Keynote opening address – A macro-economic analysis of the Italian market
In this keynote presentation the speaker will examine how the current geopolitical affairs – from pandemic to war, energy crisis and growing inflation – impact the Italian distressed and restructuring sector. The speaker will review the economic outlook for Italy and what this means for the credit markets: How the US and UK bank crisis may impact the Italian and EU banking market? Is a new bail in still on the agenda?
Debtwire data presentation
Sourcing Debtwire intelligence and data; the presenter will highlight some key indicators for the market.
Panel discussion – The Italian restructuring market in 2023: How to handle the new wave of defaults in a more complex marketplace
Our panel of experts will cover some of the most current questions the Italian restructuring market needs answering in terms of financing and support measures available for companies, in the context of the other macro risks disrupting the market and adversely affecting business plans and access to credit. Will things, from now on, have to adapt with restructuring becoming a trade-off between the current scenario and long-term view on value?
- What is the state of the restructuring market in Italy now?
- How can companies optimise their capital structures to be better equipped to face the current macro challenges?
- Cost of money: With interest rate rising, what is the appetite and what are the conditions now to inject new finance in this market context?
- What tools are available for companies to overhaul their capital structures and how are the legal and regulatory framework changing?
- Restructuring corporate debt assisted by the SACE guarantee: Where are we and what’s next? Legacy of 2-year support measures and impacts on NPE stock
- Is super senior financing effective in the Italian market, or is it too convoluted and lengthy (especially for international investors)?
Morning coffee break
In-Conversation – Understanding the implications of the new Codice della Crisi (Code of Corporate Crisis and Insolvency)
After a delay of almost two years – mainly caused the pandemic emergency – on July 15, 2022, the Code of Corporate Crisis and Insolvency (CCII), containing a final set of changes and important innovations, finally entered into force. Our expert speakers will help clarifying how the new Code will endeavour, through the introduction of a series of safeguards, to prevent insolvency and to allow early diagnosis of the state of difficulty of enterprises and therefore avoid an irreversible state of crisis.
Panel discussion – Recent developments in the NPLs market: Managing the exponential growth of Stage 2
The panel will focus on how the Italian market is tackling struggling credits, in view of the steep increase in Stage 2 deals that had been deemed inevitable for some time.
The focus will be also on how, in recent years, the NPL market has been subject to disruptive evolutions and systemic banks have undergone a deep review of their operating models and a strong deleverage process.
- How is the wave of defaults being perceived? Changes from 2022 and a non-performing last quarter? What will the volumes and trends be going forward?
- Focus on Stage 2 to stage 3: Defence lines in the pre-management of NPLs to avoid further problems; Il Sistema delle Imprese
- Lack of historical data: An additional difficulty in dealing with UTPs and Stage 2 versus NPLs
- How is the role of servicers changing? Will it be different for Stage 2 credits? And what is the evolution of asset managers? From UTP models to Private Equity
- Maturity wall: How to manage complex situations
Panel discussion – PNRR investments: Current opportunities and challenges
In the aftermath of the pandemic, new issues have been growing, including, as we have seen, rising inflation and interest rates, the energy crisis, supply chain problems, which are creating new challenges for most sectors. Italian EPC are going through an intense period of uncertainty, even considering the huge opportunities represented by PNRR investments. How will it become possible for the sector to create local champions reinforcing their ability to be successful through PNRR?
- PNRR and bonding
- The market and the “Rapporto Palmalli”
- The current and relative scarcity of bonds issued by banks and insurance companies
- How to make such a market competitive?
- Distressed M&A growth
Lunch and end of conference
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