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FIIG High Yield Conference 2018
Thursday 17th May | The Hilton, Sydney
Join your peers, industry professionals and FIIG experts for an exclusive insight into accessing the High Yield bond market.
The FIIG High Yield Conference 2018 will deliver current, relevant information on the fixed income market and corporate bond market for issuers and investors.
Join your peers, industry professionals and FIIG experts for an exclusive insight into accessing the High Yield bond market both locally and globally.
Speakers
The Demographics Group
Bernard Salt
Bernard Salt AM is widely regarded as one of Australia’s leading social commentators by business, the media and the broader community. Bernard heads The Demographics Group which provides specialist advice on demographic, consumer and social trends for business. Prior to that Bernard founded KPMG Demographics. Bernard writes two weekly columns for The Australian newspaper that deal with social, generational and demographic matters. He is an adjunct professor at Curtin University Business School and he holds a Master of Arts degree from Monash University.
Market Economics Pty Ltd
Stephen Koukoulas
Stephen Koukoulas has a rare and specialised professional experience over more than 25 years as an economist in government, as Global Head of economic and market research, a Chief Economist for two major banks and as economic advisor to the Prime Minister. Stephen is currently Managing Director of Market Economics Pty Ltd, a firm he recently established in response to the growing need for independent and tailored macroeconomic analysis for business clients needing to convert economic data into financial market and policy risks. His work provides clients with unique insights into the macroeconomic policy debate.
Deloitte Access Economics
John O'Mahony
John is a Partner at Deloitte Access Economics with extensive experience in markets, government regulation and investor trends. John has previously served as a Senior Economic Adviser to two Australian Prime Ministers and began his career at the Australian Financial Review.
Perpetual Investments
Anne Moal
Anne is an experienced credit markets specialist, having worked for 20 years in credit and fixed income markets in research, origination and trading roles. Anne joined Perpetual Investments in 2014 as a high yield specialist – focussing on higher yielding income opportunities.
FIIG Securities
Mark Bayley
Mark is a senior credit and fixed income specialist with 20 years of experience in global financial markets. He is a highly knowledgeable strategist covering global and domestic financial markets from a credit intensive perspective. Mark’s most recent role was at Aquasia, where he analysed single name corporate credits and provided a macro strategy overview for the Credit Fund. Prior to Aquasia, Mark was Director, Credit & Structuring at ABN AMRO, where he covered global and domestic credit markets from a strategy/research, trading desk and sales perspective.
Prior to joining ABN AMRO, Mark spent nearly seven years at JPMorgan in London. Mark has won several awards that recognise his research. These include various Insto Magazine, CFO Magazine, Credit Magazine and Institutional Investor. Mark is a Chartered Financial Analyst (CFA) charterholder. He holds a Diploma in Management Studies from the Judge Business School, Cambridge, and a MA Honours Degree in Economics from Downing College, Cambridge University.
CF Asia Pacific
Patricia Reid
FIIG Securities
John Ricciotti
John joined FIIG in July 2014 as Head of Debt Capital Markets with more than 18 years' experience working across global banking, investment management and professional services industries. Prior to joining FIIG John was most recently with Lloyds Bank where he was Managing Director and Head of Melbourne, managing the Corporate, Project Finance and Financial Institution business.
John’s corporate finance experience also includes senior roles within JP Morgan and Deloitte, as well as investment management experience with the Treasury Group and the Victor Smorgon Group. He holds a Bachelor and Post Graduate degree in Finance from the University of Melbourne. He is a member of the Institute of Chartered Accountants and the Institute of Company Directors.
Elanor Investors Group
Paul Siviour
Paul has over 25 years’ experience in senior roles in financial services, investment banking and corporate finance. Paul most recently was Oceania Leader of Banking and Capital Markets and a partner in the Financial Services practise at EY. Prior to that he held a number of positions at Investec Bank (Australia) Limited, including Co-Head of the Private Bank and Senior Mergers & Acquisitions Adviser. Previously Paul was a partner of EY in the Corporate Finance practise for 11 years. Paul also served as a member of the Board of Partners of EY Australia for a period of 6 years.
