IFLR Bank Capital Seminar - Agenda

February 26, 2014 - America Square Conference Centre, London

8.20 Registration and breakfast 

8.50 Chair’s introduction and opening remarks
Tim Wakefield
, managing director, IFLR

9.00 Basel III implementation

  • An overview of the EU’s implementation of Basel III reforms, including the headline changes to be brought in via the CRR, CRD IV, the EBA's RTS and the incoming CMD
  • Comparative overview of European national finishes: CET1, TCR requirements and the use of contingent capital
  • What’s to come: expected issuances in terms of deal flow and innovations across the capital spectrum
  • The potential impact of a European Banking Union on regcap structure
Tony Geffin, managing associate, Simmons & Simmons (chair)
Gerald Podobnik, head of capital solutions, Deutsche Bank
AJ Davidson, managing director and head of hybrid capital & balance sheet solutions – EMEA & APAC, RBS
Arnaud Mezrahi, director, hybrid structuring, Société Générale

10.00 Additional Tier 1 and Contingent Convertible: the design variables

  • AT1 regulatory requirements under Basel III/CRD IV
  • Key features of recent AT1 issues and current market activity
  • Conversion or write-down of AT1 securities?
  • Dividend stoppers and pushers
  • Pros and cons of AT1 for bank issuers
  • The investor market, pricing and relative value
  • Regulators’ attitudes to AT1 securities
  • Difficult documentation and disclosure issues
Jan Putnis, partner, head of financial regulation group, Slaughter and May (chair)
Sarah Crouch, director, group general counsel’s office, Barclays
Veenay Chheda, executive director, capital structuring, JP Morgan
Philippe Bodereau, managing director, Pimco
Sanjev Warna-kula-suriya, partner, Slaughter and May

11.00 Coffee and networking

11.20 Tier 2: a new lease of life?

  • Tier 2 under the CRD package, as well as expected deal flow and investor appetite in the instrument
  • The expectations for structural development of new-style Tier 2 instruments
  • Bail-in risks and the impact of Article 50 CRDIV (RB S & Barclays examples)
  • Tier 2 as a host instrument for CoCos: analysis of specific design requirements from national regulators
Anna Pinedo, partner, Morrison & Foerster (chair)
Laurie Mayers, associate managing director, Moody’s Investor Service
Jonathan Blondeau, DCM solutions/hybrid capital and liability management, Crédit Agricole Corporate and Investment Bank
Jeremy Jennings-Mares, partner, Morrison & Foerster

12.20 Tax treatment

  • Deductibility for Tier 2 should not be in question; less clear for AT1
  • Experience in the UK: satisfactory legislation at last, and new AT1 issuance as a result
  • What is the principled answer for AT1?  Is the OECD's work on BEPS a threat to deductibility?
  • Technical position in other major EU jurisdictions
  • Practical response of issuers in those jurisdictions
William Watson, partner, Slaughter and May

12.50 Lunch and networking

14.00 Close of seminar



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