Tuesday, 26 September 2023, followed by networking drinks
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
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On 26 September, we held our 15th annual conference for LMA members.
The conference was held in London at the QEII Conference Centre, but also streamed live at the same time to our members around the world who were not able to travel. An amazing 800 delegates attended in-person, with a further 1,200+ visits on the day to our streaming platform to watch the live relay.
A big thank you to all those who joined us, particularly to our wonderful speakers who delivered some very enjoyable and informative sessions, and lastly, to our sponsors for supporting us in delivering this first-class event for our members. This conference remains the flagship event for our industry and we are delighted with all the positive feedback we have received to date. A truly inspiring day for all those involved!
Conference Theme: Green Shoots?
The conference them was "Green Shoots?". In the past year, much of the syndicated loan market has been tested by multiple challenges. These have largely not gone away and will likely remain in the year ahead. A combination of geopolitical tensions, trade wars and supplier stress, inflation pressures and rising interest rates are factors creating a challenging economic climate in many markets and impacting loan market activity. However, experience tells us the loan market has successfully worked through many credit cycles, demonstrated its resilience, its ability to find a level, to innovate and be creative. It may be tough but the relationship nature of the product helps cultivate stability and growth, allowing green shoots to appear whenever the credit climate permits inspiring recovery and renewal.
Against this backdrop, the LMA has continued to nurture new initiatives, whether as part of its expanding green agenda, engaging with new investors or markets, its extensive events and training programme, exploring new technology or the broader advocacy role for the loan market to ensure the environment remains conducive to the provision of credit and liquidity, so promoting wider economic growth.
Heads of syndication panel: market review and analysis
Market outlook, structure and volumes
Key challenges and opportunities
Investor appetite
Chair : Charlotte Conlan, Vice Chair, Global Leveraged Finance - BNP Paribas
Ben Thompson, Head of EMEA Leveraged Finance Capital Markets - JP Morgan
Jonathan Butler, Managing Director - PGIM
Miranda Abraham, Head of Loan Syndications - RMB
Reinhard Haas, Head of Loan Capital Markets Europe - Commerzbank
Tonmoy Andalib, Managing Director, Head of Loan Syndicate & Distribution - First Abu Dhabi Bank
10:10
Economic outlook
Ken Wattret, Global Economics - S&P Global Market Intelligence
10:40
Refreshments
11:05
Tending the portfolio – the investor view
Risk fundamentals – the current landscape
Credit tightening – playing to investors’ strengths?
Managing technical support versus supply
Into the weeds – structural trends and takeaways
Chair : Jeremy Selway, Managing Director- Deutsche Bank
Madelaine Jones, Managing Director & Portfolio Manager - Oaktree Capital
Nuno Caetano, Director European Senior Loans, Senior Portfolio Manager - Invesco
Sebastian Potocean, Managing Director - Barings
Viral Shah, Credit Investments Group - Credit Suisse Asset Management
11:50
Clearing a path – making sense of AI, cyber and emerging tech
Understanding the opportunities of AI
Could it change the loan landscape?
What threats should I be concerned about?
Chair : Lucy Shurwood, Partner - Simmons Simmons
Colin Sheppard, Managing Director, Cyber Risk - Kroll
David Wakeling , Head of Markets Innovation - Allen & Overy
Timothy Fitzgerald, Principal Consultant - Capco
12:30
Lunch
Afternoon session
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13:45
IMPACT finance: framing the discussion
During this session, our panellists shall focus on the social and environmental benefits sustainable finance can provide for, with impacts spanning nature to nutrition, biodiversity to human diversity, emissions to education. We shall delve beyond the greenhouse gas debate and look at all the other sustainable initiatives that need attention and financing.
Chair : David Milligan, Partner - Norton Rose Fulbright
Emma Harvey-Smith, Programme Director - Green Finance Institute
Xiao Liu, Head of Sustainable Loans, EMEA and APAC - HSBC
14:30
Regulation: fit for purpose?
