• 11:00

    Panel: CEEMEA sovereigns: is this the start of a debt restructuring wave?

    The COVID-19 pandemic response has ravaged many of CEEMEA’s economies, but will it lead to a wave of sovereign debt restructurings? How effective have international efforts to alleviate countries’ debt burdens, such as the G20 Debt Service Suspension Initiative, been so far? Are sovereign debt restructurings in Lebanon and Zambia bellwethers or outliers?

    • CEEMEA economies hardest hit by the COVID crisis 
    • G20 Debt Service Suspension Initiative 
    • Lebanon, Zambia: the first of many or the unfortunate few?
    Spencer Jones
    Spencer Jones
    Managing Partner, Newstatepartners
    Gregory  Smith
    Gregory Smith
    Emerging Markets Strategist, M&G Investments
    Nick Eisinger
    Nick Eisinger
    Portfolio Manager, Vanguard
  • 14:00

    CEEMEA Corporate Restructuring

    The panel will discuss the role of corporate governance across the CEEMEA region, with an emphasis on the implications of fraud and compliance in restructuring situations. NMC Health, Abraaj, Steinhoff and Petropavlovsk all highlight the risks brought by such questionable corporate practices. Panelists will also discuss the extent to which such events have tainted investor confidence in CEEMEA corporate credit market.    

    • How surprising are the recent string of corporate scandals across the region?
    • What can be done to strengthen corporate governance to help prevent the next case corporate wrongdoing?
    • Have such events in recent years tainted investor confidence in the region?

         

          

    Alexander Dooler
    Alexander Dooler
    Credit Markets Reporter, Debtwire
  • Webinar: Argentina: after another sovereign restructuring

    Argentina's federal government has put the finishing touches on another sovereign debt workout. A dozen provinces are now trying to follow in its footsteps. Our panel will look at their prospects, as well as those of the country's corporates, who so far have been mostly engaged in bond exchanges and kept out of court. We will examine the long-term outlook for bond issuers looking to stay above water, as well as evaluate the prospects for bringing future investment to Argentina.

    • The impact of another sovereign bond restructuring
    • The provincial restructurings
    • Outlook on corporate bond debt - have borrowers done enough?
    • Investor perspective - would you invest in Argentina again?
    Jonathan  Szwarc
    Jonathan Szwarc
    Head of Latin America Credit Research, Debtwire (moderator)
  • Brazilian corporates and their recovery

    A once hoped-for Brazilian recovery has been challenged in 2020. The government is dealing with divisions as corporates look to make up for pandemic-driven losses earlier this year. Panelists will consider the prospects for driving fresh investment, examining borrowers in the airline, protein, pulp, energy, construction and other sectors, identifying bright spots for recoveries as well as restructuring candidates. The pandemic has also sped up the next round of changes to Brazil's bankruptcy framework.

    • The hardest-hit sectors and corporates' responses
    • New corporate restructuring situations
    • How will Brazilian borrowers' sectors recover? Where are the bright spots?
    Ben  Miller
    Ben Miller
    Managing Editor- Latin America, Debtwire (moderator)
  • 08:45

    Time to log in

  • 09:00

    Keynote’s welcome remarks

  • 09:25

    Presentation: Restructuring Data

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

  • 09:45

    Live vistual panel: Restructuring and market outlook

    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 investors will 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?
  • 10:20

    Q&A and networking break

  • 10:30

    Intermission

  • 11:00

    Streams

    • Live virtual panel: Dutch scheme of arrangement

      In May, 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 explain the similarities and advantages of the new scheme, compared to the UK scheme of arrangement and US Chapter 11 proceedings, that might be used by overseas companies in the future.

      Hossein  Dabiri
      Hossein Dabiri
      Head of Court Reporting EMEA, Debtwire
    • Case Study: Lecta

      Spanish paper manufacturer Lecta has been at the centre of the restructuring stage since late last year, when it initiated negotiations with bondholders as well as relationship banks to overhaul its capital structure. The company appeared before the London High court in December 2019 to implement its balance sheet rework via a UK Scheme of Arrangement, following in the footsteps of several other Spanish companies. Concurrently, the company decided to launch a Spanish Scheme, in what has been a unique case to date. The case study will examine the various steps of the transaction and what it changes in the approach towards restructuring for Spanish debtors.

