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Agenda Overview

Day One: Wednesday, March 29, 2017

8:15AM Registration & Refreshments
9:00AM Chairperson's opening remarks
9:15AM Analysing the macro-economic factors contributing to record market volumes
  • In times of low interest rates, what are the implications for the Schuldschein product?
  • Comparing Schuldschein to its unrated bond and syndicated loan alternatives
  • Assessing the challenges for Schuldschein during a period of high liquidity
Andreas Petrie, Head of Primary Markets, Helaba
Ralf Umlauf, Head of Floor Research, Helaba - Landesbank Hessen-Thuringen Girozentrale
9:45AM The Schuldschein as a resilient financing source in turbulent times: Issuer and arranger experience of using the instrument in different market environments
  • How does the Schuldschein experience differ to alternative products?
  • What do corporates look for from arrangers and investors in a Schuldschein deal?
  • Are issuers looking to squeeze in deals for long-term financial stability?
Raphael Klein, Manager of Corporate Finance, Lufthansa
Ralf Kesten, Manager, Treasury, Steinhoff Europe
Marc Trinkaus, Partner, Banking, Linklaters
Bettina Streiter, Head of Corporate Origination, DZ Bank
Sascha Röber, Head of Financial Management, Schön Klinik
10:30AM Mid-morning refreshments and networking break
11:15AM Growing interest from the East: How do Asian investors view the Schuldschein market?
  • What are the challenges for Asian investors? Are there differences in legal requirements compared to Asia-specific investments?
  • How important is it for issuers to have a rating? Is there a greater need for corporate transparency?
  • What are the drivers for Asian investors financing Schuldschein transactions?
Christian Storck, Partner, Linklaters
Sven Plass, Assistant General Manager, Head of Commercial Division II, Bank of China
Michael Wolber, Head of Customer Relationship Management, VietinBank
Dr. Michael Lamla, Head of Corporate Banking, Agricultural Bank of China
Stefan Strater, General Manager, Local Business Division, Industrial and Commercial Bank of China
12:00PM Increasing interest from abroad: Analysing Schuldschein’s changing identity under internationalisation
  • Is the German Schuldschein product changing due to the demands of international players?
  • Will the standard Schuldschein documentation need to be changed?
  • Is there an increasing trend in bespoke Schuldschein deals? Can the smaller banks capitalise on this opportunity?
  • How does the introduction of new currencies affect the structuring of the standard Schuldschein product?
  • Middle East Case Study: Etihad Airways Issuance
  • French Case Study: Groupe SEB
Raoul Hessling, Schuldschein Specialist, BNP Paribas
Emmanuel Arabian, VP Group Finance and Treasury, Groupe SEB
Oliver Dreher, Partner, CMS Hasche
Michael Schulz, Head of Fixed Income Research, NORD/LB
Karl Schwab, Fresenius SE & Co. KGaA
Klaus Pahle, Head Of Schuldschein Desk, ING Wholesale Banking
12:45PM Lunch
2:00PM How is documentation adapting to the increasing complexity of the Schuldschein market?
  • Does the use of international subsidiaries increase the demand for legal input in a Schuldschein transaction? What happens during times of default?
  • Are the overall number of pages and covenants increasing in Schuldschein contracts? If so, why is this?
2:30PM Green Schuldschein: A new string to the Schuldschein bow or a marketing tool?
  • How is a Green Schuldschein deal structured in comparison to the normal vanilla product?
  • What are the attractions of a Green Schuldschein over the traditional Schuldschein and other funding sources?
  • Are there any investor preferences and issues with pricing specifically related to the Green product?
  • A discussion on the Acciona, Nordex and FrieslandCampina deals
Klaas Springer, Director, Corporate Treasury, FrieslandCampina
Robero Cabrera Ferreira, Finance Director, Acciona SA
Michael Mattig, Group Lead, Treasury, Transaction & Inhouse Banking, Nordex SE
Heiko Möhringer, Senior Originator DCM Originations, BayernLB
Manuel Adamini, Director, Investor Outreach & Partners Programme, Climate Bonds Initiative
3:15PM An update from the European Commission: How will Schuldschein and other private placements act as building blocks for the Capital Markets Union?