NPLs
CRD6
CLO securitisation
Other topical regulatory matters
Chair : Nicholas Voisey, Managing Director - LMA
Caroline Dawson, Partner - Clifford Chance
David Quirolo, Partner - Cadwalader, Wickersham & Taft
Simon Gleeson, Partner - Clifford Chance
15:10
Refreshments
15:40
Geopolitics and the loan market in 2023
David Chmiel, Managing Director - Global Torchlight
16:10
Borrower interview
Kam Hessling, Senior Director, Legal - LMA
Laurent Christophe, Group Treasurer - Trafigura Pte
16:50
Blooming marvellous – the CRI success story
Does the market continue to bloom and where is future growth expected?
What improvements could still be made to further refine the product?
The benefits of standardisation – how does the new policy form help new entrants?
Chair : Lise Kessler, Global Head of Credit Risk Insurance - Credit Agricole CIB
Dan Osman, CUO Aspen Insurance UK and Head of Credit and Political Risks - Aspen
Gary Lowe, Global Head of Credit Insurance - Standard Chartered
Jean-Maurice Elkouby, Managing Director - ING
Sian Aspinall , Managing Director - BPL Global
17:30
Close followed by networking drinks reception
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Lead Sponsor
GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market. GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of £300 billion of assets under administration on a daily basis.
Norton Rose Fulbright provides a full scope of legal services to the world’s preeminent corporations and financial institutions. The global law firm has more than 3,000 lawyers advising clients across more than 50 locations worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg, covering Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. Our team of experts delivers unrivaled insights and leading data and technology solutions, partnering with customers to expand their perspective, operate with confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today.
FIS is the largest FinTech, leading the world in empowering institutions to unlock financial technology and advancing the way the world pays, banks and invests.
FIS provides the market leading ecosystem for origination, ratings, syndicated lending, administration and amendment processing, connecting the buy-side and the sell-side.
The FIS premier framework leverages the latest innovations from AI up to prioritizing and ensuring an optimal user experience, creating a single point of entry seamlessly integrated across the syndicated loan credit lifecycle.
The vision of FIS for the lending market is inspired in partnership with market-leading banks, transforming the future of lending Globally.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017.
It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (digital, retail and commercial banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.
Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.
Kroll’s Agency and Trustee Services practice is the leading provider of conflict free, flexible, and highly efficient agency and trustee services to the global loan and bond markets.
As the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities.
Many leading international asset managers, lenders and asset owners choose Alter Domus as their partner for growth. Whether a stand-alone fund with limited investments, or a large multi-billion-dollar fund with complex investment streams across multiple jurisdictions, we understand your world.
Vertical integration allows us to build dedicated teams to provide support and bespoke solutions across your entire value chain. By tapping into a talent pool of more than 4,500 employees across 38 offices in 21 countries, our expertise and cutting-edge technology combine to put you ahead of the game.
With an established professional focus on private equity, real assets and debt capital markets sectors, we offer fund administration, corporate services, depositary services, capital administration, transfer pricing, domiciliation and management company services. Our specific experience in the debt capital markets sector allows us to provide specialist solutions such as loan administration, agency services, trade settlement and CLO manager services.
CSC is a leading provider of global business administration and compliance solutions, including a comprehensive suite of administration, financial, and agency services for debt issuances, securitizations, structured finance transactions, and restructuring mandates. With the recent acquisition of Intertrust Group we now have the combined expertise of more than 7,500 dedicated employees and office locations and capabilities in more than 140 jurisdictions across Europe, the Americas, Asia Pacific, and the Middle East. Our Global Capital Markets team has a wealth of expertise and deep institutional experience. We carefully analyze each deal and tailor services accordingly to provide bespoke solutions to our clients’ requirements.