  • 11:25

    Q&A and networking break

  • 11:30

    Live virtual panel: Legal updates, focus on new UK Insolvency Law

    The UK’s Corporate Insolvency and Governance Act came into force on 26 June, marking the most significant overhaul of the UK’s insolvency and restructuring regime in the last 30-odd years. After plans for reform had languished on the backburner for quite some time, the coronavirus pandemic proved to be the tipping point and the government introduced draft legislation in late May, which was then fast-tracked through the parliamentary process in little more than a month. 

    The long-awaited package of reforms bolsters the UK’s restructuring toolkit with the introduction of a new restructuring plan – or “super scheme”; a standalone moratorium; and measures to protect supplies of goods and services. In addition to these permanent reforms, the Act also contains some temporary measures to combat the economic effects of the coronavirus pandemic. 

    This panel will consider these reforms and the outlook for domestic and cross-border restructurings as the economic impact of coronavirus unravels.

  • 12:05

    Q&A and networking break

  • 12:15

    Live virtual panel: Case study on Galapagos

    This session explores the contentious restructuring of Galapagos, which played out in several jurisdictions. It was a perfect illustration of how disagreements between different groups of stakeholders can derail an initially amicable process. The debt workout involved hostile court proceedings on both sides of the pond as well as enforcement action, while almost a year after implementation, post-restructuring litigation still continues.

    The panelists will discuss the opportunities, and the pitfalls, of an increasingly multi-jurisdictional restructuring universe for the stakeholders.

  • 12:35

    Q&A and networking break

  • 12:45

    Live virtual panel: Italian Automotive sector

    The panel will deep dive into the woes of the automotive sector across Europe, amidst COVID-19 impact, macroeconomic factors and country-specific issues, and explore what opportunities lie ahead for investors in the sector.

  • 13:10

    Q&A and networking break

  • 13:20

    Intermission

  • 14:30

    Live virtual panel: A new wave of Spanish restructuring deals

    After enjoyed a few years of booming primary market with distressed opportunities stalling, Spanish borrowers have come under fire again, with a number of them initiating restructuring processes or in need of emergency liquidity. While the domestic government has been fast at promoting liquidity schemes and other measures to support economy, this may only be a temporary fix, suggesting more companies could enter stressed territory in the months ahead.

  • 15:00

    Q&A and networking break

  • 15:10

    Live virtual panel: Is retail CMBS investable

    The retail [and casual dining] sector was already under immense strain before the arrival of COVID-19 with a string of insolvencies and, in the UK, widespread use of CVAs to slash rental costs. The pandemic has only exacerbated the situation, forcing closures on much of the sector and bringing landlords to the table even for solvent tenants. With cashflows unpredictable and the long term future of bricks-and-mortar retail in question, how should CMBS investors/lenders respond? Which sectors are most defensively positioned and what structural protections can be used?

  • 15:40

    Q&A and networking break

  • 15:50

    Green Securitisation: a new opportunity?

    As several key pieces of securitisation and green finance legislation have been finalised in Europe in the last year, the impetus for green ABS as an asset class to take off is there. In a fireside chat, we will discuss how demand for green ABS can be fostered, what kind of incentives there are for both issuers and investors, and where the boundaries are being drawn.

    • What should the eligibility criteria be for green ABS, and is there consensus in the market?
    • Are the current regulatory initiatives enough to facilitate the green transition in the ABS market?
    • What are the key challenges in data availability and monitoring?
    Christian Thun
    Christian Thun
    CEO, European Datawarehouse
  • 16:20

    Networking break

  • 16:30

    Live virtual panel: NPL – Securitisation

    The GACS and Hercules scheme have already approved state help and have been helping Italian and Greek banks to dispose of their loans. Can the scheme be expanded to other countries? Can national APS scheme be an alternative to a potential European bad bank? 

