Debtwire Europe 2021

room The Landmark, London
  • 09:15

    Welcome remarks

  • 09:20

    Keynote: Distressed European Outlook

    The keynote will focus his speech on the current market environment and opportunities.

  • 09:40

    EU Restructuring data

    The Debtwire restructuring database team will give an overview of the main restructuring processes that have taken place in the past year in Europe, analysing the types of proceedings being used, key players and trends relevant to business development research.

    SM
    Shab Mahmood Restructuring Analyst, Debtwire
  • 09:50

    Panel: European outlook overview

    This session will outline the restructuring trends and market outlook in Europe after the impact of COVID-19, and what the opportunities are for distressed investors.  

    • How will investors source opportunities in the following years?
    • Which regions and sectors are investors focusing their origination efforts on? 
    • What do investors perceive as the main challenges to investing in distressed debt or special sits?
    Chiara Elisei
    Chiara Elisei Managing Editor, Debtwire
  • 10:30

    Networking Break

  • 11:00

    Panel: Restructurings in aviation - key considerations: Chapter 11 or UK scheme?

    • Cape Town Convention and its implications in restructurings
    • How do you structure a deal when the outlook is so uncertain? Do you just keep kicking the can?
    • Focus on some cases such as Swissport, Gategroup, MAS, Avation, Nordic Aviation Capital round one.
  • 11:40

    Panel: Spain

    Manuel Rodríguez
    Manuel Rodríguez Country Head – Spain, Sanne
    Chiara Elisei
    Chiara Elisei Managing Editor, Debtwire
  • 12:20

    Networking Lunch

  • 13:20

    Panel: Italy

    • Public and private intervention are getting increasingly intertwined in distressed world, with initiatives such as Patrimonio Rilancio complementing or substituting private solutions. How do you see the dynamics between the two play out in future restructurings?
    • A number of distressed names are coming back once again due to the longstanding inefficiencies in the Italian restructuring market: challenges and opportunities ahead
    • How Italian corporates will eventually come out of COVID-19 emergency measures 
    • An update on the scheduled reform of Italian insolvency law
    • Where do opportunities lie ahead for investors? Any sector in particular to closely watch?
    RE
    Rodolfo Errore President, SACE
    Igino Beverini
    Igino Beverini Managing Director - Deputy Head for Italy, Lazard
    PS
    Pietro Stella Partner, Fedaia Partners LLP
  • 14:00

    Legal panel: Views on restructurings on both sides of the Channel

    The UK’s new restructuring plan process is now in full swing, being used in household-name workouts including Virgin Active and NCP, and emerging as an operational, as well as financial, restructuring tool. However, its path has not been entirely smooth with concerns over international recognition surfacing. Meanwhile, there has been no shortage of courtroom drama as several high profile plans and CVAs have faced fierce creditor challenges. In this panel our speakers will reflect on some of the key takeaways from cases over the past year and discuss what the next 12 months may have in store for European restructurings.

    Hossein  Dabiri
    Hossein Dabiri Head of Court Reporting EMEA, Debtwire
  • 14:40

    Dutch scheme of arrangement

    In 2020 the Dutch Parliament adopted legislation that introduced the highly anticipated Dutch scheme of arrangement, finally affording the Netherlands a fit-for-purpose restructuring framework. The scheme, which swings into action in the autumn, will offer an alternative route for those Dutch debtors who, to date, have followed the well-trodden path to London’s High Court to take advantage of the UK scheme.  

    On stage, a representative partner from Dutch law firm Resor will discuss the challenges and advantages of the Dutch scheme of arrangement, after one year in place. 

  • 15:20

    Would you buy it? Fantasy Leveraged Finance

    This session puts panellists in the shoes of a leveraged finance investor. Case studies on potential bond and loan investments are discussed with a debate ensuing on whether they would buy or pass on the hypothetical investments. 

    Financials, covenants and relative-value are all considered with audience voting also monitored. The panel hopes to illustrate key factors in investment decision-making and how investors finalise their decision on whether to participate in leveraged finance deals.

    Clark Nicholls
    Clark Nicholls Senior Portfolio Manager, High Yield, AXA Investment Managers
    Jonathan Hosgood
    Jonathan Hosgood Managing Director , Credit Rubric
    Adam Samoon
    Adam Samoon Head of High Yield, Debtwire
  • 15:40

    Closing remarks and networking drinks

  • 09:15

    Welcome Remarks

    Dan  Alderson
    Dan Alderson Deputy Editor , Creditflux
  • 09:20

    Keynote: European overview in the leveraged market

    A key expert of the leveraged finance market in Europe, will provide an overview of the allocation decisions being taken by a prominent asset manager to capitalise across the fixed income spectrum.

  • 09:40

    EU data presentation on ESG

    Ben Watson
    Ben Watson Senior Market Analyst, Debtwire
  • 09:50

    Panel: Leveraged finance – ESG

    With 2021 fundraising in full swing, it is becoming clear now that ESG is at the top of LPs’ agenda when it comes to allocating their investment, and direct lenders are having to address it beyond a check-box exercise. The extra attention to environmental, social and corporate governance metrics is likely to exacerbate the bifurcation of the market as larger managers have the scale to devote resources to the effort, while LPs are continuing to favour established and predictable funds.

    When M&A was hit hard in late spring and early summer last year, portfolio work subsumed smaller firms and funds who took bets on trickier credits, while larger established funds were able to quickly work through the kinks and get back to deploying by autumn. Not only were those funds building ESG into new deals, there was a sense that a focus on investing with this criteria could create a more resilient portfolio and more influence in the investment process.

