Pre-Conference Primer - Euromoney Conferences

Tuesday 12 May
Pre-Conference Primer
These sessions, led by the conference sponsors, are designed to explain the technicalities of the asset class, in advance of
the main conference day.
Scroll down to the next page to view the main conference day agenda.
12.00-13.00 Lunch and Registration
13.00-13.40
13.45-14.25
Session I Why inflation?
J.P. Morgan
Exposure to inflation
How do you assess it?/ nominal vs. inflation/ long term vs. short term
Potential users
Different asset classes
Adam Baker, Head of Inflation Structuring
Jasper Falk, Managing Director
Session II Measuring inflation: indices and seasonality
J.P. Morgan
14.25-14.45 Coffee Break
14.45-15.25
15.30-16.10
What are the key indices
Energy/ housing
Domestic vs. Eurozone
Seasonality
Fixing risk
Session III Market overview and how an inflation linked bond works
UBS
Different bonds
Coupon structure
Carry
16.10-16.30 Coffee Break
Accrual
Adam Pasztor, Associate Director, Inflation Linked Trading
Session IV Modelling breakeven
Breakeven
Forward inflation rates
Breakeven on bonds and derivatives
Société Générale Corporate & Investment Banking
16.30-17.10 Session V Inflation Derivatives in a Nutshell
How a swap works
Zero coupon curves
Breakeven and derivatives
Société Générale Corporate & Investment Banking
Stéphane Salas, Managing Director, Head of Inflation Trading
17.15-17.55 Session VI Inflation derivatives and LDI solutions
UBS
Overlay
Pooled vs bespoke
Transparency
Risk
Mark Button, Inflation Linked Trader
Dariush Mirfendereski, Managing Director, Head of Inflation Linked Trading
17.55-18.30 Drinks Reception and Conference Pre-Registration
All course leaders will be available for one-to-one conversation

Wednesday 13 May
Main Conference Day
08.00-08.45 Coffee and Registration
Ballrooms 2 & 3
ALL SESSIONS
Ballroom 1
08.45-08.50 Euromoney Welcome: John Baskott, Director - Inflation-Linked Conferences, Euromoney Conferences
08.50-09.20 Head to Head Debate: Inflation or Deflation: Which Should We Worry About?
Charles Dumas, Director and Head of the World Service, Lombard Street Research
Liam Halligan, Chief Economist, Prosperity Capital Management, Economics Correspondent, The Sunday
Telegraph and formerly Channel 4 News Economics Editor
09.20-10.20 Panel I: Inflation and the Markets
• What does the end of the Great Moderation mean for inflation?
• Is central bank credibility fatally wounded?
• Policy responses and the path of inflation
• How real is deflation and what does it mean for inflation markets?
• Or should we worry about stagflation?
• Quantitative Easing
• Inflation markets
• How wrong are breakevens?
• Inflation and the commodity cycle
• Has the relationship between growth and inflation changed?
• And between employment and wage expectations?
• How quickly will policymakers move against renewed inflationary outbreaks?
Moderator: Mark Johnson, Editor, Euromoney Conferences
Speakers:
10.20-10.50 Coffee Break
10.50-11.35
11.40-12.25
Samer Helou, Fund Manager Inflation, Global Rates Team, AXA Investment Managers
David Mackie, European Chief Economist, J.P. Morgan
Stéphane Salas, Managing Director, Head of Inflation Trading, Société Générale Corporate & Investment Banking
Mihir Worah, Managing Director, Head of the Real Return Portfolio Management Team, PIMCO
Paul Wynn, Senior Portfolio Manager, Western Asset Management
Ballrooms 2 & 3
Workshop A
Hosted by: UBS
• US TIPS into deflation
• Market dislocation
Speakers:
Mark Button, Executive Director, UBS
Chris Lupoli, Executive Director, Global Inflation-Linked Strategist, UBS
Dariush Mirfendereski, Managing Director, Head of Inflation Linked Trading, UBS
Workshop B
Hosted by: Société Générale Corporate & Investment Banking

