• 08:30

    Registration

  • Restructuring

    • 09:15

      Chair’s welcome remarks

    • 09:30

      Keynote: 50 Years of Z-Score models: What have we learned and applications in Financial and Restructuring Markets

      Dr Edward Altman will assess the application of the 50 year journey of Z-score models for restructuring and distressed debt. 

    • 10:00

      Panel: Distressed Investing- Market Trends and Outlook

      Expert fund managers and advisors discuss trends and hot topics impacting the restructuring market and opportunities for distressed investing.

      • What are the challenges in sourcing distressed investment and special situations opportunities?
      • 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 and how may these be overcome?
    • 10:45

      Networking Coffee

    • 11:15

      Case History

      Insight into a  recent restructuring.

    • 11:45

      Panel: Shortselling

      Panellists will discuss European short selling and draw upon recent case studies. 

      • Essential tool or damaging for the market? 

      • How to identify candidates 

      • Structuring and managing short trades 

      • Tactics used by hedge funds

    • 12:30

      Networking Lunch

    • 13:30

      Legal Developments in European Restructuring

      The EU restructuring directive was published in the Official Journal of the European Union on 26 June and will come into force in July. The countdown is on for EU member states to implement the directive by 17 July 2021. In this panel, legal experts from the UK, [Germany] and [the Netherlands] discuss how their countries are adopting the directive, the progress to date and the main changes affecting restructurings involving that jurisdiction, as well as debating which jurisdiction they predict will come out on top. 

    • 14:15

      Networking Coffee

  • Emerging Markets

    • 14:45

      Case Study

      Behind the scenes of a sovereign debt restructuring

    • 15:10

      Panel: Sovereign restructuring

      This panel will look at live restructuring cases including Mozambique, Republic of Congo and LatAm credits.

      • Key factors to consider in sovereign debt restructurings, disposals or purchase of loans in emerging markets.
  • Real Estate

    • 14:45

      Panel: Retail CVAs

      Amidst a growing number of high street retailers turning to CVAs; this panel will investigate the reasons why, recent trends and the types of challenges CVAs can face.  

      • What is a CVA and when are they used?  Why are they so useful in the retail / casual dining sectors?  

      • Dual track restructurings – CVA then scheme of arrangement  

  • 16:00

    Closing Remarks

  • Emerging Markets Dinner

    • 18:00

      Arrival

      6.00pm – 10pm Waldorf Hilton, London

    • 22:00

      Close

  • 08:30

    Registration

  • Spain

    • 09:10

      Chair’s welcome remarks

    • 09:20

      Panel: Opportunities and Challenges in the Spanish Leverage Finance Market

      Spain’s acquisition debt finance market continues to perform strongly. This panel will discuss key markets areas for leveraged finance in Spain. Panellists will examine key trends in the Spanish leverage finance including high yield, TLBs.  

      • What are the execution requirements particular to leveraged buy-outs in Spain?  
      • How do financial sponsors view the market?
      • Legal and Regulatory Issues in Spanish Leveraged Finance
    • 10:05

      Case Study: Restructuring of Abengoa

    • 10:30

      Networking Coffee

    • 11:00

      Panel: Litigation finance and claim trading

      This session will explore litigation funding in Spain alongside the buying and selling of claims. 


    • 11:45

      Panel: Direct lending landscape

      The Spanish market continues to witness growing interest by credit funds, who have significantly increased their activity in the country. Speakers will discuss the state of the market, strategies and trends in direct lending.  

      • How do borrowers using alternative lenders fare in comparison to obtaining bank debt?
  • NPLs

    • 09:10

      Chair’s welcome remarks

    • 09:15

      Snapshot: NPL Market

      Findings from Debtwire European NPLs 3Q19 Report

    • 09:30

      Panel: Securitisation of NPLs and Secondary markets

      With mounting pressure from European regulators on banks to deleverage balance sheets; securitisation has emerged as an efficient way to facilitate large volumes of NPLS disposals. This panel will discuss the appetite for NPL securitisations and its impact on secondary markets. 

