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Agenda Overview

Friday 13th May 2016

08:15 Registration and refreshments 09:00 Chairperson's opening remarks09.15 Macroeconomic overview: Analysing the impact of Europe’s macro drivers on hybrid developments.
  • How is continued monetary tightening in Europe influencing debt financing methods?
  • Comparing the US and Europe: Which market is more conducive to providing fertile ground for innovative products like hybrids?
  • Bonds vs loans: Can the Hybrid product contribute to making bonds more preferable as a whole?
  1. Professor Trevor Williams, Chief Economist, Lloyds Banking Group
09.45 How are rating agencies reassessing hybrids and what metrics will be key in rating decisions going forward? 
  • Rating agency treatment as market makers: Are further hiccups to be expected?
  • How would rating agencies like to see corporate hybrids develop with a view of establishing a reliable product?
  • Rating financials: How are rating agencies assessing CoCos and is widespread rating for financials a feasible expectation?

Magnus Braun, Head of Capital Planning & Rating, If P&C Insurance
Oliver Schuh
, Director, Leveraged Finance, Fitch Ratings
Laurie Mayers
, Associate MD, European Banking Division, Moody's Investor Service
Trevor Pritchard
, MD & Analytical Manager, Corporate Ratings, Standard & Poor's Rating Services
Moderator: Cecile Bidet, MD, Ratings Advisory Group, Societe Generale

10.30 Morning refreshments and networking break11.15 Breakout sessions
The conference will divide into two separate streams on FIs and Corporates, evaluating drivers for both of these distinct, yet interlinked markets.Stream One - Financials11.15 Structuring CoCos: Pricing, deal structures and challenges 
  • Navigating regulatory requirements and Coco structures: Analysing flexibility and deal structures
  • Developing a competitive product in light of tight regulatory parameters 
  • Additional Tier 1 capital attractiveness: How do CoCos fit into the capital structure? Where does their competitive advantage lie?
  • Highlighting competitive pricing due to limited investor base
  1. Christoph Hittmair, Managing Director, Global Head of FIG - DCM, HSBC
  2. Barbara Ginet, Managing Director, Group Treasury - Global Head of Funding, UBS
  3. David Sismey, Managing Director, Co-Head of FIG - DCM, Goldman Sachs
  4. Moderator: Brad Golding, Managing Director, Christofferson, Robb & Co.
12.00 Exploring tensions between fragmentation and harmonisation of the European HY financials market 
  • Highlighting differences on jurisdictional interpretations of European regulatory guidelines: How does this affect CoCo issuance patterns?
  • Is the market moving toward an integrated issuance approach?
  • Where does the market expect most activity?
  1. Miray Muminoglu, Group Treasury, Head of Long Term Unsecured Funding and Capital Issuance, Barclays
  2. Laurent Frings, Co-Head of EMEA Credit Research, Aberdeen Asset Management
  3. Moderator: Gilles Renaudiere, Senior Structurer, Capital Products, BNP Paribas
12.45 Lunch14.00 Alternatives to CoCos: What other options do financial institutions have to meet regulatory requirements?
  • Exploring the competitive landscape of CoCo issuers 
  • Given an expected oversupply of hybrid bonds on the FI side, how can lesser known players best position themselves to catch investor attention?
  • How are banks assessing asset disposal as a feasible alternative?
  1. Georgina Aspden, Executive Director, Global Fixed Income and Currency, Goldman Sachs Asset Management
  2. Christy Hajiloizou, Senior Credit Research Analyst, Barclays
  3. Moderator: Jonathan Gold, MD, Corporate Finance - FIG, Deutsche Bank
14.45 Insurance hybrids: Another regulation-driven trend? Investigating issuance and investment challenges
  • Analysing the risk level uncertainty in light of regulatory changes
  • To what extent can the introduction of risk based capital regimes improve insurance hybrid attractiveness?
  • Is pricing competitive enough to make the product attractive investment despite extensive risk analyses requirements?
  • How do issuances in different jurisdictions in Europe differ? What are the implications for investors?
  1. Simon Rich, Group Treasurer, Aviva
  2. Matthias Lehmann, Treasury Director, Group Funding, Swiss Re
  3. Nigel Howells, Head of Capital Securities, UBS Investment Bank
  4. Theo Lentzos, MD, Head of European Insurance DCM and Corporate Banking, Bank of America Merrill Lynch
  5. Moderator: Miranda Leung, Partner, Slaughter and May
15.30 Afternoon refreshments and networking break
16.00 Challenges of investing in an unstable risk structure: The investors’ perspective
  • How safe is it to hold CoCo assets in the long term? Is regulation expected to change? 
  • Do investors understand risks enough? Discussing concerns of investor flood outs if market becomes too risky
  • Discussing asset managers launches of specialised CoCo funds. Will this help to move product in a distinctly institutional direction?
  • Analysing regulatory constraints for investors on the institutional side
  1. Robert Montague, Senior Financials Credit Analyst, ECM Asset Management
  2. Michael Hünseler, Head of Credit Portfolio Management, MD, Assenagon Asset Management
  3. Sebastiano Pirro, Analyst, Algebris
  4. Moderator: David Saab, Executive Director, JP Morgan Wealth Management

