Leveraged Finance & CLO Summit
Tuesday, April 30, 2019
April
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Overview

Moody’s annual event brings together over 250 high yield and CLO experts from across Europe to explore the latest market developments and look deeper into potential risks.

Join the conversation where key industry figures will share their insights and upfront views on current trends. Get the credit narrative from senior analysts and take the opportunity to ask questions.

Great insight into market sentiment, industry challenges, priorities from the different stakeholders and forecasts - Director at asset management firm
Up to date information; topics of current interest in the industry; highly esteemed speakers - Senior credit analyst
Panels were excellent, and the conversation revealing of the state of the markets - Leveraged finance markets reporter
Top quality commentary and discussion. My expectations of the content and details of discussions were met - Senior fixed income analyst
All very relevant in today's market - Credit executive for leveraged financing
Enjoyable event that was well attended. Excellent and knowledgeable speakers. Some interesting thoughts were communicated - Portfolio manager
Very well presented and very relevant to my day job - Portfolio analyst

Agenda 2019

08.00   Pre-Conference Workshop (45 minutes)

Use Moody's CreditView to Assess Leveraged Finance Corporate Issuers

Discover how Moody's CreditView can facilitate your fundamental credit analysis. You will learn how you can quickly access core credit information, and how to deep-dive into a full suite of research, services and data including the new capital structure tool.

Led by Moody's Analytics

08.30   Registration & Coffee

09.00   Opening Remarks

Chairperson: Sandra Veseli, Managing Director, Corporate Finance Group

09.10   Spotlight Conversation

Navigating a weakening economy – downside risks are increasing

  • The global economy will continue to weaken in 2019 and into 2020
  • An escalation of US-China tensions, US tariffs on imports and increased political risks could further dampen our macro view
  • How would European economies fare in a downturn?

Led by Sandra Veseli, Managing Director, Corporate Finance Group

Sarah Carlson, Senior Vice President, Sovereing Risk Group

09.45   Leveraged Finance Plenary Session  

Key developments in the market

  • Are credit conditions now on the turn?
  • How are credit metrics and structures developing?

Richard Etheridge, Associate Managing Director, Corporate Finance Group

Followed by a Panel 

  • Supply & demand: How is the market re-calibrating risk? Is it all too late?
  • Credit selection: Are investors more discriminating? What issues are they currently focused on?
  • Convergence of bond and loan structures: Have investors got the worst features of both products? Will anything change?
  • What do the structures of today imply for the recovery rates of tomorrow?

Led by Peter Firth, Associate Managing Director, Corporate Finance Group

Roxana Mirica, Principal, Apax Partners

Joseph Bishay, Head of EMEA Leveraged Finance Capital Markets, Bank of America Merrill Lynch 

Andrew Burke, Chief Investment Officer, Cairn Capital  

Frédéric Jourdren, Head of European High Yield Research, Legal & General Investment Management

10.45 Networking & Coffee Break

11.15    CLO Presentation

The credit challenges CLOs face in 2019      

  • Issuance and performance updates
  • Documentation: How will cov-loose aspects impact performance in the next downturn?
  • Collateral Quality Covenants: How will lower expectations and lower cushions affect trading flexibility?
  • How structural developments in the leveraged finance market feed through into CLOs

Ian Perrin, Associate Managing Director, Structured Finance Group

Carole Gintz, Associate Managing Director, Structured Finance Group

11.40   Panel on Restructuring

How will the next credit cycle differ from the last?

  • Restructurings, defaults and recoveries as the credit cycle turns  
  • The effectiveness of European restructurings and documentation battlegrounds
  • As risk shifts towards debt holders, are investors adequately compensated?
  • Where are the most valuable opportunities for distressed investors?
  • Will the UK lose its position as a centre of European restructuring after Brexit?

Led by Martin Hallmark, Senior Vice President, Corporate Finance Group

Jacques McChesney, Partner, Shearman & Sterling

Jonathan Bowers, Former Partner and Co-Founder, CVC Credit Partners

Lisa Gundy, Vice President – Senior Covenant Officer  

12.30   Lunch & Close of the Conference

12.45   Post-Conference Workshop (45 minutes)

Advanced Techniques in Analyzing CLOs

Join us for a CLO case study analysis. Deep-dive into deal composition, cash flows, and collateral overlap, as well as CLO manager styles in the Moody’s Structured Finance Portal. Understand trends driving credit performance with rating agency research and data on Moody’s CreditView.

