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AGENDA
08:45Registration
09:30Conference Chair’s Welcome
Keith Mullin, Founder, KM Capital Markets
09:35:Keynote Address
Davide Serra, Founder, CEO & CIO, Algebris Investments
10:00Regulatory Assessment: Is an End-Game in Sight?
- Much has been achieved in bank capital calibration and quantification but much remains to be done.
- What should the bank capital and resolution stack look like going forward?
- What are the principal regulatory agenda items for 2018 and beyond? Weighing up FRTB, CRR II/CRD V and Basel IV. The end of RWA, counterparty credit risk and capital arbitrage? Are output floors an inevitability, regardless of leverage ratio metrics?
- IFRS 9: confronting the bête noire of non-performing assets and capital impacts
- Are banks ready for MiFID II/MiFIR? What can we expect?
Johan Eriksson, Group Treasurer, Allianz SE
Samir Dhanani, Head of Credit & Capital Structuring, Credit Suisse
Monsur Hussain, Senior Director, EMEA Banks, Fitch Ratings
Christoph Hittmair, Global Head of FIG DCM, HSBC
11:00 BREAK
11:30 Where Exactly are we on Bank Resolution?
- Have continued State bail-outs or interventions and post hoc retail investor restitution in Europe made a mockery of bail-in?
- Will politics always trump policy?
- Did the real-life examples of bank resolution in Europe in mid-2017 validate key features of Additional Tier 1 and Tier 2 instruments or exemplify their defects?
- Are capital instruments fit for purpose?
- Is the existing framework fit for purpose?
- Towards Next-Gen going-concern capital instruments: what’s on the drawing board?
- Are we any closer to figuring out when and how PoNV is reached?
- Do events surrounding Banco Popular, BMPS, Veneto Banca and BPVi represent a resolution blueprint? Or is resolution by definition a fundamentally idiosyncratic notion?
- With the BoE’s cyclical stress test and exploratory scenario results due Q4 and ECB stress tests kicking off early 2018, how should the market view the exercises?
Sandeep Agarwal, Head of DCM EMEA, Credit Suisse
Tobias Kessler, EMEA Financing Solutions Group, HSBC
James Longsdon, Managing Director and Co-Head EMEA Banks, Fitch Ratings
KhalidKrim, Head of European FIG Capital Markets, Advisory & Solutions, Morgan Stanley
Nicola Chesaites, Of Counsel, Quinn Emanuel
Richard Barnes, Senior Director, S&P Global Ratings
12:30LUNCH
13:45Issuer Panel
- How are banks and insurers approaching capital-planning and funding in 2018 to meet or anticipate capital requirements in the face of so many moving parts?
- Opportunities and pitfalls of pre-empting regulatory requirements to capture market and price advantages
Vishal Savadia, Head of Capital Issuance & Structuring, Lloyds Banking Group
Alex Wall, Head of Capital, Ratings & Investor Relations, Treasury, Nationwide Building Society
Mark Kandborg, Group Treasurer, Head of Treasury and ALM, Nordea
Nicolaj Jensen, Head of Funding, Nykredit
Alex Menounos, Head of European DCM & Syndicate, Morgan Stanley
Isabel Rijpkema, Head of Capital, Treasury, Rabobank
Johan Eriksson, Group Treasurer, Allianz SE
15:00Assessing Senior Non-preferreds
- A report card on this new asset class. How has it fared to-date?
- How will the roll-out of new jurisdictions play out?
- As the new market broadens and deepens, will its centre of gravity move closer to capital or funding levels?
- Have senior non-preferreds unleashed exaggerated spread compression in senior preferreds and altered the overall bank value proposition?
- To notch or not to notch?
- Role of senior non-preferred CDS
Nadine Fedon, Global Head of Funding, Credit Agricole
Piers Ronan, Head of FIG DCM Syndicate, Credit Suisse
Monsur Hussain, Senior Director, EMEA Banks, Fitch Ratings
Mark Pearce, Head of FIG Debt Syndicate, HSBC
Scott Ashby, Head of US FIG Fixed-Income Capital Markets, Morgan Stanley
Michelle Brennan, Global Credit Officer – Financial Services Development andApproval Group, S&P Global Ratings
15:45BREAK
16:00Investor View
- What can investors do to find value in the banking sector?
- In a politicised world of potential shock T+0 PoNV declarations, how should investors view banks?
- In the light of events, do capital instrument features need to be tweaked, re-evaluated and/or re-priced? Or has the market got pricing differentials up and down the bank funding and capital spectrum about right?
- What would investors like to see?
- What do the ratings differentials suggest?
Laurent Frings, Global Head of Credit Research, Aberdeen Asset Management
Gildas Surry, Senior Analyst, Axiom Alternative Investments
Georg Grodzki, Chief Investment Officer, Bohler Asset Management
Matthieu Loriferne, Senior Vice President, Credit Research, PIMCO
Tim Skeet, Chairman, Bail-in Working Group, ICMA Asset Management & Investors Council
16:40 2017 Wrap and 2018 Outlook
- Summary and key takeaways from the day
- Bank funding plans indicate higher gross issuance. How much capital and bail-in debt can we expect in 2018-19?
- What is the bank and insurance ratings outlook for 2018?
Piers Ronan, Head of FIG DCM Syndicate, Credit Suisse
Nick Turnor, Head of Group Funding, HSBC
KhalidKrim, Head of European FIG Capital Markets, Advisory & Solutions, Morgan Stanley
Michelle Brennan, Global Credit Officer – Financial Services Development and Approval Group, S&P Global Ratings
17:15Conference close and networking drinks