    • In 1H20 most of deals connected to state aid programs such as acquisitions from bad banks and securitisations with government guarantees, for EUR 20.3bn or 66.8% of the total 
    • A total of EUR 23.6bn Greek Hercules deals and seven potential GACS deals totalling EUR 7.5bn, tracked by Debtwire NPL Database
    • GACS has created a secondary market with investors buying assets from SPV, but performances have struggled and hit furthermore by the Coronavirus crisis
  • 17:00

    Q&A and networking break

  • 17:10

    Live virtual panel: New strategy and investment opportunities in the NPL markets across Europe

    With the expected new wave of NPLs European banks need to move back to disposal and investors can find different type of opportunities in the European market. 

    • Six out of the 10 European countries with the highest level of non-performing loans recorded an increased level of NPLs as at the end of 1Q20, according to the European Banking Authority's (EBA) quarterly  Rish Dashboard. Further increase has been reported by banks in 1H20
    • European banks have set aside record levels provisions in expectation of more loan losses, hammering profitability. Total provisions for the largest UK banks in the first half of 2020 reached a total of GBP 17.7bn according to results from HSBC, Lloyds, NatWest, Barclays and Standard Chartered
    • In 1H20 the NPL market has been polarised with most deals in Italy and Greece but banks are preparing deals to get ready to the next NPL wave
  • 17:45

    Q&A and networking break

  • 17:55

    Closing remarks

  • 08:45

    Time to log in

  • 09:10

    Chair’s welcome remarks

  • 09:20
  • 09:45

    Live virtual panel: Covenant trends

    Despite having ravaged global corporate financial and operational activity, the economic fallout of coronavirus failed to have any meaningful impact on the European high yield covenant package. Unlike in US HY, only one European issuer offered tightening of its bond terms. In this session, we consider the terms we’re likely to see in the next phase of issuance.

  • 10:15

    Q&A and networking break

  • 10:25
  • 10:40

    Networking break

  • 11:00

    Live virtual panel: The European high yield rollercoaster

    Investors head for the summer break after a rollercoaster ride in 1H20 for the High Yield market. After the strongest volumes in three years in early 2020, there was no primary for around two months on the back of the sharp coronavirus selloff as bond yields spiked. But record consecutive inflows meant the primary dam soon burst again as the secondary market rally back enabled reduced issuance costs. Despite a slowdown in July, YTD volumes are still higher year-on-year.

    This session will take stock of the rotation from loans to HY witnessed in 2020 and the prospects for the future, including fallen angels as the economic downturn bites.

  • 11:35

    Q&A and networking break

  • 11:45

    Live virtual panel: Expectations for the LBO market

    After a decline in buyouts in 2Q20 due to COVID-19, with Western European leveraged loan issuance backing LBOs falling to EUR 6.3bn, a strong start to 2020 helped push buyouts loan issuance to USD 19.7bn in 1H20, an 11% gain over the same period last year. In 2Q20, the deal flow from leveraged loans backing LBOs picked up in June, after a quiet period in April and May, as investor sentiment improved, the secondary markets continued to move higher and countries took steps to emerge from coronavirus related social restrictions. The top sectors in terms of buyouts leveraged loan issuance in 1H20 were industrial & chemicals (EUR 6.54bn), technology (EUR 3.19bn), consumer (EUR 2.65bn) and business services (EUR 2.05bn), with these four sectors accounting for nearly three-quarters of deal flow.

    Panelists will discuss the challenges and uncertainties of LBOs’investors during this year, but also the expectations for 2021.

    Maryna Irkliyenko
    Maryna Irkliyenko
    Senior Private Equity Reporter, Debtwire
  • 12:15

    Q&A and networking break

  • 12:25

    Live virtual panel: NAV-based lending outlook

    NAV-based lenders saw a huge uptick in business in the early phases of the lockdown, as sponsors hunted for cash to shore up their portfolios. NAV-based lending, whereby a bank or specialist fund lends against the net asset value of either part or the entirety of a private equity portfolio, had already been a growing market, but this trend has hugely accelerated in Europe. PE funds that are out of their investment period, but still have unrealised assets in their portfolios, are prime candidates for this type of financing because the portfolios need liquidity. Mature funds or single asset funds born out of a GP-led restructuring are also prime candidates.