Stream Two: Corporate Hybrids

11.15 Examining corporate hybrid attractiveness given the current credit climate 

  • Exploring the main drivers of corporate hybrids: Rating agency treatment and tax benefits 
  • Trends in structuring corporate hybrids: Analysing pricing and maturities 
  • A closer look at different hybrids: Convertible, perpetual and PIK structures
  1. Jonathan Blondeau, Executive Director, DCM Capital Solutions, Santander Global Banking & Markets
  2. Vincent Vignale, Director, DCM Origination, Citi
  3. Mirko Gerhold, Managing Director, Head of DCM Bonds Solutions, Commerzbank
  4. Thomas Flichy, Head of Capital Products & Advisory, Barclays
  5. Moderator: Veenay Chheda, Capital Structuring, RBS
12.00 Issuers’ perspective: What is motivating issuances of corporate hybrids?
  • Examining rating agency benefits and deleveraging drivers
  • To what extent are tax treatment benefit decisive for hybrid issuances? 
  • Exploring issuance scenarios: Acquisitions, refinancing and pension liability financing
  1. Johan Gyllenhoff, Group Treasurer, Vattenfall
  2. Neil Garrod, Group Treasury Director, Vodafone
  3. Victor Pastor, CFO, FCC
  4. Moderator: Oliver Storey, Partner, Slaughter and May
12.45 Lunch14.00 What are the potential growth areas for corporate hybrids?
  • Growing issuance of hybrids for pension liabilities 
  • How do hybrids fit into restructuring stories?
  • Analysing deleveraging trends through hybrids 
  • Oil and Gas: Examining expectations of hybrid issuances in the sector following market stabilisation
  1. Knut Bergo, Partner, Wiersholm
  2. Kaare Sverdrup, Partner, Wiersholm
14.45 Presentation: What drives the issuance of corporate hybrids: IFRS accounting ratios vs credit trading treatment

  • How do hybrid issuers differ from non-hybrid issuers?
  • What triggers the issuance of corporate hybrids: Changes in IFRS accounting
  • Pricing of corporate hybrids: What factors determine the spread of hybrids?
  1. Martin Schmidt, Professor, Department of Financial Reporting & Audit, ESCP Europe
15.30 Afternoon refreshments and networking break16.00 To what extent do hybrids offer realistic scope for portfolio diversification and multinational corporate exposure for investors?
  • How do hybrids fit into senior unsecured investment strategies?
  • Scrutinizing attractiveness of acquisition related hybrid issuances and equity investments
  • How are investors judging call option uncertainty?
  • As the market matures, will investors be willing to invest in riskier, lesser known issuer hybrid deals?
  • Will growing success of the product attract more institutional investors?
  1. Julian Marks, Portfolio Manager, Neuberger Berman
  2. Andrey Kuznetsov, Credit Analyst, Hermes Investment Management
  3. Vianney Hocquet, Credit Portfolio Manager, Pioneer Investments
  4. Moderator: Jonathan Pitkanen, Head of IG Research, EMEA & Asia Fixed Income, Columbia Threadneedle

17:00 Chairperson’s closing remarks followed by drinks reception and close of conference