      • Should we expect a continued increase in the use of securitisation structures for NPL resolution going forward or is there a border?  

      • What is the impact on residential NPLs? 

      • Is securitisation helping secondary markets? 

    • 10:10

      Q&A: Eurobank Deal

      On stage interview discussing securitisation of Eurobanks NPL portfolios and sale of NPL management platform. 

    • 10:30

      Networking Coffee

    • 11:00

      Q&A: Intesa Deal

      On stage interview discussing Intesa Sanpaolo and Prelios deal on a EUR 10bn UTP portfolio.

    • 11:30

      Panel: New Global Markets - Where next?

      With European banks in the process of cleaning up their balance sheets, investors’ attention is moving to the next frontiers. Chinese, Indian and Brazilian markets are gaining interest from international investors; we deliberate the outlook on various NPL markets across the globe. Panellists will discuss key markets and jurisdictions.

      • Where will NPL activity migrate?
      • Opportunities in established and emerging NPL markets
  • 12:30

    Networking Lunch

  • Italy

    • 13:30

      Chair’s welcome remarks

    • 13:45

      Panel: The distressed market- catching opportunities versus missing opportunities

      Diverging views emerge when it comes to assess the distressed market in Italy. As some buysiders actively seek and find investments there, for others the market could offer way more opportunities if some of its legacy issues were finally sorted out. Likewise, there seems to be a harp bifurcation between a very distressed end of the market and performing deals that have made the LBO space busy and competitive. Why is the market so polarised? What is the best strategy and entry point for distressed investors? Has direct lending - including in distressed deals - been on the rise, in line with most of European countries?

    • 14:35

      Networking Coffee

    • 14:55

      Panel: Developments in Italian insolvency law

      The Italian insolvency was amended once again earlier this year, with a strong focus on spotting the early signs of distressed and trying to prevent corporates to enter full blown restructuring. A working group of legal experts subsequently got together with a view of reviewing the reform and suggesting further tweaks to the Italian government in order to make it more efficient. Panellists will discuss the impact of the reform once it is fully implemented, and how the insolvency landscape in the country has evolved over the year.

    • 15:40

      Sector focus: Transportation

      This session will look at restructurings in the Italian transportation space.  Where is non bank financing coming from? What does the next year hold in terms of shipping loans and transactions? 

    • 16:15

      Chair’s closing remarks

  • Banking

    • 13:30

      Chair’s welcome remarks

    • 13:45

      Panel: Bank portfolio management strategies in the new regulatory era

      The cumulative effect of impending regulation on banks could require them to seek an additional €120 billion in capital, according to McKinsey. Further adjustments under Basel IV, the introduction of IFRS9 accounting standards and different provisioning needs forced by IRBBB come in addition to supervisors requiring higher capital thresholds under SREP. Credit investors are working to understand potential investment opportunities coming from bank instruments and portfolio management.  

      • How will banks allocate excess capital effectively, especially when managing stressed and regulatory capital?  
      • What has been the effects of the constraint in use of IRB approach to credit risk?  
      • “High funding costs from new issuance of eligible loss-absorbing liabilities could vary significantly from country to country if the EU cannot harmonise implementation throughout Europe,” according to McKinsey. How will institutions in different countries look to implement policy; what impact assessments are they undertaking  
      • Revised standards for use of IRB approach of risk weighted credit exposures
    • 14:45

      Networking Coffee

    • 15:15

      Panel: Investment opportunities in subordinated bank debt

      A panel of investors will explore the credit opportunities across the capital structure.  

