Conference Programme 

21st October 2009, The Lancaster London Hotel

 07:30 – 08:30Registration
 08:30 – 08:40Welcome
 Craig Abouchar, Portfolio Manager, Axial Investments, Chair, EHYA
Eric Capp
, Global Head of High Yield Syndicate, The Royal Bank of Scotland, Conference Co-Chair, EHYA 
 08:40 – 09:30Heads of Leveraged Finance Panel – The State of the European High Yield and Loan Markets Post-Crisis
 
  • Can the sell side support expected increases in high yield issuance?
  • What is the new investor profile?
  • Will senior notes replace bank debt in this next cycle?
  • What are the current issuance drivers for high yield?
  • What are the likely product characteristics?
  • Will the new issuance profile kick start a truly European high yield market?

Moderator:
James Cole, Partner, Weil, Gotshal & Manges

Panellists:
Eric Capp, Global Head of High Yield Syndicate, The Royal Bank of Scotland
Tanneguy De Carne
, Co-Head of European Loan Syndicate, Société Générale
Joel Feldmann, Head of Leveraged Finance, Europe, Bank of America
Nick Jansa, Head of European Loans & High Yield, Deutsche Bank
Youssef Khlat
, Managing Director, Global Head of High Yield Capital Markets, Calyon
Chris Munro,
Managing Director, Leverage Finance Capital Markets, J.P.Morgan

 09:30 – 10:20Issuer's Perspective: European High Yield 3.0
 
  • High yield as a refinancing option
  • High yield v loans – has the issuer perspective changed?
  • Going beyond fallen angels
  • Can high yield become more issuer friendly
  • Will high yield replace mezz?
  • Do reporting standards need to be revisited?

Moderator: 
Adrian Collins, Managing Director, Head of European Loan & High Yield Capital Markets, The Royal Bank of Scotland

Panellists: 
Philip Boeckman, Partner, Cravath, Swaine & Moore 
Luigi Gubitosi
, Chief Executive Officer, Wind Telecomunicazioni Spa
Rick Martin
,Group Director - Treasury and Investor Relations, Virgin Media
Rob Mathews, Partner, White & Case
Alexander Naidenov
, Partner, Linklaters
Dr. Michael W. Nimtsch
, Chief Financial Officer, IFCO Systems

10:20 – 10:50Networking Break
10:50 – 11:40The Times Are A-Changin’: A Bob Dylan Retrospective
 
  •  A look back and forward with key market players who have changed firms and perspectives
  • Changing intermediaries – what is the right capital raising vehicle to channel Sven’s pension to
    investment?
  • How banks and buy-side have changed focus: good-bye prop desks
  • How does IMO Carwash change the landscape?
  • The emerging players: the brokerage house

Moderator:
David Ross, Senior Vice President, Sankaty Advisors
Panellists:
Craig Abouchar, Portfolio Manager, Axial Investments
Stephen Butcher
, Broker, ICAP
Eric Capp
, Global Head of High Yield Syndicate, The Royal Bank of Scotland
John Empson
, Managing Director of Capital Markets, Kohlberg, Kravis & Roberts

11:40 – 12:30

 Martin Wolf

12:30 – 13:30Lunch 
13:30 – 14:30The Role of High Yield in LBO’s
 
  • How has the financing landscape for new LBOs changed (bank, mezzanine, high yield)?
  • How will high yield price volatility impact new LBOs?
  • How can high yield be used to refinance the "wall of maturities" for existing LBOs?
  • How do high yield bonds impact sponsors investing in restructurings?

Moderator:
Gleeson Van Riet, Managing Director, Financial Sponsor Group, Credit Suisse

Panellists:
Matthew Tooth, Managing Director, The Blackstone Group
Felipe Merry Del Val
, Managing Director, Bain Capital Europe
Peter Schwartz
, Partner, Weil, Gotshal & Manges
Karim Tabet
, Managing Director, Providence Equity Partners

14:30 - 15.20Restructuring 2009: A Macro Look 
 
  • The LBO Landscape Today
  • The Restructuring World Today
  • Has LBO documentation of last ten years worked well?
  • The Impact of the Dearth of Bank Finance in today’s market
  • Proactive vs. Reactive Restructurings
  • Will the UK govt proposals for company rescue work?
  • EC Directive on Comi: Does it Work? Does it Matter

Moderator:
Robert Willoughby, Managing Director, Chairman, Debt Advisory and Restructuring, Credit Suisse

Panellists:
Adam Bradley, Senior Director, Alvarez & Marsal Europe LLP
Michelle De Angelis, Senior Director, Fitch Ratings
Tracy Edmonson
, Partner, Latham & Watkins
Tony Horspool
, Partner, Weil, Gotshal & Manges
Frank Sekula
, Head of Restructuring and Recapitalisation, Jefferies

15:20 – 16:05

STREAM I

STREAM II

 

Restructuring - Where is it all going?

