Debtwire Spanish Debt Financing Briefing

05 November 2019

Hesperia Madrid Hotel
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Join your peers in the private equity, leveraged finance and advisory communities for the inaugural Spanish Debt Financing Briefing on 5 November at the Hesperia Madrid Hotel. This new event will explore how European debt financing trends are playing out in the Spanish market, with discussions on the leveraged finance outlook and direct lending opportunities

  • 08:30

    Registration and breakfast

  • 09:15

    Welcome remarks

  • 09:30

    Data: Five charts on Spanish debt markets

    Our analyst will summarise the main trends in the credit markets, including sponsor backed M&A, issuance, pipeline and maturities. 

    Diana Apedu
    Diana Apedu
    Market Analyst, Debtwire
  • 09:45

    Panel: Leveraged finance outlook

    • Iberia has not been immune to the broader decline in M&A. Just 203 deals were announced in 1H19, the lowest period in five years. However, Spanish buyouts performed better than the headline figure with 52 buyouts in the first half, comparable to the same period last year. What does the deal outlook look like?
    • Leveraged loan issuance has suffered, dropping 40% in Europe in the first half of 2019 to just €17.3bn. High yield bond data for buyouts in 1H19 is even more dramatic, showing an 89% drop year-on-year. How are lenders viewing the pipeline in Spain?
    • With the proportion of deals with over 7x leverage increasing to 14% in 1H19 compared to 10% in 2018, and EBITDA addbacks ever more plentiful, we ask speakers, if we have reached the top?
  • 10:30

    Panel: Direct lending trends

    Meanwhile, unitranche financing hit its largest annual issuance in Europe in 2018, totalling €7.6bn, up 15% from the previous year. We'll explore how debt funds are finding the market and what the appetite from borrowers is, as Spain remains an attractive market to deploy capital. The bifurcation which has taken over the syndicated market amid macro uncertainty is also opening the door to direct lenders. This panel will consider how unitranche is becoming a real alternative in large cap deals and how direct lenders are impacting the syndicated market. 

    Carles Pol
    Carles Pol
    Executive Director , Goldman Sachs
  • 11:15

    Networking coffee


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