5th Annual Nordic High Yield Bonds Conference

8:15AM Registration and coffee

9:00AM Chairperson’s opening remarks

Edward Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings

9:15AM Keynote address: Brexit, ECB bond purchases and negative rates: The macro impact on Nordic high yield

• Enduring macroeconomic uncertainty in a globalising Nordic market

• Prospects for new issues and internationalising investor demand

• The latest EU directives and how they affect Scandinavian markets

9:45AM Kick-starting a ‘pan-Nordic’ High Yield Bond market: Identifying the best method

• Creating an attractive market for potential issuers despite a cheaper bank market
• Facilitating a more dependable and stable investor base
• Which sectors exemplify the move towards a pan-Nordic market?
• Paving the way towards consistent, standardised documentation
• How desirable is the ‘Europeanisation’ of Nordic deal structures?

10:30AM Morning refreshments and networking break

11:15AM Building on growing real estate issuance: Can it indicate wider sectoral growth in high yield?

• Evaluating demand for diversity from bondholders in the face of sustained oil price volatility
• Will more favourable pricing encourage new issues?
• Impact of investor hunt for yield on real estate issuance
• Do burgeoning numbers of Swedish transactions translate to the rest of the Nordic market?

12:00PM A fast expanding investor base: Building consensus on terms, mandates and investor security

• Importing influence from US & European style terms
• What role do shadow ratings play in influencing investor interest?
• Does a widening investor base guarantee a widening issuer base?
• How can investors influence documentation to create more diverse mandates
• Incurrence vs maintenance covenants: Which is more conducive to increasing investor demand?
• How much security are investors willing to sacrifice to enter the market?

12:45PM Networking lunch

2:00PM To what extent would “Europeanised” deal structures incentivise issuers to tap the bond market?

• Adapting funding and capital structures to incentivise investor demand
• Building a subscriber base for bond issues in the face of more expensive bank lending
• Is a smaller amortizing piece in the capital structure a key feature for borrowers?
• Achieving favourable pricing amidst macro uncertainty

2:45PM Establishing optimal restructuring procedures for Norwegian oil services: Creating borrower flexibility

• How has pricing affected the holding strategy of investors for oil-services assets?
• Options for restructuring transactions: Debt-Equity swaps; recaps; rights-issues
• How do banks extract the best value out of balance sheet when restructuring?
• Is the oil services sector overdue for consolidation?

3:30PM Afternoon refreshments and networking break

4:00PM Presentation: Outlook for OSV companies: How is the market changing in the face of ongoing restructurings?

1. Hilde Drønen, CFO, DOF

4:30PM Presentation: The Emergence of Private Debt: Structural Features and Advantages in Direct lending

• Overview of the private debt market in Europe and Scandinavia
• Are we seeing a diversifying range of private debt products on offer?
• Structural features and advantages of private debt

1. Mark Jochims, Principal Private Lending, BlueBay Asset Management

5:00PM How will the growth of direct lending compliment a growing bond market? Is it a competitor?

• How are lenders responding to diversifying liquidity sources for Nordic borrowers?
• What structures are available for Nordic borrowers seeking alternative lending?
• Lending covenants in the institutional market: What are the advantages to borrowers?
• Is growth in lending resources symbolic of an internationalising market?

5:45PM Chairperson’s closing remarks followed by cocktail reception

8:45AM Networking and coffee

9:15AM Chairperson’s opening remarks

9:30AM What role can private equity play in helping to diversify the high yield market?

• Drivers for bond-driven acquisition and infrastructure finance
• Can the bond market realistically compete with the leveraged loan market?
• Is M&A volume overly dependent on a strong oil price?
• Term Loan B has an alternative to the HY market for PE-driven issuance

10:15AM Facilitating a healthy secondary market: Does greater diversity mean greater liquidity?

• How are bondholders responding to initiatives to bring greater transparency?
• Are Nordic banks equipped to pair buyers and sellers on an agency basis?
• Do e-trading solutions have a role to play in creating a stable high yield market?
• With greater warehousing costs for banks, can investors make markets & prices?

11:00AM Expensive debt or cheap equity? Exploring drivers for hybrid issuance and investor base growth

• Are corporates convinced of the flexibility offered by hybrid-driven equity?
• Are hybrids still seen as ‘last resort’ lending?
• Exploring prospects for hybrid-driven acquisition financing
• Defining investor appetite for higher than average yields on hybrid coupons

11:45AM Morning refreshments and networking break

12:15PM Roundtable discussions

Regional & sectoral roundtable discussions, each hosted by an industry specialist. This structured networking opportunity allows you to put your questions directly to the host and stimulate discussion among delegates.

• Restructurings: Oil Producers and Services Companies - Simon Redmond, Director, S&P Global Ratings
• Norwegian sectoral diversity - Susan Liow, CFO, DigiPlex
• Private Equity - Carlo Lugani, Head of HY & Convertible Origination, SEB
• The Swedish HY Market - Markus Wirrenhammar, Head of Debt Capital Markets, Pareto Securities
• Macro Drivers of European Leveraged Credit - Edward Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings

1:15PM Chairperson’s closing remarks followed by lunch and close of conference