NEW Solutions for NEW Challenges - Syndicated Loans Conference 24 September 2019 - Loan Market Association
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Syndicated
Loans Conference
24 September 2019
NEW
Solutions
for NEW
Challenges
Lead Sponsors
Loan Market Association
Syndicated Loans Conference
Contents
03 Welcome
04 Programme
06 Speaker Biographies
22 Administrative Notes & App Instructions
26 Sponsorship Listing
35 Exhibitor Listing
39 Clifford Chance
Borrowing base financings: “knowledge is key”
42 GLAS
The rise of the independent loan agent
43 S&P Global Ratings
Transparency and lending credibility
in sustainability linked loans
47 LMA Events Calendar Q3-Q4 2019
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Loan Market Association
Syndicated Loans Conference
Welcome
LMA Syndicated Loans Conference
London
24 September 2019
Dear Delegate,
The syndicated loan market in 2019 has faced, and continues to face, a number of
unprecedented challenges.
Benchmark reform alone poses one of the greatest potential threats to the loan market
since its inception. Regulators have made it clear that loan market participants cannot
rely on the availability of LIBOR beyond the end of 2021, but with no obvious substitute
for LIBOR, new solutions are urgently required if the loan and broader cash markets are
to continue to function effectively.
Geopolitical uncertainty has also had repercussions for the loan market across EMEA,
hampering liquidity, particularly in developing markets. As at the time of writing, the
situation in relation to the UK's withdrawal from the European Union remains uncertain.
International tensions, in particular between the US and China, further threaten the stability
of global financial markets. The emergence of new technologies and the threat of global
climate change (and the associated regulatory implications this brings) also hold real
potential to disrupt the market for years to come.
However, with every challenge comes opportunity. The focus of today's conference is on
developing new solutions to enable the syndicated loan market to adapt to and meet the
challenges faced in today's ever–changing environment. Indeed, it is the flexibility of the
loan product that remains one of its greatest strengths. The LMA will therefore continue
to work closely alongside its members to help to bring about innovative solutions to meet
the challenges faced by loan market participants and to continue to foster liquidity in the
syndicated loan market.
The LMA's focus on innovation was clearly demonstrated at its inaugural FinTech
Conference held in May 2019, which included a range of panels and presentations
looking at how the introduction of FinTech solutions could revolutionise the product.
We are delighted to be joined again today by a panel of experts who will provide their
insights on the benefits, as well as the difficulties, of embracing FinTech solutions in
the context of syndicated lending.
With the growing emphasis on the need for action on climate change, 2019 also saw the
launch of the Sustainability Linked Loan Principles (SLLP) by the LMA, in collaboration
with the APLMA and LSTA. The SLLP, like the Green Loan Principles before them,
were developed through close collaboration with the LMA's green lending working party.
The SLLP provide a high–level framework of market standards and guidelines, which aim
to facilitate the development of the sustainability linked loan product. The green and
sustainable lending panel will explain further how this innovative product is helping
to open up the sustainable lending market to a wider range of market participants.
We ask that you please play your part at today's conference by interacting with our
speakers, both during the conference sessions and in the networking breaks. This is
a great occasion for us all to assemble with a view to finding solutions that will ensure
the loan market goes from strength to strength in 2019 and beyond.
Clare Dawson Mathias Noack
Chief Executive – LMA Co–Head Debt Capital Markets, Loans & Bonds – MUFG
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Loan Market Association
Syndicated Loans Conference
Programme
08:15 Breakfast and registration – sponsored by FIS
09:00 Opening remarks and update from the LMA
Clare Dawson, Chief Executive – LMA
09:20 Heads of Syndication panel: fitting the pieces together
Chair: Mathias Noack, Co–Head Debt Capital Markets, Loans & Bonds – MUFG
Charlotte Conlan, Head of Loan Syndicate & Deputy Head of Leveraged
Finance Capital Markets – BNP Paribas
Laurent Deroy, Head of Debt Optimisation & Distribution UK – Crédit Agricole CIB
Paul Gibbs, Co–Head of EMEA Loans & Acquisition Finance – Citi
Reinhard Haas, Head Syndicated & Leveraged Finance – Commerzbank
David Pepper, Head of EMEA Loan Capital Markets – BAML
10:10 Beyond LIBOR: can we find solutions in time?
Chair: Clare Dawson, Chief Executive – LMA
Sarah Boyce, Associate Director, Policy & Technical – ACT
Mark Campbell, Consultant – Clifford Chance
Brian Fraser, Senior Manager, Markets & Lending Delivery – Lloyds Commercial Banking
Isabelle Laurent, Deputy Treasurer & Head of Funding – EBRD
Neil McLeod, Head of Group Treasury Markets Trading – Erste Group Bank
10:55 Refreshments
11:20 Economic outlook
James Smith, Economist, Developed Markets – ING
11:50 Institutional investor panel: the bigger part of the picture
Chair: Chris Porter, Head of Private Equity, Loan & CLO Business Development, EMEA
– S&P Global Ratings
Michael Craig, Head of European Senior Loans – Invesco
Fiona Hagdrup, Fund Manager – M&G Investments
Madelaine Jones, Portfolio Manager – Oaktree Capital
Lucy Panter, Portfolio Manager & Partner – Oak Hill Advisors
12:30 Lunch – sponsored by Latham & Watkins
13:45 Borrower interview: changes in the mix for corporates
James Kelly, Group Treasurer – Pearson
Kam Mahil, Director, Legal – LMA
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Loan Market Association
Syndicated Loans Conference
Programme continued
14:15 Developing Markets: changing horizons or same old sunset?
Chair: Tedd George, Consultant, Disruptive Technology & Emerging Markets
David Beckett, Head of Europe – SC Lowy
Charles Corbett, Head of Sovereigns & Financial Institutions, Leveraged
& Structured Solutions Africa – Standard Chartered Bank
Esi Eshun, Head of Legal – UK Export Finance
Penelope Smith, Head of Developing Markets Corporate Loan Origination
– Commerzbank
14:55 Refreshments
15:20 Green and sustainable lending: a changing environment?