    In this panel, we explore how lenders address pricing, different approaches by lenders and the potential future uses of these facilities. 

    Timo Hara
    Timo Hara
    Founder, Partner, Certior Capital
  • 12:55

    Q&A and networking break

  • 13:05

    Intermission

  • 14:10

    Live virtual panel: CLO trends

    Corporate downgrades leading to par haircuts have been a primary focus for CLO investors since the start of the crisis. Failing warf tests adds trading restrictions to CLOs as all purchases must maintain or improve their compliance with the test. 

    This discussion will explore how managers navigate the challenges. Speakers will also consider the ratings outlook, whether a second wave of ratings downgrades is imminent. 

    Michelle D'Souza
    Michelle D'Souza
    Reporter, Creditflux
  • 14:40

    Q&A and networking break

  • 14:50

    Panel: Direct lending versus syndicated market

    Whilst some buysiders are ready to start fresh in September, others are raising flags about the leveraged finance outlook and point to the threat of a renewed wave of downgrades. The extent to which the early-stage M&A pipeline may bring paper to market remains to be seen also. Hung deals hit EUR 20bn earlier this year, leaving banks reluctant to take underwriting roles under early in the summer. Direct lenders may have benefited from the shutdown in leveraged finance markets between March and May. Managers were quick to jump on the opportunistic strategy bandwagon with flexible mandates around rescue financing. How the second half of the year fares is still to be seen. Many companies are still on a drip from state-backed loans, particularly in countries like France, where many leveraged businesses managed to obtain state-backed support, which could result in further pain at the portfolio level, or further opportunistic prospects.

    • Is the market facing misplaced optimism and how will syndicated versus private credit markets fare? 
  • 15:20

    Q&A and networking break

  • 15:30

    Closing remarks

  • 11:00

    Panel: CEEMEA sovereigns: is this the start of a debt restructuring wave?

    The COVID-19 pandemic response has ravaged many of CEEMEA’s economies, but will it lead to a wave of sovereign debt restructurings? How effective have international efforts to alleviate countries’ debt burdens, such as the G20 Debt Service Suspension Initiative, been so far? Are sovereign debt restructurings in Lebanon and Zambia bellwethers or outliers?

    • CEEMEA economies hardest hit by the COVID crisis 
    • G20 Debt Service Suspension Initiative 
    • Lebanon, Zambia: the first of many or the unfortunate few?
    Spencer Jones
    Spencer Jones
    Managing Partner, Newstatepartners
    Gregory  Smith
    Gregory Smith
    Emerging Markets Strategist, M&G Investments
    Nick Eisinger
    Nick Eisinger
    Portfolio Manager, Vanguard
  • 14:00

    CEEMEA Corporate Restructuring

    The panel will discuss the role of corporate governance across the CEEMEA region, with an emphasis on the implications of fraud and compliance in restructuring situations. NMC Health, Abraaj, Steinhoff and Petropavlovsk all highlight the risks brought by such questionable corporate practices. Panelists will also discuss the extent to which such events have tainted investor confidence in CEEMEA corporate credit market.    

    • How surprising are the recent string of corporate scandals across the region?
    • What can be done to strengthen corporate governance to help prevent the next case corporate wrongdoing?
    • Have such events in recent years tainted investor confidence in the region?

         

          

    Alexander Dooler
    Alexander Dooler
    Credit Markets Reporter, Debtwire
  • Webinar: Argentina: after another sovereign restructuring

    Argentina's federal government has put the finishing touches on another sovereign debt workout. A dozen provinces are now trying to follow in its footsteps. Our panel will look at their prospects, as well as those of the country's corporates, who so far have been mostly engaged in bond exchanges and kept out of court. We will examine the long-term outlook for bond issuers looking to stay above water, as well as evaluate the prospects for bringing future investment to Argentina.

