El evento será en español
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Agenda09:00 - 10:00CET
Credit Conditions
Can inflation, consumer, energy, and political risks be contained?
- Can stretched sovereign balance sheets contain risks to consumers and businesses?
- Will inflation expectations become de-anchored from central banks' targets?
- How will European and Spanish utilities be impacted by the ongoing energy crisis and exceptional policy measures?
- What is the impact of the energy crisis on decarbonization plans and targets?
- Which industries and issuers will suffer the greatest collateral damage from the current credit challenges?
- How do we expect defaults to evolve in 2023?
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SpeakersJesús Sánchez-Quiñones CEO Renta 4
Juan Pablo Soriano Managing Director, Structured Finance Moody's Investors Service
Laura Perez Martinez Associate Managing Director/CSR, Credit Strategy & Standards Moody's Investors Service
Olivier Chemla Vice President - Senior Analyst, Sovereign/ Sub-Sovereign Moody's Investors Service
Maria Cabanyes Senior Vice President, EMEA Banking Moody's Investors Service
Carlos Winzer Senior Vice President, Corporate Finance Group Moody's Investors Service
Erica Gauto Flesch Vice President – Senior Analyst, Public Project & Infrastructure Finance Moody's Investors Service
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| Laura Perez Martinez is Moody’s Chief Credit Officer in EMEA, and an Associate Managing Director in the Credit Strategy team. In her CCO role, Laura is responsible for identifying and analysing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. Laura joined Moody’s in 2008 in London, where she worked as a senior credit analyst, covering leading European financial institutions. She relocated to Madrid in September 2016 to join the corporate finance team. Before joining Moody’s, Laura worked for AM Best covering European insurers. Laura holds a B.A. in Business Administration from University of Oviedo in Spain, and is a Chartered Financial Analyst (CFA). |
| Olivier Chemla is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions. Prior to joining Moody’s in 2018, Olivier served as Chief economist in the French business association for large companies (Afep) for six years. Olivier started his career in the French public administration, holding various positions in the French department for Labour, Health and Economics. He was appointed Special Adviser to the Minister for the Budget, Public accounts and the State reform in the summer of 2011. |
Maria Cabanyes is a Senior Vice President and the Team Coordinator in the EMEA Financial Institutions Group for Spain and Portugal, in addition to which she is lead analyst for the larger financial institutions in Spain.
Ms Cabanyes joined Moody’s London-based banking team in December 1992, since when she has followed banks as lead analyst, as well as in Spain, in the Nordic region, Portugal and in Latin America. Ms Cabanyes has also served as Regional Credit Officer Moody’s Banking and Finance rating teams in EMEA for ensuring compliance with existing rating methodologies, supporting the development and implementation of analytical initiatives as well as facilitating global rating consistency.
Prior to joining Moody’s in 1992, Ms Cabanyes was an equity analyst at Iberagentes (Spain). Ms Cabanyes has a Bachelor Degree in Business Administration and MSc in Finance from Colegio Universitario de Estudios Financieros (CUNEF) Madrid.
Carlos Winzer is a Senior Vice President at Moody’s Investors Service where he heads up the European telecommunications team in the Corporate Finance Group. Mr. Winzer joined Moody´s New York in 1992. After spending two years at Moody’s office in NY and eight years in London, he relocated to the Madrid office in 2002. He joined Moody’s from Citibank NA, where he was Corporate Bank Risk Manager and Relationship Officer in Corporate Finance. Mr. Winzer holds a graduate degree in economics and business administration from CUNEF (Colegio Universitario de Estudios Financieros in Madrid). In addition, he holds a postgraduate degree in business administration from Guildhall University in London. Mr. Winzer is a professor at ICADE business school and IEB MBA program in Madrid.
Erica Gauto Flesch is a senior analyst in the Moody’s EMEA Infrastructure Finance team, based in Madrid. She is responsible for a portfolio of European toll roads and airports, having previously covered a diverse range of transport infrastructure credits as well as regulated and unregulated utilities across different jurisdictions.Prior to joining the infrastructure team, Erica worked in Moody’s Credit Strategy & Standards group, monitoring the global projects, infrastructure and utility portfolio. This experience provided her with broad overview of Moody’s global infrastructure and utilities portfolio and the relative positioning of credits across sectors and geographies. Amongst other projects, Erica was a key contributor to Moody’s widely respected infrastructure default studies.Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. Our team of 180 analytical staff covers more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than 39,000 issuers and transactions.Before joining Moody’s in 2011, Erica worked as a risk manager with ERSEL Asset Management in Italy and previously for the Ciudad de Buenos Aires Bank in Argentina. Erica is a CFA charterholder and holds a BSc in Economics from the University of Buenos Aires, a MSc in Quantitative Finance from the University of Turin, and a post-graduate degree in Financial Institutions from the Savings Bank Foundation of Spain (FUNCAS). She is fluent in English, Italian and Spanish
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
JESÚS SÁNCHEZ-QUIÑONES has a degree in Business Administration and Management from ICADE and a Master's in Tax and Economic Studies from CECO (Madrid Chamber of Commerce).
