Leveraged Finance & CLO Summit

Tuesday, April 30, 2019

April 2019

Summit

Leveraged Finance & CLO Summit

Is the market destroying itself?

thursday, November 08, 2018
merchant taylors' 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

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

08.30   Registration & Coffee

09.00   Opening Remarks

Chairperson: Sandra Veseli, Managing Director, Corporate Finance Group

09.10   Spotlight Conversation

Led by Moody’s Senior Representative

Guest Speaker to be Announced  

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

Joe Bishay, Managing Director, 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 top 5 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, Sherman & 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

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.

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Christophe de Noaillat

Managing Director

Structured Finance Group

Moody's Investors Service

Moody's Investors Service

Structured Finance Group

Managing Director

Christophe de Noaillat

Christophe de Noaillat is a Managing Director in the Moody’s Structured Finance Group and is based in London. He is responsible for the monitoring of corporate asset-backed transactions in EMEA such as CLO’s and SME’s, as well as the new ratings and monitoring of commercial real estate securitisations (CMBS) in EMEA

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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.

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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.

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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.

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Further information

If you require any further information please contact

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