High Yield Bonds International Finance Program

High Yield Bonds
Learn first-hand from the experts
June 25 & 26, 2013
IE Business School campus, Madrid, Spain
www.ie.edu/internationalprograms
International
Finance
Program

usiness
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Executive Education
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Program Overview
As companies seek to diversify their funding sources away from traditional bank loans, the high
yield market has become increasingly attractive, exhibiting high growth during 2012 and great
potential in the European capital markets over the coming years.
The credit crunch and low interest rates have put the spotlight on the high-yield bond product,
which provides non-investment grade issuers access to funding that may be unobtainable through
bank credit. As an alternative funding option, all CFOs need to familiarize themselves with the
high-yield bond product. As an asset class, low interest rates have attracted investors seeking
higher returns to the high-yield bond market.
This program is designed for professionals requiring a deeper understanding of the high yield
bond instrument and market. It will give participants the knowledge and skills to make sound and
informed decisions regarding high yield bonds, as potential issuers, investors, advisors, consultants,
bankers, lawyers, or other roles.
Participants will learn first-hand from the experts. Leading investment firms, legal firms, rating
agencies, an investment bank, and high yield bond issuers, will join IE professors to bring their
know-how and experience to the classroom.
WHO IS THIS PROGRAM FOR?
This program is for all professionals that need to acquire a deeper knowledge of high yield bonds,
because they are exploring alternative funding options for their corporations, seek higher yields
in a well-balanced portfolio, or participate (or plan to participate) in high yield operations as legal
counsel, advisors, consultants, or corporate bankers.
• CFOs/Finance Directors/Financial Controllers
• Investment consultants
• Bankers and corporate finance professionals
• Corporate advisors
• Chief investment officers, investment principals, managers or directors
• Insurance companies / pension funds
• Family offices and private bankers
• Portfolio managers
• Fund managers
• Investors in general
• In-house legal advisors
• Business lawyers

Program Content
The program High Yield Bonds aims to equip professionals with the tools to understand why this
financial instrument is an attractive funding source for non-investment grade companies, and
how it fits into a well-balanced investment portfolio. The program will explore the advantages,
disadvantages, market perspectives, requirements, critical elements, valuation, risk analysis, legal
aspects, and other issues concerning high yield bonds from various perspectives.
The program will cover the following topics:
• Overview of the high yield market
• Pros and cons of different capital structures
• Negotiating high yield bond documents:
indenture and covenants
• The issuing process and main parties involved
• Profile of a high yield bond issuer
• The issuer’s perspective
• Key clauses in the document negotiation:
flexibility vs. Investor protection
• The role of the rating agency
• Portfolio management
• High yield bonds as a viable component of a
well-balanced portfolio
• The bond picker’s perspective: investors
outlook
• Key areas in a bond deal: security valuation
and risk analysis
• Structures of high yield bonds and risk
template for investors
• Risk/return analysis for the investor
• Mezzanine and unitranche loans vs. high yield
• Bridge loans as a step towards high yield
• MARF/Fixed Income Alternative Market
Participants will receive industry insights from some of the market’s leading players:
Brookfield Investment Management
Pioneer Investments
Hutton Collins
ONO
Campofrio Food Group
Deutsche Bank
White & Case
Bird & Bird
Standard & Poor’s
Axesor Rating

Faculty
Our highly qualified faculty has a broad and successful experience in asset management, high
yield, mezzanine and other credit investments, and alternative investments.
Manuel Mendivil
Professor of High Yield and Leveraged Finance at
IE Master in Finance
Professor Mendivil is the portfolio manager for
two Luxembourg based funds investing in
European high yield bonds and loans, as the
partner in charge of credit investments at
Arcano Group in Madrid.
Prior to 2009 he worked for 11 years at Merrill
Lynch in New York and London, initially in the
Leveraged Finance Group, where he focused on
origination, structuring, and execution of senior
and subordinated leveraged transactions in the
US and Europe for a broad range of industries,
and later as MD head of Asset Finance and
Principal Investments in Europe, with
responsibilities over several credit portfolios for
Merrill Lynch’s proprietary account amounting
to USD 4.5 billion.
Manuel has experience investing in a variety
of instruments including corporate loans and
bonds, high yield, mezzanine, equity, warrants,
and consumer finance assets (prime/subprime
mortgages, consumer loans, trade receivables,
SMEs) across Europe.
Manuel has been a member of the Board of
Directors of several companies in the UK,
France and Italy, and was involved in the set
up of a €300MM private equity vehicle focused
on credit finance businesses in the UK, Italy,
and Australia. Manuel is a graduate of CUNEF
in Madrid and holds an MBA in Finance from
Columbia University.
Rafael Hurtado Coll
Professor of Analysis and Selection of Funds at IE
Master in Finance
Rafael Hurtado is Chief Investment Officer
(CIO) of the Asset Management Area of Banco
Popular Group. He has under his
responsibility the management of investment
funds and pension plans with total assets
under management (AUM) in excess of 11,000
million euros. Professor Hurtado joined Popular
Gestion in 1998. Prior to his role as CIO, he
was the head of Multimanagement at Banco
Popular Group.
Constantino Gomez
Professor of Issuance of Securities at IE Master In
Finance
Partner of Arcano since December of 2005.
He co-heads the Alternative Market services.
Previously he worked for two years in Invercaixa
(asset management branch of La Caixa, Spain’s
largest savings bank) as head of equities.
He was head of equities at Deutsche Bank in
Spain from 1997 to 2000. During those years
he took responsibility for Deutsche Securities
SVB and was responsible for the team research
and sales of Spanish companies, and the
distribution of all products of equities and
derivaties of the DB Group with institutional
clients in Spain.
From 1992 to 1998 he occupied different
positions in the department of sales of equities
for Spanish and foreign institutional clients in
Deutsche Securities SVB.
He began his professional career in Credit
Lyonnais Securities in 1988 as an operator in the
bureau of monetary market and public debt and
private fixed-income. He later joined the equities
team as sales-trader, giving service to Spanish
clients as well as foreign institutional clients.
Constantino is an agricultural engineer by the
Polytechnic University of Madrid and holds the
CFA accreditation.

