Programme
Outlook for European Lending 2010
Refinancing and Restructuring Europe
24 November 2009 • Thomson Reuters, London
Refinancing
09:00 Registration
09:30 Chairman’s welcome
Keith Mullin, Editor-in-Chief, International Financing Review, THOMSON REUTERS
09:40 Evolution of Investment and Corporate Banking Risk Strategies in Europe
- What new risk strategies are investment banks adopting in European corporate markets post credit crisis?
- How are international banks shifting their risk approach to European markets as global capital market teams restrategise and refocus for 2010
- How will the investment and corporate banking environment further evolve in 2010
Miles Millard, Global Head Debt Capital Markets, DEUTSCHE BANK
10:00 Surveying Corporate Refinancing and Recapitalisations in Europe
- Identifying major corporate refinancing – regions, sectors and markets - how has Europe’s corporate landscape reshaped through the credit crisis
- How might corporate recapitalization strategies differ throughout Europe?
- Reviewing rights issues and funding strategies amongst major European corporations
Sophie Javary, European Restructuring Co-Head, ROTHSCHILD
Loan Syndication Markets
10:20 Loan Syndication Market Outlook and Corporate Borrowing Strategies
- How might corporate borrowers access loan markets and at what prices?
- What is the corporate appetite for syndicated loans - are club deals the way forward in the medium term?
- Will the trend for forward start agreements in loans continue in 2010?
- When might jumbo deals and public syndication markets power up to pre crisis levels?
Damien Lamoril, Co-Head of European Loan Syndicate, SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
Rebecca Manuel, Joint Head of EMEA Syndicate, RBS
Jean Francois Balay, Head of Global Loans Syndications Group, CALYON
Keith Taylor, Director Global Loan Syndicate, BARCLAYS CAPITAL
10:50 Refreshments
Bond Markets and Securitisation
11:10 Corporate Bond Markets and Issuer Prospects
- Prospects for corporate bond issuance - tenors, pricing and yields in current markets
- Corporate Bond outlook in Europe in 2010
Pierre Lebel, MD, Head of Corporate Bond Syndicate, SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
11:30 Prospects for Corporate Securitisation Markets in Europe
- What is the current regional market appetite for corporate securitisations?
- How do investors view corporate securitisation paper in the medium term?
- Are securitizations an effective refinancing strategy in current markets?
Stefan Jaeger, Associate Director, BARCLAYS CAPITAL
Private Equity and Capital Raising
11:50 Private Equity, Growth Capital and Investor Risk in European Corporates
- Venture and growth capital funding prospects in UK and Europe
- Private equity investor attitudes and strategy around current market risks
- Managing investor exit strategies in 2010
Joseph Bergin, Director, NBGI PRIVATE EQUITY
12:10 Rights Issues and Equity Markets for Capital Raising
- Corporate rights issues and shareholder and investor impacts
- Equity performance outlook for European corporates – companies and sector analysis
- What prospects in the primary IPO markets – when might they return?
- Performance of corporate convertible bonds recently and buyback activity
- Opportunities in the secondary markets for corporate capital raising
Peter Nicklin, Equity Advisory, ROTHSCHILD
12:30 Lunch
M&A Activity and Leveraged Finance Markets
13:30 Surveying Corporate M&A activity across Europe
- How is corporate demand for acquisition finance being met?
- M&A activity – companies and sector analysis across Europe
- Challenges for investors, banks and private equity in getting deals done
Mark Warham, Co-Head of European M&A, BARCLAYS CAPITAL
13:50 Forecasting the Return of Leveraged Finance Markets
- When might the LBO market power up again in European markets?
- How will LBO business be written in 2010 – at what leverage levels and at what price?
- What prospects for mezzanine financing: current market activity and appetite
Stephen Pitts, Managing Director, European Leveraged Finance, DEUTSCHE BANK
Charlotte Conlan, Head of Leveraged Syndications, BNP PARIBAS
Ajit Madan, Managing Director, European Leveraged Capital Markets, SOCIETE GENERALE CORPORATE & INVESTMENT BANKING
Giles Borten, Head of Leveraged Finance Europe, UBS
Tom Smyth, Managing Director, Debt Advisory, ROTHSCHILD
Ryan McGovern, Investment Director, NOMURA MEZZANINE
14:30 De-Leveraging and Restructuring Leveraged Deals
- Identifying major corporate restructurings across major Western European economies including Germany, Spain, Italy and France
- Highlighting vulnerable sectors and companies in 2009 and prospects for 2010
- Outlining key differences in restructuring activity in European jurisdictions
Peter Marshall, MD, HOULIHAN LOKEY
Restructuring
14:50 Corporate Debt Restructuring in UK
- Surveying the corporate restructuring picture in UK and the ongoing funding challenges for UK companies
- Activities of domestic and foreign financial institutions in corporate restructuring and opportunities going forward
- What refinancing and restructuring solutions are emerging in UK – scanning funding tools across corporate market
Dacre Barrett-Lennard, Director, ROTHSCHILD
15:10 Refreshments
15:40 Analyzing Adjusted Credit Ratings for European Corporates
- Managing corporate rating downgrades during restructuring
- Interpreting corporate rating shifts and investor attitudes
- Mitigating corporate impacts of rating changes
Paul Watters, Director and Head of Loan Ratings, European Leveraged Finance and Recovery, STANDARD & POOR’S CORPORATE RATINGS
16:00 Current Legal Issues in European Restructurings
- How do you achieve cram-down in different European jurisdictions?
- Schemes of arrangement
- Creatively using COMI as a means to achieving a restructuring
Catherine Balmond, Senior Associate, FRESHFIELDS BRUCKHAUS DERINGER
16:20 Restructuring Challenges in Emerging Markets
- How emerging markets differ to Western European restructurings, in terms of legal frameworks, recourse, enforcement and recovery rates
- Defining the scope and scale of the restructuring challenge in EM regions
- Identifying and managing the expectations of the different stakeholders in EM restructuring situations
- Managing the restructuring process in EM environments - identifying options and support systems
Neil Goldie-Scott, Co-Head EMEA Structuring Group, HSBC
16:40 Restructuring Outlook Panel
- Strategies for maximizing value and minimizing risk in corporate restructuring
- How will restructuring play out as the economy recovers in 2010
Arnaud Joubert, Managing Director, ROTHSCHILD
Catherine Balmond, Senior Associate, FRESHFIELDS BRUCKHAUS DERINGER
Peter Marshall, MD, HOULIHAN LOKEY
Neil Goldie-Scott, Co-Head of EMEA Structuring Group, HSBC
Matthew Prest, Head of Restructuring, MOELIS AND COMPANY
17:00 Chairman's Summary and Close