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About the conference

For 14 years, AFME’s European High Yield Conference has brought together the leading names in European high yield and loan markets to network and debate. This year the programme will feature in-depth analysis of crucial issues, discussions concerning opportunity and challenges facing the European high yield industry.

Registration fees:
AFME member: £599 + VAT
non-member: £999 + VAT

Multi-booking discount
save 10% when you book 3 or more delegate passes at the same time
save 20% when you book 5 or more delegate passes at the same time

Complimentary subject to verification:
Investor: promo code INVESTOR
Regulator: promo code REGULATOR
Press: promo code PRESS

Partners

Lead Partners
Premium Partners
Partners
Exhibitors

Who attends?

  • Institutional investors
  • Banks
  • Law firms
  • Issuers
  • Consultants
  • Technology firms
  • Exchanges
  • Regulators
  • Press

Why attend?

  • Meet over 350 senior level attendees
  • Build contacts in 4 hours dedicated to networking
  • Hear from up to 50 industry expert speakers
  • Join the debate in 6 hours of content designed and driven by market participants
  • Showcase solutions at the event exhibition space

Registration enquiries

For registration enquiries, please contact Events on events@afme.eu for assistance.

Agenda

08:30
Seminar registration and refreshments
09:00
Morning seminar: Late Cycle Covenants
Hosted by Covenant Review
  • Has the continued evolution of covenant flexibility reached snapping point?
  • Is investor pushback focusing on the right issues?
  • Where do covenant differences remain between high yield bonds and leveraged loans? Could the migration of loan terms into high yield bonds result in unintended consequences?
  • How will expanded covenant flexibility impact pre-insolvency balance sheet restructurings and future recovery rates?
  • How can the market best accommodate evolution of covenant terms while remaining a robust a resilient market?
Speakers:
Apostolos Gkoutzinis,
Partner, Milbank
Ross Curran,
Head of European High Yield, Alcentra
Saul Casadio,
Director, M&G
Yasmine Bassili,
Managing Director, Goldman Sachs
Moderator:
Jane Gray,
Head of European Research, Covenant Review
View details & speakers
09:15
Conference registration and refreshments
10:00
Opening remarks
Speaker:
Dominic Ashcroft,
MD, Co-Head Leveraged Finance Capital Markets, EMEA, Goldman Sachs
Chair:
Gary Simmons,
MD, High Yield and ECM, AFME
View speakers
10:15
Panel discussion: Heads of European High Yield and Leveraged Finance
Conversation between leading heads of high and leveraged finance businesses, regarding current market trends and expectations for 2020.
  • Review of the European High Yield market issuance and performance in 2019
  • Effects of current and developing trends and practices in the industry
  • Global economic factors affecting the markets
  • What key factors do you expect to influence the market in 2020 and beyond?
Speakers:
Arnaud Tresca,
Managing Director, Head of Leveraged Finance Capital Markets, Debt Markets, EMEA, BNP Paribas
Diarmuid Toomey,
Head of European High Yield Capital Markets, Deutsche Bank AG
Dominic Ashcroft,
MD, Co-Head Leveraged Finance Capital Markets, EMEA, Goldman Sachs
Mathew Cestar,
Co-Head of Investment Banking and Capital Markets, EMEA, Credit Suisse
Benjamin Thompson,
MD, High Yield and Leveraged Loan Capital Markets, J.P. Morgan
Moderator:
Kevin Muzilla,
Partner, Allen & Overy
View details & speakers
11:05
Panel discussion: Portfolio Management and Investment Decisions
  • A comparison of opportunities: high yield bonds vs. TLBs vs. alternative financing
  • Buy-side analysis of high yield transactions: what do investors look for?
  • Disclosure issues: what more do investors want to know?
  • Investor pushback: how and when?
  • Making the investment decision
Speakers:
Clark Nicholls,
Senior Portfolio Manager, Analyst, AXA IM
Jill Concannon,
Partner, White & Case
Rob Fawn,
Portfolio Manager, PGIM
Shoshana Harrow,
Senior Covenant Analyst, Covenant Review
Moderator:
Trevor Ingram,
Partner, Shearman & Sterling
View details & speakers
11:50
Networking break
12:15
Keynote address: Turning Ambition into Achievement
Jamil Qureshi,
Performance Psychologist
Q&A Moderator:
Simon Lewis OBE,
Chief Executive, AFME
View speakers
12:50
Panel discussion: Leveraged Finance Update: High Yield and Leveraged Loans in a Changing Market