      • Banks now have a deeper cushion of subordinated capital and new instruments such as CoCo’s have presented new opportunities for investors to consider. Flows into CoCo’s driven by QE suppressing yields in corporate market could be on the turn. How might volatility in the junior bank debt market play out, which geographies and business segments could see greatest volatility and how are investors approaching the different issuers and structures.  
      • The process of balance sheet strengthening means replacing legacy tier 1 bonds with new subordinated AT1 contingent convertibles before 2022. What is the effect on legacy subordinated bonds? Can these instruments be sourced given their scarcity and zero new issuance? What prices to they trade at?
      • How is the pipeline for new issuance of AT1 contingent convertibles to 2022 expected to play out? Regarded as more complex instruments, what are the risks and opportunities from investing in CoCos? How resilient are they in the event the issuer tips over?  
      • What is the outlook for funds buying into tier 2 instruments as a bet on state aid or ECB rulings?
    • 16:15

      Chair’s closing remarks

  • 16:30

    Drinks

  • 08:30

    Registration

  • Leveraged Finance

    • 09:15

      Welcome remarks

    • 09:30

      Keynote: Asset allocation

      Views from a multi-strategy fund on where they are allocating their money across different asset classes and why. How is uncertainty and the current geo-political environment impacting investment strategy? 

    • 10:00

      Five charts on covenants

    • 10:15

      Panel: The implications of aggressive transferability

      Sponsors are increasingly pushing for transferability clauses. This session will assess the impact of aggressive transferability on market liquidity. What are the benefits and drawbacks of increasingly credit unfriendly docs for borrowers and lenders?

    • 11:00

      Networking coffee

    • 11:30

      Five charts on bonds and loans

    • 11:45

      Panel: European leveraged finance outlook

      Mix of sponsor and lender views on conditions for debt financing across syndicated loan and direct lending markets.

    • 12:30

      Fantasy bond investor: Would you buy it?

      A panel of portfolio managers discuss some theoretical bond prospectuses that are being roadshowed in the fantasy bond market. Our panel explore the relative value of the deals supported by data from Credit Rubric.

    • 13:00

      Networking Lunch

    • 14:00

      Keynote: LBO outlook

      Sponsor coverage banker on outlook for LBO market and private equity deals.

    • 14:30

      Panel: European private equity outlook

      Conversation featuring major PE investors about their perspective on the market dynamics.

    • 15:15

      Five charts on CLOs

    • 15:30

      Panel: Direct lending and its impact on the syndication market

      A mix of debt funds and banks will discuss their views on the bifurcation in fund manager market and expectations on if it will continue. How is direct lending impacting syndicated deals? 

    • 16:15

      Closing remarks

  • ESG

    • 09:15

      Welcome remarks

    • 09:30

      Presentation: ESG survey

      Creditflux recently completed a major survey of fixed income investors about their attitudes and approaches to ESG. Here we hear what the findings tell us about the obstacles and opportunities to further integration.

    • 09:45

      Keynote: An outlook on risks, return and relevance

      A prominent fund manager unpacks the current state of ESG within the fixed income universe, including the key trends, current levels of integration, risk considerations and what the future holds.

    • 10:15

      Panel: What investors expect from ESG integration in fixed income

      We bring together four of the biggest LPs and allocators to fixed income to ask a deceptively simple question; what does a fixed income manager need to do to meet their ESG criteria? The answers will unpack complexities such as whether ESG is a moving target and the weighting it gives on allocation decisions. We’ll also consider how standardized the criteria is across different asset classes and investment vehicles within fixed income, how many managers are meeting their expectations and much more.

    • 11:00

      Networking coffee

    • 11:30

      Panel: Issuer engagement strategies

      Reporting ESG criteria to debt and equity investors is an increasingly time-consuming business for issuers, with companies facing a variety of questionnaires and reporting standards. In this panel, we ask how portfolio managers have found it’s best to engage with companies on reporting ESG criteria. As fixed income portfolio managers play catchup, how transferrable or relevant are the approaches taken by equity investor counterparts? In the leveraged finance universe, what due diligence are private equity conducting on ESG? Can financial sponsors play a role in streamlining information-sharing with investors across the capital structure?

    • 12:15

      Panel: Innovation

      A recent Creditflux survey found that “Lack of data” and “Defining ESG” were the two biggest challenges to ESG integration. What benchmarks are out there? How are ratings agencies playing a part? What other third party solutions can help investors and managers negotiate these challenges? And what more should the credit markets be doing to standardize ESG requirements?

