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Explore with us the aftermath of the pandemic. Find out what market experts expect, which sectors have bounced back, which sectors will be transformed, and which will carry the deepest scars from the downturn.
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Agenda
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09:00
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09:05
In conversation: 2021 Euro area outlook driven by policy challenges and sizable uncertainty
- Challenges to an exit from expansionary fiscal policies
- Policy actions – support for the economy, but induce a risk of delaying sectoral reallocation
- Germany and Austria: Strength of the underlying credit profiles mitigate COVID-19 shock
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09:25
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10:10
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10:30
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10:45
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11:00
Close of the event
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SpeakersCarola Schuler Managing Director, EMEA Banking Moody's Investors Service
Dietmar Hornung Associate Managing Director, Sovereign Risk Moody's Investors Service
Heiko Peters Assistant Vice President, Sovereign Risk Moody's Investors Service
Sigmar Gabriel Former Minister, Foreign Affairs Germany Chairman, Atlantik-Brücke e.V.
Jens Schmidt-Buergel Managing Director, Regional Management Moody's Investors Service
Jorge Rodriguez-Valez Vice President - Senior Credit Officer/CSR, Credit Strategy & Research Moody's Investors Service
Martin Lenhard Senior Credit Officer, Structured Finance Moody's Investors Service
Alexander Hendricks Associate Managing Director, EMEA Banking Moody's Investors Service
Matthias Hellstern Managing Director, Corporate Finance Moody's Investors Service
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Session Schedule
09:05
In conversation: 2021 Euro area outlook driven by policy challenges and sizable uncertainty
- Challenges to an exit from expansionary fiscal policies
- Policy actions – support for the economy, but induce a risk of delaying sectoral reallocation
- Germany and Austria: Strength of the underlying credit profiles mitigate COVID-19 shock
09:25
10:10
10:30
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Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe and emerging markets in Middle East and Africa. Carola has extensive experience in credit analysis and managing credit professionals.
Prior to joining Moody’s in 2008, Carola was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels (Belgium). Carola has a double German-French Diploma in Business Administration from Hochschule für Technik und Wirtschaft des Saarlandes (HTW), Saarbrücken /Germany and the University of Metz/ France.
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).
| Heiko Peters is an Assistant Vice President - Analyst in Moody’s Sovereign Risk Group, and is based in the Frankfurt office. He has Lead Analyst responsibilities for a number of European sovereigns and supra-nationals, producing ratings and research related to their creditworthiness. Heiko joined Moody’s from Deutsche Bank AG, where he was Senior Economist - Vice President in the European Economics Team of Deutsche Bank Research for more than five years. He published research on economic and political topics, including global trade, labour markets, demographics and migration, and covered in particular the economies of Germany and Austria. Prior to that he had worked from 2009 to 2011 as an Economist for the German Council of Economic Experts in Wiesbaden, reporting to the Chair of the Council. Moreover, his professional background includes stints at the Deutsche Bundesbank (Visiting Researcher), Germany’s Monopolies Commission and the German Institute for Economic Research (DIW), both as a Visiting Fellow. He holds a PhD, a Master’s level diploma and a BSc in Economics from the University of Muenster. |
Sigmar Gabriel was Germany’s Minister for Foreign Affairs from 2017 to 2018.
Born in Goslar in 1959, Sigmar Gabriel studied politics, sociology and German at the University of Göttingen. In 1987 he passed the second state examination as a grammar school teacher and worked as a teacher in adult vocational training until 1990.
In 1977 Sigmar Gabriel has become a member of the Social Democratic Party of Germany and was its chairman from 2009 to 2017.
After several different positions within his party in Lower Saxony, Gabriel was Prime Minister of the State of Lower Saxony from 1999 to 2003. From 2005 to 2009 he was Federal Minister of the Environment and from 2013 to 2017 Sigmar Gabriel was Federal Minister for Economic Affairs and Energy. He was Vice Chancellor of Germany from 2013 to 2018 and Germany’s Minister for Foreign Affairs from 2017 to 2018.
Sigmar Gabriel is chairman of the Atlantik-Brücke e.V., member of the Trilateral Commission and the European Council of Foreign Relations. He is also a member of the board of trustees of the International Crisis Group and the Deloitte advisory board. Since May 2020 he is member of the supervisory board of Deutsche Bank. Sigmar Gabriel teaches at the University of Bonn and spent a research period at Harvard University in autumn 2018.
Sigmar Gabriel is a brilliant and convincing speaker who outlines his point of view frankly and straight and therewith captivates his audience.
| 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. |
Jorge Rodriguez-Valez is a Vice President – Senior Credit Officer in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked 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.