• What progress has the CMU made and what are the next steps in 2017?

• Where does the CMU see Schuldschein in relation to the debt and corporate bond markets?

• Where are the challenges going ahead with the integration of the product into the CMU?

Niall Bohan, Head of Unit Capital Markets Union, European Commission
3:35PM Mid-afternoon refreshments and networking break
4:05PM Champagne Roundtables

This is your chance to meet and greet via face to face sessions in smaller groups. The host will spend 30 minutes at each table before rotating to the next. There are no presentations or structured Q&A – see this as an opportunity to ask the questions you want in an informal and relaxed way before we break for drinks.

  • Legal perspective
  • Arranger perspective
  • The key to structuring a Green Schuldschein

Hans Biemans, Head of Sustainable Markets, ING Wholesale Banking

  • Rating agency perspective: How can ratings be used in Schuldschein?

Rolf Urban, Senior Director, Business & Relationship Management, Corporates, Fitch Ratings

  • Issuer experience: Reflecting on one of the biggest Schuldschein deals in 2016

Severin Weig, Group Treasurer, HeidelbergCement

  • Asian Investor
  • Issuer Experience: Restructuring the Schuldschein a year after completion 

Ralf Kesten, Manager, Treasury, Steinhoff Europe

Day Two: Thursday, March 30, 2017

8:30AM Morning refreshments
9:00AM Chairperson's opening remarks
9:15AM Is a rating necessary in Schuldschein?
  • How can a rating be used in a Schuldschein transaction?
  • With increasing internationalisation and regulatory change, how much more value is there in receiving a rating?
  • What are the pros and cons of using a rating?
  • Can a rating help maintain the credit quality of Schuldschein issuances?

Stefan Rausch, Head Credit Research, Helaba will give a short presentation before joining fellow panellists to discuss the involvement of ratings in the Schuldschein market

Rolf Urban, Senior Director, Business & Relationship Management, Corporates, Fitch Ratings
Willi Doerges, Director, Corporate Capital Markets, LBBW
Ulrich Kirschner, Credit Research, Senior Credit Analyst, Helaba
10:00AM Investors in Schuldschein: With increased market liquidity, where is the value in investing in Schuldschein?
  • Adapting to a widening investor-base and increased competition
  • What criteria do issuers need to fulfil and how are they assessed?
  • How are investors adapting to changes in issuers’ demands?
  • Evaluating the competition provided by private equity and debt funds to the traditional sources of financing
Christian Hendker, CFA Head of Fixed Income Research, Talanx Asset Management
Gerald Buresch, Head of Schuldschein, Kreissparkasse Ludwigsburg
Tilo Brauer, Portfolio Manager, Lebensversicherung von 1871 a.G.
Paul Kuhn, Head of Dcm Origination Corporates, Bayerische Landesbank
10:45AM Mid-morning refreshments and networking break
11:15AM Where are the advantages in using a structured Schuldschein / Namensschuldverschreibung (NSV)?
  • Comparing structured Schuldschein and Namensschuldverschreibung (NSV) against a project bond
  • What are the legal and rating requirements for such a deal?
  • Are investors having a yield advantage compared to other investments?
  • Which asset classes are more suited to the longer tenors?
Christian Wolff, Director Corporate Finance, Helaba
Oliver Dreher, Partner, CMS Hasche
Claus Fintzen, CIO and Head of Infrastructure Debt, Allianz Global Investors GmbH
12:00PM Looking into the crystal ball: Will the Schuldschein market still be expanding in 2020?
  • How is Schuldschein changing? Structuring deals with longer tenors and increasing M & A activity
  • Avoiding a bubble: Is there a threat of less credit worthy issuers joining the market? 
Stefan Sigrist, Senior Project Manager, NORD/LB
Klaus Pahle, Head Of Schuldschein Desk, ING Wholesale Banking
Dr. Michael Lamla, Head of Corporate Banking, Agricultural Bank of China
Florian Denis, Policy Officer, European Commission
12:45PM Chairperson’s closing remarks followed by lunch and close of conference