  • High Yield Bonds vs. Leveraged Loans: convergence or replacement?
  • Private debt issuance
  • Risk retention and CLOs
  • Increased regulatory oversight of leveraged finance markets
  • Covenants: where are they going?
Speakers:
Christian Knitzschke,
Head of Leveraged Finance and High Yield Syndicate, EMEA BBVA
Luke Gillam,
Co-head, EMEA Leverage Capital Markets & Co-chair, Credit Markets Capital Committee, Goldman Sachs
Marwa Elborai,
Partner, Shearman & Sterling
Matthias Baudisch,
Partner, Allen & Overy
Murad Khaled,
Managing Director, High Yield & Leveraged Loan Capital Markets, Bank of America Merrill Lynch
Moderator:
Michael Dakin,
Partner, Clifford Chance
View details & speakers
13:35
Networking lunch
14:40
Panel discussion: Green Bonds and ESG Investing: Is It Mainstream Yet?
  • Why has there been a surge in demand for “green bonds” and other kinds of sustainable finance?
  • What is the economic value in ESG investing?
  • How relevant is the High Yield industry for ESG investing?
  • Rule 144A: how does the consultant’s report hold up?
Moderator:
Andrew Kelly,
Partner, Clifford Chance
Speakers:
Anna-Marie Slot,
Global Head of High Yield, Ashurst
Mario Campello,
Portfolio Manager, BlackRock
Tatjana Greil Castro,
Portfolio Manager, Global Credit Strategies, Muzinich & Co
Jacob Michaelsen,
Head of Sustainable Bonds, Nordea
View details & speakers
Panel discussion: Stressed/Distressed Debt
  • What are the current techniques and market trends in LM/exchanges?
  • LM techniques to manage stress and distress
  • Trends in issuer and bondholder behaviours
  • Are instances of aggressive issuer/debtor behaviour more marked in the context of high yield compared to other forms of financing?
Speakers:
Andrew Burton,
Head of DCMS Structuring, Credit Suisse
Christopher Foley,
Managing Director, Houlihan Lokey
Guy Morgan,
Managing Director, Perella Weinberg Partners
Moderator:
Aseet Dalvi,
Counsel, Cleary Gottlieb Steen & Hamilton
View details & speakers
15:25
Panel discussion: Private Equity
  • Credit Fund Financing, Term Loan B and High Yield - What influences the choice of financial instrument?
  • Potential factors affecting the current market liquidity
  • Market outlook for the UK vs mainland European countries - In light of current macroeconomics, are certain assets more appealing given potential EV?
  • What is driving the recent market activity?
  • What sectors in Europe are PE most attracted to in Europe? Is it based on jurisdiction?
  • What documentational terms are deemed to be the most material for a sponsor when deciding on appropriate financial product (e.g. coupon, non-call, timing, flexibility)?
Speakers:
Daniel Rudnicki Schlumberger,
Co-Head, Leveraged Finance, J.P. Morgan
Francesco Lione,
Partner, Latham & Watkins
Roxana Mirica,
Principal, Capital Markets, Apax Partners
Moderator:
Tamer Bahgat,
Partner, Ashurst
View details & speakers
Panel discussion: Update on Listing Trends and Exchange Requirements
  • A venue for every occasion: the thriving European ecosystem of listing and trading venues in Europe
  • Regulatory and investor push for transparency: role of exchanges
  • Reconsidering MAR pending the EU commission review: interaction with ESMA and industry interest groups
  • Listings only options, dual listings and green bonds exchanges
Moderator:
Ana Grbec,
Special Counsel, Milbank
Speakers:
Christian Dohmen,
Head of Debt Capital Markets, Luxembourg Stock Exchange
Fiona Le Poidevin,
Chief Executive Officer, The International Stock Exchange
Matthias Szabo,
Director Debt Listings, Vienna Stock Exchange
Maurizio Pastore,
Vice President, International Primary Markets, Euronext Dublin
View details & speakers
16:10
Networking break
16:40
Panel Discussion: High Yield Question Time – How can High Yield Stay Competitive?
  • Macro developments and the "view from 'the street'"
  • How can tech and AI help?
  • Do terms need to change?
  • Radical ideas about process
Speakers:
Haden Henderson,
Partner, Baker McKenzie
Rodolphe Blavy,
Deputy Director, European Office, IMF
Rui Hao,
Lead in Data Analytics, Research Associate and Data Scientist, Cambridge Center for Alternative Finance
Victor Jimenez,
European Corporate Leveraged Debt, Primary Markets Reporter, Reorg
Moderator:
Tony Lopez,
Partner, DLA Piper
View details & speakers
17:25
Closing remarks
Chair:
Gary Simmons,
MD, High Yield and ECM, AFME
View speakers
17:30
Networking blind wine tasting

