The European Leveraged Finance Alliance

European Leveraged Finance Alliance - a Professional Trade Association

Events

15/05/2019

ELFA Members' Forum

16.30 - 20.00

+ Event Details

15/05/2019

ELFA Members' Forum

Our first Members’ Forum is designed to give ELFA members, and prospective members, an opportunity to hear about what ELFA has achieved so far, and to discuss what we should be trying to address going forward. 


It will begin with a combined discussion session followed by break-out sessions for bond investors and loan investors to discuss topics that are unique to their markets. We will also have a Q&A with our antitrust counsel.


The Executive Committee have designed initiatives for 2019 to promote better disclosure, greater transparency, and more effective engagement in the European leveraged finance market. The Members’ Forum will allow attendees to understand the process and strategy we are currently employing to achieve these goals, and to share their thoughts on the best next steps.


The event is only open to investors who are members of, or are currently considering membership with, ELFA. 


To attend, RSVP to sfox@elfainvestors.com.


Following the discussion sessions, Executive Committee member Tatjana Greil Castro will host attendees for drinks.

16.30 - 20.00

21 to 23/05/2019

Commercial Finance Association's 13th Annual International Lending Conference

8am - 5pm

DLA Piper 160 Aldersgate Street, London, EC1A 4HT

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21 to 23/05/2019

Commercial Finance Association's 13th Annual International Lending Conference

The annual CFA ILC brings together major players in asset-based lending from the U.S., U.K., and Continental Europe. 


What do cross-border lenders need to be thinking about right now?


  • Looming economic upheaval
  • Potential recession
  • Geopolitical uncertainty

Examine the critical issues, and explore the opportunities, relating to cross-border lending at the International Lending Conference, May 21-23 in London.


Sabrina Fox, Executive Advisor to ELFA, will sit on a panel exploring instances of companies using flexibility in their credit documents to pull out valuable assets from the lenders' credit support.  


Meanwhile, covenant deterioration continues globally.  What should lenders be thinking about to avoid unintended consequences that lead to “liability management exercises” by their borrowers?


The registration fee for this three-day event is $845. 


ELFA members will receive a 10% discount. If you are interested in receiving more information about the event, visit the event page on the CFA website by clicking here


ELFA members who wish to obtain the discount code can contact Sabrina on sfox@elfainvestors.com.

8am - 5pm

DLA Piper 160 Aldersgate Street, London, EC1A 4HT

05/06/2019

Alternative Credit Council Global Summit 2019

9am - 5pm

Fishmongers' Hall, London

+ Event Details

05/06/2019

Alternative Credit Council Global Summit 2019

The ACC's Global Summit brings together attendees from the private credit lending space representing a breadth of strategies and viewpoints on the current market. 


The theme of this year’s Global Summit will be "Securing the Future." The event  will provide the opportunity for private credit managers, investors, service providers and regulators within the sector to come together and discuss the future of private credit as this market continues to grow. 


Sabrina Fox, Executive Advisor to ELFA, will sit on a panel at the conference. 

 

The conference programme will address the following themes: 


Breaking new ground 


Which markets, strategies and products are fuelling the ongoing growth of the asset class? How are managers responding to changing market opportunities and positioning themselves to take advantage? 


Financial stability 


Addressing the perception and the reality of how private credit supports or undermines financial stability, and the potential for micro and macro policy changes in response. 


Lending in continental Europe 


A deep dive into private credit across key EU jurisdictions, how asset managers lend in those countries and the opportunities in these markets. 


Running a successful business 


How are managers dealing with the key legal, compliance and operational issues for private credit managers and future-proofing their business against these risks. 


Making allocation easy 


An exploration of what investors want from private credit managers and their expectations around investment process, transparency and governance. 