Chair: Nicola Wherity, Partner – Clifford Chance
Orith Azoulay, Global Head of Green & Sustainable Finance – Natixis
Dave Davies, Director – Barclays Debt Finance
Peter Ellemann, Managing Director, Loan Markets – ABN AMRO Bank
Andrew Ferguson, Chief Executive Officer – APLMA
16:00 Regulation: when is enough enough?
Chair: Nicholas Voisey, Managing Director – LMA
Jürgen Beninca, Partner – Jones Day
Simon Gleeson, Partner – Clifford Chance
David Quirolo, Partner – Cadwalader, Wickersham & Taft
Amelia Slocombe, Managing Director & Head of Legal – LMA
16:40 How FinTech is changing the game
Chair: Charles Kerrigan, Partner – CMS
Hubert Beaulat, Global Head of Innovation, Financing Activities – Crédit Agricole CIB
Simon Hurst, Head of Execution, Global Lending Group – Barclays
Thomas Walton Pocock, Co–Founder & CEO – AZTEC Protocol
James Quinn, CEO – Clarilis
Alistair Wye, Lead Innovation & Technology Solutions Attorney – Latham & Watkins
17:20 Closing remarks
17:30 Networking drinks reception – sponsored by Clarilis
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Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Orith has been working in SRI/ESG Prior to joining Natixis, Orith was
since 2002. a senior SRI analyst at Groupama Asset
Management from 2003 to 2008, where
She joined Natixis in 2008 to create
she created and led their SRI practice.
and lead its SRI sell-side research team,
She also worked for the ORSE,
which is now part of the Green and
a French think tank for Corporate
Sustainable Finance Hub she is in the
Social Responsibility, where she
process of creating.
was a research analyst.
Orith Azoulay Natixis’ Green and Sustainable Hub
Orith started her career as an equity
Global Head of Green consists of a dedicated, expert and
& Sustainable Finance
analyst at JP Morgan Chase in London.
resolutely cross-asset operational task
Natixis Orith graduated from ESCP Europe
force, whose main role is to develop
in 2000 (Diplome Grande Ecole,
CIB’s Green & Sustainable franchise
Diplom Kaufmann).
and its revenue generation in Europe,
Asia-Pacific and the Americas: it offers Orith’s research team was ranked N°2
a wide range of services, from green SRI/Sustainability Research team in
& sustainable financing to investment Europe at the 2017 Extel Survey and she
solutions structuring through green was ranked N°3 as an individual SRI
& sustainable research and advisory. analyst in the same survey. In 2015, she
was N°1 ranked SRI sell-side analyst for
As an analyst, Orith’s sectors of
her understanding of the environmental,
specialty have historically been energy,
social and governance (ESG) challenges
utilities, real estate – building materials
facing companies in the European
& construction, but also carbon/climate
Independent Research in Responsible
related topics. She is also Natixis’ expert
Investment (IRRI) survey conducted by
on green bonds.
Extel, WeConvene and SRI-Connect.
Hubert is leading innovation and digital Prior to this position, Hubert held a
transformation of the financing activities number of roles within Credit Agricole
of CACIB, covering all lending activities, CIB, both in London and Hong Kong,
from structured financing to vanilla in Capital markets, Credit Portfolio and
corporate lending. He is in charge of a Asset & Liability Management. He has
vast multiyear transformation program been working in the banking industry for
initiated in 2018, completely revamping almost 20 years, as a consultant and
the lending value chain from origination, then with Société Générale.
Hubert Beaulat distribution to servicing, addressing the
Global Head of Innovation, multiple challenges our industry is facing.
Financing Activities
Crédit Agricole CIB
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Loan Market Association
Syndicated Loans Conference
Speaker Biographies
David, one of the firm’s first employees, He draws on considerable experience.
joined SC Lowy as a sourcing and David started his career at PwC and
origination specialist and now runs that soon progressed to the restructuring
function globally. He has since team, where he advised banks on
transferred to London in 2014 and is distressed situations, which included a
now also in charge of the firm’s broad variety of work, from the landmark
expansion into Europe. $6.2 billion restructuring of Marconi’s
debts and administration of Enron, to
Having solidified the firm’s reputation
David Beckett mid-market deals such as a portfolio
among bank clients in Asia Pacific as an
Head of Europe of burger joints and the crane-hire
SC Lowy
independent institution that can act as
business that erected the London Eye.
principal, can execute well and has the
research capability to add value to That led to an entrepreneurial
clients, David is now following these opportunity in China, where he leveraged
relationships into Europe to replicate SC his contacts to advise up-and-coming
Lowy’s successful Asia-Pacific model. businesses in the mainland and raise
capital for them from hedge funds and
private equity firms.
Dr. Jürgen counsels European and US cement, automotive, insurance,
corporate clients on antitrust regulatory and industrial minerals industries.
compliance and represents businesses His regulatory practice focuses on
before cartel authorities — including the cartel and distribution cases and
German Federal Cartel Office and the abuses of a dominant position.
European Commission — and before Jürgen’s litigation experience includes
courts in antitrust matters. Antitrust the representation of two US financial
follow-on litigation cases constitute an institutions in approximately 300
Jürgen Beninca important part of his practice. In addition different cases.
Partner to his antitrust practice, he assists clients
Jones Day
He currently represents a client in the
in internal investigations and guides
construction industry in an antitrust
clients through the screening process of
investigation by the German Federal
foreign direct investments into Germany
Cartel Office, represents a sweets
under Germany’s Foreign Trade and
manufacturer in front of the German
Payments Ordinance (AWV).
Federal Supreme Court in a case
Jürgen’s experience includes winning concerning the mere exchange of
merger control approvals from the competitively sensitive information,
German Federal Cartel Office and and is pursuing an antitrust damage
the European Commission in a variety claim against the truck cartel on behalf
of industrial sectors, including of an industrial client. He also recently
the automotive, banking, paper, obtained a certificate of non-objection
pharmaceutical, and chemical industries. pursuant to Section 58 AWV for the
He also has been involved in various acquisition of a German target
international, European, and national by a Chinese client from
antitrust investigations in the banking, the German government.
