect transparency in HYB issuances?
  • To what extent can ESG adherence act as a competitive parameter for issuances?
  • How is exposure to ESG risk priced into already risky HY investments?
  1. Mikkel  Velin, Partner, High Yield Portfolio Manager, Rogge Global Partners
  2. Will Oulton, Global Head of Responsible Investment, First State Capital
  3. Rajat Mittal, Portfolio Manager, BlueBay Asset Management
  4. Mike Clarke, Director, Responsible Investment, Russell Investments

12:30 Scrutinizing restructuring needs following a boom of risky deals in a low interest environment

  • Will lose covenants be held up? Assessing shifts towards tighter covenants and impacts on restructuring
  • What impact do restructurings have on the secondary market?
  • Analysing refinancing structures post restructuring
  • Does the market experience an increase in bondholder power in restructuring talks?  
  1. Sabrina Fox, Co-Head of European Research, Covenant Review LLC

13:00 Chairperson’s closing remarks followed by lunch and close of conference