Aberdeen Standard Investments
Nick Bishop
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Schroders Investment Management Australia Limited
Stuart Gray
Stuart leads the Australian credit research team in addition to having responsibility for security selection and portfolio construction for Australian investment grade debt securities across portfolios. Stuart joined Schroders from Aberdeen Asset Management where he held the position of Senior Portfolio Manager in the Australian Fixed Income team with responsibility for credit stock selection, relative value and portfolio management across relevant funds. He also managed the credit research team. He joined Aberdeen Asset Management in 2000.
FIIG Securities
Jim Stening
Jim founded FIIG Securities Limited in 1998 and is the Managing Director.
With more than 30 years’ experience in financial markets, interest rate product development and international fixed income trading, with firms including Merrill Lynch, Banco Santander (Singapore) and National Australia Bank. Jim has extensive knowledge of fixed income, cash and derivative markets. He is a Non-Executive Director of Queensland Treasury Corporation, where he is Chairman of the Funding and Markets Committee and is also Chairman of Ozfish Unlimited Ltd.
Jim is a Fellow of the Australian Institute of Company Directors and holds a Diploma of Financial Services.
Jim is a member of the Audit, Risk and Compliance Committee and a member of the Nominations and Remuneration Committee.
Ernst & Young
Sebastian Paphitis
Sebastian is a Partner of EY’s Capital & Debt Advisory group and has 20 years of corporate financing, capital structuring and debt markets experience in Australia, including with Westpac and the NAB. He has deep experience in advising Australian corporates on their capital and funding strategies, including assisting them in raising debt from the bank debt, credit fund, bond and private placement markets.
FIIG Securities
Jonathan Sheridan
Jon has been working in investment markets for over 15 years, in both London and Sydney. A Chartered Accountant, Jon began his career servicing mid-market corporates in the UK with PwC, before moving into Investment Banking roles with UBS, Deutsche Bank and Credit Suisse, in both Institutional Equities and Fixed Income businesses.
In 2011 Jon took his passion for investing into giving advice directly to clients, as a Private Banker with Credit Suisse, before joining FIIG in 2013 to specialise in the Fixed Income asset class.
Jon is an active advocate for FIIG in the wider world, presenting often on Sky News Business and around NSW/ACT to clients and Industry groups. Jon became the State Manager for Private Clients in July 2016.
Aberdeen Standard Investments
Matthew Macreadie
Matthew Macreadie is a Senior Investment Manager at Aberdeen Standard Investments. Matthew joined Aberdeen in 2013, having previously spent six years at Colonial First State. Prior to this, he worked for four years at KPMG, providing Audit, Tax and Advisory services. Matthew graduated with a Bachelor of Commerce (Accounting and Finance) from UNSW and has a Master of Applied Finance at Macquarie University.
King & Wood Mallesons
Philip Harvey
Philip Harvey is a debt capital markets specialist regularly advising on all aspects of the Australian and international markets. Philip is ranked Band 1 in Chambers & Partners 2017 (Capital Markets: Debt) and was also awarded Lawyer of the Year 2017 (Debt Capital Markets) by Best Lawyers, the oldest and most respected peer review publication in the legal sector.
FIIG Securities
Darryl Bruce
Darryl has almost 20 years’ experience working in the financial services sector across Australia, UK and New Zealand. Prior to joining. FIIG in early 2014 Darryl worked as a corporate bond fund manager for a 200+ year old private bank in the UK for 8 years. This included the tumultuous period before, during and after the GFC. After working at FIIG as a private client dealer for almost two years Darryl was appointed head of FIIG’s business in Western Australia in late 2015.
Kieran Quaine
Kieran has in excess of 30 years' experience in senior roles in the fixed income market, primarily as a fund manager in charge of investing multiple billions of dollars across a wide range of investment mandates for a leading Australian Life Insurance Company, and as a proprietary interest rate trader for a US Investment Bank, prior to roles in mortgage debt origination and institutional debt sales.
Adrian David
Adrian heads up credit research within Macquarie Investment Management in Sydney. He also covers Australian non-financial corporates and real estate as well as global infrastructure sectors. Adrian joined Macquarie in 2008 and contributes to the firm’s bottom up security selection process. Prior to joining Macquarie, Adrian worked with HSBC's rating and capital advisory team in London. Adrian commenced his career in credit markets with Standard & Poor's in Melbourne in 2000 as a corporate credit analyst.