7
Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Sarah is currently Associate Director A qualified accountant who spent over
of Policy and Technical at the ACT – two decades working in a wide range
tasked with ensuring that members of finance and treasury roles, she has
are kept informed about latest market extensive corporate experience and
developments and that policy makers now spends her time putting that to
are supported in their understanding practical use enabling others to
of the real economy, and corporate understand how the corporate financial
treasury matters in particular, as they world works and the relevance of
Sarah Boyce work through their own agendas. developments in financial markets
Associate Director on their day to day activities.
– Policy & Technical
Association of Corporate
Treasurers (ACT)
Mark is a Consultant and Special and restructurings. He is advising the
Counsel at Clifford Chance. He was LMA on benchmark transition and is a
Global Head of Clifford Chance’s member of the Sub-group on Benchmark
Finance Practice from 2003-2015 Transition Issues in Syndicated Loan
and has over 35 years’ experience Markets. He is the General Editor of
in the syndicated loan markets. “Syndicated Lending – Practice and
He has advised the LMA on its standard Documentation (Sixth Edition)” and is
documentation since its inception and the Chair of Governors for Shapla
Mark Campbell has acted for a wide variety of arrangers School, Tower Hamlets and Chair of
Consultant and borrowers on corporate loans, Trustees of Tower Hamlets Education
Clifford Chance acquisition finance, leveraged finance Business Partnership.
Charlotte is Head of Loan Syndicate and team working across the credit spectrum
Deputy Head of Leveraged Finance for on corporate and leveraged transactions.
BNP Paribas, EMEA. She is responsible
Charlotte is a member of the LMA Board
for the underwriting and distribution of
and the Advisory Board for the University
corporate and asset backed loan product
of Birmingham Business School.
and the origination of all financial
sponsor and corporate leveraged Charlotte is a graduate of Birmingham
transactions across the EMEA region. University and holds a Master of
Charlotte Conlan Business Administration from Cass
Charlotte joined BNP Paribas in 2000
Head of Loan Syndicate & Business School.
Deputy Head of Leveraged
from Greenwich NatWest where she had
Finance Capital Markets been a Director in the Loan Syndications
BNP Paribas
8
Loan Market Association
Syndicated Loans Conference
Speaker Biographies
Charles joined Standard Chartered returned to London to focus on the
Bank’s Graduate Training scheme in Bank’s African markets, running the
1998 after graduating from Exeter African Syndications business before
University with a Joint Honours degree moving to a new role as Head,
in French and Russian. In twenty years Sovereigns and Financial Institutions
at Standard Chartered, Charles has for LSS Africa. Over the last four years,
enjoyed a variety of roles within its Charles has been directly involved in a
Coverage, Corporate Finance and number of benchmark and ‘first in class’
Charles Corbett Capital Markets divisions, living and transactions for African institutions; he is
Head of Sovereigns & working across a number of developed a passionate believer in collaboration
Financial Institutions, and developing markets. Charles’ between Commercial Banks, Funds
Leveraged & Structured international postings include two years and Development Institutions and in
Solutions Africa in Mumbai as Regional Head of Capital promoting the African continent to new
Standard Chartered Bank
Markets for South Asia, during which international investor pools. Charles now
time he also acted as Chairman of the lives in Hampshire with his wife and three
Indian branch of the Asia Pacific Loan children, travelling frequently to Africa,
Markets Association. In 2013 Charles Asia and the Middle East.
Michael is the Head of European Senior Previously, Michael worked at Citigroup
Loans, a Senior Portfolio Manager, and a for their European Leveraged Finance
member of the Investment Committee for Global Portfolio Management group.
global credits in Invesco’s global senior He also worked for Ernst & Young as
loan group. Prior to joining the a tax consultant. Michael received a
organisation in 2006, Michael was a Bachelor of Management Studies and
portfolio manager and executive director a Bachelor of Laws from the University
of the senior loan group at Morgan of Waikato. He is a CFA charterholder.
Michael Craig Stanley. He has more than 20 years of
Head of European investment industry experience.
Senior Loans
Invesco
David is a Director in Barclays Large Cap owned businesses. David has been
debt structuring team, focused on the actively involved in sustainable financing
strategic funding requirements of for several years, supporting initiatives
Barclays FTSE100/250 listed client base both within Barclays and externally,
across bank loan and capital markets. including his role as a member of the
He has 14 years’ experience in debt LMA Green Loans working group.
origination at Barclays, leading a wide David holds a Masters degree (MChem)
range of financing projects across in Biological Chemistry from the
David Davies private, listed and financial sponsor University of Sheffield.
Director
Barclays Debt Finance
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Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Clare joined the Loan Market bank’s head office in Tokyo, where
Association in 1999 after spending two she helped establish a syndications
years in the syndications department at desk. In London she worked mainly
Sumitomo Bank, working on loans in on origination in various Western
Europe, the Middle East and Africa. Prior European and Nordic countries.
to this she spent two years at the British
Clare has an honours degree in
Museum Development Trust raising
Modern and Medieval Languages
funds for the Museum’s Great Court
from the University of Cambridge.
Clare Dawson project. Before joining the British
She is a member of the Bank of
Chief Executive Museum, Clare had spent some eight
LMA
England’s Working Group on Sterling
years at Sumitomo in the international
Risk-Free Reference Rates and chairs
department, including two years at the
the Sterling Loans sub-group.
Laurent is the Head of Debt Optimisation Laurent has had a long career within
and Distribution UK at Crédit Agricole the Crédit Agricole Group and has held
CIB. His role includes all London based several positions in Paris, Milan and New
origination, distribution and advisory York including Head of Loan Sales and
activities. Previously, he was the Global Trading for the Americas from 2005 to
Head of Corporate Loan Distribution 2009, and Head of Secondary Loan
within the Debt Optimisation and Sales and Trading for EMEA in 2012.
Distribution Group.
Laurent Deroy
Head of Debt Optimisation
and Distribution UK
Crédit Agricole CIB
Peter has been active in the Syndicated Peter has broad experience in all facets
Loan Markets since 1989 firstly with of the loan market, has structured and
Nordea focusing on the Nordic market executed transactions across a wide
before moving to ABN AMRO Bank range of geographies and across the
in 1997, where he was head of the credit spectrum. He is active in
European origination team until the RBS developing ABN AMRO’s offering
acquisition in 2008. Peter remained with in Green Loans as part of its wide
RBS until 2012, firstly in London and then sustainability strategy and as part of
Peter Ellemann in Hong Kong. Peter rejoined ABN that initiative represented the Bank on
Managing Director, AMRO at the end of 2017 after the LMA’s Working Party developing
Loan Markets representing ANZ’s syndication business the Green and Sustainability Linked
ABN AMRO Bank in Europe for the previous 4 years. Loan Principles.