    • 13:00

      Networking Lunch

  • 08:30

    Registration

  • Restructuring

    • 09:15

      Chair’s welcome remarks

    • 09:30

      Keynote: 50 Years of Z-Score models: What have we learned and applications in Financial and Restructuring Markets

      Dr Edward Altman will assess the application of the 50 year journey of Z-score models for restructuring and distressed debt. 

    • 10:00

      Panel: Distressed Investing- Market Trends and Outlook

      Expert fund managers and advisors discuss trends and hot topics impacting the restructuring market and opportunities for distressed investing.

      • What are the challenges in sourcing distressed investment and special situations opportunities?
      • 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 and how may these be overcome?
    • 10:45

      Networking Coffee

    • 11:15

      Case History

      Insight into a  recent restructuring.

    • 11:45

      Panel: Shortselling

      Panellists will discuss European short selling and draw upon recent case studies. 

      • Essential tool or damaging for the market? 

      • How to identify candidates 

      • Structuring and managing short trades 

      • Tactics used by hedge funds

    • 12:30

      Networking Lunch

    • 13:30

      Legal Developments in European Restructuring

      The EU restructuring directive was published in the Official Journal of the European Union on 26 June and will come into force in July. The countdown is on for EU member states to implement the directive by 17 July 2021. In this panel, legal experts from the UK, [Germany] and [the Netherlands] discuss how their countries are adopting the directive, the progress to date and the main changes affecting restructurings involving that jurisdiction, as well as debating which jurisdiction they predict will come out on top. 

    • 14:15

      Networking Coffee

  • Emerging Markets

    • 14:45

      Case Study

      Behind the scenes of a sovereign debt restructuring

    • 15:10

      Panel: Sovereign restructuring

      This panel will look at live restructuring cases including Mozambique, Republic of Congo and LatAm credits.

      • Key factors to consider in sovereign debt restructurings, disposals or purchase of loans in emerging markets.
  • Real Estate

    • 14:45

      Panel: Retail CVAs

      Amidst a growing number of high street retailers turning to CVAs; this panel will investigate the reasons why, recent trends and the types of challenges CVAs can face.  

      • What is a CVA and when are they used?  Why are they so useful in the retail / casual dining sectors?  

      • Dual track restructurings – CVA then scheme of arrangement  

  • 16:00

    Closing Remarks

  • Emerging Markets Dinner

    • 18:00

      Arrival

      6.00pm – 10pm Waldorf Hilton, London

    • 22:00

      Close

  • 08:30

    Registration

  • Spain

    • 09:10

      Chair’s welcome remarks

    • 09:20

      Panel: Opportunities and Challenges in the Spanish Leverage Finance Market

      Spain’s acquisition debt finance market continues to perform strongly. This panel will discuss key markets areas for leveraged finance in Spain. Panellists will examine key trends in the Spanish leverage finance including high yield, TLBs.  

      • What are the execution requirements particular to leveraged buy-outs in Spain?  
      • How do financial sponsors view the market?
      • Legal and Regulatory Issues in Spanish Leveraged Finance
    • 10:05

      Case Study: Restructuring of Abengoa

    • 10:30

      Networking Coffee

    • 11:00

      Panel: Litigation finance and claim trading

      This session will explore litigation funding in Spain alongside the buying and selling of claims. 


    • 11:45

      Panel: Direct lending landscape

      The Spanish market continues to witness growing interest by credit funds, who have significantly increased their activity in the country. Speakers will discuss the state of the market, strategies and trends in direct lending.  

      • How do borrowers using alternative lenders fare in comparison to obtaining bank debt?
  • NPLs

    • 09:10

      Chair’s welcome remarks

    • 09:15

      Snapshot: NPL Market

      Findings from Debtwire European NPLs 3Q19 Report

    • 09:30

      Panel: Securitisation of NPLs and Secondary markets

      With mounting pressure from European regulators on banks to deleverage balance sheets; securitisation has emerged as an efficient way to facilitate large volumes of NPLS disposals. This panel will discuss the appetite for NPL securitisations and its impact on secondary markets. 

