13th Annual European High Yield Conference | afme

13th Annual European High Yield Conference

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

Agenda

08:00

Seminar registration and refreshments

08:30

Morning seminar: The Evolution of Covenants in Europe
Hosted by: Covenant Review
The pace of covenant amendments to deals in the European high yield market this year has increased considerably alongside the continued attempts by sponsors and corporates to expand covenant flexibility.

  • moving the Market? Will the increased flexibility afforded to sponsors and issuers change the way the market operates?
  • moving targets? Which terms are most likely to be amended on the road?
  • wiggle room? How will expanded covenant flexibility impact pre-insolvency balance sheet restructurings?
  • recovery (or not)? Will increased flexibility have a downward impact on recovery rates?
  • what’s next? How can the market best accommodate continued evolution of covenant terms whilst also remaining robust and resilient?

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

Panellists:
Jonathan Butler, Managing Director and Head of the European Leveraged Finance Team, PGIM Fixed Income
Aseet Dalvi, Counsel , Cleary Gottlieb
Ash Heatwole, Credit Analyst, Shenkman Capital Management
Rebecca Marques, Partner, Milbank Tweed Hadley & McCloy
Stephen Smith, Leveraged Finance Syndicate, Barclays
James Yu, Partner, EQT Partner

09:00

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, AFME

10:40

Heads of European High Yield and 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:
Ward McKimm, Co-Global Head of Leveraged Finance and Partner, 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: Update on Recent Listing Trends and Initiatives Taken in the Context of MAR

Carlo Oly, Head of Relationship Management, International Primary Markets, Luxembourg Stock Exchange

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
12:20

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
Miranda Staveley, Vice President, Accounts, H4
Mikkel Velin, Co-Founder, YouLend

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?

Moderator: 
Michael Dakin, Partner, Clifford Chance

Panellists: 
Joe Bishay, Managing Director, Head of European Leveraged Finance Capital Markets, Bank of America Merrill Lynch
Christian Knitzschke, Managing Director, Head of Leveraged Finance and High Yield Syndicate EMEA, BBVA
Eden Riche, MD, Head of High Yield and EM Syndicate, ING
Benjamin Thompson, Managing Director, J.P. Morgan

13:10

Networking lunch

14:10

Panel discussion: Europe vs. US - Similarities and Differences

  • comparative analysis of the markets – structure, practises, depth liquidity
  • underwriting practices
  • how are the markets converging or diverging?
  • why are European settlements slower than the US?
  • will we continue to see investor and issuer crossover?
  • what policy changes could affect the markets going forward?
  • forecasts for the US and European markets

Moderator: 
Francesco Lione, Partner, Latham & Watkins

Panellists:
David Forgash, Portfolio Manager, High Yield, PIMCO
David Riley, Head of Credit Strategy, BlueBay
Natalia Sokolova, US counsel, Ashurst
Susana Teixeira Gomes Leith-Smith, Managing Director, Leveraged Finance, Barclays

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?

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

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

15:00

Networking break

15:30

Panel discussion: Trends and Outlook in 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:
Jermaine Jarrett, Head of High Yield Syndicate, Crédit Agricole CIB
Jacques McChesney, Partner, Shearman & Sterling
James Yu, Partner, EQT Partners

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

Moderator:
Tony Lopez, Partner, DLA Piper

Panellists:
Dr Sabine Dittrich, Head of Regulatory Intelligence, UBS Asset Management
James Knightley, Chief International Economist, ING
Jonathan Latham, Head of London High Yield Capital Markets, Societe Generale
Martin Parkes, Managing Director, BlackRock, BlackRock

17:10

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

17:15

Drinks reception