Day One: Monday 5th November

08:30 Registration and Morning Refreshments

09:30 Chairman’s Opening Remarks

Philip Wright, Associate Editor, IFR

09:40 Subordinated Hybrid Capital Amid Global Credit Repricing

Oliver Sedgwick, Head of FIG Syndicate & Co-Head of FIG DCM, Goldman Sachs

10:20 Refreshments

10:40 Pricing and Trading: Rebalancing Risk-Reward

• How has global credit repricing affected supply/demand trends?
• Indices - What is in, what is out, why, trading volumes and strategies, indexed vs free standing allocation
• Valuation techniques for investing in hybrid securities and managing risk
• Questioning the return advantage between different layers of Tier I, Upper Tier II, Lower Tier II and Tier III
• Does trading frequency affect subordinated debt spreads?
• Can we expect a steady underlying performance?
• Weighing the financial rewards of sub debt: a justifiable risk:reward balance?
• Winners and losers
• What’s next?

Mathias Külpmann, Head of High Yield & Hybrid Capital Markets, Unicredit Markets & Investment Banking

11:20 Regulatory Developments

• Update on regulatory developments
• CEBS: Own Funds Review and work on convergence of regulatory treatment of hybrid capital instruments 
• Defining core (Tier I) and supplementary (Tier II) capital
• The Basel Committee's review of own funds
• Solvency II: the draft Directive

Nigel Howell, Technical Expert, Capital Policy, Financial Services Authority (FSA)

12:00 Insurance and the Capital Markets; Past, Present and Future

• Evolution of insurance hybrid capital
• Bank versus insurance markets
• Drivers of hybrid issuance and impact of regulators/rating agencies/shareholders on product evolution
• Issuer perspectives
• Product innovation in the hybrid space
• Contingent capital and insurance linked securities
• Outlook for insurance company capital markets

Nik Dhanani, Head of Hybrid Capital Structuring, Financing Solutions Group, HSBC
Paul Gildersleeves, Deputy Group Finance Director, Brit Insurance 
Ben Leonard, Head of European Insurance, Global Capital Markets, HSBC
John Parry, Head of Market Finance, Society of Lloyd's

12:45 Lunch

14:00 Latest Structures in the Hybrid Space: Innovative Tier 1 Developments

• Overview of new structures in market (Spanish USD issues, ANZ, DB to date)
• Looking into different coupon structures
• The drivers for change
• Basel II - changing behaviour?
• What should investors expect going forward in terms of trends, type of securities and non innovative structures?

Geoff Tarrant, Global Head of Hybrid Capital, Deutsche Bank AG London

14:40 The US Hybrid Market

• Hybrid space developments in the US
• Future outlook for US companies issuing in Europe in £ or in €
• Deals and deal structures offering the best value
• Pricing and distribution benefits of retail trades vs institutional deals

Leo-Hendrik Greve, Managing Director FICM Financial Institutions, Citi
Peter Jurdjevic, European Head of New Products, Citi 

15:10 Refreshments

15:30 Investor Panel

• Why buy subordinated debt?
• On what basis do investors price the sub-debt issues they invest in? Current pricing trends
• Who will guard investors’ interest in the asset class: credit rating agencies or self developed sophisticated valuation models?
• Challenges of assessing the creditworthiness of issuers from outside the EU, e.g. G7
• The impact of extra credit work on pricing: risk-sensitive premium rates
• Where to put hybrid capital in the spectrum of investment portfolios
• Evaluating potential risks, assessing possible returns and tackling structural issues

Moderator: Philip Wright, Associate Editor, IFR
Panellists:
Gavin Blessing, Portfolio Manager, ISTC Corporation 
David Godfrey, Head of Credit and Financial Market Risk Management, Swiss Re 
Raphael Robelin, Senior Portfolio Manager, BlueBay Asset Management 
Lucette Yvernault, Global Credit Fund Manager, Schroders

