Leveraged Finance Day

10 OCTOBER 2017, THE WALDORF HILTON, LONDON

    • 08:30

      Registration

    • 08:45

      Breakfast

    • 09:30

      Welcome Remarks

      Providing a context for the day’s discussions, the chairperson summarises the year to date.

    • 09:45

      Keynote: When will the music stop?

      The speaker will examine the wave of liquidity in the leveraged finance market and how sustainable it is. They will consider the underlying market drivers, the impact of potential rate rises and factors driving flows into leveraged loan and high yield funds as well as the outlook for the remainder of 2017.

    • 10:15

      Financial sponsor outlook – abundant liquidity and sky-high valuations

      Leading financial sponsors discuss taking advantage of the availability of debt amid inflated EV expectations

      • How low can we go?
      • Restricting transferability language
      • Lev loans, high yield or private debt – what to tap when
      • Fund financing and boosting IRR
      • Zero cashflow investments – an opportunity?
    • 11:00

      Networking coffee

    • 11:45

      Mapping out termsheet changes – what are you missing?

      Overview of covenant trends and the main warning signs in documentation that investors should be aware of.

    • 12:00

      High yield – the tourist destination of 2017

      A variety of buyside and syndicate views on the prolonged flurry of high yield issuance. Discussion includes erosion of covenant terms, record tight pricing, loan market cannibalisation and the impact of the market abuse directive on reporting requirements.

    • 12:30

      In conversation with the ECB

      An in depth look into the ECB’s leveraged finance guidelines with the bank’s project supervisor.

    • 13:00

      Networking Lunch

    • 13:45

      LP Interview

      Limited partners investing in private credit, fixed income and private equity discuss their perspectives on the different markets.

      • Fixed income or alternatives: who will be the biggest beneficiary?
      • Choosing between pooled or managed accounts in private credit
      • When will LPs bypass the manager and go direct?
      • Do performance fees have a place in loan funds?
      • Carry incentive in private debt – the big debate
    • 14:15

      Debt funds go large

      Direct lenders are graduating into the big leagues and proposing a real alternative to the leveraged loan and high yield markets. How big can they go and how will they get there?

    • 15:00

      Networking coffee

    • 15:20

      Issuers / Borrowers discussion

      Alternative to single case study, this panel of interesting borrowers with bonds and loans (and/or private debt) in the capital structure. Insights for bookrunners and advisors on the decision-making process and financing needs.

    • 15:50

      Is the CLO model in jeopardy?

      CLO managers will discuss this year’s developments in the industry.

      • The impact of dwindling TLB spreads on CLOs
      • The future for CLO liabilities
      • Are managed accounts a threat to CLOs?
      • Are CLOs broadening their investment scope?
    • 16:30

      Loans and bonds - where to invest

      This panel will look at maximising returns in a yield-parched European environment through considering CCCs, dollar-denominated bonds, hybrids and US High Yield opportunities. Searching for yield in stressed sectors such as retail and energy while participation in leveraged loans on the rise.

    • 17:00

      Drinks