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€100<br />
Register by Friday 9th October 2015<br />
The 4th Annual<br />
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
The leading meeting place for<br />
<strong>Nordic</strong> high yield bond professionals<br />
Platinum Sponsor<br />
SiIver Sponsor<br />
Bronze Sponsors<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
Dear Colleague,<br />
I am delighted to introduce the programme for the 4th Annual <strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
Bond <strong>Conference</strong>, now established as the largest and most influential gathering of<br />
high yield bond professionals in the region.<br />
The conference is evolving this year. In addition to market leading content,<br />
presentations and expert speakers, we are introducing new innovative session<br />
formats, that will enable you to design your own agenda.<br />
Last year’s conference saw record numbers attend the event, with delegate<br />
numbers up 64% on the previous year, and in 2015 we will be welcoming even<br />
more international investors and issuers to enhance networking opportunities.<br />
I, along with the rest of the team, look forward to welcoming you to Oslo in<br />
December.<br />
Best regards,<br />
Tomas Preselo<br />
Head of Debt Capital Market Events<br />
“The only<br />
real venue for<br />
knowledge sharing<br />
and market updates<br />
for the <strong>Nordic</strong>s”<br />
Jan Ostreum, Corp<strong>Nordic</strong><br />
What’s new for 2015?<br />
Innovative breakout sessions and new formats<br />
Think<br />
Tanks<br />
Analysts<br />
champagne<br />
round-tables<br />
Oxford-style<br />
debate<br />
The think tank will gather<br />
thought leaders from each<br />
segment of the market to<br />
debate and discuss practical<br />
and theoretical frameworks for<br />
market development within an<br />
interactive environment<br />
Led by an expert analyst,<br />
the round-tables will create<br />
an ideal platform to gather<br />
cutting edge insights.<br />
Discuss the specific sectors<br />
and regions that impact your<br />
your business over a glass of<br />
champagne<br />
Two teams will take to the<br />
stage to debate a key market<br />
issue. An engaging and<br />
insightful session, which may<br />
leave you questioning your<br />
original standpoin<br />
Improved onsite experience and networking<br />
Live audience<br />
voting<br />
Have your say and benchmark your views<br />
throughout the conference<br />
Importers and exporters<br />
attend for free<br />
“A good opportunity<br />
to meet the key<br />
players in this<br />
business, as well<br />
as understand the<br />
topics that drive<br />
the market”<br />
Bernt Brun, Danske Bank<br />
Who to contact:<br />
Speakers<br />
Tomas Preselo<br />
+44 (0)20 7779 8439<br />
tpreselo@euromoneyplc.com<br />
Sponsorship<br />
Jon Fleming<br />
+44 (0) 20 7779 8940<br />
jfleming@euromoneyplc.com<br />
Media<br />
Ginny Neill<br />
+44 (0)20 7779 8217<br />
ginny.neill@euromoneyplc.com<br />
#<strong>Nordic</strong>HYB<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
In 2014, the <strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong> Bond <strong>Conference</strong> had over<br />
320 attendees from 170 companies, an increase of 64% from 2013.<br />
16%<br />
Director<br />
31%<br />
Head of<br />
Department<br />
42%<br />
Buy side<br />
3%<br />
Vice<br />
President<br />
4%<br />
Analyst<br />
17%<br />
Other<br />
12%<br />
Managing<br />
Director<br />
6%<br />
CEO/CFO<br />
11%<br />
Partner<br />
35%<br />
10%<br />
7%<br />
3%<br />
3%<br />
Financier<br />
Law firm<br />
Rating agency<br />
Consultant<br />
Trustee<br />
“The most important<br />
forum for participants<br />
in the <strong>Nordic</strong> HYB<br />
market”<br />
Martin Gorne, Corp<strong>Nordic</strong><br />
“A helpful new<br />
network platform for<br />
HY experts/investors<br />
in the <strong>Nordic</strong> region”<br />
Olaf Krumnack, BIM<br />
Meet key issuers and investors from the US, UK, Canada and the <strong>Nordic</strong> countries<br />
Alfred Berg l HMP Family l Ship Finance International Limited l Västra Hamnen Fondkommission l FLU AS l Ocean Installer l Alfred Berg<br />
Kapitalforvaltning l Holta Invest l Skagenfondene l Verdipapirsentralen ASA l Fresenius SE & Co. KGaA l Odfjell l Arctic Asset Management l<br />
If Skadeförsäkring AB l SNN Forvaltning l XT Holdings l Genel Energy l Origo Exploration AS l Borea AS l Insight Investments l SpareBank 1<br />
