Leveraged Finance & CLO Briefing 2020 - Paris
Wednesday, April 22, 2020
April
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OverviewAgendaFeedback from the 2019 BriefingSpeakers

Overview

Overview

What are market attitudes towards leverage as the cycle turns? How much room for manoeuvre is there left? Join the annual event to examine European high yield market conditions and discuss what may magnify risks in 2020 and beyond.

Hear from leading analysts and experienced market figures about the latest trends and shifts in the credit landscape. Look deeper into the impact of deteriorating standards, the increasing role of ESG, and cross sector performance.

Track the trends | How today’s market dynamics translate into high yield credit

Explore the Outlook | What will be the default rate drivers in 2020?

Engage with the market | Network with 200+ investors, issuers and intermediaries from across Europe

Breakout Sessions | Covenants & Documentation and Early Warning Signals

Testimonials 2019

Appreciated the presentation on CLOs, different approach than peers, and interesting panel
Good quality of content and speakers
Good sum up of the recent trends

Appreciated the presentation on CLOs, different approach than peers, and interesting panel

Good quality of content and speakers

Good sum up of the recent trends

Agenda

08.30Registration & Coffee

09.00 Opening Remarks

Chairperson: Jeanine Arnold, Associate Managing Director, Corporate Finance

09.10 Keynote Spotlight Conversation

Pïerre-Yves Gauthier, Market Financial Stability Research, BANQUE DE FRANCE

Sarah Carlson, Senior Vice-President, Sovereign Group

Led by Jeanine Arnold, Associate Managing Director, Corporate Finance

 

09.45Leveraged Finance Plenary Session

Beyond the Leverage Multiple

Presented by Guillaume Leglise, Associate Vice President, Corporate Finance

 

Followed by a Panel Discussion

  • In a lower for longer interest  rate environment, does leverage matter anymore?
  • EBITDA add-backs: Now pervasive  in most deals, but larger and harder to achieve?
  • Downgrades on the rise: To what  extent is deal stress rising? How concerned should investors be?
  • ESG: Increasing in importance but still mostly a sideshow for HY investors?

Led by Fabrizio Marchesi, Vice-President Senior Analyst, Corporate Finance

  • Tina Radovic, Global Head of Credit Research, HSBC
  • Edouard Giuntini, Director, Head of Capital Markets, BRIDGEPOINT
  • Michel Houdayer, Partner, LATHAM & WATKINS
  • Patrick Sandray; Managing Director Leveraged Finance Group, Head of France, Belgium and Switzerland, SOCIETE GENERALE

10.45Networking & Coffee Break

11.00CLO Presentation

Dark Clouds on the Horizon

  • Issuance and  performance updates
  • Negative outlooks and  downgrades: Impact on WARF and trading flexibility
  • How does a tighter arbitrage  impact CLO structures?
  • How big a risk is ESG for  CLOs?

Presented by Tanguy Hespel,  Associate Vice President, Structured Finance

Agenda

08.30Registration & Coffee

09.00 Opening Remarks

Chairperson: Jeanine Arnold, Associate Managing Director, Corporate Finance

09.10 Keynote Spotlight Conversation

Pïerre-Yves Gauthier, Market Financial Stability Research, BANQUE DE FRANCE

Sarah Carlson, Senior Vice-President, Sovereign Group

Led by Jeanine Arnold, Associate Managing Director, Corporate Finance

 

09.45Leveraged Finance Plenary Session

Beyond the Leverage Multiple

Presented by Guillaume Leglise, Associate Vice President, Corporate Finance

 

Followed by a Panel Discussion

Led by Fabrizio Marchesi, Vice-President Senior Analyst, Corporate Finance

10.45Networking & Coffee Break

11.00CLO Presentation

Dark Clouds on the Horizon

Presented by Tanguy Hespel,  Associate Vice President, Structured Finance

<div class="n-agenda-section-custom"><div id="agenda-top" class="n-agenda-anchor"></div><div id="tabtop" class="n-agenda-b-day-container"><div data-duration-in="500" data-duration-out="200" class="n-agenda-b-tabs erin w-tabs"><div class="n-agenda-b-tabs-content erin w-tab-content"><div data-w-tab="Tab 1" class="w-tab-pane w--tab-active"><div class="n-agenda-content-wrapper erin"><div class="n-agenda-content-wrapper-custom-2col erin"><div class="n-agenda-item-block erin"><div class="n-agenda-b-time-column erin"><h2 class="n-agenda-b-time erin">11.20 </h2></div><div class="n-agenda-one-row-wrapper-2 erin"><div class="n-rtb-agenda-main erin w-richtext"><h2>Breakout Sessions</h2></div></div></div><div class="n-agenda-b-stream-content-holder erin"><div class="_5-col-stream-wrapper-custom erin"><div class="rtb-5-col-purple-custom erin w-richtext"><h1>Covenants and Documentation</h1><h4>- Key risks to consider as credits deteriorate </h4><h4>- How is the quality of documentation incorporated into our credit analysis?</h4><p>‍</p><h4><em>Lisa Gundy, Vice President, Senior Covenant Officer &nbsp;</em></h4><h4><em>Florent Egonneau, Associate Vice President, Corporate Finance</em></h4></div><div class="rtb-5-col-blue-custom erin w-richtext"><h1>Early Warning Signals</h1><h4>- As the global economy decelerates, what will be the most prevalent and relevant warning signs?</h4><h4>- What warning signs have recently seen an increase, and what does this mean for our default rates?</h4><p>‍</p><h4><em>Francesco Bozzano, Associate Vice President, Corporate Finance</em></h4></div></div></div></div></div><div class="n-agenda-content-wrapper erin"><div class="n-agenda-item-block erin"><div class="n-agenda-b-time-column erin"><h2 class="n-agenda-b-time erin">12.00 </h2></div><div class="n-agenda-one-row-wrapper-2 erin"><div class="n-rtb-agenda-main erin w-richtext"><h2>Close of the Summit</h2></div></div></div></div></div></div></div><a href="#agenda" class="n-agenda-back-to-top">Top of agenda</a></div></div>
Speakers

Guest Speakers

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Moody's Speakers

Jeanine Arnold
Associate Managing Director -
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Associate Managing Director -
Jeanine Arnold
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
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

Moody's Investors Service

Moody's Investors Service

Structured Finance Group
Associate Managing Director
Carole Gintz
Francesco Bozzano
Assistant Vice President- Analyst
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Assistant Vice President- Analyst
Francesco Bozzano
Fabrizio Marchesi
Vice President - Senior Analyst
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Vice President - Senior Analyst
Fabrizio Marchesi
Florent Egonneau
Assistant Vice President - Analyst
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Assistant Vice President - Analyst
Florent Egonneau

If you have any questions, please contact Christopher de Ridder.