Explore Germany's economic tensions and credit risks in the context of geopolitical risks and energy crisis.
Agenda
Registration & Networking
Keynote interview with Dirk Schumacher, Natixis
- Inflation and monetary policy
- Shifts in global trade
- Potential deindustrialization in Germany
- Green transition
Networking and coffee break
Credit Conditions
Can inflation, energy, and political risks be contained?
- Will inflation fall back in 2023? Will expectations become de-anchored from central banks' targets?
- Will higher net interest income for banks compensate for slower economic growth and higher loan losses?
- How will high energy prices, higher cost of living and concerns over security of supply impact corporates?
- Which industries will suffer the greatest collateral damage from the current credit challenges?
Defaults & Rating Trends
Defaults and ratings as the credit cycle has turned
- Rating: Will downgrades continue surpassing upgrades?
- How are defaults expected to evolve in 2023?
- Are risks well signaled?
Networking & drinks reception
Event Details:
Venue Name: Fifty Heights
Address: Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main
Date: February 21, 2023
Time: 15:00 - 19:00 CET
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Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Dirk Schumacher is a Managing Director and Head of European Macro Research at Natixis. He joined the firm in early 2018. Prior to that, he worked in the European Central Bank’s Economic Department, where he worked mainly on the development of briefing notes for board meetings. Before joining the ECB, Dirk Schumacher worked for 17 years at Goldman Sachs at Economic Research in Frankfurt and London.
Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for Moody's Ratings, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
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).
Alexander Hendricks is an Associate Managing Director in Moody’s European Banking team. Alexander has responsibility for the analytical teams covering financial institutions in Germany, Austria and Switzerland. He joined Moody’s in 2013.
Prior to Moody’s, Alexander’s most recent role was Director in Company Research at Deutsche Bank, where he had responsibility for financial institutions in Germany and Austria, and co-responsibility for European investment banks. In addition, he acted as hub for European regulatory matters in research.
During his occupation at the German bank, Alexander also held responsibilities for real estate companies and stock exchanges in Germany. At previous employer ABN Amro, Alexander covered German and Austrian banks in equity research. He began his career as trainee at Deutsche Bank.
Alexander holds a Masters Degree in Business Administration (Diplom- Kaufmann) from University of Mannheim, with specialisation in Banking and Finance. He is a CFA charterholder.
Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).
Andrew Blease is an Associate Managing Director in Moody’s EMEA Infrastructure team, based in Paris, and responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe.
Over the course of a long career at Moody’s, Andrew has acted as lead analyst for a broad range of infrastructure and project finance issuers. He has followed the transport infrastructure sector since joining Moody’s in 2000, and has been instrumental in the development of Moody’s rating methodologies, having authored the first global airport methodology and co-authored the first PFI/PPP construction period methodology. He played a key role in the development of the EMEA Infrastructure team having been involved in the first ratings in the sector and subsequently in building the franchise. Andrew is a frequent speaker at conferences and other events, and has been called as an expert witness to various Government related enquiries through the course of his Moody’s career.
Prior to joining Moody’s Andrew spent his career in international banking, predominantly at Bank of Tokyo-Mitsubishi. Over this period he was involved in both the advisory and debt-arranging of project finance transactions, predominantly in the PFI and transport sectors.
Andrew studied finance at London Metropolitan University and is a member of the Chartered Institute of Bankers
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.
Jens Schmidt-Bürgel is Geschäftsführer (Managing Director) of Moody’s Deutschland and Country Manager for Germany, Austria and Switzerland. In this role he oversees the outreach activities in these countries and acts as senior point of contact to issuers and other market participants. He is also the Head EU-27 focusing on the strategic direction and oversight of Moody’s Investor Service (MIS) 8 offices in the region. In this capacity Jens works closely with the local Country Managers in each of EU-27 offices and is responsible for promoting the Moody's brand, establishing and maintaining strong relationships with key capital market participants, associations, regulators and government officials. Prior to joining Moody’s in 2015, Jens was a Managing Director at Fitch Ratings in Frankfurt and as country head responsible for business and relationship management in Germany, Austria and Switzerland. He also oversaw Fitch’s operations in Warsaw and the representative office in Stockholm. Jens holds a dual degree in European Business Administration from ESB Reutlingen and Middlesex University Business School. In addition, he has an Executive MBA from WHU-Otto Beisheim School of Management and Kellogg School of Management. |
Dirk Schumacher is a Managing Director and Head of European Macro Research at Natixis. He joined the firm in early 2018. Prior to that, he worked in the European Central Bank’s Economic Department, where he worked mainly on the development of briefing notes for board meetings. Before joining the ECB, Dirk Schumacher worked for 17 years at Goldman Sachs at Economic Research in Frankfurt and London.
