Programme
08:00 - 08:30
Registration and Tea/Coffee
08:30 - 08:45
Welcome Address
Craig Abouchar, Merrill Lynch
Karsten Moller, SIFMA
08:45 - 09:20
A Macro Look at the Global Leveraged Credit Markets: The Strategists’ View
Moderators:
Bob Janjuah, The Royal Bank of Scotland
Kit Juckes, The Royal Bank of Scotland
09:20 - 10:00
Sub-Prime Contagion, LBO Indigestion and Outlook for Leveraged Credit
- Sub-prime and CLOs: exploring the links
- What is the state of the CLO market and the CLO pipeline?
- What is the outlook for unsyndicated LBO debt and the LBO pipeline?
- Senior, second lien and mezzanine debt: what are the demand conditions?
- Can sponsors contribute to a market recovery?
Moderator:
Edward Eyerman, Fitch Ratings
Panellists:
Robin Doumar, Park Square Capital Partners
Matt King, Citi
Richard Munn, Oak Hill Advisors
David Slade, Credit Suisse
10:00 - 10:40
Assessing the Impact of Market Disruption on the Future of the Leveraged Finance Product?
- What is the state of the carry trade for high yield?
- Has the asset class been reassessed by hedge funds, long-only, crossover investors?
- What is the outlook for the high yield pipeline?
- How do credit fundamentals and secondary market value impact?
- What is the outlook for primary market prices, structures and covenants?
Moderator:
Gareth Noonan, Merrill Lynch
Panellist:
David Allen, GoldenTree Asset Management
Joel Feldmann, Bank of America
Tim Hall, Calyon
10:40 - 10:55
Networking Refreshment Break
10:55 - 11:35
Investing in Distressed LBO Debt: the Hidden Dangers
- Will sponsors commence a dialogue this time around?
- How to inject new money to protect your investment and not compromise your position?
- Unraveling LBO capital structures: how will the last generation of intercreditor agreements hold up?
- How will the pre-pack sale threat affect valuation of subordinated debt?
- Managing effective financial due diligence in the private equity context
Moderator:
James Roome, Bingham McCutchen
Panellists:
Derek Jackson, Alcentra
Peter Marshall, Houlihan Lokey Howard & Zukin
Cecilia McAnulty, Centaurus Capital
Martin Tonnby, MKM Longboat Capital Advisors LLP
11:35 - 12:15
Insolvency Reform: Is the UK Market Ready?
- Cramdown, court-approved valuation, enforcement stays, DIP financing: why do we need these?
- What are the pros and cons of reform?
- How will the market be impacted?
- What about pan-European reform?
Moderator:
Barry Russell, Bingham McCutchen
Panellists:
Christopher Hall, Latham & Watkins
Dan Hamilton, White & Case
Lynn Hiestand, Skadden, Arps, Slate, Meagher & Flom
Adam Plainer, Jones Day
12:15 - 12:45
Lunch
12:45 - 13:45
Keynote Address: "Addressing Global Challenges with Financial Innovation"
Michael Milken, Milken Institute
13:45 - 14:25
Handling Public vs. Private Information in the Leveraged Credit Markets
- How are compliance officers dealing with the challenges presented by convergence in the leveraged credit markets?
- How are banks structuring their public and private sides today?
- Discussing the results of the First Annual EHYA Bank Survey on Public/Private Information
- What are the biggest information challenges in origination, syndication and distribution?
- How does trading in loan only CDS fit within the public/private divide?
- Do existing guidelines address the current market?
Moderators:
Christopher Bates, Clifford Chance
Kelly Gromoll, BNP Paribas
Panellists:
Katharine Domanski, Citi
Stephen Elliott, Calyon
Robert Lepone, Morgan Stanley
14:25 - 15:05
Has the Power Shifted: A Buyside Look at Critical Issues
- What's the future of the ultimate bull instrument, the callable FRN?
- Is covenant lite dead forever?
- Pages Jaunes – the continuing public private conflict – selective disclosure or do confis work?
- Are shadow ratings the product of an immature market or legitimate structural characteristics?
- Has the power shifted for borrower disclosure of loan documents?
- Does Europe need a central repository for disclosure documents?
- Do trustees do their job?
Moderator:
Craig Abouchar, Merrill Lynch
Panellists:
Debra Anderson, The Blackstone Group
Sara Halbard, Intermediate Capital Group
Leland Hart, Lehman Brothers
Chris Munro, JPMorgan
15:05 - 15:20
Networking Refreshment Break
15:20 - 16:00
Bond/Loan Convergence: Challenges for the Legal Practitioner
- PIK loans and repackagings: issues arising from the increasing convergence of the loan and
bonds products - Disclosure considerations applicable to bond repurchases
- Structuring and syndicating equity strips and equity bridges
- Flexible capital structures: all-bond deals, toggle notes and covenant-lite loans
- Enforceability of US/UK split law documents
- Auditor liability caps: developments in Europe and the United States
Moderator:
George Stephanakis, Cravath, Swaine & Moore
Panellists:
Richard Ely, Skadden, Arps, Slate, Meagher & Flom
Jocelyn Seitzman, Latham & Watkins
Nick Shaw, Simpson Thacher & Bartlett
Tom Siebens, Milbank, Tweed, Hadley & McCloy
16:00 - 16:50
Emerging Markets
- Taking stock of convergence: To what extent has there been convergence between EM and HY deals in terms of covenant packages and investor bases? Will it continue post-credit crunch? Is there an end to "covenant-incoherence" in the emerging markets?
- What new and emerging markets jurisdictions have we seen in high yield in the last 18 months?
- Beyond telecoms: What industries are emerging market high yield issuers coming from?
- Post-credit crunch, will HY technology be deployed in order to get non-investment grade issuers to market in the emerging markets?
- How are investors reacting to the challenges of investing in uncharted emerging markets and how are investors targeted?
- Emerging market HY structures: How have the challenges of new and emerging market jurisdictions intervened to affect offering structures? How have local regulatory requirements and local legal issues shaped structural considerations in these markets?
- Local legal considerations: How are local legal considerations in these markets interacting with New York law-governed HY bonds on security and guarantee issues, intercreditor considerations, enforcement and insolvency issues? Is sharia-compliance an issue in certain of these new emerging markets in HY bond offerings?
- The next frontier: Post-market correction, will we see LBO-style high yield financings coming to market in the emerging markets?
Moderator:
Cecil Quillen, Linklaters
Panellists:
Mark Bergman, Paul Weiss Rifkind Wharton & Garrison
Peter Charles, Citi
Julien Gurcel, HSBC
Robert Mathews, White & Case
Stuart Stanley, Invesco
Matthew Strassberg, Mid Europa Partners
16:50 - 17:30
The Private Equity Perspective
- What are the sponsors' responses to the current market dynamics?
- How will structures change?
- How will prices be impacted?
- How does the threat of regulation impact their businesses?
- Bad PR: hysteria or valid?
Moderator:
Eric Capp, The Royal Bank of Scotland
Panellists:
Marc Boughton, CVC Capital Partners
Guy Davies, Permira
Heinz Holsten, CCMP Capital Advisors
Javed Khan, Blackstone
Bastian Lueken, TPG
17:30 - 18:30
Cocktail Reception
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