Leveraged Finance & CLO Summit

Tuesday, April 30, 2019

April 2019

Summit

Leveraged Finance & CLO Summit

Is the market destroying itself?

Tuesday, 21 may 2019
Lotte hotel seoul

Leveraged Finance & CLO Summit

Is the market destroying itself?
Tuesday, April 30, 2019
April 2019
Plaisterers' Hall
London

Leveraged Finance & CLO Summit

Is the market destroying itself?

Tuesday, April 30, 2019
April 2019
Plaisterers' Hall
London

Leveraged Finance & CLO Summit

Is the market destroying itself?

Tuesday, April 30, 2019
April 2019
Plaisterers' Hall
London

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.

Highlights from the 2018 summit

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

Speakers

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

Sandra Veseli is a Managing Director in the Corporate Finance Group at Moody’s Investors Service in London, leading the high yield and leverage finance franchise,as well as the TMT franchise in Europe.

Read Full Bio

Richard Etheridge

Associate Managing Director

Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group

Associate Managing Director

Richard Etheridge

Richard Etheridge is an Associate Managing Director in the EMEA Corporate Finance Group based in London, leading a team of analysts in the high yield and leveraged finance franchise covering a diverse portfolio of industries.Prior to Moody’s in 2014, Richard had spent the last 18 years in the leverage finance market. He was most recently a senior credit analyst at Pramerica Investment Management, focusing on European high yield bonds and leveraged loans. Previously Richard was a senior portfolio manager in the leveraged loan group at Aladdin Capital, where he managed a team of credit analysts and operations professionals. Prior to Aladdin, Richard was a director and head of warehousing and credit analysis for European leveraged loans at Dresdner Kleinwort Wasserstein. He started his banking career at Natwest Bank. His early career was in the Royal Navy.

Read Full Bio

Peter Firth

Associate Managing Director

Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group

Associate Managing Director

Peter Firth

Peter Firth is an Associate Managing Director in the Corporate Finance Group at Moody’s Investors Service, leading a team of analysts in the high yield and leveraged finance Franchise covering a diverse portfolio of industries. He joined Moody’s in July 2013, prior to which Peter had spent the last 20 years in the leverage finance market. He was most recently a managing director at Black Diamond Capital Management and GSC Group focusing on European high yield bonds and leveraged loans. Previously Peter was a senior director in the leveraged loan group at BHF-BANK. He started his banking career at Lloyds Bank. Peter has a Classics degree from Cambridge University and is an associate of the Chartered Institute of Bankers.

Read Full Bio

Sarah Carlson

Senior Vice President

Sovereign Risk Group

Moody's Investors Service

Moody's Investors Service

Sovereign Risk Group

Senior Vice President

Sarah Carlson

Sarah is responsible for a portfolio of credits that includes the United Kingdom, Ireland, Portugal, and Cyprus. She is also one of the Sovereign Risk Group’s global spokespeople. She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School.

Read Full Bio

Carole Gintz

Associate Managing Director

Structured Finance Group

Moody's Investors Service

Moody's Investors Service

Structured Finance Group

Associate Managing Director

Carole Gintz

Carole Gintz is an Associate Managing Director in the EMEA Structured Finance Group. Carole’s responsibilities include the new ratings activity for European Corporate Securitisation transactions. As such, Carole is responsible for the rating assignment of a wide range of newly issued transactions backed by corporate assets including CLOs, SME securitisations and ABCP. Prior to take the responsibility for the EMEA Corporate Securitisation team in 2016, Carole managed the rating surveillance activity of ABS in EMEA.

Read Full Bio

Ian Perrin

Associate Managing Director

Structured Finance Group

Moody's Investors Service

Moody's Investors Service

Structured Finance Group

Associate Managing Director

Ian Perrin

Ian joined Moody’s in August 2001 and has been a lead analyst on rating various types of CDOs transactions as well as consumer ABS structures. In 2013, Ian moved to the surveillance side and is currently managing the EMEA Structured Credit monitoring team. Prior to joining Moody’s, Ian was working at CDC Marches (now Natixis CIB) as a risk/result analyst. Ian holds a Masters Degree in Structured Finance from Université de Paris I (Pantheon-Sorbonne).

Read Full Bio

Martin Hallmark

Senior Vice President

Corproate Finance Group

Moody's Investors Service

Moody's Investors Service

Corproate Finance Group

Senior Vice President

Martin Hallmark

Martin Hallmark is a Senior Vice President at Moody’s in the EMEA Corporate Finance Group in London. He joined Moody’s in June 2014 and has over 20 years of experience in corporate finance and credit analysis. Before joining Moody’s he spent 7 years as a Senior Analyst at CVC Credit Partners analysing and monitoring investments within the European leveraged finance and high yield markets. Prior to CVC Credit Partners he was at RBS where he was responsible for origination, structuring and execution of leveraged finance transactions both in the European and the UK mid-cap markets, including 4 years in Milan. Prior to that, he worked at BDO Stoy Hayward where he covered auditing, accounting and Corporate Finance sectors. Martin is a Chartered Accountant and holds a degree in Music from Cambridge University.

Read Full Bio

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

Lisa Gundy is a Vice President in the Covenant Office at Moody’s Investor Service in London, leading the covenant analysis coverage across EMEA. She joined Moody’s in 2013, bringing over 10 years of financial services experience.

Read Full Bio

Further information

If you require any further information please contact

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

Leveraged Finance & CLO Summit

Is the market destroying itself?

April 2019
Tuesday, April 30, 2019
Plaisterers' Hall
London

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

Speakers

Guest Speakers

Roxana Mirica
Principal
Capital Markets

Apax Partners

Capital Markets
Principal
Roxana Mirica

Apax Partners

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

Bank of America Merrill Lynch

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

Bank of America Merrill Lynch

Andrew Burke
Chief Investment Officer

Cairn Capital

Chief Investment Officer
Andrew Burke

Cairn Capital

Frédéric Jourdren
Head of High Yield Research

Legal & General Investment Management

Head of High Yield Research
Frédéric Jourdren

Legal & General Investment Management

Jacques McChesney
Partner

SheArman & Sterling

Partner
Jacques McChesney

SheArman & Sterling

Jonathan Bowers
Former Partner and Co-Founder

CVC Credit Partners

Former Partner and Co-Founder
Jonathan Bowers

CVC Credit Partners

Moody's Speakers

Sandra Veseli
Managing Director

Moody's Investors Service

Richard Etheridge
Associate Managing Director

Moody's Investors Service

Peter Firth
Associate Managing Director

Moody's Investors Service

Sarah Carlson
Senior Vice President

Moody's Investors Service

Carole Gintz
Associate Managing Director

Moody's Investors Service

Ian Perrin
Associate Managing Director

Moody's Investors Service

Martin Hallmark
Senior Vice President

Moody's Investors Service

Lisa Gundy
Vice president – Senior Covenant Officer

Moody's Investors Service

If you require any further information please contact

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