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The programmes are driven by our knowledge of all things credit. Market leading speakers will be led by our team of editors and analysts from the leveraged finance, real estate, emerging markets, NPLs and restructuring desks.

The outcome is an independent, unconflicted outlook that will help you to capitalise on market dynamics.

  • Restructuring | Tuesday 16 October

    • 08:30

      Registration

    • 09:15

      Chair’s welcome remarks

    • 09:30

      Keynote

    • 10:00

      Panel: The European Restructuring Outlook

      Fund manager outlook on distressed investment opportunity set.

    • 10:45

      Coffee

    • 11:30

      Presentation: Restructuring case study

    • 12:00

      Panel: Oil as a restructuring driver

      A panel of investors and advisors consider how the impact of higher oil prices may feed into different industries. Since the recovery in oil prices, input costs have surged for a range of industries, including the chemicals, packaging and related sectors. This is pressuring margins of companies without robust pass-through mechanisms.

    • 12:45

      Lunch

    • 13:45

      Panel: Legal updates

      This session will give an update on legal restructuring frameworks across the EU. A panel of legal experts will discuss topics such as litigation in restructurings, the use of company voluntary arrangements (CVAs) and consider current trends of restructuring and insolvency in the retail sector.

      Hossein  Dabiri
      Hossein Dabiri
      Legal Analyst, Debtwire
    • 14:30

      Q&A: Litigation Funding

      • Concept of litigation funding – its growth and development
      • Thresholds/criteria for funding a case
      • Differences between litigation and arbitration funding
      • Litigation/arbitration funding in emerging markets; detailing legal frameworks; multijurisdictional proceedings; funding mechanisms
      • Funding before and after initiation of legal proceedings - which are more common? Are there any differences in risk?
      • Funders effects on the litigation/arbitration process
      • Misconceptions of litigation/arbitration funding
      • Costs of litigation funding

    • 15:00

      Coffee

    • 15:20

      Presentation: Restructuring case study

    • 16:00

      Panel: An outlook on sovereign restructuring

    • 16:40

      Closing Remarks

  • Emerging Markets

    • 16:15

      Dinner

      This dinner is for all members of the emerging market debt investment and advisory community. An after dinner speaker will share insight on some of the trending topics in EM credit. Join us for a rare opportunity to catch-up with fellow market participants.

      Drinks will be served from 6.15pm and dinner will be served at 7pm. Individual seats are available at a cost of £100 + VAT.

  • Markets | Wednesday 17 October

    • 08:30

      Registration

  • Spain

  • NPLs

    • 09:15

      Chair’s welcome remarks

      Featuring data from Debtwire’s recent analysis of the NPL market.

    • 09:30

      Q&A: In conversation about Italy’s largest NPL deal

      On-stage interview with the CEO.

    • 10:00

      Panel: Dynamics in the servicer market

      As M&A volumes increase in the servicer sector, this session will explore consolidation and regulation in the market.

      Fabio Balbinot
      Fabio Balbinot
      CFO, doBank
    • 10:45

      Coffee

    • 11:15

      Q&A: In conversation with Piraeus Bank

      On-stage interview about one of the most significant NPL trades of recent times.

    • 11:45

      Panel: Where will the NPL market go next?

      After years of buoyant trading activity, remaining European opportunities look thin on the ground. Investors are beginning to turn their attention beyond Portugal, CEE and Greece to more exotic jurisdictions.  What lies over the horizon?

  • 12:30

    Lunch

  • Italy

    • 13:30

      Chair’s welcome remarks

    • 13:45

      Keynote: Politics

    • 14:15

      Panel: UTPs

    • 15:00

      Coffee

    • 15:30

      Panel: Banking

    • 16:15

      Panel: Consumer & Retail

    • 17:00

      Chair’s closing remarks

  • Debt Purchasing Sector

    • 13:30

      Chair’s welcome remarks

      The debt purchasing sector has been a huge success story in the high yield market over the last 8 years, growing into an asset class in its own right. But is it falling victim to its own success? With ever-growing capital coming into the asset class and funding costs falling, debt purchasers are competing ever more fiercely over portfolios, which has depressed returns. Conventional metrics are unsuited to debt purchasers, which are still a black box for many investors.  Rob Schach sets the scene for the risks and opportunities in this trending sector.

    • 13:45

      Panel: Debt Purchaser Market – what does the opportunity set look like today?

      • Overall, what are the best opportunities in Europe by asset class and geography and how do you access them?
      • What is the overall returns picture like?
      • Transitioning to an asset management model
      • M&A
      • Future growth opportunities?

    • 14:30

      Panel: Financing Trends

      • A look at evolution of funding structures – pros/cons of funding your business with RCFs vs. securitisations vs. high yield bonds vs. deposits
      • Is there an optimal debt level for a purchaser?
      • Challenges/opportunities in moving to a deposit-financed base

    • 15:00

      Coffee

    • 15:30

      Panel: Accounting

      • What KPIs are the most relevant and how can disclosure be changed to fit the businesses today?
      • Misunderstandings around replacement rate, cashflow and leverage
      • Rating agency methodology – how appropriate is it?
      • P&L vs. cashflow
      • How should investors think about value and economics?