    • The impact of another sovereign bond restructuring
    • The provincial restructurings
    • Outlook on corporate bond debt - have borrowers done enough?
    • Investor perspective - would you invest in Argentina again?
    Jonathan  Szwarc
    Jonathan Szwarc
    Head of Latin America Credit Research, Debtwire (moderator)
  • Brazilian corporates and their recovery

    A once hoped-for Brazilian recovery has been challenged in 2020. The government is dealing with divisions as corporates look to make up for pandemic-driven losses earlier this year. Panelists will consider the prospects for driving fresh investment, examining borrowers in the airline, protein, pulp, energy, construction and other sectors, identifying bright spots for recoveries as well as restructuring candidates. The pandemic has also sped up the next round of changes to Brazil's bankruptcy framework.

    • The hardest-hit sectors and corporates' responses
    • New corporate restructuring situations
    • How will Brazilian borrowers' sectors recover? Where are the bright spots?
    Ben  Miller
    Ben Miller
    Managing Editor- Latin America, Debtwire (moderator)
  • 08:45

    Time to log in

  • 09:00

    Keynote’s welcome remarks

  • 09:25

    Presentation: Restructuring Data

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

  • 09:45

    Live vistual panel: Restructuring and market outlook

    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 investors will 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?
  • 10:20

    Q&A and networking break

  • 10:30

    Intermission

  • 11:00

    Streams

    • Live virtual panel: Dutch scheme of arrangement

      In May, 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 explain the similarities and advantages of the new scheme, compared to the UK scheme of arrangement and US Chapter 11 proceedings, that might be used by overseas companies in the future.

      Hossein  Dabiri
      Hossein Dabiri
      Head of Court Reporting EMEA, Debtwire
    • Case Study: Lecta

      Spanish paper manufacturer Lecta has been at the centre of the restructuring stage since late last year, when it initiated negotiations with bondholders as well as relationship banks to overhaul its capital structure. The company appeared before the London High court in December 2019 to implement its balance sheet rework via a UK Scheme of Arrangement, following in the footsteps of several other Spanish companies. Concurrently, the company decided to launch a Spanish Scheme, in what has been a unique case to date. The case study will examine the various steps of the transaction and what it changes in the approach towards restructuring for Spanish debtors.

  • 11:25

    Q&A and networking break

  • 11:30

    Live virtual panel: Legal updates, focus on new UK Insolvency Law

    The UK’s Corporate Insolvency and Governance Act came into force on 26 June, marking the most significant overhaul of the UK’s insolvency and restructuring regime in the last 30-odd years. After plans for reform had languished on the backburner for quite some time, the coronavirus pandemic proved to be the tipping point and the government introduced draft legislation in late May, which was then fast-tracked through the parliamentary process in little more than a month. 

    The long-awaited package of reforms bolsters the UK’s restructuring toolkit with the introduction of a new restructuring plan – or “super scheme”; a standalone moratorium; and measures to protect supplies of goods and services. In addition to these permanent reforms, the Act also contains some temporary measures to combat the economic effects of the coronavirus pandemic. 

    This panel will consider these reforms and the outlook for domestic and cross-border restructurings as the economic impact of coronavirus unravels.

  • 12:05

    Q&A and networking break

  • 12:15

    Live virtual panel: Case study on Galapagos

    This session explores the contentious restructuring of Galapagos, which played out in several jurisdictions. It was a perfect illustration of how disagreements between different groups of stakeholders can derail an initially amicable process. The debt workout involved hostile court proceedings on both sides of the pond as well as enforcement action, while almost a year after implementation, post-restructuring litigation still continues.

    The panelists will discuss the opportunities, and the pitfalls, of an increasingly multi-jurisdictional restructuring universe for the stakeholders.

  • 12:35

    Q&A and networking break

  • 12:45

    Live virtual panel: Italian Automotive sector

    The panel will deep dive into the woes of the automotive sector across Europe, amidst COVID-19 impact, macroeconomic factors and country-specific issues, and explore what opportunities lie ahead for investors in the sector.