Speakers
Florence Devevey
Associate Director at Standard & Poor´s
Florence Devevey is an Associate Director, based in Standard & Poor’s Madrid office. In her
current role, she is responsible for a portfolio of mostly consumer goods companies, including
companies that have issued high yield bonds, such as Campofrio Food Group and Grifols. She is
also the EMEA consumer goods sector coordinator for Standard & Poor’s. Since she joined
Standard & Poor’s in 2005, Florence has worked with various teams within the Corporate Rating
practice, including Telecom, Leveraged Finance, and Consumer Goods. Prior to joining the
Consumer Goods team in 2010, she spent four years in Leveraged Finance, where she
worked on mid-sized LBOs across various industries, as well as on loan and bond ratings for
high yield Corporates. Florence holds a degree in Finance from Ecole des Hautes Etudes
Commerciales in Paris (HEC 2004).
Adolfo Estevez
Director of Axesor Rating
Adolfo Estevez is currently the Director of Axesor Rating, the first Spanish rating agency that has
been registered to provide corporate rating in the European Union, with a focus on the Spanish
middle market. Previously to working at Axesor Rating, Adolfo spent ten years at General
Electric where he held roles in GE Private Equity and in Structured Insurance Products. Adolfo
has an MBA from the American University, Master of Finance from New York University, and PDG
by IESE. He is a Chartered Financial Analyst.
Brian Farrell
Senior Credit Analyst at Pioneer Investments
Brian Farrell is Senior Credit Analyst of the European Fixed Income Team in Dublin. He has more
than 16 years of experience analyzing corporate bonds and high yield bonds from the European
Fixed Income Market. Brian’s career in finance began in 1994 when he joined ABN AMRO
Corporate Finance first as an Executive and later as a Manager. He joined Pioneer Investments
from Irish Life Investment Managers, where he worked as a Senior Research Analyst from 1997-
2002. He is a mechanical engineering graduate from Queens University, Belfast and holds an
MBA from Trinity College Dublin. Brian received the John Good and Guinness / IMI prizes for
achieving first place in his MBA. He is a fellow of The Securities Institute.

Carlos Garcia-Mendoza
Independent Financial Advisor
Carlos is an independent financial advisor and entrepreneur based in Madrid. 
Additionally he is
professor of Corporate Finance at the CUNEF Master in Finance. Up to 2012 Carlos spent nearly
12 years in investment banking with the Corporate Finance teams of Deutsche Bank, Credit
Suisse, and Paribas, as well as the Leveraged Finance team of The Royal Bank of Scotland,
advising leading Spanish and international companies on Debt and Equity Capital Markets
transactions, Mergers & Acquisitions and strategic reviews. As part of the Deutsche Bank team
acting as “left lead” he has helped clients raise c. EUR 1.4bn equivalent in the High Yield
markets. Carlos holds an MBA from INSEAD (2004) and a BS from ICADE (1997).
Jonathan Goble
Managing Director at Brookfield Investment Management
Mr. Goble, Portfolio Manager and Head of Research for the European High Yield team, brings 29
years of investment analysis and research experience to his role. In previous roles, Mr. Goble was
an “Extel” ranked sell-side equity analyst. He holds a Bachelor of Science (Hons) in Engineering
Science from the University of Exeter.
Andres Lorrio
Partner at Bird & Bird
Andres is a partner and the head of the Banking and Finance Group in Bird & Bird’s office in
Madrid. Prior to Bird & Bird, Andres has worked at Araoz & Rueda, Linklaters, and Freshfields.
Andres has extensive experience in the full scope of banking and financial transactions, advising
both lenders and borrowers in a large number of financings, including acquisition and takeover
financings, corporate facilities, project funding, structured finance and derivatives, asset finance,
banking dispute resolution, corporate restructurings, real estate, insolvency and distressed/defaulted
debt transactions. In addition to the traditional banking and financial services practice, Andres
has extensive experience in the negotiation, restructuring and cancellation of derivative and over
the counter (OTC) products.
Pedro Mateu
Director of Corporate Finance and Investor Relations at ONO
Pedro Mateu is currently the Director of Corporate Finance and Investor relations of ONO. Mr. Mateu
joined ONO in 2007 as Head of the Financial Planning Department. Prior to joining ONO, Mr. Mateu
worked in the UK, France, and Germany for Roland Berger Strategy Consultants. Prior to that he
worked for the French multinational LVMH where he was responsible for the Treasury
Department. Mr. Mateu holds a BS in Business Administration from CUNEF (Complutense
University) and an MBA from Instituto de Empresa, where he graduated summa cum laude.
Mr. Mateu has also studied in the LSE (London School of Economics) where he specialized
in International Affairs.