SMN Markets l Active Shipping & Management Pte Ltd l Gowi l Paroc l Canada Pension Plan Investment Board l Lannebo Fonder l Sparinvest<br />
l Aker Solutions<br />
l Hafnia Tankers<br />
l Petroleum Geo-Services ASA<br />
l CapitalFour<br />
l Mandatum Life Investment Services<br />
l Stavanger kommune<br />
l<br />
Braganza l Harding Safety l Preem AB l Carnegie Fonder AB l Muzinich & Co. Ltd l Stena AB l BW Offshore l Havila Shipping ASA l Ratos l CPP<br />
Credit Invetments l Nordea Investment management l Storm Capital Management Ltd l CataCap l IBD Sweden l Rever Offshore AS l Danske<br />
Capital l ODIN Forvaltning l Sturgeon Capital l Cermaq ASA l Klaveness l Ridgebury Tankers l DNB Asset Management l Pareto Forvaltning<br />
AS l Swedbank Asset Management l CMB l Landkreditt l Seatankers Management l Eika Kapitalforvaltning l Prognosia l Swedbank Norge l<br />
DigiPlex l Master Marine AS l Stolt-Nielsen Ltd. l Folketrygdfondet l Proventus AB l Taaleritehdas Wealth Management Ltd l DigiPlex Group of<br />
Companies l Montrose Global l TradingScreen l Fred. Olsen & Co. l Sampo l Toluma l Dolphin Group ASA l Norsk Gjenvinning Norge AS l Visio<br />
AM l FSN Capital l SEB Asset Management l Torvald Klaveness l Eitzen Chemical ASA l Norwegian Car Carriers AS l Wilh. Wilhelmsen Holding<br />
ASA l Handelsbanken Asset Management l SEB Investment Management l Trient Asset Management l Exmar l Norwegian Energy Company<br />
ASA l Herkules Capital l Shenkman Capital Management Ltd l Varma Mutual Pension Fund l First Reserve International Limited l Nynas AB l<br />
#<strong>Nordic</strong>HYB<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
Day One: Tuesday 8th December 2015<br />
08.00 Registration and refreshments<br />
08.45 Chairman’s opening remarks<br />
09.00 To what extent are negative interest rates<br />
affecting the <strong>Nordic</strong> high yield market?<br />
• Is the <strong>Nordic</strong> economy sheltered from market volatility in<br />
the Eurozone and China?<br />
• Will the central banks continue on their path of exceptional<br />
monetary policies and negative interest rates?<br />
• Will the <strong>Nordic</strong> market see a net inflow or outflow of high<br />
yield funds?<br />
Harald Magnus Andreassen, Chief Economist,<br />
Swedbank<br />
10.30 Presentation: Analysing the impact of<br />
suppressed oil prices on market segments: Offshore<br />
support vessels, rigs, LNG, shipping and drilling<br />
Alex Griffiths, Managing Director, Head of Natural<br />
Resources and Commodities, EMEA, Fitch Ratings<br />
10.30 How are oil credit investors and issuers being<br />
affected by the price downswing?<br />
• Are projects being delayed or cancelled?<br />
• What restructurings and refinancings are on the horizon?<br />
• How is the current pricing environment affecting the<br />
financing requirements of corporates?<br />
Alex Griffiths, Managing Director, Head of Natural<br />
Resources and Commodities, EMEA, Fitch Ratings<br />
Stefan Ericson, Portfolio Manager, Pareto Asset<br />
Management AS<br />
Hilde Dronen, CFO, DOF ASA<br />
11.00 Refreshments and networking break<br />
Main auditorium<br />
14.30 Will the real estate boom<br />
continue to drive the <strong>Nordic</strong><br />
market? What is holding back<br />
the secured bond market?<br />
• Are real estate issuers willing to<br />
provide security?<br />
• Will investors accept single asset<br />
deals?<br />
• Assessing the outlook for real estate<br />
growth in Norway and Denmark<br />
Leiv Synnes, CFO, Akelius<br />
Jacob Ahlqvist, Director, HY<br />
Origination, Investment Banking,<br />
Swedbank<br />
15.15 Understanding the<br />
evolving role of high yield bonds<br />
in acquisition and infrastructure<br />
finance<br />
• How are acquisitions being<br />
financed?<br />
• Will banks underwrite acquisition<br />
bonds?<br />
• Will project bonds emerge in the<br />
<strong>Nordic</strong> space?<br />
James Yu, Partner, EQT<br />
Mark Bulmer, Head of Banking,<br />
<strong>Nordic</strong> Capital<br />
Nishant Nayyar, Principal, Apax<br />
Jari Lindholm, Head of Banking,<br />
Triton Partners<br />
Breakout session<br />
14.30 Think tank<br />
Gather with your<br />
peers and help<br />
shape the future of the<br />
market during this interactive session.<br />
What can be done to expand<br />
the market in terms of size,<br />
investors and issuers?<br />
Jonas Shum, HY credit Analyst,<br />
Swedbank<br />
11.45 Executing a clean bridge to bond and creating<br />
certainty of funds<br />
• Strategies to reduce execution risk and launch deals<br />
• Launching a bond before sale of purchase agreement<br />