Keynote speakers

Jamil Qureshi

Performance Psychologist

Speakers

Ana Grbec

Special Counsel, Milbank

Andrew Burton

Head of DCMS Structuring, Credit Suisse

Andrew Kelly

Partner, Clifford Chance

Anna-Marie Slot

Global Head of High Yield, Ashurst

Apostolos Gkoutzinis

Partner, Milbank

Arnaud Tresca

Managing Director, Head of Leveraged Finance Capital Markets, Debt Markets, EMEA, BNP Paribas

Aseet Dalvi

Counsel, Cleary Gottlieb Steen & Hamilton

Benjamin Thompson

MD, High Yield and Leveraged Loan Capital Markets, J.P. Morgan

Christian Knitzschke

Head of Leveraged Finance and High Yield Syndicate, EMEA, BBVA

Christopher Foley

Managing Director, Houlihan Lokey

Clark Nicholls

Senior Portfolio Manager, Analyst, AXA IM

Daniel Rudnicki Schlumberger

Co-Head, Leveraged Finance, J.P. Morgan

Dominic Ashcroft

MD, Co-Head Leveraged Finance Capital Markets, EMEA, Goldman Sachs

Francesco Lione

Partner, Latham & Watkins

Gary Simmons

MD, High Yield and ECM, AFME

Guy Morgan

Managing Director, Perella Weinberg Partners

Jacob Michaelsen

Head of Sustainable Bonds, Nordea

Jane Gray

Head of European Research, Covenant Review

Jill Concannon

Partner, White Case

Kevin Muzilla

Partner, Allen & Overy

Luke Gillam

Co-head, EMEA Leverage Capital Markets & Co-chair, Credit Markets Capital Committee, Goldman Sachs

Mario Campello

Portfolio Manager, BlackRock

Marwa Elborai

Partner, Shearman & Sterling

Mathew Cestar

Co-Head of Investment Banking and Capital Markets, EMEA, Credit Suisse

Matthias Baudisch

Partner, Allen & Overy

Matthias Szabo

Director Debt Listings, Vienna Stock Exchange

Maurizio Pastore

Vice President, International Primary Markets, Euronext Dublin

Michael Dakin

Partner, Clifford Chance

Murad Khaled

Managing Director, High Yield & Leveraged Loan Capital Markets, Bank of America Merrill Lynch

Rob Fawn

Portfolio Manager, PGIM

Rodolphe Blavy

Deputy Director, European Office, IMF

Ross Curran

Head of European High Yield, Alcentra

Roxana Mirica

Principal, Capital Markets, Apax Partners

Saul Casadio

Director, M&G

Shoshana Harrow

Senior Covenant Analyst, Covenant Review

Simon Lewis OBE

Chief Executive Officer, AFME

Tamer Bahgat

Partner, Ashurst

Tatjana Greil Castro

Portfolio Manager, Global Credit Strategies, Muzinich & Co

Tony Lopez

Partner, DLA Piper

Trevor Ingram

Partner, Shearman & Sterling

Victor Jimenez

European Corporate Leveraged Debt, Primary Markets Reporter, Reorg

Yasmine Bassili

Managing Director, Goldman Sachs

Youssef Khlat

Global Co-Head of the Leveraged and Telecom Finance Group, Crédit Agricole Corporate and Investment Bank