He joined Renta 4 in 1989, and since 2006 he has held the position of Chief Executive Officer. In addition, he is a founding partner and administrator of Aula Financiera & Fiscal, SL, a member of the Spanish Institute of Financial Analysts (IEAF). He has been part of various work teams at BME and the CNMV. He collaborates continuously with the media and is a regular speaker at courses and seminars organized by different institutions on financial and tax issues, as well as at various universities and study centers (Juan Carlos I University, ESADE, ICADE, University of Navarra, University of the Basque Country, etc.).
JESÚS SÁNCHEZ-QUIÑONES has a degree in Business Administration and Management from ICADE and a Master's in Tax and Economic Studies from CECO (Madrid Chamber of Commerce).
He joined Renta 4 in 1989, and since 2006 he has held the position of Chief Executive Officer. In addition, he is a founding partner and administrator of Aula Financiera & Fiscal, SL, a member of the Spanish Institute of Financial Analysts (IEAF). He has been part of various work teams at BME and the CNMV. He collaborates continuously with the media and is a regular speaker at courses and seminars organized by different institutions on financial and tax issues, as well as at various universities and study centers (Juan Carlos I University, ESADE, ICADE, University of Navarra, University of the Basque Country, etc.).
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
| Laura Perez Martinez is Moody’s Chief Credit Officer in EMEA, and an Associate Managing Director in the Credit Strategy team. In her CCO role, Laura is responsible for identifying and analysing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. Laura joined Moody’s in 2008 in London, where she worked as a senior credit analyst, covering leading European financial institutions. She relocated to Madrid in September 2016 to join the corporate finance team. Before joining Moody’s, Laura worked for AM Best covering European insurers. Laura holds a B.A. in Business Administration from University of Oviedo in Spain, and is a Chartered Financial Analyst (CFA). |
| Olivier Chemla is a Vice President – Senior Analyst in Moody’s Sovereign Risk Group. Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions. Prior to joining Moody’s in 2018, Olivier served as Chief economist in the French business association for large companies (Afep) for six years. Olivier started his career in the French public administration, holding various positions in the French department for Labour, Health and Economics. He was appointed Special Adviser to the Minister for the Budget, Public accounts and the State reform in the summer of 2011. |
Maria Cabanyes is a Senior Vice President and the Team Coordinator in the EMEA Financial Institutions Group for Spain and Portugal, in addition to which she is lead analyst for the larger financial institutions in Spain.
Ms Cabanyes joined Moody’s London-based banking team in December 1992, since when she has followed banks as lead analyst, as well as in Spain, in the Nordic region, Portugal and in Latin America. Ms Cabanyes has also served as Regional Credit Officer Moody’s Banking and Finance rating teams in EMEA for ensuring compliance with existing rating methodologies, supporting the development and implementation of analytical initiatives as well as facilitating global rating consistency.
Prior to joining Moody’s in 1992, Ms Cabanyes was an equity analyst at Iberagentes (Spain). Ms Cabanyes has a Bachelor Degree in Business Administration and MSc in Finance from Colegio Universitario de Estudios Financieros (CUNEF) Madrid.
Carlos Winzer is a Senior Vice President at Moody’s Investors Service where he heads up the European telecommunications team in the Corporate Finance Group. Mr. Winzer joined Moody´s New York in 1992. After spending two years at Moody’s office in NY and eight years in London, he relocated to the Madrid office in 2002. He joined Moody’s from Citibank NA, where he was Corporate Bank Risk Manager and Relationship Officer in Corporate Finance. Mr. Winzer holds a graduate degree in economics and business administration from CUNEF (Colegio Universitario de Estudios Financieros in Madrid). In addition, he holds a postgraduate degree in business administration from Guildhall University in London. Mr. Winzer is a professor at ICADE business school and IEB MBA program in Madrid.
Erica Gauto Flesch is a senior analyst in the Moody’s EMEA Infrastructure Finance team, based in Madrid. She is responsible for a portfolio of European toll roads and airports, having previously covered a diverse range of transport infrastructure credits as well as regulated and unregulated utilities across different jurisdictions.Prior to joining the infrastructure team, Erica worked in Moody’s Credit Strategy & Standards group, monitoring the global projects, infrastructure and utility portfolio. This experience provided her with broad overview of Moody’s global infrastructure and utilities portfolio and the relative positioning of credits across sectors and geographies. Amongst other projects, Erica was a key contributor to Moody’s widely respected infrastructure default studies.Moody’s has a leading global Infrastructure Finance franchise, rating some US$2 trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. Our team of 180 analytical staff covers more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than 39,000 issuers and transactions.Before joining Moody’s in 2011, Erica worked as a risk manager with ERSEL Asset Management in Italy and previously for the Ciudad de Buenos Aires Bank in Argentina. Erica is a CFA charterholder and holds a BSc in Economics from the University of Buenos Aires, a MSc in Quantitative Finance from the University of Turin, and a post-graduate degree in Financial Institutions from the Savings Bank Foundation of Spain (FUNCAS). She is fluent in English, Italian and Spanish