14th Annual European High Yield Conference | afme

14th AnnualEuropean High Yield Conference

14 Oct 2019 etc. venues St. Paul's, London



Seminar registration and refreshments


Morning seminar: TBD
Hosted by Covenant Review


Conference registration and refreshments


Opening remarks


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?

Moderator: Kevin Muzilla, Partner, Allen & Overy

Matthew Cestar, Managing Director, Co-Head of EMEA Investment Banking and Capital Market, Credit Suisse
Diarmuid Toomey, Head of European High Yield Capital Markets, Deutsche Bank


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?

Moderator: Michael Dakin, Partner, Clifford Chance


Marwa Elborai, Partner, Capital Markets, Shearman & Sterling
Jane Gray
, Head, Covenant Review


Networking break


Morning keynote address: TBD

Nicky Morgan MP, Chair, House of Commons Treasury Select Committee

Q&A moderated by Simon Lewis OBE, Chief Executive Officer, AFME


High Yield Investors Introduction 


High Yield Investor Panel: Portfolio Management and Investment Decisions

  • How does high yield compare as an asset class to other investment choices?
  • Relationship between covenants/structures and price
  • How do you prioritise pushback on covenants/structures?
  • Systemic vs. Systematic risk: which if the greater determinant of portfolio performance?
  • Is there such a thing as a smart beta in high yield investing?
  • Do the current reporting requirements still enable investors to monitor and reconcile the issuer’s actions and performance?

Moderator: Trevor Ingram, Partner, Capital Markets, Shearman & Sterling


Networking lunch


Panel discussion: Underwriting Standards and What is Driving Them

Issuer Case Studies: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?

Debate: Green Bonds and ESG Investing: Just a Trend or Here to Stay?

  • 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?

Panel discussion: Private Equity


Networking break


Presentation: Update on Listing Trends and Exchange Requirements

Speaker: Fiona Le Poidevin, CEO, The International Stock Exchange Group



Panel discussion: High Yield Question Time – What will High Yield Look Like in 5-10 Years’ Time? 

Moderator: Tony Lopez, Partner, DLA Piper

Haden Henderson,
Partner, Baker & McKenzie


Closing remarks

Gary Simmons, Managing Director, High Yield and Prime Services, AFME


Drinks reception