• Do <strong>Nordic</strong> banks have the capacity and appetite to<br />
underwrite bridge loans?<br />
Einar Unhjem Johansen, Head of HY Origination & Debt<br />
Advisory, Investment Banking, Swedbank<br />
12.30 Why are corporates not tapping the bond<br />
market given unprecedented attractive funding<br />
opportunities?<br />
• Why are issuers delaying their capex programmes given<br />
strong balance sheet positions?<br />
• How does the absolute cost and the alternative cost of<br />
funds compare to other sources?<br />
• Is the bank market more attractive in current conditions?<br />
Torben Carlsen, CFO, DFDS<br />
Kim Balle, Group CFO, DLG<br />
Dean Zuzic, CFO, Norsk Gjenvinning Norge AS<br />
Magnus Braun, Head of Capital Planning & Rating, Risk<br />
Management, IF<br />
13.15 Lunch<br />
16.00 Refreshments and networking break<br />
16.30 What initiatives are needed to tackle liquidity and<br />
transparency?<br />
• To what extent are investors buy and hold players?<br />
• Is there sufficient liquidity to sell during an outflow of funds?<br />
• Is a lack of transparency impeding the secondary market?<br />
• Are investors comfortable with the level of disclosures and transparency?<br />
Lars Tronsgaard, Head of Fixed Income, Folketrygdfondet<br />
Ville Talasmäki, Head of Credit Investments, Sampo plc<br />
Michael Schmidt, Chairman, Algomi<br />
17.15 The rise of IPOs, leverage finance, hybrids and alternative<br />
lenders: A real threat for the high yield product?<br />
• Which alternative instruments are flourishing in the <strong>Nordic</strong>s?<br />
• How will these markets be regulated? Will US leverage lending regulation feed<br />
into the <strong>Nordic</strong> market?<br />
• How much of a threat is the banking market?<br />
Graeme Delaney Smith, Head of Direct Lending and Mezzanine Investments,<br />
Alcentra<br />
Carl Helander, Managing Director, Ares<br />
18.00 Chairperson’s closing remarks followed by drinks reception<br />
#<strong>Nordic</strong>HYB<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
Day Two: Wednesday 9th December 2015<br />
08.30 Registration and refreshments<br />
09.00 Chairman’s opening remarks<br />
09.15 Keynote address: What are the central bank’s plans to<br />
support growth and development in the <strong>Nordic</strong> high yield<br />
market?<br />
09.45 Oxford-style debate<br />
“This house believes that the <strong>Nordic</strong>s<br />
should adopt a single pan <strong>Nordic</strong> market”<br />
Babak Houshmand, Portfolio Manager,<br />
Carnegie Fonder<br />
10.30 How are investors evaluating <strong>Nordic</strong> opportunities?<br />
What is needed to expand the investor base?<br />
• Distressed trading and investment opportunities in the <strong>Nordic</strong>s<br />
• Is a selloff in oil credits also triggering a selloff in other sectors?<br />
• What sectors and currencies are they willing to play in?<br />
David Allen, Principal Credit Investor, Canadian Pension Plan<br />
Arne Eidshagen, Portfolio Manager, Alfred Berg<br />
11.15 Morning refreshments and networking break<br />
11.45 Analysts’ Champagne round-tables<br />
The conference will break out into round-table<br />
discussions, focused on specific regions and sectors.<br />
Led by an expert analyst, the round-tables will create an<br />
ideal platform to gather cutting edge insights on specific issues<br />
that most affect your business over a glass of champagne.<br />
Attendees will be able to move around the tables, maximising<br />
networking and learning opportunities.<br />
Sectors<br />
• Offshore oil & gas<br />
• Real estate<br />
• Pulp & paper<br />
• LNG<br />
• Healthcare<br />
Stig Erik Kyrkjeeide, Head<br />
of Offshore Supply Sector<br />
Research, Swedbank<br />
Bjørn Thoresen, Head of<br />
Offshore Rig Sector research,<br />
Swedbank<br />
Regions<br />
• Finland<br />
• Denmark<br />
• Iceland<br />
13.15 Chairperson’s closing remarks followed by lunch<br />
Separately bookable post conference masterclass<br />
14.15 Master and navigate defaults, documentation and restructuring scenarios<br />
Jo Forfang, Legal Director, <strong>Nordic</strong> Trustee<br />
After last year’s high demand and huge success, once again we are offering a masterclass for all market participants.<br />
As the market enters a period of uncertainty, arm yourself with the technical tools and expertise to prepare for future distress<br />
situations and protect your business and investments.<br />
Who should attend?<br />
The master class is a must attend event for any underwriter,<br />