Eurozone Inflation Derivatives and their Use in Hedging Extreme Inflation Scenarios
• Opportunities in a volatile Eurozone inflation market
• Pros and cons of investing in inflation derivatives
• Case study: the year-on-year versus zero coupon options market
Speaker:
Stéphane Salas, Managing Director, Head of Inflation Trading, Société Générale Corporate & Investment Banking
12.30-13.30 Panel II: The UK Inflation-Linked Market
• What is the likely path of future UK inflation?
• What does rapid fiscal expansion mean for inflation and the inflation market?
• What will quantitative easing mean for the market?
• And for UK debt management policy?
• How captive is the domestic bid?
• Does it skew value in the market?
• Should the DMO continue to hit the linkers bid whenever possible?
• Does the UK market need new sources of payers?
• Is there any chance of finding them?
Moderator: Mark Johnson, Editor, Euromoney Conferences
Speakers:
13.30-14.30 Lunch
14.30-15.15
David Dyer, Investment Manager, AXA Investment Managers
David Hooker, Senior Portfolio Manager, Insight Investment Management
Dariush Mirfendereski, Managing Director, Head of Inflation Linked Trading, UBS
Samantha Pitt, Deputy Group Treasurer, Network Rail
Paul Wynn, Senior Portfolio Manager, Western Asset Management
Workshop C
Hosted by: J.P. Morgan
The Future of the Inflation linked Markets
• How have the inflation markets changed
• New approaches to the market
• Trading strategies to take advantage
Speakers:
Adam Baker, Head of Inflation Structuring, J.P. Morgan
Jasper Falk, Managing Director, J.P. Morgan
Jorge Garayo, J.P. Morgan
Kari Hallgrimsson, J.P. Morgan
15.15-15.55 Panel III: Inflation-linked Programmes: An Issuers’ Roundtable

• What does quantitative easing mean for central bank independence?
• For monetary policy independence?
• And for debt management programmes?
• How can linkers programmes best be maintained in current inflationary/deflationary environments?
• Where does a linker programme sit in the overall debt management programme?
• Should investor bases be domestic or international?
• How can you ensure liquidity in your linker programmes?
• The role of broker-dealers in a world of reduced liquidity
• Should you use a domestic or a cross-border index?
• How have current events affected the credibility of the various inflation indices?
Moderators: Mark Johnson, Editor, Euromoney Conferences
Speakers:
15.55-16.25 Coffee Break
Mark Deacon, Senior Quantitative Analyst, UK Debt Management Office
Davide Iacovoni, Head of Euro-denominated Medium-long Term Liquid Funding Division, Public Debt Directorate,
Department of the Treasury, Ministry of Economy and Finance, Italy
Nathan Struemph, Financial Economist, Office of Debt Management, US Treasury Department
Ballrooms 2 & 3
16.25-17.15 Panel IV: Looking to the Future: What Demographics, Savings and Public Sector Balance Sheets Mean for
Inflation-linked Markets
• What do fiscal stimulus packages mean for future inflation patterns?
• And inter-generational savings patterns?
• How can savings rates be revived in a low policy rate/ high inflation environment?
• Can the wholesale inflation markets protect retail investors?
• Will governments inflate their debt burdens away?
• If so, what does that mean for linkers markets?
• How should government use of linkers markets reflect those patterns: tactically or strategically?
• Has the current world economic crisis obscured longer term problems such as ageing?
Moderator: Mark Johnson, Editor, Euromoney Conferences
Speakers:
Philip Booth, Editorial and Programme Director, Institute of Economic Affairs and Professor of Insurance and Risk
Management, Cass Business School
Con Keating, Head of Research, BrightonRock Group
Dominic Pegler, Head of Fixed Income Strategy Europe, Barclays Global Investors
17.15-17.20 Euromoney Closing Remarks: Mark Johnson, Editor, Euromoney Conferences
17.20-18.30 Cocktail Reception
NB: Euromoney Conferences reserve the right to amend the programme and is not responsible for cancellations due to unforeseen circumstances.
Euromoney Conferences accepts no responsibility for statements made orally or in written material distributed by any of its speakers at its conferences. In
addition, Euromoney Conferences is not responsible for any copying, republication or redistribution of such statements.