Poland & CEE Virtual Summit
Credit challenges and ESG risks in Poland and CEE
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Agenda10.05 - 10.25CEST
Sovereigns’ strong economic rebound and gradual fiscal consolidation support credit profiles
- Strong rebound of growth in 2021 and robust outlook for 2022, supported by EU funds
- Improving fiscal and debt trends for most from 2022 onwards
- Gradual monetary policy normalization poses limited risks
- Long-standing structural challenges, mainly from demographics, remain
10.25 - 10.45CESTCEE banks’ pandemic resiliency, despite the low-rate environment and legal risks facing Polish banks
- CEE banks will maintain strong balance sheets with limited pressure on asset quality
- Profitability will remain hindered by the low-rate environment
- Polish banks face significant legal risks
- Regulatory requirements to increase market funding by issuing bail-in-able debt
10.45 - 11.05CESTCarbon transition risk in the energy and refining sectors
- In Europe, CEE utilities are most exposed to carbon transition risk today due to high saturation of coal and lignite
- Supportive policy stance mitigates carbon exposure risk for power producers
- Fuel demand is expected to flatten out slower than in Western Europe
- Strong investments in petrochemicals will support growth
- Major renewable investments of PKN Orlen will help partially mitigate carbon transition risk
11.05 - 11.25CESTEnhancements in legal frameworks following implementation of the EU covered bond directive
- Covered bonds have strong growth potential, though issuance is expected to remain weak in the short-term
- Positive rating actions despite pandemic
- The transposition of EU covered bond directive into national law is expected to have a positive impact
11.25 - 11.55CESTPanel: Key ESG issues in Poland and the CEE region
- How does Poland’s sovereign ESG profile compare to the region?
- How do the ESG initiatives between CEE banks and central banks differ?
- What do the EU’s targets for greener buildings mean for covered bond collateral?
- Energy transition in Poland – more state, less carbon?
- What role is PKN Orlen playing in the Polish energy agenda for renewables?
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Piotr Janczak serves as the Moody’s Ratings' Country Manager, Poland. Based in Warsaw, he leads the rating agency’s operations in Poland and and coordinates the commercial activities of Moody’s across Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS).
Mr. Janczak graduated from the Foreign Trade Faculty of the Warsaw School of Economics. He has more than 25 years’ experience in equity as well as debt capital markets and loans across CEE. He joined Moody’s Investors Service in 2015 from Erste Group Bank AG, where he had been a director at the Merchant Banking division, based in Prague and covering CEE. Prior to that, Mr. Janczak served as a Director of Capital Markets at Deutsche Bank group in Warsaw.
Steffen Dyck is a Senior Vice President in Moody’s Sovereign Risk Group.
Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions.
Up until early 2018, Steffen was the lead analyst for number of sovereigns and multilaterals in the Middle East, including Egypt and most of the Gulf Cooperation Council members.
Before relocating to Frankfurt in June 2015, Steffen was based in Moody’s Singapore office, where he covered sovereigns in the Asia-Pacific region as well as in the Middle East.
Prior to joining Moody’s in 2012, Steffen worked for more than six years with Deutsche Bank’s Risk Analysis team in Frankfurt and Singapore, covering macroeconomic and sovereign risk analysis across Asia (ex-Japan), Latin America, and Sub-Saharan Africa. He also helped manage the bank’s sovereign rating processes.
Melina Skouridou is a Vice President- Senior Analyst and lead analyst for EMEA financial institutions, with a focus in Central and South Eastern Europe. In this role, she currently provides ratings analysis for a portfolio of banks in Poland, Hungary, and Slovenia. Prior to that she covered Norwegian and Cypriot banks, as well as financial institutions in Egypt, Israel, Romania and Bulgaria. This included large private, public, and state affiliated banks; small and mid-sized commercial lenders, and government-related institutions.
Melina joined Moody’s Limassol office in 2006, and started her Moody’s tenure covering financial institutions operating in the Gulf Cooperation Council. Prior to joining Moody’s, she worked as analyst for a local investment management firm conducting analysis for various securities and participating in the investment decision process.
Melina has an MSc Financial Mathematics from King’s College, University of London and a BSc Mathematics from the same school. She earned her CFA designation in 2009.
