• 08:30

    Registration

  • Restructuring

  • Emerging Markets

  • Real Estate

  • 16:40

    Closing Remarks

  • Emerging Markets Dinner

    • 18:00

      Arrival

      6.00pm – 10pm Waldorf Hilton, London

    • 22:00

      Close

  • 08:30

    Registration

  • Spain

  • 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

      Fireside chat: Digital Platforms for NPLs

      Conversation discussing digital platforms and the position of the ECB and EU Commission regarding these new fintech solutions.

    • 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?

      Alessandro  Esposito
      Alessandro Esposito
      Head of Investments Italy, SC Lowy
    • 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
    • 14:35

      Networking Coffee

    • 14:55

      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?
    • 15:40

      Chair’s closing remarks

  • 16:30

    Drinks

  • 18:00

    Women in Fixed Income Drinks

    Our new ‘Women in Fixed Income’ drinks will bring together women across the fixed income space for an evening of gin tasting and networking. 

  • 08:30

    Registration

  • Leveraged Finance

  • 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.

      Mike Peterson
      Mike Peterson
      Managing Editor, Creditflux
    • 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?

      Lucy  Byrne
      Lucy Byrne
      ESG Analyst, BlueBay Asset Management
    • 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

  • Emerging Markets

  • Real Estate

  • 16:40

    Closing Remarks

  • Emerging Markets Dinner

    • 18:00

      Arrival

      6.00pm – 10pm Waldorf Hilton, London

    • 22:00

      Close

  • 08:30

    Registration

  • Spain

  • 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

      Fireside chat: Digital Platforms for NPLs

      Conversation discussing digital platforms and the position of the ECB and EU Commission regarding these new fintech solutions.

    • 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?

      Alessandro  Esposito
      Alessandro Esposito
      Head of Investments Italy, SC Lowy
    • 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
    • 14:35

      Networking Coffee

    • 14:55

      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?
    • 15:40

      Chair’s closing remarks

  • 16:30

    Drinks

  • 18:00

    Women in Fixed Income Drinks

    Our new ‘Women in Fixed Income’ drinks will bring together women across the fixed income space for an evening of gin tasting and networking. 

  • 08:30

    Registration

  • Leveraged Finance

  • 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.

      Mike Peterson
      Mike Peterson
      Managing Editor, Creditflux
    • 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?

      Lucy  Byrne
      Lucy Byrne
      ESG Analyst, BlueBay Asset Management
    • 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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