      • Should we expect a continued increase in the use of securitisation structures for NPL resolution going forward or is there a border?  

      • What is the impact on residential NPLs? 

      • Is securitisation helping secondary markets? 

    • 10:10

      Q&A: Eurobank Deal

      On stage interview discussing securitisation of Eurobanks NPL portfolios and sale of NPL management platform. 

    • 10:30

      Networking Coffee

    • 11:00

      Q&A: Intesa Deal

      On stage interview discussing Intesa Sanpaolo and Prelios deal on a EUR 10bn UTP portfolio.

    • 11:30

      Panel: New Global Markets - Where next?

      With European banks in the process of cleaning up their balance sheets, investors’ attention is moving to the next frontiers. Chinese, Indian and Brazilian markets are gaining interest from international investors; we deliberate the outlook on various NPL markets across the globe. Panellists will discuss key markets and jurisdictions.

      • Where will NPL activity migrate?
      • Opportunities in established and emerging NPL markets
  • 12:30

    Networking Lunch

  • Italy

    • 13:30

      Chair’s welcome remarks

    • 13:45

      Panel: The distressed market- catching opportunities versus missing opportunities

      Diverging views emerge when it comes to assess the distressed market in Italy. As some buysiders actively seek and find investments there, for others the market could offer way more opportunities if some of its legacy issues were finally sorted out. Likewise, there seems to be a harp bifurcation between a very distressed end of the market and performing deals that have made the LBO space busy and competitive. Why is the market so polarised? What is the best strategy and entry point for distressed investors? Has direct lending - including in distressed deals - been on the rise, in line with most of European countries?

    • 14:35

      Networking Coffee

    • 14:55

      Panel: Developments in Italian insolvency law

      The Italian insolvency was amended once again earlier this year, with a strong focus on spotting the early signs of distressed and trying to prevent corporates to enter full blown restructuring. A working group of legal experts subsequently got together with a view of reviewing the reform and suggesting further tweaks to the Italian government in order to make it more efficient. Panellists will discuss the impact of the reform once it is fully implemented, and how the insolvency landscape in the country has evolved over the year.

    • 15:40

      Sector focus: Transportation

      This session will look at restructurings in the Italian transportation space.  Where is non bank financing coming from? What does the next year hold in terms of shipping loans and transactions? 

    • 16:15

      Chair’s closing remarks

  • Banking

    • 13:30

      Chair’s welcome remarks

    • 13:45

      Panel: Bank portfolio management strategies in the new regulatory era

      The cumulative effect of impending regulation on banks could require them to seek an additional €120 billion in capital, according to McKinsey. Further adjustments under Basel IV, the introduction of IFRS9 accounting standards and different provisioning needs forced by IRBBB come in addition to supervisors requiring higher capital thresholds under SREP. Credit investors are working to understand potential investment opportunities coming from bank instruments and portfolio management.  

      • How will banks allocate excess capital effectively, especially when managing stressed and regulatory capital?  
      • What has been the effects of the constraint in use of IRB approach to credit risk?  
      • “High funding costs from new issuance of eligible loss-absorbing liabilities could vary significantly from country to country if the EU cannot harmonise implementation throughout Europe,” according to McKinsey. How will institutions in different countries look to implement policy; what impact assessments are they undertaking  
      • Revised standards for use of IRB approach of risk weighted credit exposures
    • 14:45

      Networking Coffee

    • 15:15

      Panel: Investment opportunities in subordinated bank debt

      A panel of investors will explore the credit opportunities across the capital structure.  