We’re the trusted partner of choice for 90% of the Fortune 500®, 10,000 law firms, and more than 70% of the PEI 300. Headquartered in Wilmington, Delaware, USA, CSC has been privately held for more than 120 years and acts as stable and conflict-free provider. Our broad geographic coverage means we possess local knowledge and infrastructure to support capital market participants worldwide. We are the business behind business®.
iLex is a market infrastructure provider and the next-gen platform for loan syndication, trading and private credit markets. The iLex platform integrates solutions including marketplace, primary and secondary distribution workflows, market & investor analytics and portfolio management for global banks, asset managers and institutional lenders to transact efficiently and securely. In collaboration with industry partners, iLex builds solutions which are universal, connected, data-driven and modern for people and teams to work better and grow faster.
LMA.Automate is the LMA's document automation, negotiation and execution platform designed to help support loan market efficiency. Since its launch in June 2021, subscribers have benefitted from a secure, private, cloud-based platform that enables them to create documents, collaborate with colleagues, negotiate with external counterparties and create their own automated templates based on LMA precedents.
With clear use cases for law firms and financial institutions, an intuitive, flexible user interface and an established roadmap for additional documents, the platform has many benefits for LMA members at minimal cost.
The platform facilitates the effective digitisation of the loan documentation process by establishing data points which can be used both for insights and analytics through the platform and in downstream systems and processes via APIs.
We are pleased to offer LMA members a 30-day free trial on the platform and are happy to provide guidance during the free trial and beyond to ensure subscribers get the most out of this great tool for their business.
SitusAMC is a leading, independent provider of commercial real estate and corporate loan services in Europe, offering a full range of solutions: Loan Agency Services including Primary and Special Servicing, Loan Asset Management, Advisory Services and Real Estate Valuation Services. SitusAMC brings commercial acumen and adaptability to each deal, giving clients confidence that transactions will be executed seamlessly.
SitusAMC provides premium loan agency services including Facility and Security Agent. Our team includes senior loan agents with 20+ years of experience successfully closing loans. The team also utilises cutting-edge fintech to optimise and streamline the loan process. With seasoned expertise, innovative technology, and laser focus on client needs, SitusAMC delivers best-in-class loan services in Europe.
SitusAMC manages a portfolio totalling c.€120bn AUM across 500+ active loans. Our European offices are in London, Frankfurt, and Dublin and clients include banks, private equity firms, advisors, law firms, and insurance companies, etc.
vc trade is a central marketplace technology platform for loan and private debt transactions. Based on innovative and highly secure technology, the vc trade platform builds digital end-to-end processes and workflows that cover the entire value chain to create a complete solution for the lending markets by enabling digital native loans.
The recent acquisition and integration of the Loan Optics technology project from ING has accelerated the ability of the vc trade platform to now execute syndicated loans.
The digital platform enables legally binding deal execution, covers complete front-to-back lifecycle processes and sets new standards in terms of digital record of ownership and a complete digital KYC process. Realtime document collaboration and execution via embedded e-signature finish the digital service offering and increase efficiency while manually driven processes are eliminated. Developed in close collaboration with our clients, the platform addresses process enhancements long desired in the primary and secondary loan markets. Numerous well-known corporates have already used vc trade in connection with their corporate financing thereby underpinning vc trade’s mission of setting new digital standards in loan syndication. Since inception in 2018, total issuance volumes have exceeded EUR 44 billion, spanning 290 issuances and 21 arrangers syndicating transactions to more than 1,000 national and international investors on vc trade.
We have built a leading-edge, industry-backed Loans platform for primary issuance and secondary trading , joining together leading regional and global banks, other institutional lenders to bring transparency, efficiency and automation to a multi trillion market. We offer one easy to use platform for the complete issuance and trade lifecycle which includes : Market Sounding tools,Launching Primary/Secondary deals with an end to end work flow automation ,Digital marketplace for sourcing new deals , effective distribution and price discovery and Better credit decisioning supported by AI and data driven analytics.
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