  • Is there a conspiracy of silence or are investors just facing up to reality?
  • Have mezz investors been left behind? Can they come in from the cold?
  • Refinancing structures--is it just a game?

Moderator:
Sarah Murphy, Partner, Freshfields Bruckhaus Deringer

Panellists:
Mark Bergman, Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP
Pierre-Marie Boury
, Partner, Cleary Gottlieb Steen & Hamilton LLP
John Connolly
, Partner, Clifford Chance
Robert Murray
, Associate, MezzVest
Francois Vidal, Executive Director, Moelis
Taron Wade
, Senior Research Analyst, Standard & Poor's

Distressed Investing: No Brainer or Bear Trap?

  • With banks and CLOs reluctant sellers, what is the price of entry?
  • Who are the players: credit hedge funds, private equity, prop desks, special opportunity funds?
  • Does size matter? Controlling a committee, blocking power, new money.
  • Outlook for sectors, EV's, required returns, investment holding periods and exit issues
  • How to play Europe’s Chapter 22s

Moderator:
Edward Eyerman, Managing Director - Head of European Leveraged Finance, Fitch Ratings

Panellists: 
Robin Doumar, Managing Partner, Park Square Capital
Martin Gudgeon
, Senior Managing Director, The Blackstone Group
Patrick Kenney
, Head of International Credit Opportunities Trading, D.E Shaw & Co
Simon Mansfield
, Co-head of European Special Situations Group (ESSG), Goldman Sachs
Stephen Phillips
, Partner, White & Case

16:05 – 16:20Panel Intermission (beverages provided)
16:20 – 17:05A Look at Convergence in European Debt Capital Markets
 
  • Investor Base 2006 vs Investor Base 2009 - Is there a difference? Who is playing and what are they doing? Is there a difference between North America and Europe?
  • The return of financing – is it back? What incentives does the availability or lack there of provide to investors? Will TRS be regulated?
  • What have borrowers both financial and corporate learned in the past 24 months? Is there a preference for loan or bond borrowings? Will CDS players “incentivise” prospective borrowers to issue (Stranded CDS)
  • Will the preference for private over public deals in Europe remain? Why? Will the benefits outweigh the smaller investor universe? Will investors demand public deals?
  • Alphabet soup- Whether CDO/CSO/CLO’s? Will they be back? If not, how will this influence financing options for borrowers? What is the long term effect on credit spreads?
  • Settlements – How will loan market respond to the call for simpler more standardised loan docs and settlement practices? Will this impact the number and diversity of market participants?

Moderator:
Jeff Kushner, Head of Managed Products and CEO, BlueMountain Europe

Panellists:
Stephen Byrne, Managing Director, Head of European Public High Yield/Loan Trading, Goldman Sachs
Tatjana B. Greil Castro, Portfolio Manager, Muzinich & Co.
Clare Dawson
, Managing Director, Loan Market Association
Andrew Lago, European Trading & Member of the European Investment Committee, King Street Capital Management
Amit Raja
, Managing Director, Head of High Yield, Loan and Distressed Trading, Citi
David Staples
, Managing Director, Moody's Investors Service
Brett Tejpaul
, Managing Director, Head of European Credit Sales, Barclays Capital

17.05 – 17.25Networking Break
17.25 – 18.15Rescue Finance in the Current Climate: Trends and Developments
 
  • Recent deals: Vita, McCarthy & Stone, Countrywide, Crest Nicholson, Monier, Sanitec, Ferretti, Dometic, SGD
  • Who’s providing rescue finance and why?
  • What are the obstacles to rescue finance and strategies for dealing with them?
  • The government proposal to facilitate rescue finance: is the UK market ready and would it work?

Moderator:
Lynn Hiestand, Partner, Skadden, Arps, Slate, Meagher & Flom

Panellists: 
Edward Eyerman, Managing Director, Head of European Leveraged Finance, Fitch Ratings
Dorian Lowell,
Partner, Head of Special Situations, Gleacher Shacklock
Lesley Lynn
, Head of IRM EMEA in London, Citi
John Redding
, Portfolio Manager, Eaton Vance
Tom Siebens, Partner, Milbank
Marc Vassanelli
, Interim CFO, Equiniti

18:15 Networking Reception for Speakers and Delegates        Sponsored by:  White & Case