Registration and Coffee
Keynote opening address – Setting the scene: a macro-economic overview of the Italian restructuring market
In this keynote presentation the speaker will examine hwhere is the market going and what might the future hold?
The speaker will review the economic outlook for Italy and what this means for the credit markets, as well as analyse the current macro situation and its impact on new issuance, deals pipeline and maturities wall.
Presentation - From pandemic to war: how risk is changing for companies
Panel – Managing complex capital structures amidst market disruptions and rising production and energy costs
Panellists will share their views on how the increase of raw materials costs, supply chain issues and other macro risks are disrupting the market and adversely affecting business plans, making it challenging for companies to manage their capital structures and the additional debt raised in the past two years. How well equipped are they to weather the storms?
- How are rising inflation and interest rates impacting companies and their ability to support and service their debt piles?
- How can companies optimise their capital structures to be better equipped to face the current macro challenges?
- What is the pipeline for loan and bond issuance in Italy?
- Overview of the distress sectors in Italy: opportunities and challenges
- What tools are available for companies to overhaul their capital structures and how the legal and regulatory toolkit has changed versus previous crisis?
Panel – Management of impaired credits and recent developments in the NPLs market
The panel will focus on how the Italian market is tackling struggling credits, in a bid to prevent stage 1 credit to become stage 2 and de-risk stock through disposals. How to build a sensible cockpit to prevent stage 1 to stage 2 degradation and how to proactively manage stage 1 credits. The panellists will also be analysing 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. Establishing an environment conducive to NPL resolution will require the participation of NPL buyers, sellers, regulators, servicers, structuring banks, rating agencies and other key participants to continue to provide opportunities for investors for the foreseeable future.
- Stage 2 and how to prevent stage 1 credits to become stage 2
- Stage 2 to stage 3: defence lines in the pre-management of NPLs to avoid further problems
- Clarifying current guidelines: identifying red flags
- De-risking stock through disposal of management contracts: single name transaction, large portfolios
- How are banks tackling deteriorated credits and de-risking their portfolios?
- What will the volumes and trends be going forward?
Panel – Sustainable development and ESG-linked credits
The panel will focus on ESG and sustainability linked financing and how this could support the Italian industrial system in the current market context.
- Risks and opportunities of ESG-linked credits. How widespread are ESG practices in the Italian market under the point of view of a bank
- Which aspects of EU-based sustainability reporting supports (or hampers?) credit capital deployment?
- ESG margins ratchets are the chosen tool for credit investors. Is this the best way forward for responsible investments?
- Which of the ESG components – environmental, social or governance – tend to be more challenging for Italian companies to achieve their KPIs on?
- Which are the mid-term/long-term goals to be achieved by banks, companies and investors?
Panel – An overview: what might happen after Garanzia Italia
Our panel of experts will tackle some of the most current questions the Italian restructuring market is asking in terms of financing and support measures available for companies, considering that emergency legislation has been conceived without taking into account a restructuring after a Garanzia Italia financing.
- Where are we and what’s next? Legacy of 2-year support measures and impacts on NPE stock
- What will be the impact on companies once the support measures come to an end and what will happen with government-backed financing in the event of a refinancing or restructuring? Possible liquidity issues driven by unforeseeable macroeconomic downturn
- How to cope with SACE financing after December 2022? Ensuring a smooth transition from government-backed support measures to financing under market conditions
Panel – Italian restructuring market outlook: what does the future hold?
The panel will analyse restructuring opportunities and challenges in Italy for domestic and international investors in 2022 and beyond. Rising raw material cost, supply chain disruption, continued uncertainty from COVID-19 variants, are all making recovery challenging.
- Liability management strategies
- M&A market growth
- Governmental instruments and activities
- Innovation and regulatory developments
- Next steps: what will the aftermath of the pandemic bring in terms of distressed opportunities and challenges?
Chair's Closing Remarks
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