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ICMA Workshop: Bail-in - joining the dots
 
Date and Venue

Date: 7 April 2017
Time: 14.30 - 18.00

Venue:
EBRD
1 Exchange Square
London
EC2A 2JN

Event Overview

The Bail-in Working Group (a committee of the ICMA Asset Management & Investors Council) hosted a bail-in workshop in London on the afternoon of 7 April 2017. The workshop focused on buy-side concerns associated with bail-in and explored ways of better identifying sources of risk and uncertainty which might increase market instability or render parts of the bank market un-investable.

The purpose of the workshop was to encourage direct debate and elicit views from all stakeholders. It featured contributions from investors, issuers, syndicate managers and other interested parties. Representatives from the European Central Bank and the European Commission also participated and were invited to make submissions.  Interactive panels addressed the challenges of pricing bank debt and risk of bail-in, the adequacy of current financial institution disclosure and corporate governance considerations surrounding the position of bondholders in a post-bail-in world, in all cases which lead to further open discussion with the audience.

Confirmed Speakers include:

Andreas Michael Schirk, Supervisor, Supervisory Policies Division, European Central Bank
Miray Muminoglu, Managing Director, Group Treasury, Barclays
Georg Grodzki, CIO, Bohler Asset Management
Simon Adamson, CEO, CreditSights Ltd.
Christine Schmid, Head, Investment Solutions, Credit Suisse AG Switzerland
Daniel Sarp, Director, Active Fixed Income, Deutsche Asset Management
Axel van Nederveen, Treasurer, EBRD
Kemal Cenan, Senior Portfolio Manager, EBRD
Stuart Trow, Senior Credit Strategist, EBRD
Thomas Bernert, Head of Capital Management, ING
Alan Patterson, Managing Director, Lazard
Armin Peter, Global Head of Syndicate, UBS
Matthieu Loriferne, Credit Analyst, PIMCO
Matthew Tobin, Partner, Slaughter and May



Friday, 7 April 2017

14.30
Registration

15.00
Introduction
Axel van Nederveen, Treasurer, EBRD
Martin Scheck, Chief Executive, ICMA


15.10
Statements from the Official Sector
Andreas Michael Schirk, Supervisor, Supervisory Policies Division, European Central Bank


15.25




15:45
Introduction to Bail-in Working Group / Presentation on Bail-in Working Group Concerns
Daniel Sarp, Director, Active Fixed Income, Deutsche Asset Management
Katie Kelly, Director, ICMA

Panel: Bank risk pricing: An art, a science or a shot in the dark?
The panel will discuss the challenge of weighing the intrinsic value of different classes of bank bonds against market supply and demand dynamics. It will look at what is meant by the ‘market price’ versus the ‘risk return’ and will examine to what extent there is a rational correlation between the two.

Submissions from the Official Sector and from the audience will be invited.

Moderator:
Tim Skeet, Chair of the Bail-in Working Group, ICMA

Panellists:
Kemal Cenan, Senior Portfolio Manager, EBRD
Matthieu Loriferne, Credit Analyst, PIMCO
Miray Muminoglu, Managing Director, Group Treasury, Barclays
Stuart Trow, Senior Credit Strategist, EBRD
Alan Patterson, Managing Director, Lazard
Armin Peter, Global Head of Syndicate, UBS

 
16.30
Panel: Crunching numbers or crunch time? Do analysts have the right data?
This panel aims to discuss the adequacy of current financial institution disclosure, looking at the regulatory minimums and the levels of regulatory policy disclosure. It will discuss whether the information is clear, of the right kind and sufficient to allow for the pricing of risk and predictability of a bank approaching regulatory tripwires.
Submissions from the Official Sector and from the audience will be invited.

Moderator:
Tim Skeet, Chair of the Bail-in Working Group, ICMA

Panellists:
Simon Adamson, CEO, CreditSights Ltd.
Daniel Sarp, Director, Active Fixed Income, Deutsche Asset Management
Thomas Bernert, Head of Capital Management, ING


17.10
Panel: Hold on, hold out or hold up…Do investors get a raw deal?
With the implementation of measures fundamentally changing the basis of banking insolvency, noteholders’ creditor rights have been radically changed and the relationship and economic interests of different stakeholders have been deeply altered. This panel will consider the rights and obligations of all stakeholders to better reflect the actual economic risk-taking and influence of different stakeholders.

Moderator:
Tim Skeet, Chair of the Bail-in Working Group, ICMA

Panellists:
Georg Grodzki, CIO, Bohler Asset Management
Christine Schmid, Head, Investment Solutions, Credit Suisse AG Switzerland
Axel van Nederveen, Treasurer, EBRD
Matthew Tobin, Partner, Slaughter and May


17.45
Closing remarks from the Official Sector

Andreas Michael Schirk, Supervisor, Supervisory Policies Division, European Central Bank
Patrick Pearson, Head of Resolution & Crisis Management, European Commission


18.00
Next steps, close and drinks reception
Please note that this programme is subject to change.


Keynote: The revised ICMA Primary Market Handbook

David Hopkins, Managing Director, Head of DCM Legal, RBS