  • 13:10

    Q&A and networking break

  • 13:20

    Intermission

  • 14:30

    Live virtual panel: A new wave of Spanish restructuring deals

    After enjoyed a few years of booming primary market with distressed opportunities stalling, Spanish borrowers have come under fire again, with a number of them initiating restructuring processes or in need of emergency liquidity. While the domestic government has been fast at promoting liquidity schemes and other measures to support economy, this may only be a temporary fix, suggesting more companies could enter stressed territory in the months ahead.

  • 15:00

    Q&A and networking break

  • 15:10

    Live virtual panel: Is retail CMBS investable

    The retail [and casual dining] sector was already under immense strain before the arrival of COVID-19 with a string of insolvencies and, in the UK, widespread use of CVAs to slash rental costs. The pandemic has only exacerbated the situation, forcing closures on much of the sector and bringing landlords to the table even for solvent tenants. With cashflows unpredictable and the long term future of bricks-and-mortar retail in question, how should CMBS investors/lenders respond? Which sectors are most defensively positioned and what structural protections can be used?

  • 15:40

    Q&A and networking break

  • 15:50

    Green Securitisation: a new opportunity?

    As several key pieces of securitisation and green finance legislation have been finalised in Europe in the last year, the impetus for green ABS as an asset class to take off is there. In a fireside chat, we will discuss how demand for green ABS can be fostered, what kind of incentives there are for both issuers and investors, and where the boundaries are being drawn.

    • What should the eligibility criteria be for green ABS, and is there consensus in the market?
    • Are the current regulatory initiatives enough to facilitate the green transition in the ABS market?
    • What are the key challenges in data availability and monitoring?
    Christian Thun
    Christian Thun
    CEO, European Datawarehouse
  • 16:20

    Networking break

  • 16:30

    Live virtual panel: NPL – Securitisation

    The GACS and Hercules scheme have already approved state help and have been helping Italian and Greek banks to dispose of their loans. Can the scheme be expanded to other countries? Can national APS scheme be an alternative to a potential European bad bank? 

    • In 1H20 most of deals connected to state aid programs such as acquisitions from bad banks and securitisations with government guarantees, for EUR 20.3bn or 66.8% of the total 
    • A total of EUR 23.6bn Greek Hercules deals and seven potential GACS deals totalling EUR 7.5bn, tracked by Debtwire NPL Database
    • GACS has created a secondary market with investors buying assets from SPV, but performances have struggled and hit furthermore by the Coronavirus crisis
  • 17:00

    Q&A and networking break

  • 17:10

    Live virtual panel: New strategy and investment opportunities in the NPL markets across Europe

    With the expected new wave of NPLs European banks need to move back to disposal and investors can find different type of opportunities in the European market. 

    • Six out of the 10 European countries with the highest level of non-performing loans recorded an increased level of NPLs as at the end of 1Q20, according to the European Banking Authority's (EBA) quarterly  Rish Dashboard. Further increase has been reported by banks in 1H20
    • European banks have set aside record levels provisions in expectation of more loan losses, hammering profitability. Total provisions for the largest UK banks in the first half of 2020 reached a total of GBP 17.7bn according to results from HSBC, Lloyds, NatWest, Barclays and Standard Chartered
    • In 1H20 the NPL market has been polarised with most deals in Italy and Greece but banks are preparing deals to get ready to the next NPL wave
  • 17:45

    Q&A and networking break

  • 17:55

    Closing remarks

  • 08:45

    Time to log in

  • 09:10

    Chair’s welcome remarks

  • 09:20
  • 09:45

    Live virtual panel: Covenant trends

    Despite having ravaged global corporate financial and operational activity, the economic fallout of coronavirus failed to have any meaningful impact on the European high yield covenant package. Unlike in US HY, only one European issuer offered tightening of its bond terms. In this session, we consider the terms we’re likely to see in the next phase of issuance.