Janko Lukac is a VP - Lead Analyst within Moody’s Corporate Finance Group (CFG), based in Frankfurt. He covers a portfolio of investment grade and high yield issuers along the Oil & Gas and other commodity’s value chains in EMEA and is closely involved in the development and roll out of Moody’s ESG Credit Impact Scores for Moody’s CFG franchise.
He has more than 15 years of experience in corporate and project finance and joined Moody’s in 2013. Janko used to cover issuers across different industrial sectors and also was a lead analyst in Moody’s Sub Sovereign Group responsible for local governments in Germany, Austria and Switzerland. Previously he worked at Commerzbank in DCM, Crédit Agricole CIB in leverage finance and in KfW IPEX’s project finance department focussing on thermal and renewable energy.
He earned a banking degree from the German Chamber of Commerce (IHK) before graduating from University of Applied Science Mainz with a bachelor in business administration. Additionally, he did a Master in international relations at Universidad Torcuato Di Tella in Argentina and at Rio de Janeiro State University, Brazil. He speaks fluently German (native), English, Spanish and Portuguese.
Mark Remshardt is a senior credit officer in the EMEA Infrastructure Finance Group, based in Frankfurt. He holds the responsibility for a portfolio of regulated networks and unregulated utilities in Germany and The Netherlands.
Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.
Mark has considerable experience of assessing credit risk across a wide range of sectors, including utilities, oil & gas companies and large global industrial corporates, acquired in more than twenty years in the banking and financial services industry.
Before joining Moody’s, Mark worked for Australia and New Zealand Banking Group where he was the responsible senior analyst for a portfolio of German and Swiss corporates. Prior to that he worked for Crédit Agricole CIB as senior risk analyst, covering first the bank’s German automotive portfolio before being responsible for German and Central European utilities and oil & gas companies. Mark also worked in various analyst and relationship management positions for Zurich Financial Services, ING-BHF Bank (today ODDO-BHF Bank) and KfW Kreditanstalt für Wiederaufbau (today KFW-IPEX Bank).
Mark holds a degree in economics (Diplom-Ökonom) from Hohenheim University in Stuttgart. He is fluent in German and English.
Luis Romaguera is an Assistant Vice President – Analyst in Moody´s Covered Bonds team, and is based in the Madrid office. He has Lead Analyst responsibilities for covered bond programmes issued in Iberia and several markets in Central and Eastern Europe.
Luis joined Moody’s from Fitch Ratings, where he held different lead analyst roles across Madrid and London in the European Structured Finance team. Luis holds a Degree in Economics from the University of Greenwich in London.
Dietmar Hornung, Associate Managing Director, leads the Sovereign Risk Group’s European team, covering the European countries and the European supranationals. Prior to his appointment as team leader, Dietmar was Moody’s lead analyst on a number of European sovereign credits, including Germany, France, Italy, Ireland, Russia, EU, EFSF and ESM.
Before joining Moody’s in 2007, Dietmar was Head of Emerging Market Research for DekaBank in Frankfurt.
Dietmar holds a Doctorate summa cum laude in Economics from Otto-von-Guericke University in Magdeburg. He received a Masters degree from Christian-Albrechts University in Kiel after studies in Kiel, at the University of Miami, and at the Eberhard-Karls University in Tübingen.
Dietmar is a Certified EFFAS Financial Analyst (CEFA).
Steffen Dyck is a Senior Vice President in Moody’s Sovereign Risk Group.
Based in Frankfurt, he is the lead analyst for a portfolio of European sovereigns and multilateral institutions.
Up until early 2018, Steffen was the lead analyst for number of sovereigns and multilaterals in the Middle East, including Egypt and most of the Gulf Cooperation Council members.
Before relocating to Frankfurt in June 2015, Steffen was based in Moody’s Singapore office, where he covered sovereigns in the Asia-Pacific region as well as in the Middle East.
Prior to joining Moody’s in 2012, Steffen worked for more than six years with Deutsche Bank’s Risk Analysis team in Frankfurt and Singapore, covering macroeconomic and sovereign risk analysis across Asia (ex-Japan), Latin America, and Sub-Saharan Africa. He also helped manage the bank’s sovereign rating processes.