Colin Ellis is Moody’s first Global Credit Strategist, and a Managing Director in the Credit Strategy team.
In his current role, Colin provides thought leadership for the rating agency that deepens the understanding of ratings and debt capital markets through rigorous and quantitative research. He leads Moody’s teams working on default and ratings analytics and on global financial analysis, including bank projections and stress testing. Colin is also a member of Moody’s Macroeconomic Board, which sets the global forecasts that underpin Moody’s universe of ratings.
Colin joined Moody’s in February 2012, initially leading the work of the Macroeconomic Board and authoring the quarterly Global Macro Outlook. He subsequently worked in the Financial Institutions Group, developing quantitative forward-looking analyses. For 8 years he was the Chief Credit Officer for EMEA, leading analysis and coordination of credit and ratings across all rating franchises in the region. He was also the ‘Head of UK’ for Moody's Ratings, responsible for the running of Moody’s UK operations, from 2019-2022 including the COVID-19 pandemic.
Prior to joining Moody’s, Colin held roles at the Bank of England, Daiwa Capital Markets, the BVCA and at Birmingham University. He has published papers on a range of topics including corporate investment and pricing, credit risk, private equity, data uncertainty, stress testing, financial contagion and monetary policy. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is a Visiting Professor at Hult International Business School and LSBU, and is also a Fellow of the RSA.
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).
Anke Rindermann is an Associate Managing Director in the Corporate Finance Group and has been with Moody’s in Frankfurt since 2007.
Anke is managing a team of analysts covering Moody’s European real estate franchise. In addition, she is leading a team of analysts focusing on leisure, shipping, auto suppliers and forest products industries.
Prior roles at Moody’s included lead analyst responsibility for European paper and forest products companies, industrial gases manufacturers and cross-over packaging companies in EMEA.
Before joining Moody’s, Anke spent several years working in Credit Risk Management at Commerzbank in Frankfurt and New York and before that at Deutsche Bank. She studied at Frankfurt School of Finance and Management and at the University of Queensland in Australia, and holds a degree in Business Administration. Anke is a chartered Financial Risk Manager and a Certified Credit Analyst (DVFA).
Andrew Blease is an Associate Managing Director in Moody’s EMEA Infrastructure team, based in Paris, and responsible for a team of analysts covering transport infrastructure across EMEA and utilities in central and eastern Europe.
Over the course of a long career at Moody’s, Andrew has acted as lead analyst for a broad range of infrastructure and project finance issuers. He has followed the transport infrastructure sector since joining Moody’s in 2000, and has been instrumental in the development of Moody’s rating methodologies, having authored the first global airport methodology and co-authored the first PFI/PPP construction period methodology. He played a key role in the development of the EMEA Infrastructure team having been involved in the first ratings in the sector and subsequently in building the franchise. Andrew is a frequent speaker at conferences and other events, and has been called as an expert witness to various Government related enquiries through the course of his Moody’s career.
Prior to joining Moody’s Andrew spent his career in international banking, predominantly at Bank of Tokyo-Mitsubishi. Over this period he was involved in both the advisory and debt-arranging of project finance transactions, predominantly in the PFI and transport sectors.
Andrew studied finance at London Metropolitan University and is a member of the Chartered Institute of Bankers
Alexander Hendricks is an Associate Managing Director in Moody’s European Banking team. Alexander has responsibility for the analytical teams covering financial institutions in Germany, Austria and Switzerland. He joined Moody’s in 2013.
Prior to Moody’s, Alexander’s most recent role was Director in Company Research at Deutsche Bank, where he had responsibility for financial institutions in Germany and Austria, and co-responsibility for European investment banks. In addition, he acted as hub for European regulatory matters in research.
During his occupation at the German bank, Alexander also held responsibilities for real estate companies and stock exchanges in Germany. At previous employer ABN Amro, Alexander covered German and Austrian banks in equity research. He began his career as trainee at Deutsche Bank.
Alexander holds a Masters Degree in Business Administration (Diplom- Kaufmann) from University of Mannheim, with specialisation in Banking and Finance. He is a CFA charterholder.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.