    While in the past some have brushed off ESG investing as “greenwashing” as the market has matured, LPs are now demanding managers go the extra mile.

    Diversity and inclusion in investment process are two things managers are focusing on, with committees paying special attention to them.

    LPs are also now requesting ESG reports, with S&P and the Big Four accountancy firms working on standardising ESG evaluation that can provide a score for due diligence and portfolio companies.

    A panel of experts will discuss the latest ESG trends and what’s the impact during an investment process.

    Evis Progonati
    Evis Progonati Deputy Managing Editor, Debtwire
  • 10:30

    Networking break

  • 11:00

    Panel: European High Yield - Bouncing back as issuance volumes boom in low-coupon environment

    The European High Yield market has recovered strongly from the initial onset of COVID with BofA euro High Yield index total returns recovering from a negative 20.8% in late March 2020 to end 2020 in positive territory with mid-single-digit total returns also expected this year.

    With index yields having tightened considerably, cheap issuance conditions have meant issuance volumes have surged with an increase in lower-rated issuance volumes too in 1H21. As market conditions look strong, this could be a bumper year for high yield issuance. 

    Certain high-beta previously volatile sectors such as the consumer sector have seen large issuance while reopening trade credits often bring grim initial metrics – however, the high-quality BB share of the existing high yield universe was close to record highs in 1H21. Has the pick-up in issuance volumes has been accompanied with a rise in fundamental credit quality?

    In secondary it is becoming harder to find value given the market has tightened so much. Some select stressed names offer compelling yields but are fraught with fundamental challenges. Investors are asking where the value opportunities are in the High Yield secondary market.

    Tim Morgan
    Tim Morgan Managing Director, Head of Leveraged Finance Syndicate Global Banking & Markets, HSBC Bank plc
    John Ryan
    John Ryan High Yield Portfolio Manager, Legal & General Investment Management (LGIM)
    Adam Samoon
    Adam Samoon Head of High Yield, Debtwire
  • 11:40

    Panel: LBO Market

    As the world starts to recover from the pandemic, our panel of PE heavyweights will discuss challenges and opportunities market disruption by the pandemic has presented. The sponsors will share lessons learned in managing their portfolio during the crisis and how that experience changed the way they look at opportunities to invest - does every asset has to be Covid-proof to be sold now?

    SM
    Simona Maellare Global Head of Financial Sponsors Coverage, Simona Maellare, Global Head of Financial Sponsors Coverage, UBS
    Maryna Irkliyenko
    Maryna Irkliyenko Editor, Debtwire
  • 12:20

    Networking lunch

  • 13:20

    Panel: Primary loan sentiments

    With opportunistic deals continuing to keep primary issuance busy, book building remains a tightening exercise for banks and sponsors. Even trickier credits seek to significantly cut margins as the market continues its post-2020 compression.

    Leverage finance is shielded from instant inflation risk, mainly due to floors on the base rates that protect it against rate hikes. However, long-term inflation risk is now on investors’ minds more than six months ago.

    The market is coming out of the pandemic with a massive boost of generous monetary policy and the buyside community is starting to question if valuations are real or not. Elevated loan prices are a result of dry powder, CLO printing frenzy and appetite for yield from IG investors, rather than flawless performance.

    Therefore lenders are sharping their pencils and beware not to make a false step.

    In this panel, we will explore how buysiders plan to act in front of lots of liquidity and what’s the best strategy to make the right decisions.

    Dan  Alderson
    Dan Alderson Deputy Editor , Creditflux
  • 14:00

    Legal panel: Challenging Climate for UK restructurings

    The UK’s new restructuring plan process is now in full swing, being used in household-name workouts including Virgin Active and NCP, and emerging as an operational, as well as financial, restructuring tool. However, its path has not been entirely smooth with concerns over international recognition surfacing. Meanwhile, there has been no shortage of courtroom drama as several high profile plans and CVAs have faced fierce creditor challenges. In this panel our speakers will reflect on some of the key takeaways from cases over the past year and discuss what the next 12 months may have in store for European restructurings.


    Hossein  Dabiri
    Hossein Dabiri Head of Court Reporting EMEA, Debtwire
  • 14:40

    Dutch scheme of arrangement

    In 2020 the Dutch Parliament adopted legislation that introduced the highly anticipated Dutch scheme of arrangement, finally affording the Netherlands a fit-for-purpose restructuring framework. The scheme, which swings into action in the autumn, will offer an alternative route for those Dutch debtors who, to date, have followed the well-trodden path to London’s High Court to take advantage of the UK scheme.  

    On stage, a representative partner from Dutch law firm Resor will discuss the challenges and advantages of the Dutch scheme of arrangement, after one year in place. 

  • 15:20

    Would you buy it? Fantasy Leveraged Finance

    This session puts panellists in the shoes of a leveraged finance investor. Case studies on potential bond and loan investments are discussed with a debate ensuing on whether they would buy or pass on the hypothetical investments.

    Financials, covenants and relative-value are all considered with audience voting also monitored. The panel hopes to illustrate key factors in investment decision-making and how investors finalise their decision on whether to participate in leveraged finance deals.

    Clark Nicholls
    Clark Nicholls Senior Portfolio Manager, High Yield, AXA Investment Managers
    Jonathan Hosgood
    Jonathan Hosgood Managing Director , Credit Rubric
    Adam Samoon
    Adam Samoon Head of High Yield, Debtwire
  • 15:40

    Closing remarks and networking drinks