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.
| Martin Lenhard has been working as a Covered Bond Analyst in Moody’s Frankfurt office since April 2011. He currently covers German, Dutch and Polish issuers and co-ordinates the analytical approach to covered bonds from the CEE region. Prior to transferring to Moody’s Covered Bonds Team, he primarily focused on analysing RMBS transactions from a variety of European markets, as well as German ABS transactions. Martin joined Moody’s in 2003 following the completion of his university studies in Mannheim (Germany). |
| Matthias Hellstern, Managing Director, has been with Moody’s Deutschland GmbH in Frankfurt since October 2004. Matthias is Team Leader in the European Corporate Finance Group heading the Frankfurt-based analytical team focusing on manufacturing industries. The principal industries covered by his team include Auto, Capital Goods, Paper and Packaging, and Building Materials. He is also managing teams in London and Stockholm that are covering the Real Estate, Shipping and Airlines sectors. Prior to his appointment as Team Leader, Matthias was Moody’s lead analyst for European building materials companies and steel producers. Previously he spent around 10 years in the European banking industry as a corporate credit analyst with Commerzbank and ING in Germany and the UK. Matthias Hellstern has graduated from the University of Augsburg in Germany with a degree in Business Administration (Diplom-Kaufmann). |
Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe and emerging markets in Middle East and Africa. Carola has extensive experience in credit analysis and managing credit professionals.
Prior to joining Moody’s in 2008, Carola was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels (Belgium). Carola has a double German-French Diploma in Business Administration from Hochschule für Technik und Wirtschaft des Saarlandes (HTW), Saarbrücken /Germany and the University of Metz/ France.
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).
| Heiko Peters is an Assistant Vice President - Analyst in Moody’s Sovereign Risk Group, and is based in the Frankfurt office. He has Lead Analyst responsibilities for a number of European sovereigns and supra-nationals, producing ratings and research related to their creditworthiness. Heiko joined Moody’s from Deutsche Bank AG, where he was Senior Economist - Vice President in the European Economics Team of Deutsche Bank Research for more than five years. He published research on economic and political topics, including global trade, labour markets, demographics and migration, and covered in particular the economies of Germany and Austria. Prior to that he had worked from 2009 to 2011 as an Economist for the German Council of Economic Experts in Wiesbaden, reporting to the Chair of the Council. Moreover, his professional background includes stints at the Deutsche Bundesbank (Visiting Researcher), Germany’s Monopolies Commission and the German Institute for Economic Research (DIW), both as a Visiting Fellow. He holds a PhD, a Master’s level diploma and a BSc in Economics from the University of Muenster. |
Sigmar Gabriel was Germany’s Minister for Foreign Affairs from 2017 to 2018.
Born in Goslar in 1959, Sigmar Gabriel studied politics, sociology and German at the University of Göttingen. In 1987 he passed the second state examination as a grammar school teacher and worked as a teacher in adult vocational training until 1990.
In 1977 Sigmar Gabriel has become a member of the Social Democratic Party of Germany and was its chairman from 2009 to 2017.
After several different positions within his party in Lower Saxony, Gabriel was Prime Minister of the State of Lower Saxony from 1999 to 2003. From 2005 to 2009 he was Federal Minister of the Environment and from 2013 to 2017 Sigmar Gabriel was Federal Minister for Economic Affairs and Energy. He was Vice Chancellor of Germany from 2013 to 2018 and Germany’s Minister for Foreign Affairs from 2017 to 2018.
Sigmar Gabriel is chairman of the Atlantik-Brücke e.V., member of the Trilateral Commission and the European Council of Foreign Relations. He is also a member of the board of trustees of the International Crisis Group and the Deloitte advisory board. Since May 2020 he is member of the supervisory board of Deutsche Bank. Sigmar Gabriel teaches at the University of Bonn and spent a research period at Harvard University in autumn 2018.
Sigmar Gabriel is a brilliant and convincing speaker who outlines his point of view frankly and straight and therewith captivates his audience.
| 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. |
Jorge Rodriguez-Valez is a Vice President – Senior Credit Officer in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked 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.
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.
| Martin Lenhard has been working as a Covered Bond Analyst in Moody’s Frankfurt office since April 2011. He currently covers German, Dutch and Polish issuers and co-ordinates the analytical approach to covered bonds from the CEE region. Prior to transferring to Moody’s Covered Bonds Team, he primarily focused on analysing RMBS transactions from a variety of European markets, as well as German ABS transactions. Martin joined Moody’s in 2003 following the completion of his university studies in Mannheim (Germany). |
| Matthias Hellstern, Managing Director, has been with Moody’s Deutschland GmbH in Frankfurt since October 2004. Matthias is Team Leader in the European Corporate Finance Group heading the Frankfurt-based analytical team focusing on manufacturing industries. The principal industries covered by his team include Auto, Capital Goods, Paper and Packaging, and Building Materials. He is also managing teams in London and Stockholm that are covering the Real Estate, Shipping and Airlines sectors. Prior to his appointment as Team Leader, Matthias was Moody’s lead analyst for European building materials companies and steel producers. Previously he spent around 10 years in the European banking industry as a corporate credit analyst with Commerzbank and ING in Germany and the UK. Matthias Hellstern has graduated from the University of Augsburg in Germany with a degree in Business Administration (Diplom-Kaufmann). |
Carola Schuler is a Managing Director in the Europe, Middle East and Africa banking team, based in Frankfurt. In this capacity, she is responsible for Moody’s analytical teams that rate banks primarily in the Eurozone and Central and Eastern Europe as well as non-bank financial companies across Europe and emerging markets in Middle East and Africa. Carola has extensive experience in credit analysis and managing credit professionals.
