13th Annual European High Yield Conference | afme

13th Annual European High Yield Conference

16 Oct 2018 etc venues St. Paul's, London

Agenda

For speaker opportunities please contact James Hodgson at james.hodgson@afme.eu or on +44 (0) 20 3828 2695.

08:00

Seminar registration and refreshments

Morning seminar

Morning seminar: Evolution of Covenants

Moderator: Sabrina Fox, Head of European High Yield Research, Covenant Review

Panellists:
Jonathan Butler, European Head of Leveraged Finance, PGIM Fixed Income

09:15

Registration and refreshments

09:45

Opening remarks and outlook for the European High-yield bond market

Speakers:
Youssef Khlat, Global Head of High-Yield Capital Markets, Crédit Agricole, Chair High-Yield Board, AFME
Gary Simmons, Managing Director, High-Yield and Prime Services, AFME

10:00

Morning keynote address
Tim Shipman, Political Editor, Sunday Times

Introduction and Q&A moderator: Simon Lewis OBE, Chief Executive Officer, AFME

10:40

Heads of European high-yield & leverage finance roundtable
Conversation with the industry leading heads of high-yield and leveraged finance, discussing current market trends and expectations for 2018.

  • review of the European high-yield market issuance and performance in 2018
  • effects of current and developing trends and practices in the industry
  • global economic factors: Brexit, fed rate hikes and trade sanctions
  • will we see more left lead US style deals in the European market?
  • what are the key factors that will influence the market in 2019 and beyond

Moderator: Jacques McChesney, Partner, Capital Markets, Shearman & Sterling

Panellists:
Mathew Cestar, Co-Head of Investment Banking and Capital Markets EMEA, Credit Suisse
Tanneguy de Carné, Global Head of High-Yield Capital Markets, Société Générale
Michael Marsh, Head of Leveraged Finance, Alternative Capital Raising and Co-Head of Real Estate, EMEA, Goldman Sachs
Diarmuid Toomey, Head of European High Yield Capital Markets, Deutsche Bank
Arnaud Tresca, Managing Director, Head of Corporate Leveraged Capital Markets, BNP Paribas

11:30

Networking break

12:00

Presentation: Impact of MiFID & MAR 1 year on

  • how has the implementation of MiFID II and MAR effected high yield trading?
  • what have been the practical changes in trade transparency, allocations and execution?
  • do MIFiD rules favour the left lead model?
  • what are the benefits, differences listing in the different European exchanges?
  • the future regulatory pipeline – what focus, and changes can we expect?

 

Presentation: Outlook for European CLO market

  • new developments of the CLO market in Europe
  • potential implications for the leverage loan market
  • are we seeing new structured products?
  • is CLO rapid market growth set to continue?
  • investor views on CLOs
  • credit rating of CLOs
12:40

Panel discussion: FinTech developments in High Yield

  • how is fintech disrupting the loans market?
  • how is FinTech reshaping asset management?
  • technology developments and impact on trade transparency and efficiency
  • what policy changes could affect the markets going forward?
  • forecasts for the US and European markets

Moderator: René Robert, Founder and President, AdvantageData

Panellists:
Fabrice Charretour, Managing Director, Global Head of High Yield Origination, UniCredit
Steven Hunter, Co-founder and CEO, 9fin
Joe Seifert, CEO and Co-founder, H4

 

Panel discussion: HY Syndicate and TLB syndicators: differences and similarities

  • why high yield? Experiences for a first time and experienced issuers
  • corporate TLB development – volumes, government, structures and comparisons with high yield
  • are loans and bonds complimentary or competition?
  • why are bonds settling T+2 while loans are settling T+30?

Panellists:
Christian Knitzschke, Managing Director, Head of Leveraged Finance and High Yield Syndicate EMEA, BBVA
Eden Riche, Head High Yield and EM Syndicate, ING
Benjamin Thompson, Managing Director, High Yield and Leveraged Loan Capital Markets, JP Morgan

13:10

Networking lunch

14:10

Panel discussion: Impact of MiFID & MAR one year on

  • how has the implementation of MiFID II and MAR effected high yield trading?
  • what have been the practical changes in trade transparency, allocations and execution?
  • do MIFiD rules favour the left lead model?
  • what are the benefits, differences listing in the different European exchanges?
  • the future regulatory pipeline – what focus, and changes can we expect?

Panellists:
Natalia Sokolova, US counsel, Ashurst

 

Panel discussion: Distressed debt and special situations

  • where are we in the credit cycle?
  • ‘stressed debt’ special opportunities
  • how should firms act now that there are fewer covenants and fewer cross border deals?
  • how have firms made money in a low default rate environment?
  • how are investors approaching leveraged credit and credit markets?
  • what is the distinct proposition on the attractiveness in leveraged loan market?
  • how have they fared in a low default rate environment?

Panellists:
Bill Ammons, Founding Partner and Portfolio Manager, Albacore
Sabrina Fox, Head of European High Yield Research, Covenant Review
James Greene, Partner, Capital Markets Group, White & Case
Clark Nicholls, Senior Portfolio Manager, Analyst, Fixed Income, AXA Investment Managers

15:00

Networking break

15:30

Heads of private equity roundtable

  • what influences the choice of financial instrument?
  • factors affecting current market liquidity
  • concerns regarding terms in documentation and covenant deterioration
  • maintaining an open dialogue with investors

Moderator: Tamer Bahgat, Partner, Ashurst

Panellists:
James Yu, Partner, EQT
Senior representative, Shearman & Sterling

16:20

High Yield question time - Outlook for European capital markets after Brexit

  • potential impact of Brexit on the loan market in Europe
  • will we see a new financial hub in Europe, and when would the shift happen?
  • buy and sell side views

Panellists:
James Knightley, Chief International Economist, ING

17:10

Closing remarks
Gary Simmons, Managing Director, High-Yield and Prime Services, AFME

17:15

Drinks reception