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Agenda09:05 - 10:00CET
Credit Conditions
Can inflation, energy, and political risks be contained?
- Will inflation fall back in 2023? Will expectations become de-anchored from central banks' targets?
- Will higher net interest income for banks compensate for slower economic growth and higher loan losses?
- How will high energy prices, higher cost of living and concerns over security of supply impact corporates?
- Which industries will suffer the greatest collateral damage from the current credit challenges?
10:00 - 10:30CET10:30CETClose of the event
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SpeakersSimon Sjøthun Partner Rystad Energy
Louise Welin Vice President - Senior Credit Officer, EMEA Banking Moody's Investors Service
Sarah Carlson Senior Vice President, Sovereign Risk Moody's Investors Service
Daniel Harlid Vice President - Senior Credit Officer, Corporate Finance Moody's Investors Service
Graham Taylor Senior Vice President - Infrastructure Finance Moody's Investors Service
Colin Ellis Managing Director, Global Credit Strategist Moody's Ratings
Marie Elvesol Associate Managing Director - Global Head of Investor Management & Country Manager Sweden Moody's Ratings
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Marie Elvesol is the global Head of Investor Management and part of the Commercial team, and also Country Manager and Director of the Nordic subsidiary, Moody’s Ratings (Nordics AB). Marie leads a team of senior professionals focused on deepening our relationships with senior investors around the world. Marie drives strategic alignment and collaboration with Ratings & Research and Global Strategy & Research with the goal of nurturing and growing our strategic investor relationships, diversifying our sphere of influence and expanding our investor footprint and market voice.
Marie joined MIS Commercial in 2016 and was instrumental in setting up our office in Stockholm, Sweden. Combined with her Country Manager role, she previously served as Sub Regional Head for the Nordics in the EMEA Relationship Management team and have held leadership positions with Nasdaq and Nordic banks with experience from working closely with issuers and capital market stakeholders through her roles during her career. As a seasoned manager, Marie has proven experience in leading diverse teams and working with multiple stakeholders in global organisations.
Marie has been an ambassador in CSR initiatives and she has worked in was selected as a member in Moody’s FinTech and Innovation Programme with Cornell University. Marie holds an Executive MBA in Management, Strategy and Finance.
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for MIS, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Louise joined Moody’s in November 2016 and is the lead analyst for most large Nordic banks.
Prior to joining Moody’s, Louise spent nine years at Standard & Poor’s. She initially worked as a senior credit analyst in the Sovereign and International Public Finance Group, and thereafter in the Financial Institutions Group - during the global financial crisis. The last 4 ½ years at S&P, Louise headed up the rating agency’s Banking Industry Country Risk Assessments (BICRAs), the key element of bank ratings, globally.
Prior to working at Standard & Poor’s, Louise spent ten years at the European Commission in Brussels, primarily working with macroeconomic forecasts and analysis at the Directorate General for Economic and Financial Affairs (DG ECFIN), and a couple of years working with EU affairs at the Swedish Ministry of Finance and Central Bank. Louise holds a Master of Science in Business Administration and Economics from Uppsala University.
Daniel Harlid is a Senior Analyst – Vice President in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is responsible for a portfolio of investment grade and sub-investment grade companies within the European container shipping sector as well as in the logistics industry. Additionally, he covers investment grade issuers in the Nordic manufacturing sector. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.
Simon is a Partner with Rystad Energy with experience from energy, E&P and gas market projects. Simon has also worked extensively on infrastructure due diligence for clients related to transactions in Europe, the Middle East, the Americas and Australia with particular focus on gas. He graduated from NHH.
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Simon is a Partner with Rystad Energy with experience from energy, E&P and gas market projects. Simon has also worked extensively on infrastructure due diligence for clients related to transactions in Europe, the Middle East, the Americas and Australia with particular focus on gas. He graduated from NHH.
Louise joined Moody’s in November 2016 and is the lead analyst for most large Nordic banks.
Prior to joining Moody’s, Louise spent nine years at Standard & Poor’s. She initially worked as a senior credit analyst in the Sovereign and International Public Finance Group, and thereafter in the Financial Institutions Group - during the global financial crisis. The last 4 ½ years at S&P, Louise headed up the rating agency’s Banking Industry Country Risk Assessments (BICRAs), the key element of bank ratings, globally.
Prior to working at Standard & Poor’s, Louise spent ten years at the European Commission in Brussels, primarily working with macroeconomic forecasts and analysis at the Directorate General for Economic and Financial Affairs (DG ECFIN), and a couple of years working with EU affairs at the Swedish Ministry of Finance and Central Bank. Louise holds a Master of Science in Business Administration and Economics from Uppsala University.
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Daniel Harlid is a Senior Analyst – Vice President in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is responsible for a portfolio of investment grade and sub-investment grade companies within the European container shipping sector as well as in the logistics industry. Additionally, he covers investment grade issuers in the Nordic manufacturing sector. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for MIS, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
Marie Elvesol is the global Head of Investor Management and part of the Commercial team, and also Country Manager and Director of the Nordic subsidiary, Moody’s Ratings (Nordics AB). Marie leads a team of senior professionals focused on deepening our relationships with senior investors around the world. Marie drives strategic alignment and collaboration with Ratings & Research and Global Strategy & Research with the goal of nurturing and growing our strategic investor relationships, diversifying our sphere of influence and expanding our investor footprint and market voice.
Marie joined MIS Commercial in 2016 and was instrumental in setting up our office in Stockholm, Sweden. Combined with her Country Manager role, she previously served as Sub Regional Head for the Nordics in the EMEA Relationship Management team and have held leadership positions with Nasdaq and Nordic banks with experience from working closely with issuers and capital market stakeholders through her roles during her career. As a seasoned manager, Marie has proven experience in leading diverse teams and working with multiple stakeholders in global organisations.
Marie has been an ambassador in CSR initiatives and she has worked in was selected as a member in Moody’s FinTech and Innovation Programme with Cornell University. Marie holds an Executive MBA in Management, Strategy and Finance.