issuer, investor, legal practitioner and structurer involved<br />
in transaction documentation drafting and bond holder<br />
negotiations.<br />
Outcomes<br />
• Understand how to deal with defaults and bond holder<br />
negotiations<br />
• Keep up to date on evolutions to documentation and the<br />
role of the trustee function<br />
• Master restructuring mechanics and inter creditor issues<br />
Session 1: How do you amend/extend<br />
and negotiate with stakeholders<br />
• Addressing technical defaults and<br />
amendments to bond terms<br />
• Bond holder loopholes<br />
• Obtaining bond holder consent: Negotiating<br />
with bond holders and voting classes<br />
• Dealing with shareholders, adjusting loan<br />
agreements, debt and equity jumps<br />
Session 2: The trustee function and<br />
documentation<br />
• Legal definition of the trustee in different<br />
jurisdictions<br />
• Exploring differences to European<br />
counterparts operating under common law<br />
• Will commercial clauses be documented?<br />
• A look at pan <strong>Nordic</strong> templates and<br />
evolutions in documentation , covenants,<br />
T&Cs<br />
Session 3: Restructuring scenarios<br />
• Practical case studies and market<br />
restructurings<br />
• Assessing the strength of <strong>Nordic</strong><br />
Intercreditor agreements<br />
• Investor protections across different<br />
insolvency regimes<br />
• A look at recovery rates<br />
Book your place at the workshop for €600<br />
and save €200 if you book with your conference ticket<br />
#<strong>Nordic</strong>HYB<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
<strong>Nordic</strong> <strong>High</strong> <strong>Yield</strong><br />
<strong>Bonds</strong> <strong>Conference</strong><br />
8th & 9th December 2015 • Clarion Hotel Royal Christiania, Oslo, Norway<br />
NEW rates for 2015<br />
Early Bird Rate: €1799 Save €100<br />
(Ends 9th October 2015)<br />
Standard Rate: €1899<br />
Workshop Rate: €600<br />
<strong>Conference</strong> & Workshop: €2299<br />
***NEW multi-booking discount***<br />
We recognise the value of learning and<br />
networking as part of a team, and are delighted<br />
to offer the following group booking discounts for<br />
bookings of three or more delegates:<br />
€200 off for the 3 rd delegate<br />
€300 off for the 4 th delegate<br />
€400 off for the 5 th delegate<br />
For loyalty and multi-booking discounts please<br />
contact ginny.neill@euromoneyplc.com<br />
How to register:<br />
1 Online: www.euromoneyseminars.com/<strong>Nordic</strong>15<br />
2 Email: registrations@euromoneyplc.com<br />
3 Tel: (UK) +44 (0)20 7779 8886<br />
Delegate enquires<br />
If you would like to speak to a member of the team<br />
for further information on this event,<br />
please contact:<br />
Venice Evangelista<br />
+44 (0) 20 7779 7222<br />
venice.evangelista@euromoneyevents.com<br />
Administrative Information<br />
Venue: Clarion Hotel Royal Christiania, Biskop Gunnerusgt. 3, 0106 Oslo,<br />
Norway<br />
Travel & Accommodation: When you register you will be sent a hotel<br />
booking form with details on how to book accommodation. Delegates are<br />
responsible for the booking and payment of their hotel accommodation and<br />
travel.<br />
Registration fee: The registration fee includes participation in the<br />
conference, lunches and documentation material, which will be available in<br />
electronic format the night before the event. Please use your username and<br />
passwords in order to access them. <strong>Conference</strong> passes are for an individual<br />
delegate only to attend both days of the event and cannot be split between<br />
days or with others.<br />
Cancellation policy: Cancellations must be received in writing (letter, fax,<br />
email) by 24th November 2015. All cancellations received by this date will<br />
incur a 10% administration fee. If payment has been made, a refund less<br />
10% will be processed; any outstanding invoices will be liable for 10% of the<br />
registration fee. Cancellations made after 24th November 2015 will be liable<br />
for the full conference fees. Should you be unable to attend the event, a<br />
substitute may attend in your place at no extra charge.<br />
Euromoney Seminars reserves the right to change details of the event,<br />
including speakers, sponsors, venue, currency and pricing at any time up to<br />
the date of the event.<br />
#<strong>Nordic</strong>HYB<br />
www.euromoneyseminars.com/NHYB<br />
www.euromoneyseminars.com/<strong>Nordic</strong>15
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