Leveraged Credit Seminar: The Roaring 20s - Interrupted?
December
 
5th
, 
2018

Macroeconomic Landscape

Paul Taylor

President & CEO

Paul Taylor is president and chief executive officer of Fitch Group, a leading provider of essential financial information and services to the global financial markets. Mr. Taylor was appointed to this position in April 2012 and is based in London.


Mr. Taylor previously served as President of Fitch Ratings, the group’s largest business and a leading provider of credit ratings, commentary and research. Prior to this appointment in 2010, he spent two years as global head of structured finance ratings, presiding over numerous ratings reforms following the 2007 collapse of the U.S. housing market. Mr. Taylor has held a variety of analytical leadership positions at Fitch Ratings, including global head of sovereign, public finance, corporate, and financial institution ratings. He also headed the agency's operations in Europe, Middle East, and Africa.

00:00 AM

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Leveraged Credit Seminar: The Roaring 20s - Interrupted?
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When

03 
March
, 
2021
2:00pm
 – 
4:00pm
 GMT

Where

About the virtual seminar

One year ago, we met for a discussion on the Roaring Twenties in Leveraged Credit - little realising the profound changes which were about to occur.

We find ourselves in a new environment today. Was 2020 merely an interruption? Are the Roaring Twenties set to continue?

Please save the date for our 2021 Leveraged Credit Seminar to hear Fitch's senior speakers with panel guests from private equity firms, asset managers, lawyers, issuers and banks.


Secure your spot today for what is sure to be an insightful event.

 

If you have any questions regarding the event, please don't hesitate to contact bryce.gasser@fitchratings.com. 

 

Please join senior members of Fitch Ratings’ International Public Finance team as they outline key changes to our international local- and regional rating criteria; details of which have just been released in an exposure draft.

 


The proposed changes are aimed at providing greater transparency to the rating process in that they will better outline the analytical process and provide detail of a credit’s relative resistance to changing economic conditions and investment cycles. A rating positioning table will aid predictability of rating changes and a standalone credit score will reflect an issuer’s risk profile before the application of extraordinary support or a sovereign cap.

 


The presentation will be structured as a Q&A session. However, the audience will be able to ask their own questions live during the webcast, or email them in advance to rebecca.jang@fitchratings.com.

Confirmed Speakers: 

Alex Griffiths, Head of EMEA Corporates

Fitch Ratings

Ed Eyerman, Managing Director & Head of European Leveraged Finance

Fitch Ratings

Jane Gray, Head of European Research 

Covenant Review

Minaxi Kesra, Editor in Chief Europe 

CapitalStructure

Speakers

Paul Taylor

President & CEO

Paul Taylor is president and chief executive officer of Fitch Group, a leading provider of essential financial information and services to the global financial markets. Mr. Taylor was appointed to this position in April 2012 and is based in London.


Mr. Taylor previously served as President of Fitch Ratings, the group’s largest business and a leading provider of credit ratings, commentary and research. Prior to this appointment in 2010, he spent two years as global head of structured finance ratings, presiding over numerous ratings reforms following the 2007 collapse of the U.S. housing market. Mr. Taylor has held a variety of analytical leadership positions at Fitch Ratings, including global head of sovereign, public finance, corporate, and financial institution ratings. He also headed the agency's operations in Europe, Middle East, and Africa.

Robert Harpel

Chief Technology Officer

Robert Harpel is Chief Technology Officer at Fitch Group. Mr. Harpel oversees information technology for Fitch Group's corporate offices and all of its business units, including Fitch Ratings, Fitch Solutions, and Fitch Learning.


Prior to joining Fitch Group in 2011, Mr. Harpel was Senior Vice President, Sales Systems for Viacom's MTV Networks. At Viacom he oversaw applications that supported more than $6 billion in sales. Mr. Harpel previously held senior technology and consulting roles with International Masters Publishers, HotJobs (a Yahoo! company), and Booz & Company, where he specialized in technology strategy for media & entertainment and financial service clients. He began his career at Price Waterhouse in Management Consulting Services.

CEO Series Video

Check out our CEO speak on the state of Fitch Ratings.

Agenda 

2:00PM - Opening Address

Alex Griffiths, Head of EMEA Corporates – Fitch Ratings


- Potential phasing of the Covid-19 recovery
- Leverage Evolution within key sectors

2:20pm - Primary Market in Leveraged Credit: Ready to Roar or Issues Lurking?

Moderated by Ed Eyerman, Managing Director & Head of European Leveraged Finance – Fitch Ratings

- Are primary LBO EV and Debt multiples indicative of the state of the broader market?
- Did flexible documentation prove its value and will it be a permanent feature in primary?
- How does the acceleration in trends such as digitisation, work from home, etc. impact outlook?
- How will ESG considerations impact the market?
- What are threats to the primary market outlook: Rising rates, regulation, equity market correction, policy mistakes, etc.


Panellists:

·    Jane Gray, Head of European Research – Covenant Review

·    Jonathan Butler, Head of European Leveraged Finance, Co-Head of Global High Yield – PGIM Fixed Income

·    Dominic Ashcroft, Co-head of EMEA Leveraged Capital Markets – Goldman Sachs

·    Soren Christensen, Partner, Capital Markets – Cinven 

3:10pm - State of the Secondary Markets

Moderated by Steven Miller, Global Head of Leveraged Finance Intelligence – CapitalStructure / Covenant Review

- Risk/return: Is today’s leveraged loan market rich/neutral/cheap to other asset classes and are there particular areas of opportunity? 
- Relative Value: how does the return profile today of European loans and bonds to compare to the US?
- Are broker/dealers supporting secondary markets efficiently?
- How have permissive debt baskets, transfer restrictions, and loose covenants changed investors approach to buying and selling in secondary?

Panellists:

·    Alastair Gillespie, Senior Analyst – Covenant Review

·    Fiona Hagdrup, Fund Manager, Leveraged Finance M&G Investments – M&G

·    Evert-Jan Wamsteker, Managing Director, European High-Yield and Syndicated Loans – Hayfin 

·    Hannah Cusworth, Managing Director, Head of European Origination - SVPGlobal

Fitch Group, Inc. and its subsidiaries (collectively, Fitch) reserve the right to electronically store any personal information(PI) that you provide to Fitch. Fitch will use and share such PI in compliance with applicable law and the Fitch privacy policy. To review Fitch’s privacy policy, including how Fitch uses the PI that it obtains and how it shares such PI, please go to www.thefitchgroup.com/policies.

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