10Loan Market Association
Syndicated Loans Conference
Speaker Biographies
Esi is the Head of Legal at UK Export offerings. She has held a number of roles
Finance, responsible for the team of throughout that time including leading
lawyers and paralegals advising UK the legal aero team and on secondment
Export Finance on all legal risks relating to head up one of UK Export Finance’s
to its business. Esi began her career at busiest front line business divisions
Simmons and Simmons LLP and over (Civil, Infrastructure and Energy).
her 10 years at UK Export Finance Most recently, under Esi’s leadership,
specialised in international project the legal team has been shortlisted for
Esi Eshun finance transactions and worked on the the diversity and inclusion Law Society
Head of Legal full range of UKEF products from buyer Excellence Award 2019.
UK Export Finance credits to trade finance and insurance
A veteran of the banking industry (a Advisor to the Board of APLMA in
career spanning 39 years with Lloyds, February 2018 and appointed as Chief
Bank of America, BNP Paribas, HSBC Executive Officer in November 2018.
and ANZ), Andrew established a
Andrew was educated at Southampton
successful consulting business in Hong
University in England, is an Associate of
Kong in 2012, as a result of which he
the Chartered Institute of Banking and a
delivered the APLMA Certificate Course
Fellow of the Hong Kong Institute of
in Hong Kong, Singapore and Sydney in
Directors, and twice served as the
Andrew Ferguson 2016 and 2017 and then undertook an
Chairman of the Capital Markets
Chief Executive Officer intensive research project for the
APLMA
Association in Hong Kong.
APLMA in 2017. He was appointed as
Brian is Senior Manager Agency and Brian currently leads Lloyd’s Loans
Lending Servicing within Markets Operations business IBOR Transition
Lending Delivery for Lloyds Bank. Brian work stream having previously led the
has built up 37 years of experience within operations team based in Edinburgh
Bank of Scotland/Lloyds Banking Group. handling all Lloyds Led Agency deals.
Prior to assuming a role in Operations Brian holds a position on the LMA
Brian has held positions in Joint Operations Forum and in his spare
Ventures, Structured Products, Equity time is a tutor for the Chartered Banker
Brian Fraser Investment, Debt Origination, Loans Institute, both in the UK and Asia, in
Senior Manager, Markets & Agency and Portfolio Management. Applied Business & Corporate Banking
Lending Delivery and Risk Management in Banking.
Lloyds Commercial Banking
11Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Tedd is a thought leader on disruptive managing a team of eight analysts
technology and emerging markets. covering the fixed-income, currencies
He advises on a number of FinTech & and commodities space. Prior to joining
agritech projects in Sub-Saharan Africa Ecobank he worked for The Economist
and is a regular speaker at conferences Intelligence Unit (EIU) as a Senior Editor
and commentator in the media (see in both the Commodities and Africa
@DrTeddGeorge for details). He has Departments. A linguist by training,
a number of specialities, including soft Edward is fluent in French, Spanish and
Tedd George commodities and agribusiness, trade and Portuguese and holds a PhD in Political
Consultant, Disruptive trade finance, and disruptive technology. Science from the University of Bristol.
Technology & Emerging His PhD thesis on the Cuban intervention
Markets Prior to becoming an independent
in Angola was published as a book by
consultant, Tedd was the head of group
Routledge in 2005 and came out in
research at pan-African bank, Ecobank,
paperback in 2012.
Paul heads the EMEA Loans & 25 years’ experience across Western
Acquisition Finance business for Citi, Europe and emerging markets during
with a particular focus on Western which he has originated, underwrote,
Europe. Based in London, he is & executed a number of deals across a
responsible for the underwriting, wide debt spectrum (acquisition finance,
arranging and syndication of Citi’s loan leveraged buyouts, commodity finance,
related activities within EMEA. Paul has project and infrastructure finance).
been with Citi since 1994 and has over
Paul Gibbs
Co–Head of EMEA Loans
& Acquisition Finance
Citi
12Loan Market Association
Syndicated Loans Conference
Speaker Biographies
Simon specialises in banking and reform of financial regulatory and
financial markets law and regulation, resolution law, having worked with
clearing, settlement and derivatives. national and international bodies to
Simon’s experience includes advising develop the “bail-in” concept. He has
governments, regulators and public been called to give evidence to UK and
bodies as well as banks, investment EU parliamentary committees, and has
firms, fund managers and other financial worked closely with other legislators
institutions on a wide range of regulatory around the world (including G-20
Simon Gleeson issues. He is described by all of the governments). He advised the World
Partner major legal directories as one of the Economic Forum on its 2009 Report on
Clifford Chance world’s leading experts in financial The New Global Financial Architecture,
services and banking regulation, and was involved in the establishment of
capital markets and derivatives. the UK’s Banking Standards Board.
He is one of the lead legal advisors Simon has lectured at Harvard, Oxford,
to the main UK banking and financial Cambridge and Edinburgh Universities,
services industry bodies regarding and at King’s College London, the LSE
Brexit. and the Centre for Commercial Law
Studies at Queen Mary Westfield
In addition to his private practice, Simon
London. He is currently a visiting
is heavily engaged in the development
Professor at Edinburgh University,
of law and policy in finance. He chairs
a member of the bank resolution
the Institute for International Finance’s
project of the Hoover Institution at
cross-border resolution committee,
Stanford University, and has been
and is generally regarded as one of
elected a Visiting Fellow of All Souls
the intellectual leaders in the post-crisis
College Oxford.
Reinhard is Head of Syndicated and Reinhard’s teams are based in 5
Leveraged Finance within Capital locations: Frankfurt, London, Paris, New
Markets at Commerzbank. Syndicated York and Hong Kong. Prior to his current
Finance covers the structuring, position, Reinhard acted as Head of
marketing and trading of syndicated DCM Loans. He joined Commerzbank in
loans and private debt products for 2009 coming from Dresdner Kleinwort,
corporates, NFBIs and financial where he held various positions in loan
institutions. Leveraged Finance is the syndications, client coverage and risk
Reinhard Haas global centre of competence for the management. Reinhard holds a Master
Head Syndicated provision of Commerzbank’s services to of International Relations degree from
& Leveraged Finance financial sponsor advised funds and their the Insitut d’Études Politiques de Paris
Commerzbank portfolio companies, including loan and (“Sciences-Po”).
high yield bond financing.
13Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Aly is Managing Director and Head of funds, managed accounts and trading.
European Leveraged Loans and CLOs in He joined the firm as its first employee
the European Fundamental Credit team in 2004 as a credit analyst and
within BlackRock’s Alternatives division, contributed to growing out the firm
focusing primarily on the high yield and its assets under management. He
leveraged loan asset class and related began his career at JP Morgan in 1999
products, including CLOs. working in leveraged finance origination,
debt capital markets and financial
Prior to joining BlackRock in 2014, Mr.
Aly Hirji sponsor coverage.
Hirji was a partner and portfolio manager
Portfolio Manager
BlackRock
at New Amsterdam Capital, a European Aly earned a BSc degree, with honors,
credit manager focused on leveraged in economics from the University of
credit. He was responsible for managing Bristol in 1999.
CLOs, leveraged loan and high yield
Simon is currently Head of Execution potential of new technology to assist his
for the Barclays Global Lending Group. team to efficiently execute lending
His team partners with clients and activity. Simon joined Barclays in 2004,
relationship bankers to analyse lending and has worked in various different
opportunities and structure and negotiate capacities around the lending business,
loan transactions for Barclays’ corporate before which he spent 6 years working
client base. He has a keen interest in the with Allen & Overy’s banking practice.
Simon Hurst
Head of Execution,
Global Lending Group
Barclays
Madelaine joined Oaktree’s London specialising in loan, mezzanine
office in 2003 and serves as portfolio and high yield bond financings to
manager for the European High Yield support European leveraged buyouts.
Bond and European Senior Loan Prior thereto, she spent two years in the
strategies, and co-portfolio manager for Acquisition Finance Group at Natwest
the Global High Yield Bond strategy. Group plc. Madelaine received a B.A.
Before joining Oaktree, she spent more degree in economics from the
than three years at Deutsche Bank AG in University of Durham, England.
Madelaine Jones London as a senior associate in the She is a CFA charterholder.
Managing Director Leveraged Debt Origination Group
& Portfolio Manager
Oaktree
14Loan Market Association
Syndicated Loans Conference
Speaker Biographies
James is Group Treasurer at Pearson, $1.5bn of early public debt repayments
a FTSE 100 listed education company. through market tender and make whole
James is responsible for Treasury, exercises. James recently led Pearson’s
Insurance and Cash Management for the debut ESG offering, refinancing it’s loan
group. Since joining, James has done facility to put a $1.2bn 5 year facility in
significant work to simplify it’s financial place with a margin linked to the
operations including streamlining its FX company’s performance in advancing
operation and has undertaken over vocational education outside the UK.
James Kelly
Group Treasurer
Pearson
The Blockchain Industry Landscape the Big Innovation Centre, named
Overview 2018 names Charles as Think Tank of the Year 2018. He sits
one of the UK’s leading influencers on on the advisory boards of the UK All
blockchain. He is a leading expert on Party Parliamentary Group on Artificial
digital assets, artificial intelligence and Intelligence (APPG AI) and the UK
blockchain technology, advising financial All Party Parliamentary Group on
institutions and regulators. He acts on Blockchain (APPG Blockchain).
corporate finance transactions in
He has lectured widely, including on
Charles Kerrigan FinTech, IP and intangible assets.
Digital Money at the LSE, and is the
Partner
CMS
Charles sits on the Bank of England’s author of books and articles, most
Financial Markets Law Committee on recently The Financing of Intangible
Virtual Currencies. He is a board Assets; TMT Finance and Emerging
member of the Innovators Board at Technologies (Butterworths, 2019).
Isabelle is the Deputy Treasurer She joined EBRD in 1997 as Deputy
and Head of Funding at the EBRD. Head of the Treasury Funding team, and
was promoted to Deputy Treasurer and
Isabelle spent 13 years in London and
Head of Funding in 2003. In addition to
Hong Kong in treasury, fixed income
overseeing EBRD’s issuance in the
origination, and swaps trading and
capital markets and investor relations,
marketing with Swiss Bank Corporation
Isabelle also focuses on capital markets’
International, Nomura International and
development in EBRD’s countries of
latterly at NatWest Markets where she
Isabelle Laurent operations and sustainable finance.
was Director of Debt and Derivatives
Deputy Treasurer
& Head of Funding
Marketing. Isabelle studied Russian and French
EBRD at Oxford and the Sorbonne.
15Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Kam joined the LMA in August 2015 infrastructure. She focused on current
and assists with the Association’s awareness (covering both legal and
documentation projects, education and sectoral developments) and developed
training events and regulatory and precedents, know-how and training for
lobbying matters. At the LMA, Kam has the global projects, energy and
a particular focus on investment grade, infrastructure group. Kam was previously
leveraged, export and borrowing base a banking and finance solicitor at
finance, and is also working on the Slaughter and May where she acted for a
Kam Mahil transition from LIBOR to risk-free rates. variety of UK and international
Director, Legal borrowers, focusing on general
LMA
Prior to joining the LMA, Kam was a
syndicated finance, investment grade
professional support lawyer at Linklaters
finance, leveraged acquisition finance
LLP specialising in project finance,
and project finance.
acquisition finance, energy and
Neil has almost 20 years’ experience Additionally he is a very active member
within the financial markets industry, of the EUR Risk-Free Rate Working
across multiple asset classes. His Group, chairing the sub group analysing
primary areas of focus historically have methodological options for terms rates.
been Bond and Derivative Trading
Neil has a Masters in Finance(MiF)
including XVA Management and Money
from the London Business School
Market Trading. He is currently
and a BA(Hons) in Economics from
responsible for the Group Treasury
Sheffield University.
Neil McLeod Markets area within Erste Group Bank
Head of Group Treasury AG, one of the major financial groups
Markets Trading specialising in the CEE region.