Jane Soldera is a Senior Vice President in the covered bonds group at Moody’s Investors Service. She has been with Moody’s since 2003 and with the covered bonds group since 2008. She has worked on covered bond ratings in a number of jurisdictions including the UK, France, the Netherlands, Sweden, Norway and Finland. Recently she has focused on developing Moody’s covered bond legal framework reports, research, regulatory developments and ESG. Prior to joining Moody’s she worked as a lawyer for Clifford Chance, specialising in securitisation over a broad range of asset types.
Jane holds a Bachelor of Laws with Honours and a Bachelor of Commerce and Administration from Victoria University of Wellington, New Zealand.
Mark Remshardt is a senior credit officer in the EMEA Infrastructure Finance Group, based in Frankfurt. He holds the responsibility for a portfolio of regulated networks and unregulated utilities in Germany and The Netherlands.
Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8 trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.
Mark has considerable experience of assessing credit risk across a wide range of sectors, including utilities, oil & gas companies and large global industrial corporates, acquired in more than twenty years in the banking and financial services industry.
Before joining Moody’s, Mark worked for Australia and New Zealand Banking Group where he was the responsible senior analyst for a portfolio of German and Swiss corporates. Prior to that he worked for Crédit Agricole CIB as senior risk analyst, covering first the bank’s German automotive portfolio before being responsible for German and Central European utilities and oil & gas companies. Mark also worked in various analyst and relationship management positions for Zurich Financial Services, ING-BHF Bank (today ODDO-BHF Bank) and KfW Kreditanstalt für Wiederaufbau (today KFW-IPEX Bank).
Mark holds a degree in economics (Diplom-Ökonom) from Hohenheim University in Stuttgart. He is fluent in German and English.
Janko Lukac is a VP - Lead Analyst within Moody’s Corporate Finance Group (CFG), based in Frankfurt. He covers a portfolio of investment grade and high yield issuers along the Oil & Gas and other commodity’s value chains in EMEA and is closely involved in the development and roll out of Moody’s ESG Credit Impact Scores for Moody’s CFG franchise.
He has more than 15 years of experience in corporate and project finance and joined Moody’s in 2013. Janko used to cover issuers across different industrial sectors and also was a lead analyst in Moody’s Sub Sovereign Group responsible for local governments in Germany, Austria and Switzerland. Previously he worked at Commerzbank in DCM, Crédit Agricole CIB in leverage finance and in KfW IPEX’s project finance department focussing on thermal and renewable energy.
He earned a banking degree from the German Chamber of Commerce (IHK) before graduating from University of Applied Science Mainz with a bachelor in business administration. Additionally, he did a Master in international relations at Universidad Torcuato Di Tella in Argentina and at Rio de Janeiro State University, Brazil. He speaks fluently German (native), English, Spanish and Portuguese.
Melina Skouridou is a Vice President- Senior Analyst and lead analyst for EMEA financial institutions, with a focus in Central and South Eastern Europe. In this role, she currently provides ratings analysis for a portfolio of banks in Poland, Hungary, and Slovenia. Prior to that she covered Norwegian and Cypriot banks, as well as financial institutions in Egypt, Israel, Romania and Bulgaria. This included large private, public, and state affiliated banks; small and mid-sized commercial lenders, and government-related institutions.
Melina joined Moody’s Limassol office in 2006, and started her Moody’s tenure covering financial institutions operating in the Gulf Cooperation Council. Prior to joining Moody’s, she worked as analyst for a local investment management firm conducting analysis for various securities and participating in the investment decision process.
Melina has an MSc Financial Mathematics from King’s College, University of London and a BSc Mathematics from the same school. She earned her CFA designation in 2009.
Piotr Janczak serves as the Moody’s Ratings' Country Manager, Poland. Based in Warsaw, he leads the rating agency’s operations in Poland and and coordinates the commercial activities of Moody’s across Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS).
Mr. Janczak graduated from the Foreign Trade Faculty of the Warsaw School of Economics. He has more than 25 years’ experience in equity as well as debt capital markets and loans across CEE. He joined Moody’s Investors Service in 2015 from Erste Group Bank AG, where he had been a director at the Merchant Banking division, based in Prague and covering CEE. Prior to that, Mr. Janczak served as a Director of Capital Markets at Deutsche Bank group in Warsaw.