Prior to joining Moody’s in 2008, Carola was a Director at the credit risk management division of Deutsche Bank where she worked in a number of different analytical and managerial functions in Germany and abroad, covering corporate finance, leveraged finance, financial institutions and sovereign risk across Europe, including time spent in Brussels (Belgium). Carola has a double German-French Diploma in Business Administration from Hochschule für Technik und Wirtschaft des Saarlandes (HTW), Saarbrücken /Germany and the University of Metz/ France.
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).
| Heiko Peters is an Assistant Vice President - Analyst in Moody’s Sovereign Risk Group, and is based in the Frankfurt office. He has Lead Analyst responsibilities for a number of European sovereigns and supra-nationals, producing ratings and research related to their creditworthiness. Heiko joined Moody’s from Deutsche Bank AG, where he was Senior Economist - Vice President in the European Economics Team of Deutsche Bank Research for more than five years. He published research on economic and political topics, including global trade, labour markets, demographics and migration, and covered in particular the economies of Germany and Austria. Prior to that he had worked from 2009 to 2011 as an Economist for the German Council of Economic Experts in Wiesbaden, reporting to the Chair of the Council. Moreover, his professional background includes stints at the Deutsche Bundesbank (Visiting Researcher), Germany’s Monopolies Commission and the German Institute for Economic Research (DIW), both as a Visiting Fellow. He holds a PhD, a Master’s level diploma and a BSc in Economics from the University of Muenster. |
Sigmar Gabriel was Germany’s Minister for Foreign Affairs from 2017 to 2018.
Born in Goslar in 1959, Sigmar Gabriel studied politics, sociology and German at the University of Göttingen. In 1987 he passed the second state examination as a grammar school teacher and worked as a teacher in adult vocational training until 1990.
In 1977 Sigmar Gabriel has become a member of the Social Democratic Party of Germany and was its chairman from 2009 to 2017.
After several different positions within his party in Lower Saxony, Gabriel was Prime Minister of the State of Lower Saxony from 1999 to 2003. From 2005 to 2009 he was Federal Minister of the Environment and from 2013 to 2017 Sigmar Gabriel was Federal Minister for Economic Affairs and Energy. He was Vice Chancellor of Germany from 2013 to 2018 and Germany’s Minister for Foreign Affairs from 2017 to 2018.
Sigmar Gabriel is chairman of the Atlantik-Brücke e.V., member of the Trilateral Commission and the European Council of Foreign Relations. He is also a member of the board of trustees of the International Crisis Group and the Deloitte advisory board. Since May 2020 he is member of the supervisory board of Deutsche Bank. Sigmar Gabriel teaches at the University of Bonn and spent a research period at Harvard University in autumn 2018.
Sigmar Gabriel is a brilliant and convincing speaker who outlines his point of view frankly and straight and therewith captivates his audience.
| 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. |
Jorge Rodriguez-Valez is a Vice President – Senior Credit Officer in Moody’s Credit Strategy & Research team in London. Since he joined Moody’s in 2014, he leads the Financial Analytics team, developing quantitative forward-looking analyses of sectors and institutions, including modelling asset quality trends and stress testing.
Prior to joining Moody’s in 2014, Jorge worked 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.
| Martin Lenhard has been working as a Covered Bond Analyst in Moody’s Frankfurt office since April 2011. He currently covers German, Dutch and Polish issuers and co-ordinates the analytical approach to covered bonds from the CEE region. Prior to transferring to Moody’s Covered Bonds Team, he primarily focused on analysing RMBS transactions from a variety of European markets, as well as German ABS transactions. Martin joined Moody’s in 2003 following the completion of his university studies in Mannheim (Germany). |
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.
| Matthias Hellstern, Managing Director, has been with Moody’s Deutschland GmbH in Frankfurt since October 2004. Matthias is Team Leader in the European Corporate Finance Group heading the Frankfurt-based analytical team focusing on manufacturing industries. The principal industries covered by his team include Auto, Capital Goods, Paper and Packaging, and Building Materials. He is also managing teams in London and Stockholm that are covering the Real Estate, Shipping and Airlines sectors. Prior to his appointment as Team Leader, Matthias was Moody’s lead analyst for European building materials companies and steel producers. Previously he spent around 10 years in the European banking industry as a corporate credit analyst with Commerzbank and ING in Germany and the UK. Matthias Hellstern has graduated from the University of Augsburg in Germany with a degree in Business Administration (Diplom-Kaufmann). |