In the past few weeks, we have seen market turbulence following the bank failures in the US and the takeover by UBS of Credit Suisse in Switzerland. The circumvention of the priority of claims in the takeover of Credit Suisse where Additional Tier-1 bonds (“AT1”) were written-down ahead of equity has recently increased the focus on the features of loss-absorbing capital instruments such as AT1 bonds. In this seminar, we will discuss the legal framework governing bankruptcies and restructuring of banks, the features of different bank capital instruments, how they have performed and are priced in the market, and different perspectives from bank authorities to rating agencies.
Confirmed speakers and panelists include:
Sjur Swensen Ellingsæter, Associate Professor, Department of Law and Governance at BI Norwegian Business School. Professor Ellingsæter has recently written the book: “Creditor Priority in European Bank Insolvency Law: Financial Stability and the Hierarchy of Claims”. He will present the background to Bank Recovery and Resolution Directive (BRRD) and discuss different loss-absorbing instruments in banks and his view on recent developments.
Rolv Kristian Heitmann, Risk Advisory, DNB Markets. Rolv Kristian Heitmann will present the market perspective on different types of bonds in banks.
Francesco Mauro, EBA, Head of the Supervisory Review, Recovery and Resolution unit. Francesco Mauro will present the European Bank Authority’s view on AT1 bonds and recent events in Europe.
Michelle Brennan, Managing Director – Financial Services Methodologies, Chair of the Cross-Practice Hybrid Council, S&P Global Ratings. Michelle Brennan will give a rating agency view on AT1 bonds following recent events and the current view on status and credit quality in the bank sector.
AGENDA
| 12.30 | REGISTRATION |
| 13.00 | INTRODUCTION |
| 13.05 | THE BRRD AND PRIORITY OF CLAIMS IN BANKS Sjur Swensen Ellingsæter, Associate Professor, Department of Law and Governance at BI Norwegian Business School |
| 13.45 | BANK BOND FEATURES AND RECENT PERFORMANCE AND PRICING Rolv Kristian Heitmann, Risk Advisory, DNB Markets |
| 14.25 | NCMF ANNUAL GENERAL MEETING |
| 14.45 | COFFEE BREAK |
| 15:00 | MARKET SURVEYANCE OF BANK RECOVERY AND RESOLUTION IN EUROPE Francesco Mauro, EBA, Head of the Supervisory Review, Recovery and Resolution unit |
| 15.40 | RATING AGENCY VIEW ON THE BANK SECTOR AND AT1 BONDS FOLLOWING RECENT EVENTS Michelle Brennan, Managing Director – Financial Services Methodologies, Chair of the Cross-Practice Hybrid Council, S&P Global Ratings |
| 16.20 | CLOSING REMARKS |
| 16:25 | NETWORKING |
The event is free of charge for members of NCMF. However, registration in advance is essential.