Erste Group Bank
Mathias is a Managing Director and North/Latin America. He joined MUFG
Co-Head of Debt Capital Markets – in 2017 from UniCredit where he held a
Loans & Bonds for EMEA at MUFG number of senior roles for over a decade,
Securities EMEA plc. latterly as a Senior Vice-President
and Co-Head of Global Syndicate.
He is responsible for the origination,
He previously held roles at Deutsche
structuring and distribution of syndicated
Bank and ING.
loan as well as public and private bond
transactions within EMEA. Since September 2017 he is chairman
Mathias Noack
of the board of directors of the Loan
Co–Head Debt Capital Markets Mathias has over 20 years’ experience in
– Loans & Bonds, Market Association.
debt capital markets both in Europe and
MUFG
Chairman LMA
16Loan Market Association
Syndicated Loans Conference
Speaker Biographies
Lucy has portfolio management retail and leisure sectors. Lucy was
responsibilities for European performing also responsible for managing the firm’s
investments. She serves on various firm European CLOs. Previously, she worked
committees including the compliance at PSAM and Goldman Sachs. Lucy
and ESG committees. Prior to joining earned an M.A. from the Johns Hopkins
OHA, Lucy was a partner and portfolio School of Advanced International
manager at GoldenTree Asset Relations and a B.A. from University
Management, where she was head of College London.
Lucy Panter European Research. She focused on
Portfolio Manager & Partner making investments in the consumer,
Oak Hill Advisors
David has 16 years of experience in facilities to support Rosneft’s acquisition
structuring and leading a variety of of TNK-BP in 2012/13, the $33.75bn
transactions, including acquisition of debt facilities to support Teva’s
finance facilities within Europe, acquisition of Allergan’s generics
Middle East and Africa (EMEA) for business in 2015 and, most recently,
corporates, financial institutions and the US$4bn acquisition facilities to
quasi-sovereign borrowers. support Steinhoff’s acquisition of
Mattress Firm in the US.
David has played a leading role in the
David Pepper two largest acquisition financing to have Prior to joining BofAML, David was Head
Head of EMEA Loan Capital
taken place in the CEEMEA region in the of CEEMEA Loan Syndicate at WestLB
Markets
past 5 years, namely the $32bn of debt (now Portigon Financial Services).
BAML
Tom graduated with BA and Master’s technique which allowed AZTEC
degrees in maths from Cambridge, holds to be the first company to publicly
a Graduate Diploma in Law from the City demonstrate private transactions on
Law School, and is a CFA Charterholder. Ethereum mainnet. AZTEC Protocol
He co-founded AZTEC to bring LMA goes live in Q3 2019, and recently closed
credit issuance and secondary markets a round of investment with ConsenSys.
to Ethereum. The company has Joe Lubin sits on the board.
engineered a novel cryptographic
Thomas Pocock
Co–Founder & CEO
AZTEC Protocol
17Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
Chris is Head of Private Equity, Loan and was to bring debut issuers from
CLO Business Development for EMEA Thailand and India to the international
at S&P Global Ratings, looking after loan market.
ratings throughout the region, for
On his return to Europe he became the
corporate and leverage loans plus CLOs.
Head of European Loan Trading for
He is also responsible for the coverage
NatWest, taking the team through the
of Private Equity houses.
integration with The Royal Bank of
Prior to S&P Global Ratings he spent Scotland, transforming the desk from a
Chris Porter
over 20 years in the syndicated loan back-to-back operation into a full trading
Head of Private Equity,
Loan & CLO Business
market, working across many of its book, working mainly in the leverage and
Development, EMEA different asset classes. His career corporate markets. At the same time he
S&P Global Ratings started in NatWest on the project group joined the Board of the LMA, a post he
that subsequently transformed into was to hold for ten years.
Europe’s first dedicated secondary loan
During his time on the Board he
sales team. His next role was on the
co-chaired the Valuation & Trading
primary sales desk, distributing
Practices Committee and chaired a
corporate, structured and financial
number of working parties, as well as
institution loans to European investors.
writing the first set of Transferability
After primary sales, Chris was posted to Guidelines for the LMA. He also held
Hong Kong, where he was responsible the post of Vice-Chairman of the LMA
for the pricing, structuring and origination for two years.
of syndicated debt in South and South
After RBS, Chris moved to Bank of
East Asia. The main focus of this role
Scotland, where he created and headed
the Loan Sales and Trading Team.
James is CEO and co-founder of Clarilis, simple documents, such as NDAs, but
an intelligent drafting solution designed struggle to automate anything more
by lawyers for lawyers. The CLARILIS™ complex. The Clarilis team has
precedent automation platform offers significant experience in automating
huge opportunities to drive operational suites of LMA based precedents.
efficiencies for law firms, not just in time CLARILIS™ was designed from the
saved in the drafting process, but also in ground up to automate the most complex
delegation, risk mitigation and process suites of precedents, with many
James Quinn improvements. James was previously a ancillaries, many parties and complex
CEO corporate tax lawyer at Slaughter and underlying deal structures. Clarilis has
Clarilis May, formed one of the first Alternative worked with firms such as Addleshaw
Business Structure law firms and has Goddard, Baker McKenzie, Herbert
over 15 years’ experience in practice. Smith Freehills, Simmons & Simmons
and Travers Smith to deliver complex
CLARILIS™ differs from standard
automation projects on-time and
automation tools that can automate
providing a ROI.
18Loan Market Association
Syndicated Loans Conference
Speaker Biographies
David is a partner in the securities and is currently representing the Loan Market
derivatives group in London focusing on Association and a working group of CLO
structured finance. His practise focuses managers and structuring banks on risk
primarily on CLOs, securitisations and retention regulation in Europe. David
repackaging transactions involving advises arrangers and collateral
various asset types in the United States managers as well as issuers, managers,
and Europe. More recently, David has originators and investors in a variety of
worked on many of the recent European structured finance transactions both in
David Quirolo CLO 2.0 transactions. In addition, David the United States and Europe.
