EHYA 4th Annual European Leveraged Finance Conference - A Focus on Restructurings

• 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

• 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

•  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

• 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

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

• 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

• 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