Led by Moody's Analytics

Agenda 2019

08.00   Pre-Conference Workshop (45 minutes)

Use Moody's CreditView to Assess Leveraged Finance Corporate Issuers

Discover how Moody's CreditView can facilitate your fundamental credit analysis. You will learn how you can quickly access core credit information, and how to deep-dive into a full suite of research, services and data including the new capital structure tool.

Led by Moody's Analytics

08.30   Registration & Coffee

09.00   Opening Remarks

Chairperson: Sandra Veseli, Managing Director, Corporate Finance Group

09.10   Spotlight Conversation

Navigating a weakening economy – downside risks are increasing

Led by Sandra Veseli, Managing Director, Corporate Finance Group

Sarah Carlson, Senior Vice President, Sovereing Risk Group

09.45   Leveraged Finance Plenary Session  

Key developments in the market

Richard Etheridge, Associate Managing Director, Corporate Finance Group

Followed by a Panel 

Led by Peter Firth, Associate Managing Director, Corporate Finance Group

Roxana Mirica, Principal, Apax Partners

Joseph Bishay, Head of EMEA Leveraged Finance Capital Markets, Bank of America Merrill Lynch 

Andrew Burke, Chief Investment Officer, Cairn Capital  

Frédéric Jourdren, Head of European High Yield Research, Legal & General Investment Management

10.45 Networking & Coffee Break

11.15    CLO Presentation

The credit challenges CLOs face in 2019      

Ian Perrin, Associate Managing Director, Structured Finance Group

Carole Gintz, Associate Managing Director, Structured Finance Group

11.40   Panel on Restructuring

How will the next credit cycle differ from the last?

Led by Martin Hallmark, Senior Vice President, Corporate Finance Group

Jacques McChesney, Partner, Shearman & Sterling

Jonathan Bowers, Former Partner and Co-Founder, CVC Credit Partners

Lisa Gundy, Vice President – Senior Covenant Officer  

12.30   Lunch & Close of the Conference

12.45   Post-Conference Workshop (45 minutes)

Advanced Techniques in Analyzing CLOs

Join us for a CLO case study analysis. Deep-dive into deal composition, cash flows, and collateral overlap, as well as CLO manager styles in the Moody’s Structured Finance Portal. Understand trends driving credit performance with rating agency research and data on Moody’s CreditView.

Led by Moody's Analytics

Speakers

Guest Speakers

Roxana Mirica
Principal
Capital Markets

External Organisation

Apax Partners

External Organisation

Apax Partners

Principal
Capital Markets
Roxana Mirica
Joe Bishay
Head of EMEA Leveraged Finance Capital Markets
High Yield and Leveraged Loans

External Organisation

Bank of America Merrill Lynch

External Organisation

Bank of America Merrill Lynch

Head of EMEA Leveraged Finance Capital Markets
High Yield and Leveraged Loans
Joe Bishay
Andrew Burke
Chief Investment Officer

External Organisation

Cairn Capital

External Organisation

Cairn Capital

Chief Investment Officer
Andrew Burke
Frédéric Jourdren
Head of High Yield Research

Legal & General Investment Management

Legal & General Investment Management

Head of High Yield Research
Frédéric Jourdren
Jacques McChesney
Partner

External Organisation

SheArman & Sterling

External Organisation

SheArman & Sterling

Partner
Jacques McChesney
Jonathan Bowers
Former Partner and Co-Founder

External Organisation

CVC Credit Partners

External Organisation

CVC Credit Partners

Former Partner and Co-Founder
Jonathan Bowers

Moody's Speakers

Sandra Veseli
Managing Director
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Managing Director
Sandra Veseli
Richard Etheridge
Associate Managing Director
Corporate Finance Group

Corporate Finance Group
Associate Managing Director
Richard Etheridge
Peter Firth
Associate Managing Director
Corporate Finance Group

Corporate Finance Group
Associate Managing Director
Peter Firth
Sarah Carlson
Senior Vice President
Sovereign Risk Group

Moody's Investors Service

Moody's Investors Service

Sovereign Risk Group
Senior Vice President
Sarah Carlson
Carole Gintz
Associate Managing Director
Structured Finance Group

Structured Finance Group
Associate Managing Director
Carole Gintz
Ian Perrin
Associate Managing Director
Structured Finance Group

Structured Finance Group
Associate Managing Director
Ian Perrin
Martin Hallmark
Senior Vice President
Corproate Finance Group

Corproate Finance Group
Senior Vice President
Martin Hallmark
Lisa Gundy
Vice president – Senior Covenant Officer
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Vice president – Senior Covenant Officer
Lisa Gundy

If you require any further information please contact

Christopher de Ridder, event manager: christopher.deridder@moodys.com.