    • 16:15

      Panel: Regulation

      • Simply, what do these businesses do?
      • Understanding different specialisations in the market
      • Use of litigation
      • Trends in customer handling
    • 17:00

      Chair’s closing remarks

  • 17:15

    Networking Drinks

  • Commercial Real Estate

    • 18:15

      Panel: Investors play a round of “fantasy real estate”

      This drinks reception is for all members of the real estate investment and advisory community who want to see something a little bit different. A panel of investors are presented with a series of hypothetical real estate debt investment opportunities and asked a simple question – would they invest in it? Join us for an entertaining panel and excellent informal networking over drinks.

      Drinks will be served from 6.15pm and the panel will take to the stage at 7pm.

  • Leveraged Finance | Thursday 18 October

    • 08:30

      Registration

    • 09:15

      Chair’s welcome remarks

    • 09:30

      Investor Keynote: Asset allocation outlook

      An investment officer offers their perspective on the best and worst opportunities in credit and portfolio construction in the current market environment.

    • 10:00

      Data: Five charts on covenants

      The speaker uses five charts to provide a snapshot on the market.

    • 10:15

      Panel: Proposals to resolve investor activism

      Buysiders bemoaning the weakening of covenant protection is nothing new. But as aggressive terms permeate even the weakest credits, some lead  managers are also getting twitchy in a signal that erosion may have gone too far.  So what do buysiders want now?
      This constructive panel will ask buysiders for three proposals that could help resolve investor activism. Funds will be asked to table the features that concern them most, before banks and sponsors are asked to respond.

      Proposed discussion points may include: 

      • Have Restricted Payments become Unrestricted Payments?  What has been the most disturbing relaxation in Restricted Payments covenants [eg inadequate/absent Default blockers; leverage-based permissions; “juicing” capacity through starter amounts or reduced conditions?
      • Should investors call time on portability? [Virtually unknown in the US market and successfully resisted in the European loan market]
      • EBITDA – the constant complaint but what can be done? [forecast synergies – look-forward period, caps]
      • High Yield Lite [ie publicly listed issuers with BB ratings and investment grade covenants] – a permanent re-drawing of the frontier for covenant protection – is BB- the new BBB-?
      • Why has there been more successful pushback in 2018 than before?

    • 11:00

      Coffee

    • 11:45

      Live Poll Keynote: Macro risks

      This year, our keynote speaker will need to think on their feet. We will live poll the audience on which macro topic keeps them awake at night. Our speaker will address the results in their presentation.

    • 12:15

      Data: Five charts on bonds and loans

      The speaker offers an overview on leveraged finance markets with just five charts.

    • 12:30

      Panel: An outlook on European leveraged finance

      During the past six months, global and US high yield funds have witnessed consecutive weekly outflows whilst European high yield seems to be bucking the trend and attracting new money. Refinancing continues to drive the loan market, responsible for 57% to the end of April 2018, according to Debtwire Par. A well-stocked loan pipeline in the coming months will give investors a chance to test their appetite, despite cooling issuance during the past few quarters. This panel will take the temperature from borrowers and lenders on trends to watch.

    • 13:15

      Lunch

    • 14:15

      Data: Five charts on CLOs

      The speaker tells the tale of the market to set the context for the panel.

    • 14:30

      Panel: CLO market outlook

      Another year of strong issuance has cemented the position of CLOs as the dominant buyer of European loans, but they are also a uniquely constrained investor, required to conform to a host of conflicting rules. Will we see another 12 months of strong CLO issuance? How is the dominance of CLOs shaping the loan market they invest in? And how well will CLOs manage assets that become distressed when the cycle turns?

    • 15:30

      Refreshment break

    • 15:15

      Q&A: In conversation with investors in private credit funds

      Investor perspectives on e.g. the impact of weight of dry powder in direct lending funds on returns, pricing and discipline; evolution of secondaries market; prospects for consolidation among fund managers.

    • 15:45

      Panel: Direct lending

      Funds and sponsor views on the bifurcation in fund manager market and shift in what banks bring to the table.

      Paul  Atefi
      Paul Atefi
      Director, KKR
      Philip  Stopford
      Philip Stopford
      Partner, Shearman & Sterling
    • 16:30

      Q&A: Would you buy it?

      We ask a line-up of investors to play a game of “fantasy bond investor”. Selecting from a number of hypothetical credits they are asked which opportunities they would put in their portfolio.

      Adam Samoon
      Adam Samoon
      Head of High Yield, Debtwire
    • 17:00

      Closing remarks followed by networking drinks

  • Tuesday 16 October

  • 09:30

    Restructuring

    An overview of restructuring and distressed investing  themes for investors and advisors focussed on Europe-related opportunities.

  • 18:30

    Emerging Markets

    Dinner for 120 buysiders, banks and advisors

  • Wednesday 17 October

  • 09:30

    Stream

    • 09:30

      Spain

      Spotlight on developments in  Spanish credit opportunities across leveraged finance and direct lending.

    • 09:30

      NPLs

      Overview of non-performing loan market dynamics powered by our coverage and data.

  • 13:30

    Italy

    Developments in the corporate restructuring market in Italy

  • 18:30

    Commercial Real Estate

    Cocktail for primary bank lenders, debt funds,  buysiders and advisors in European CRE finance

  • Thursday 18 October

  • 09:30

    Leveraged Finance

    An outlook on the themes driving leveraged finance markets in Europe across bonds, loans and direct lending.

  • 18:30

    Poker Night

    The highlight of Debtwire’s social calendar. By invitation only.