      • Banks now have a deeper cushion of subordinated capital and new instruments such as CoCo’s have presented new opportunities for investors to consider. Flows into CoCo’s driven by QE suppressing yields in corporate market could be on the turn. How might volatility in the junior bank debt market play out, which geographies and business segments could see greatest volatility and how are investors approaching the different issuers and structures.  
      • The process of balance sheet strengthening means replacing legacy tier 1 bonds with new subordinated AT1 contingent convertibles before 2022. What is the effect on legacy subordinated bonds? Can these instruments be sourced given their scarcity and zero new issuance? What prices to they trade at?
      • How is the pipeline for new issuance of AT1 contingent convertibles to 2022 expected to play out? Regarded as more complex instruments, what are the risks and opportunities from investing in CoCos? How resilient are they in the event the issuer tips over?  
      • What is the outlook for funds buying into tier 2 instruments as a bet on state aid or ECB rulings?
    • 16:15

      Chair’s closing remarks

  • 16:30

    Drinks

  • 08:30

    Registration

  • Leveraged Finance

    • 09:15

      Welcome remarks

    • 09:30

      Keynote: Asset allocation

      Views from a multi-strategy fund on where they are allocating their money across different asset classes and why. How is uncertainty and the current geo-political environment impacting investment strategy? 

    • 10:00

      Five charts on covenants

    • 10:15

      Panel: The implications of aggressive transferability

      Sponsors are increasingly pushing for transferability clauses. This session will assess the impact of aggressive transferability on market liquidity. What are the benefits and drawbacks of increasingly credit unfriendly docs for borrowers and lenders?

    • 11:00

      Networking coffee

    • 11:30

      Five charts on bonds and loans

    • 11:45

      Panel: European leveraged finance outlook

      Mix of sponsor and lender views on conditions for debt financing across syndicated loan and direct lending markets.

    • 12:30

      Fantasy bond investor: Would you buy it?

      A panel of portfolio managers discuss some theoretical bond prospectuses that are being roadshowed in the fantasy bond market. Our panel explore the relative value of the deals supported by data from Credit Rubric.

    • 13:00

      Networking Lunch

    • 14:00

      Keynote: LBO outlook

      Sponsor coverage banker on outlook for LBO market and private equity deals.

    • 14:30

      Panel: European private equity outlook

      Conversation featuring major PE investors about their perspective on the market dynamics.

    • 15:15

      Five charts on CLOs

    • 15:30

      Panel: Direct lending and its impact on the syndication market

      A mix of debt funds and banks will discuss their views on the bifurcation in fund manager market and expectations on if it will continue. How is direct lending impacting syndicated deals? 

    • 16:15

      Closing remarks

  • ESG

    • 09:15

      Welcome remarks

    • 09:30

      Presentation: ESG survey

      Creditflux recently completed a major survey of fixed income investors about their attitudes and approaches to ESG. Here we hear what the findings tell us about the obstacles and opportunities to further integration.

    • 09:45

      Keynote: An outlook on risks, return and relevance

      A prominent fund manager unpacks the current state of ESG within the fixed income universe, including the key trends, current levels of integration, risk considerations and what the future holds.

    • 10:15

      Panel: What investors expect from ESG integration in fixed income

      We bring together four of the biggest LPs and allocators to fixed income to ask a deceptively simple question; what does a fixed income manager need to do to meet their ESG criteria? The answers will unpack complexities such as whether ESG is a moving target and the weighting it gives on allocation decisions. We’ll also consider how standardized the criteria is across different asset classes and investment vehicles within fixed income, how many managers are meeting their expectations and much more.

    • 11:00

      Networking coffee

    • 11:30

      Panel: Issuer engagement strategies

      Reporting ESG criteria to debt and equity investors is an increasingly time-consuming business for issuers, with companies facing a variety of questionnaires and reporting standards. In this panel, we ask how portfolio managers have found it’s best to engage with companies on reporting ESG criteria. As fixed income portfolio managers play catchup, how transferrable or relevant are the approaches taken by equity investor counterparts? In the leveraged finance universe, what due diligence are private equity conducting on ESG? Can financial sponsors play a role in streamlining information-sharing with investors across the capital structure?

    • 12:15

      Panel: Innovation

      A recent Creditflux survey found that “Lack of data” and “Defining ESG” were the two biggest challenges to ESG integration. What benchmarks are out there? How are ratings agencies playing a part? What other third party solutions can help investors and managers negotiate these challenges? And what more should the credit markets be doing to standardize ESG requirements?

    • 13:00

      Networking Lunch

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