Partner
Cadwalader, Wickersham
& Taft
Amelia joined the LMA in October 2010, numerous domestic and international
establishing the in-house legal team corporate banks and a variety of UK
and working on the Association’s and international borrowers, focusing
documentation projects, education on general syndicated finance, leveraged
and training events and regulatory and investment grade acquisition finance
and lobbying matters. and real estate finance. Amelia also
spent time on secondment in the FI,
Amelia was also responsible for
NBFI and Insurance teams at Barclays,
contributing to and editing the LMA’s
Amelia Slocombe where she gained experience of cash
four most recent books: “The Loan
Managing Director, management, structured finance
Head of Legal
Book”, “Developing Loan Markets”, “The
products, and clearing and settlement
LMA Real Estate Loan Book” and “20 Years in
systems.
the Loan Market” (published in 2011,
2013, 2015 and 2016 respectively) and Amelia is a regular speaker at both LMA
wrote the LMA’s Guide to Regulation. and external training events, seminars
and conferences, focusing on real estate
Prior to joining the LMA, Amelia was a
finance, private placements and
banking and finance solicitor at Pinsent
developing markets (specifically Africa).
Masons LLP, where she acted for
19Loan Market Association
Syndicated Loans Conference
Speaker
Biographies
James is a Developed Markets Europe, with in-depth analysis of Brexit,
Economist at ING, with primary the Fed and Trump’s Presidency.
responsibility for coverage of the UK He joined ING in 2015 and holds an
economy. As part of the wider team in economics degree from the University
London, he also covers the US and of Bath.
James Smith
Developed Markets Economist
ING
Penny is Head of Developing Markets debt origination team of WestLB AG
Corporate Loan Origination, responsible where she was responsible for the
for the origination, structuring and origination, structuring and execution of
execution of loans for DM corporate various debt products for the CEE/CIS.
clients. She is also Head of
From 1994-1998 Penny worked in the
Schuldschein/PP origination for
Debt Capital Markets division of West
non-German speaking borrowers
Merchant Bank, and was involved in
with a focus generally on the EU which
starting up the CEE/CIS debt business
Penelope Smith includes some of the CEE developing
for the Bank. She then specialised in
Head of Developing Markets markets. Until early 2009 she was
Corporate Loan Origination
the Russian/CIS market. During this
Head of EM Corporate Loan and
Commerzbank time she was involved in some of the
Bond Origination.
very first syndicated loan transactions
Prior to joining Commerzbank in late ever completed across the whole CEE/
2007, Penny was Head of the CEEMA CIS region.
Nicholas has been active in the loan and He was responsible for editing the LMA
financial markets for over 30 years, most publications, ‘The Loan Book’,
recently at KPMG and before that as ‘Developing Loan Markets’ and ‘The
Head of Syndications at National Real Estate Book’, which were published
Australia Bank for 10 years. Prior to that, in 2011, 2013 and 2015 respectively.
he held senior corporate banking roles Over 20,000 copies of the three books
for Japanese and North American have been circulated to-date worldwide.
institutions. He has a wide experience He is a regular contributor to written
Nicholas Voisey of the debt product, both primary and media and a speaker at conferences.
Managing Director secondary, covering corporate,
LMA
Nicholas was a Board Member of the
leveraged, real estate, structured and
LMA from 2001 to 2006.
project finance. He joined the LMA in
2008 and currently handles, amongst
other things, regulatory matters for the
Association.
20Loan Market Association
Syndicated Loans Conference
Speaker Biographies
Nicola has been a partner in the finance acquisition finance and fund finance
practice at Clifford Chance since 2003. work. Nicola is one of the lead partners
She undertakes a wide variety of UK and at Clifford Chance for the LMA and drafts
cross-border finance work including many of its standard form documents.
investment grade lending, restructuring,
Nicola Wherity
Partner
Clifford Chance
Alistair is the Lead Innovation & Prior to moving into legaltech, Alistair
Technology Solutions Attorney for began his career as a banking lawyer
Latham & Watkins’ European operations. – primarily focused on leveraged finance
Alistair works cross-functionally with a – working in private practice (Latham &
global team of lawyers and technologists Watkins and Ashurst) and in-house
to identify, develop and validate strategic (Deutsche Bank).
innovation opportunities across the firm.
Alistair is also a programmer fascinated
Prior to re-joining Latham, Alistair by the intersection of law and coding.
Alistair Wye
created and led iManage RAVN’s As such, Alistair enjoys getting his hands
Lead Innovation & Technology
Solutions Attorney
presales operations and advised on dirty, coding and training different
Latham & Watkins product strategy, working with top global machine learning algorithms to better
law firms and FTSE 100 in-house legal understand the opportunities and
teams to design and implement AI limitations of B2C and B2B AI solutions.
powered data extraction tools for due
diligence and contract reporting.
21Loan Market Association
Syndicated Loans Conference
Administrative
Notes
Open Wireless Connection Messages Access to presentations
Wireless connection is available We cordially request that all mobiles Presentations will be available on
throughout the building. You do not are turned to silent out of respect for the LMA website under the members’
need a username or password. Please your fellow delegates while the section and on the LMA event app.
connect to the network QEII Guest. conference is in session. For queries, please contact Melanie
Hutchings at
melanie.hutchings@lma.eu.com.
Voting and questions for speakers Lunch
During the conference we will be using Lunch will be served in the Britten
Evaluation forms
our interactive delegate voting system, Lounge on the 3rd floor unless your
Slido. In order to participate in live name badge details lunch on the Evaluation forms will be handed out
audience voting and to ask speakers 2nd floor. during the course of the conference.
questions, please either:
Hostesses will guide you to the The feedback you provide is invaluable
stairwell and lifts to access the 2nd in ensuring we deliver the best event
Access slido through the LMA event
floor. This process is to ensure quick experience possible for delegates
app selecting the slido icon and use
and efficient service so we appreciate so please can we encourage you to
event code LMA.
your cooperation. complete the form before you leave.
Alternatively, visit slido.com and enter
If you have pre-booked a vegetarian
the event code LMA.
meal then please inform the waiting
staff for your table.
