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Full Agenda:
9:00am - Introduction: Market View for 2025
Registration starts from 8:30am
An opening speech to welcome all attendees, provide an overview of the day’s schedule, and set the stage for the discussions ahead.
Brian Studioso, Head of Research at CreditSights
9:10am - European Credit Strategy Outlook for 2025
Logan Miller, Head of European Strategy at CreditSights
9:35am - Sector Spotlight: Car Crash on the Autobahn? What comes next and how to position thematically
With European autos front and center for investors heading into 2025, our Head of European Strategy Logan Miller, and our Senior European Autos Analyst Jim Williamson discuss the outlook for the sector, and the role that autos will play in sector allocation going forward.
Logan Miller, Head of European Strategy at CreditSights
Jim Williamson, Senior Analyst, Autos, CreditSights
10:00am - The Outlook for Leveraged Finance Markets in 2025
The panel will discuss key dynamics in primary markets, challenges for buy and sell-side, outlook for M&A, refinancings, dividend recaps, sector attractiveness, and fundamentals versus technicals.
Luke Millar, Global Editor-in-Chief, LevFin Insights – Moderator
Diarmuid Toomey, Head of Leveraged Debt Capital Markets EMEA, Deutsche Bank
James Turner, Co-head of EMEA Fundamental Fixed Income, BlackRock
Jane Gray, Head of European Research, Covenant Review
Mariya Nurgaziyeva, Head of European Consumer Research, CreditSights
Track 1
Track 2
11:00am: Financials Panel - Plain Sailing? A View From The Bridge
What could possibly go wrong from here? The pressure points for banks and insurers going into 2025.
Simon Adamson, Head of Financials, CreditSights
Puja Karia, Head of Western European Banks, CreditSights
Paola Biraschi, Head of Southern European Banks, CreditSights
Larissa Knepper, Head of Insurance, CreditSights
11:45am: UK Water - Will Thames Open The Floodgates?
The situation at Thames has made investors take a much closer look at what has historically been perceived as a “safe” sector. We ask if Thames is a one-off, or is it the first domino to fall?
Andrew Moulder, Head of Utilities, CreditSights
12:10pm: Euro Utilities – Are The Stars Aligning?
We see the Euro utilities benefitting from the energy transition and look at what this could mean.
Andrew Moulder, Head of Utilities, CreditSights
Bozhidar Dinkov, Analyst, Utilities, CreditSights
11:00am: Special Situations Panel - Re-capping the 2024 Recaps and Capturing Value in 2025
We will throw some light onto the highs and lows of European Special Situations in 2024 and draw some principles and guidance for Stressed and Distressed Debt strategies in 2025.
Helen Rodriguez, Head of European Special Situations, CreditSights – moderator
Sandrine Bradley, Senior Reporter, LevFin Insights
Shoshanna Harrow, J.D., Senior Covenant Analyst, Covenant Review
Harsh Srivastav, Portfolio Manager, PIMCO
Tom Campbell, Partner and Head of EMEA Restructuring & Special Situations Group, PJT Partners
11:45am: Ahead into 2025 for private and syndicated lending
This session will explore how the drivers of new-issue lending will change in 2025 after another M&A-light year, and the developing competition between private credit and the loan market. We will also look at fund managers’ expectations for volatility and credit risk in the year ahead.
Ruth McGavin, Managing Editor, LevFin Insights
12:10pm: LevFin Covenants - What's new; What's flexed
Senior lawyers from our Covenant Review team present recent trends and aggressive terms seen in Leveraged Loans and High Yield bonds in 2024, and common pitfalls to look for in 2025
Alastair Gillespie, J.D., Senior Covenant Analyst, Covenant Review
Ricky Sharma, Solicitor, Senior Covenant Analyst, Covenant Review
Track 1
Track 2
13:30pm: European Real Estate: New Year’s Resolutions
European Real Estate companies face new opportunities and risks amid changing property cycles, with declining valuations, rising LTVs, slowing growth, and strong spread rallies affecting fundamentals and relative value outlook.
Mary Pollock, CFA, Head of Real Estate, CreditSights
13:55pm: IG/HY Consumer/Retail Panel - Demand and Where to Find It
The discussion will cover the end of inflation-driven growth and its impact on margins, fluctuating consumer fortunes, China’s weakness affecting luxury retail, balancing M&A with shareholder rewards, divisive volatile stories, and IG and high yield picks and pans.
Mariya Nurgaziyeva, CFA, Head of Consumer Goods, Services, CreditSights
Samik Majumdar, Head of HY Discretionary Retail, CreditSights
Amarveer Singh, Senior Analyst, Food Retail and Gaming, CreditSights
Jahan Miah, Analyst, Consumer Goods, CreditSights
13:30pm: European Aviation, Shipping and Cruise Liners – Plane Sailing?
We take a close look at the European Aviation sector, assessing factors driving issuer performance and identifying our key picks and pans. Also we evaluate the shipping sector after the US elections.
Ash Nadershahi, Head of HY Industrials & Transportation, CreditSights
13:55pm: IG/HY Basics Panel - Fundamentals, Event Risk & Valuations: Navigating 2025
The discussion will explore the 2025 outlook for the Basics sector post-2024 elections, the role of event risk in corporate strategy, including M&A, demergers, regulatory risks, and shareholder returns, and where investors can find value in Euro Basics amid compressed yields and tight spreads.
Andrew Belton, Head of Basics and Infrastructure, CreditSights
Laurent Vergnault, Senior Analyst, Chemicals, Paper & Packaging, CreditSights
Cassie Cao, Analyst, Building Materials, CreditSights
Felicity Juckes, Analyst, Chemicals, Paper & Packaging, CreditSights
Mihir Trivedi, Analyst, Construction / Infrastructure, CreditSights
Track 1
Track 2
14:55pm: Euro Auto Suppliers: The Recalibration
The European autos team will discuss the state of play for European auto suppliers that are grappling with widespread weakness across the broader auto sector, and the implications with respect to the fundamental outlook and relative value opportunities.
Jim Williamson, Senior Analyst, Autos, CreditSights
Mark Ryan, Analyst, Autos, CreditSights
15:30pm: Special Situations Credit Spotlight
Join Helen Rodriguez for a presentation and discussion that highlights a selection of topical names, including Cerba, Grifols, and Ardagh amongst others.
Helen Rodriguez, Head of European Special Situations, CreditSights
14:55pm: TMT - 2025, Start of a Brighter Future?
With consolidation in three major markets and line of sight to nationwide fibre in most markets, are European telcos finally facing a brighter future?
Mark Chapman, CFA, Head of Telecom/Media, Product Strategist, CreditSights
Alex Lawrence, CFA, Analyst, TMT, CreditSights
15:30pm: Emerging Markets – 2025 Outlook
EMs face a challenging global environment, including the economic slowdown in China, potential trade tariffs from the US, and rising geopolitical tensions. In our panel, we will discuss the impact of these risks on EM prospects.
Regis Chatellier, Head of EM Sovereign Strategy, CreditSights
Anwita Basu, Head of Country Risk Europe at BMI
Ramona Moubarak, Head of MENA & Global Banking at BMI
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