On day one we'll be focusing on leverage versus liquidity, European recovery data, and discuss the COVID-19 pandemic's aftermath as well as the increasing importance of ESG with guest speakers.
Is liquidity masking credit quality?
- Does leverage matter or is it all about liquidity?
- How has credit quality changed since the start of the pandemic?
- Are we now on the path to recovery?
- What is our expectation for default rates?
Recovery in the face of the pandemic
Is it all good news?
Panel discussion: Credit in the aftermath of the pandemic
- What lessons have we learned (or not) from the pandemic?
- Before the pandemic, many felt we were near the top of the cycle: where are we heading now?
- Will inflation de-rail any recovery? How concerned should we be?
- Given the pandemic shock, why aren’t documentation protections improving for investors?
- ESG: Increasing in importance but is this still mostly a side show for High Yield?
What impact has the pandemic had on European CLOs? What does the rising importance of ESG mean for CLO managers and investors?
EMEA CLO Update and COVID-19 Impact
- Issuance Trends & Rating Activities
- Collateral Managers Landscape
- New Structural Features
- CLO Issuance forecasts for 2021 (new issues vs. reset vs. refi)
- Sourcing of Assets and Impact of Covid-19
- ESG: growing importance for CLO Managers? For CLO Investors?
- CLO Managers consolidation vs. New Entrants
- Crisis Resilient CLOs
Choose the sectors of most importance to you.
All times are in BST.
14:00Airlines & Travel
- How will vaccination programmes, testing regimes and digital immunity passports make a difference to travel?
- Can travel companies survive a weak summer in 2021 and which segments of the industry are better placed?
- To what extent will business travel be replaced by virtual meetings?
- Resilient performance during coronavirus; geographic and end market diversification will be key in 2021
- Cost inflation might temporarily pressure profitability
- ESG is an ongoing focus among consumers, customers and regulators particularly with regard to sustainable packaging
15:00Telecom, Cable & Media
- Competitive pressures constrain growth
- M&A to intensify
- Highly leveraged companies to employ more financial creativity
- Rise of online streaming, digital advertising & E-commerce forcing companies to refine business models
- Events and Cinemas hit hardest by COVID-19, recovery expected from H2 2021
- Credit metrics weakened materially in 2020, companies focused on restoring financial flexibility
- Recovery remains uneven
- Who comes out of the pandemic stronger, who is challenged?
- Increasing ESG risks
16:00Pharma & Healthcare
- Pharmaceuticals: Which segments will take longer to recover patient volumes and will be more prone to M&A?
- Medical Devices: What is the shape of the recovery in medical devices? What are the key downside risks to a sustainable rebound?
- Laboratories: How long will the tailwind from COVID-19 testing last for? What will be the credit impact of M&A resumption?
- Healthcare facilities: What is the outlook beyond government support? Expectations regarding M&A and regulation
16:00Software & Technology
- Composition of the rated universe and why speculative grade software issuers are an important part of the European technology landscape
- A look at rating performance in the wake of the coronavirus pandemic
- Outlook for key sector dynamics in 2021 and 2022 following a solid 2020
- Recent trends in issuance in European technology and outlook for issuance volumes
- Why we expect aggressive use of leverage will continue and how this is reflected in ratings
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