22Loan Market Association
Syndicated Loans Conference
How to download
the LMA event app
1 2 3
Go to the app or Android Go to the CrowdCompass Select the LMA Event
store and search for Attendee Hub app and to download it
CrowdCompass Attendee search for the LMA Event
Hub to install
4 5 6
Click on the app homepage Select: Log-in Enter your name
to initiate log-in or if you and select: Next
have previously downloaded
an LMA event app select
switch event
7 8
View your emails Enter your 6 digit code
to receive your unique and select: Verify
6 digit verification code
23Cocktail Reception The Loan Market Association & Clarilis request the pleasure of your company at The Queen Elizabeth II Conference Centre Britten Lounge from 5.30 pm to 7.30 pm NEW Solutions for NEW Challenges Sponsored by INTELLIGENT DRAFTING 24
Have you visited the
LMA’s LIBOR microsite?
The LMA’s LIBOR microsite contains all content related to the discussions
around the potential discontinuation of LIBOR.
The LMA is working with the market, • Minutes and materials of monthly • How can overnight RFRs be
other trade associations and the LIBOR Trade Association Working turned into term rates?
regulators on contingencies should Group meetings which comprises
LIBOR cease to exist. The microsite is trade associations from across • Impact of RFR transition on loan
regularly updated to reflect the latest global financial markets and operations teams
market developments. product areas.
• LMA response
LIBOR Microsite: Recent updates:
Recent webinars:
lma.eu.com/libor How to transition from LIBOR
to risk-free rates: are solutions LIBOR transition: Conventions for
What content can you find? now available for the syndicated referencing risk-free rates in new
loan market? agreements;
The microsite houses a variety of
content including: This article provides an update on LIBOR Lowdown – Developments in
progress in respect of forward- Benchmark Replacement;
• The latest Legal & Regulatory News; looking term rates based on risk-free
rates, options in the absence of such Developments on the future of LIBOR
• Submissions by the LMA, including forward-looking term rates, a summary and the impact on the syndicated loan
links to consultations; of the most recent developments in market; and
respect of each LIBOR currency and
• Briefing notes and articles produced the LMA's work on LIBOR transition. The future of LIBOR and the impact
by the LMA and member law firms; Read this article here: lma.eu.com/ on the syndicated loan market.
news-publications/newsletters
• Spotlight interviews, including lma.eu.com/libor/education-events
with Neil McLeod, Head of Group LIBOR transition – the loan
Treasury Markets Trading at Erste operations perspective Recent spotlights:
Group Bank, which considers the
ISDA consultation on IBOR fallbacks; Spotlight on the ISDA July 2018
consultation on benchmark fallbacks
• Education & Events: both new
upcoming events, as well as Spotlight on SARON as the future CHF
webinars and recordings of our alternative to LIBOR
recent panel sessions covering the
LIBOR transition; lma.eu.com/libor/spotlight
• Documentation & Guidelines:
publication of exposure drafts of
RFR-based facility agreements, the
LIBOR Contacts
revised Replacement of Screen Rate lma.eu.com/libor-transitions
clause, a note on considerations
in respect of credit adjustment This video is a recording at the LMA Clare Dawson
spreads, as well as guidance on Loan Operations Conference on 6 clare.dawson@lma.eu.com
developments relating to the future June 2019. You can view it on the + 44 (0)20 7006 6007
of EONIA; LIBOR microsite.
Kam Mahil
• Publications: The LMA and ACT The session focused on:
kam.mahil@lma.eu.com
Guide - The future of LIBOR: what
you need to know; • LIBOR alternatives: what +44 (0)20 7006 6629
are risk-free rates (“RFRs”)?
• Currency Working Groups: links
to the webpages of key Currency • Differences between LIBOR
Working Groups; and and RFRs
25Loan Market Association
Syndicated Loans Conference
CLIFFORD CHANCE’S EXPERIENCED
GLOBAL LEGAL TEAM DELIVERS
COMMERCIAL FINANCING SOLUTIONS AND
GUIDANCE ON FINANCE CRITICAL ISSUES
DEVELOPMENTS IN LEVERAGED FINANCE
GREEN FINANCE PRESSURE POINTS
CORPORATE LENDING
CLIFFORD CHANCE |
4
LIBOR – CROSS BREXIT –
PRODUCT REVIEW KEY QUESTIONS
ANSWERED
THE DIGITAL FUTURE OF
SYNDICATED LOANS
MAY 2019
DECEMBER 2018
JULY 2019
INFRASTRUCTURE:
21ST CENTURY CHALLENGES FINANCING THE ACQUISITION
LOAN TRADING ACROSS THE GLOBE A LEGAL PERSPECTIVE OF UK PUBLIC COMPANIES
CLIFFORD CHANCE |
26Loan Market Association
Syndicated Loans Conference
Sponsorship
Listing
Lead Sponsor Clifford Chance is one of the world’s they arise. Our clients include lenders,
pre-eminent law firms, with significant financial investors, corporates,
depth and range of resources across governments, regulators, trade bodies
five continents. We are committed to and not-for-profit organisations.
helping our clients achieve their goals
by providing commercially focused We have an open, approachable style
legal advice of the highest quality that and believe in the power of
will consistently exceed their collaboration and teamwork. To be at
expectations. the forefront of the legal profession
requires foresight and a willingness to
We combine the highest global have a voice on issues of importance.
standards of business and law with We have the confidence to challenge
local excellence of service and existing thinking, to push boundaries
maintain the depth, quality and scale and to embrace new ideas.
of resources necessary to meet our
clients’ needs whenever and wherever cliffordchance.com
27Loan Market Association
Syndicated Loans Conference
globAl
offices
locAl
knowledge
Our experience and our offices span the globe – which means
we have local teams close to you, so there’s always someone
available to take a meeting or your call that understands both
the loans market and your local financial regulations.
For more information please contact a business development
representative at sales@glas.agency or +44(0)203 597 2940.
A front office approach to back office services www.glas.agency
28Loan Market Association
Syndicated Loans Conference
Sponsorship Listing (continued)
Lead Sponsor GLAS is a global, independent, our clients as an Agent on unitranche
conflict-free provider of loan agency transactions. We are the Agent of
and corporate trustee services. We choice on restructuring transactions
provide a front office approach to where there is a need to change the
typically back office services and have Agent or Trustee. We are based in
expertise in handling complex London, with offices in Paris, New
transactions proactively, with speed York, New Jersey, Sydney, Brisbane
and flexibility whilst focusing on and Singapore.
customer service. GLAS is
solution-driven with extensive glas.agency
experience working alongside
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