Colonial First State Global Asset Management
Ky Van Tang
Ky Van primarily covers industrials and energy, and has credit approval responsibilities for the research team. She is also the fixed income champion for ESG efforts, participating in internal and external working groups to ensure ESG best practices are developed for FI. Prior to joining CFSGAM, Ky Van was a Senior Credit Analyst at QIC and spent 8.5yrs in London as an analyst and manager of high yield credits for Aberdeen Asset Management and Canaccord. Ky Van commenced her career with Aberdeen Asset Management in Sydney covering Australian and Dollar Bloc IG credits. She holds a double degree in Bachelor of Science (Adv)/Bachelor of Commerce and is a CFA charterholder.
Bob Sahota
Before Challenger, Mr Sahota spent three years as a Credit Analyst and Portfolio Manager at PIMCO, responsible for credit analysis, security selection and portfolio management of corporate credit portfolios in the Asia Pacific (ex Japan) region. He previously served as Portfolio Manager, Infrastructure and Private Debt at AMP Capital, where for three years he was responsible for the origination and monitoring of a portfolio of loan exposures in the infrastructure and private acquisition finance sectors.
Mr Sahota holds a Bachelor of Commerce in Accounting & Finance from the University of NSW, a Graduate Diploma in Applied Finance from FINSIA and a Master of Applied Finance from Macquarie University.
Come along to meet and hear from industry professionals and FIIG experts. Their market insights, research and workshops, combined with panel sessions will enhance and build on your existing knowledge, and illuminate the significance of the growing corporate bond sector in Australia.
*Agenda subject to change
What will I get out of the conference?
- Learn the current trends, performance and future predictions of High Yield in the market
- Gain insights into Deloitte Access Economics special report on the Corporate Bond Market, and discover opportunities around trends and performance
- Hear firsthand from bond issuers on how they manage High Yield, including best practices and lessons learned
- Join the conversation in our panel sessions, hear varying expert opinions, and a chance to ask the hard questions
- Network with your peers and other like-minded professionals at dedicated breaks and our post-conference drinks
Who should attend?
- Issuers
- Investors
- Advisers
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8:30amArrival tea & coffee
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9:00amIntroduction and Welcome address
Darryl Bruce, State Manager WA, FIIG Securities (MC)
Jim Stening, Managing Director, FIIG Securities -
9:10amPresentation of insights from a research report of the Corporate Bond Market
John O'Mahony, Partner, Deloitte Access EconomicsDeloitte Access Economics has recently completed a study on the Australian corporate bond market, which examined investor motivations for holding corporate bonds, the benefits realised by corporate bond investors, the barriers holding individuals back from investing in corporate bonds, and the outlook for the corporate bond market. This session will present the key findings from this research.
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10:00amKeynote - Megatrends shaping the future of Australian prosperity
Bernard Salt, Managing Director, The Demographics GroupAt some point during the 2020s China will overtake the US in terms of aggregate GDP. On the one hand, this could create tensions with the US and Australia. But on the other hand this will convert directly into demand for Australian agribusiness product, resources, commodities and the most exquisite of Aussie resources - lifestyle. Digital disruption will continue to reshape the workplace both here and overseas but Australian agility and resilience--which is already evident from 2016 Census figures--will help ensure this nation's prosperity for a generation into the future. There are challenges but there is also great opportunity for those living and investing in Australia in the decade ahead. Bernard Salt is widely regarded as one of the most influential speakers on the future of Australian business and society. His presentation should not be missed.
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11:00amMorning tea
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11:30amAssessment of returns, trends and outlook
Mark Bayley, Head of Credit Strategy & Research, FIIG SecuritiesThe growing track record of HY/unrated issuance in the Australian market since Silver Chef debuted in September 2012, what returns have been generated for investors? Are these returns likely to continue? What does the credit outlook have in store for the next 12 months? Do credit fundamentals differ from the technical factors?