Luis Montesinos
Treasury and Tax Director at Campofrío Food Group
Luis has more than 20 years professional experience in banking, trade & project financing, risks
management, and treasury having been based in the UK, Italy and Spain. He has been involved
in over 50 financing transactions worldwide and after 18 years at Alcatel Lucent, where he was
ultimately Treasury and Risks Management Director for Iberia and Latinamerica, he is currently
Treasury and Tax Director at Campofrio Food Group. During his tenure at Alcatel Lucent he
participated in the design and implementation of complex financial structures and risk
management schemes in Europe, Latin America, and Asia. In his present position at Campofrio
Food Group he has recently completed the refinancing process of the whole company debt
followed by a tax optimization project at corporate level. Besides, he has undertaken both a new
treasury system and a cash pooling project, as well as has put in place the treasury and cash
management corporate procedures at Group level. Luis Montesinos holds a Law Degree by the
Universidad Autonoma de Madrid, an MBA by the University of Houston, and a PDD by INSEAD.
Ricardo Moreton
Partner at White & Case
Ricardo is Managing Director at Deutsche Bank and is based in London. He has worked at DB
European Leveraged Finance group since 1998 having acted as “left lead” in more than twenty
high yield issues for European companies. Current responsibilities include covering Southern
Europe for leveraged finance transactions including high yield bonds and institutional syndicated
loans. Ricardo holds an MBA from The University of Chicago with High Honors (1997) and a BS
from CUNEF (1993).
Juan Manuel de Remedios
Partner at White & Case
Juan Manuel De Remedios is the Executive Partner of the Madrid office and head of the
M&A/Corporate Group in Spain. Juan Manuel has been involved in most of the high yields issues
by Spanish companies (ie. Inaer, Campofrio, Grifols, Abengoa, Parques Reunidos) or with a
Spanish component (Lecta, Ontex, ISS, Siemens, Guala, Swissport, Elior) in the last few years.
His practice focuses on general corporate law, capital markets, mergers and acquisitions and
private equity. Juan Manuel has worked on some of the most significant M&A cross border
transactions in the Spanish markets representing corporates and private equity funds. He also has
a leading Spanish capital markets practice advising on both domestic and international aspects of
capital markets transactions covering both public and private equity and debt offerings.
Rafael Torres-Boulet
Partner at Hutton Collins
Rafael Torres-Boulet joined Hutton Collins in 2005 and is a partner of the firm since 2009. Prior
to joining Hutton Collins, he worked for two years at Mercapital, the leading Spanish private equity
firm. Rafael previously worked five years at Merrill Lynch in the European leveraged finance group,
where he arranged senior and mezzanine loans, high yield bonds and preferred equity instruments.
Prior to Merrill Lynch, Rafael was a credit analyst at The Chase Manhattan Bank. Rafael is a
graduate of ICADE University (Spain) and ESC Reims (France).

Registration
High Yield Bonds is an open enrolment program. To reserve your place, simply register online by
visiting the program webpage here. Alternatively, you can ask for the registration form via email:
barbara.zubillaga@ie.edu.
PROGRAM DATES AND FEE
HIGH YIELD BONDS
Learn first-hand from the experts
Program Dates: June 25 & 26, 2013
Hours: 9am to 6pm
Fee: € 2.900
Special concessions are available for IE Alumni,
groups of executives attending from the same
organization, executives registering for more than
one program, and early-bird inscriptions.
The program fee of 2.900 € covers tuition, course
materials, all coffee breaks and lunches during the
program.
FOR MORE INFORMATION
Contact:
Barbara Zubillaga
barbara.zubillaga@ie.edu
Tel.: +34 91 568 97 58
Visit our website:
www.ie.edu/internationalprograms
Follow us on:
IE BusinessSchool Executive Education
@IEExecEducation
IE Business School Executive Education
IE Executive Education
Fees do not include accommodation. If you wish,
we would be happy to make a reservation for
you at one of the hotels within walking distance
of our premises and with which we have special
agreements.
Payment is due within 30 days of the invoice
date or upon receipt of the invoice if admission
is within 30 days prior to the start of the
program. Cancellation policies are outlined in
the information provided to applicants upon
admission.

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