  • 10:15

    Q&A and networking break

  • 10:25
  • 10:40

    Networking break

  • 11:00

    Live virtual panel: The European high yield rollercoaster

    Investors head for the summer break after a rollercoaster ride in 1H20 for the High Yield market. After the strongest volumes in three years in early 2020, there was no primary for around two months on the back of the sharp coronavirus selloff as bond yields spiked. But record consecutive inflows meant the primary dam soon burst again as the secondary market rally back enabled reduced issuance costs. Despite a slowdown in July, YTD volumes are still higher year-on-year.

    This session will take stock of the rotation from loans to HY witnessed in 2020 and the prospects for the future, including fallen angels as the economic downturn bites.

  • 11:35

    Q&A and networking break

  • 11:45

    Live virtual panel: Expectations for the LBO market

    After a decline in buyouts in 2Q20 due to COVID-19, with Western European leveraged loan issuance backing LBOs falling to EUR 6.3bn, a strong start to 2020 helped push buyouts loan issuance to USD 19.7bn in 1H20, an 11% gain over the same period last year. In 2Q20, the deal flow from leveraged loans backing LBOs picked up in June, after a quiet period in April and May, as investor sentiment improved, the secondary markets continued to move higher and countries took steps to emerge from coronavirus related social restrictions. The top sectors in terms of buyouts leveraged loan issuance in 1H20 were industrial & chemicals (EUR 6.54bn), technology (EUR 3.19bn), consumer (EUR 2.65bn) and business services (EUR 2.05bn), with these four sectors accounting for nearly three-quarters of deal flow.

    Panelists will discuss the challenges and uncertainties of LBOs’investors during this year, but also the expectations for 2021.

    Maryna Irkliyenko
    Maryna Irkliyenko
    Senior Private Equity Reporter, Debtwire
  • 12:15

    Q&A and networking break

  • 12:25

    Live virtual panel: NAV-based lending outlook

    NAV-based lenders saw a huge uptick in business in the early phases of the lockdown, as sponsors hunted for cash to shore up their portfolios. NAV-based lending, whereby a bank or specialist fund lends against the net asset value of either part or the entirety of a private equity portfolio, had already been a growing market, but this trend has hugely accelerated in Europe. PE funds that are out of their investment period, but still have unrealised assets in their portfolios, are prime candidates for this type of financing because the portfolios need liquidity. Mature funds or single asset funds born out of a GP-led restructuring are also prime candidates.

    In this panel, we explore how lenders address pricing, different approaches by lenders and the potential future uses of these facilities. 

    Timo Hara
    Timo Hara
    Founder, Partner, Certior Capital
  • 12:55

    Q&A and networking break

  • 13:05

    Intermission

  • 14:10

    Live virtual panel: CLO trends

    Corporate downgrades leading to par haircuts have been a primary focus for CLO investors since the start of the crisis. Failing warf tests adds trading restrictions to CLOs as all purchases must maintain or improve their compliance with the test. 

    This discussion will explore how managers navigate the challenges. Speakers will also consider the ratings outlook, whether a second wave of ratings downgrades is imminent. 

    Michelle D'Souza
    Michelle D'Souza
    Reporter, Creditflux
  • 14:40

    Q&A and networking break

  • 14:50

    Panel: Direct lending versus syndicated market

    Whilst some buysiders are ready to start fresh in September, others are raising flags about the leveraged finance outlook and point to the threat of a renewed wave of downgrades. The extent to which the early-stage M&A pipeline may bring paper to market remains to be seen also. Hung deals hit EUR 20bn earlier this year, leaving banks reluctant to take underwriting roles under early in the summer. Direct lenders may have benefited from the shutdown in leveraged finance markets between March and May. Managers were quick to jump on the opportunistic strategy bandwagon with flexible mandates around rescue financing. How the second half of the year fares is still to be seen. Many companies are still on a drip from state-backed loans, particularly in countries like France, where many leveraged businesses managed to obtain state-backed support, which could result in further pain at the portfolio level, or further opportunistic prospects.

    • Is the market facing misplaced optimism and how will syndicated versus private credit markets fare? 
  • 15:20

    Q&A and networking break

  • 15:30

    Closing remarks