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12:00pmPrinciples of fixed income portfolio construction
Jonathan Sheridan, State Manager NSW/ACT, FIIG Securities
Panellists:
- Nicholas Bishop, Head of Fixed Income, Aberdeen Standard Investments
- Stuart Gray, Fund Manager and Head of Credit Research, Schroders Investment Group
- Kieran Quaine, Head of Managed Income Portfolio Services, FIIG Securities- Bob Sahota, Managing Director / Chief Investment Officer, Revolution Asset ManagementPortfolio construction is often just as much art as it is science. Considerations when building a fixed income portfolio are more complex than an equity portfolio for example, as attributes such as bond type, maturity, risk/ratings and target yield must be considered alongside sectoral and issuer selection and position weight. This session will present a quick guide to considering how to put together a balanced portfolio, and lead into a panel discussion by some of Australia’s leading managers to gain their insights into this essential skill.
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1:00pmNetworking Lunch
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2:00pmKeynote - Macroeconomic and policy influences on credit markets
Stephen Koukoulas, Managing Director, Market Economics Pty Ltd.Global bond yields are edging higher from what were 100year lows. How much higher will they go? Are there global and structural issues that will cap any further rise in yields? What if low inflation is entrenched for another decade?
Back in Australia, there are once-in-a-generation policy changes in the offing that will see investors change their investment strategies. Is negative gearing coming to an end? Will high dividend stocks will lose their attraction? But where will investors allocate their funds?
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3:00pmThe emergence of the Australian unrated bond market
John Ricciotti, Head of Debt Capital Markets, Origination, FIIG SecuritiesThe Australian corporate bond market has undergone a fundamental change, with the emergence of the unrated bond market. The opening of the bond market has been facilitated by increased investor demand for fixed income and regulatory support to promote increased access for unrated corporates. Over the last 5 years unrated bond issuance has grown significantly and is now an established funding alternative, raising over $3bn across 50+ transactions. Growth drivers for the market will come from Australian corporates seeking to access non-bank financing and continued investor diversification into this asset class.
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3:30pmAfternoon tea
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3:45pm3:45pmStream 1 - Investing in the High Yield Market
Panellists:
- Anne Moal, Senior High Yield Analyst, Perpetual Investments
- Matthew Macreadie, Senior Investment Manager, Fixed Income, Aberdeen Standard Investments
- Adrian David, Senior Credit Analyst, Macquarie Investment Management- Ky Van Tang, Senior Credit Manager, Colonial First State Asset Management
Moderated by:
Mark Bayley, Head of Credit Strategy & Research, FIIG SecuritiesPortfolio Managers and Credit Analysts will share their knowledge of investing in high yield/unrated credits. They will also provide their outlook for high yield in Australia. The discussion will cover topics such as, why is investing in the high yield/unrated market different to investment grade. Have investment mandates changed in the last few years? Is there a larger and growing basket available to buy unrated credit? What is driving your interest in the unrated universe?
Stream 2 – Issuing in the unrated bond market, an Issuers perspective
Panellists:
- Patricia Reid, CEO & Managing Director, CF Asia Pacific
- Sebastian Paphitis, Partner - Capital & Debt Advisory, Ernst & Young
- Philip Harvey, Partner, King & Wood Mallesons
- Paul Siviour, Chief Operating Officer, Elanor Investors Group
Moderated by:
John Ricciotti, Head of Debt Capital Markets, Origination, FIIG SecuritiesCorporate issuers will share their experience of raising funds in the Australian unrated bond market. The discussion will provide insights into the decision making process to access the bond market, experience of issuing a bond and reflections on how the bond has performed as a source of funding.
They will be joined by key business advisors, who will share their experiences of what Issuers should consider when assessing the bond market. Participants will gain an understanding of the flexibility of the bond financing and what is required to issue in the Australian bond market. -
4:30pmClosing remarks
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4:45pmNetworking drinks
How to get there
Directions
Hilton Sydney is 30 minutes from the International and Domestic Airports, 100m/328ft from Town Hall Railway Station.
Flights
Accommodation
FIIG are pleased to offer exclusive access to discounted accommodation rates through Corporate Traveller. Please contact Jamie Maclean directly and quote the code ‘FIIG 2018’ to arrange your stay.
Jamie Maclean
Corporate Traveller
(07) 3083 4665
Valid for stays between 10/05/18 – 24/05/18 in Sydney.
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Registration closedWe are at capacity and registrations are now closed. Please contact Chanelle Tan to be added to the waitlist.