If you have any questions about the programme for this event, please contact Nicholas Smith (nsmith@aima.org or +44 (0)20 7822 8380) 


9am - 5pm

Fishmongers' Hall, London

Prior Events

20/03/2019

Managing Your Portfolio Through a Down Cycle

4.30pm - 8pm

Akin Gump LLP, Ten Bishops Square, Eighth Floor, London E1 6EG

+ Event Details

20/03/2019

Managing Your Portfolio Through a Down Cycle

With membership growing rapidly and momentum building, we are delighted to introduce ELFA to the broader market on 20 March 2019.
Hosted by Akin Gump LLP, ELFA’s inaugural event has been designed to equip investors with tools to manage their bond and loan portfolios with a focus on stressed and distressed scenarios.
In our launch event we will present:

  • A brief seminar on pre-emptive analysis that investment professionals can make to identify covenants that could make credits vulnerable during profound market stress.
  • A panel of industry leaders exploring the tools available to borrowers and lenders in stressed scenarios with case studies.
  • A drinks reception where guests can network with other market leaders, discuss ELFA membership opportunities with Executive Committee members, and find out more about our initiatives for 2019.

Attendees at the event will learn:

  • key covenant loopholes that will allow borrowers to move assets away from creditors to junior stakeholders
  • how to identify terms that would allow issuers to play tricks with Unrestricted Subsidiaries
  • where to find debt and liens capacity that could allow the issuer to execute distressed exchange offers or other coercive transactions
  • case studies highlighting the real-world impact of these provisions 

Attendees will also have the opportunity to learn more about the benefits of ELFA membership, the aims of the organisation, and how to get involved in our plans to strengthen the resilience of the European leveraged finance market.
Agenda:
4.30 - 4.45pm REGISTRATION4.45 - 4.50pm INTRODUCTION TO ELFA4.50 - 5.20pm SEMINAR5.20 - 6.00pm PANEL DISCUSSION6.00 - 8.00pm DRINKS RECEPTION
RSVP: tizzy.thwaites@akingump.com / +44 (0) 20 7012 9835
SPEAKERS ANNOUNCED: Craig Abouchar is a lead portfolio manager for Barings European High Yield Bond business with over two decades of experience managing portfolios across numerous strategies. He brings to the panel deep expertise in managing investments throughout the various stages of an economic cycle, including the through last financial crisis. He is also a founding member and Executive Committee member of ELFA.
Neil Devaney is a partner in Akin Gump’s financial restructuring group based in London. Neil has extensive cross-border finance, restructuring and insolvency experience. Neil’s practice is focused on advising ad hoc groups of senior and subordinated creditors on complex, high-value debt restructurings. He also advises fixed income and multi-strategy credit funds on bespoke financing arrangements in stressed, distressed and special situations.
Chris Foley is a managing director of Houlihan Lokey’s Financial Restructuring Group, with more than 15 years of experience in the market. He brings to the panel discussion a broad range of experience advising clients on financial restructuring, distressed M&A, capital raising, securitization structuring, and valuations. He has been involved in several developed and emerging market transactions, including Linpac Group Ltd, Truvo, Wind Hellas, Ferretti SpA, Hibu plc, Punch Taverns plc, Invitel, PHS Group, Gulf Keystone, Brunswick Rail, New Look, and Debenhams.
Sabrina Fox is Executive Advisor to ELFA and a recognised expert in the European leveraged finance market focused on increasing transparency, improving disclosure standards, and educating market participants on the importance of lender protections in documentation. Most recently, Sabrina was Head of High Yield Research for Covenant Review. Prior to that, she was counsel with DLA Piper in London.
James Terry is a partner in Akin Gump’s financial restructuring group with more than 20 years of experience in the industry. He practices in the areas of cross-border and domestic financial restructuring, workouts and insolvency and advises clients in relation to strategic and legal issues concerning their distressed debt and special situations investments across a range of different business sectors including telecommunications, packaging, paper, transport, mining, automotive, energy and power. His clients include hedge funds, bondholders, institutional lenders, secondary market investors and creditor committees.
Galia Velimukhametova is a Senior Investment Manager at Pictet responsible for Distressed Debt. Prior to this Galia was a Portfolio Manager at Man GLG from 2008 to 2018, focusing on European distressed assets. Previously she was a Managing Director, Partner and member of the investment committee responsible for investment selection and portfolio composition at King Street Capital, Europe. Galia also spent time as a Debt/Equity and Capital Structure Arbitrage Trader at JP Morgan.  

4.30pm - 8pm

Akin Gump LLP, Ten Bishops Square, Eighth Floor, London E1 6EG