16:15 Issuance Panel

• What are the key drivers and motivations for issuance: assessing the financial sector M&A landscape as a major drive for supply
• Analysing the cost-benefit tradeoff of a hybrid relative to other financing options
• Championing hybrid capital: identifying exciting structural breakthroughs optimising equity credit while minimising cost
• Discussing the sub debt performance to date
• Outlook for sub debt: assessing the future of investor interest and persuading them about the viability of hybrids

Moderator:

Philip Wright, Associate Editor, International Financing Review (IFR)

Panellists:

Sandeep Agarwal, Head of Debt Capital Markets for Financial Institutions, Credit Suisse 
Richard Harding, Head of Capital Raising, The Royal Bank of Scotland 
Jean-François Mazaud, Global Head of Debt Capital Markets, Société Générale 
Steve Sahara, Managing Director, Global Head Hybrid Capital Structuring, Calyon Investment Bank

17:00 Chairman’s Closing Remarks, Questions and Answers

17:10 End of Day One

Day Two: Tuesday 6th November

08:45 Morning refreshments

09:00 Chairman’s opening remarks

Philip Wright, Associate Editor, IFR

09:10 Impact of the Subprime and Liquidity Crisis on Capital

• How banks have reacted to the crisis
• Changing views on capital
• The impact of liquidity measures on capital
• Investor attitudes to bank capital
• Measures that issuers may take to make capital deals more investor friendly
• Alternatives to capital raising through issuance

Raj Malhotra, DCM - Nordic Region, UBS 
Vinod Vasan, Head of Capital Solutions, UBS

09:50 The Role and Impact of Rating Agencies

• How useful are ratings in assessing credit quality and outlook?
• How much do regulators and investors rely on rating agencies and what are the implications?
• What criteria should rating agencies concentrate on?
• Are new issues and the differences in maturities, deferred payments, callability clauses, and subordination determinants causing any shift in the analysis process and subsequent rating?
• Challenges of monitoring and assessing the real time risk profile of financial intermediaries with subordinated debt e.g. how do rating agencies credit Tier I operational risk?
• How crucial is the role of the credit rating agencies to the development of the asset class, especially for institutions outside the EU jurisdiction
• Permanency of hybrids - issuers vs agencies; what if the hybrid becomes unnecessary in two year’s time?
• Debating recent criticism from the market regarding allegations of over rating, over-reacting and inactivity

Moderator:

Philip Wright, Associate Editor, International Financing Review (IFR)

Panellists:
Simon Harris, Managing Director, Financial Institutions Group, Moody's Investors Service Ltd. 
Michelle Brennan, Director of Financial Institutions Criteria, Standard & Poor's 
Jean Luc Lepreux, Senior Vice President, Dominion Bond Rating Service
Gerry Rawcliffe, Managing Director, Financial Institutions, Fitch Ratings

10:30 Refreshments

11:00 A Contingent Capital Issuance Case Study

• Fortis’ successful structuring of €2bn in the form of CCENs (the conditional capital exchangeable notes) with Merrill Lynch in July 2007
• Model criteria
• Why the institutional market rather than the retail market?
• Measuring operational risk
• Motivation, structures, flows in a post Basel II regime
• How that might impact the deals we will see: more or less contingent capital type instruments?

Jean Dessain, Director Capital Solutions, Fortis

11:40 Hybrid Capital Health Check - How Robust Is Our Market?

• The view from the structuring desk
• New sectors, new markets, new drivers of issuance
• The evolution of capital instruments and key milestones; how
  well they position us for the future
• The challenges of continuing to satisfy the demands of a growing
  number of hybrid capital stakeholders
• Buy side dynamics
• Where to now?

Ronan Donohue, Managing Director, Hybrid Capital Group, Dresdner
Nigel Myer, Managing Director, Credit Research, Dresdner

12:20 Lunch

14:00 End of Conference