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Agenda keyboard_arrow_down
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09:00
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09:05
Presentation: Nordics sovereign outlook – Stability at home, more credit challenges elsewhere
- Macro performance more robust than for peers
- Strong public finances support sovereign creditworthiness
- Well-prepared to face long-term trends, including ESG challenges
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09:25
Keynote Interview with Petter Stordalen
In conversation with Maria Gillholm
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10:05
Presentation: Credit downturn will be small and short-lived
- Impact from the crisis on defaults and ratings performance
- How the portfolio responded
- Local rating transitions
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10:20
Panel on Credit: The aftermath of Covid
- Why have the Nordics been different?
- The increasing importance of the local capital markets
- The lasting effects of the pandemic across sectors
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11:00
Close of the Event
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Speakers keyboard_arrow_down
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Session Schedule
Presentation: Nordics sovereign outlook – Stability at home, more credit challenges elsewhere
- Macro performance more robust than for peers
- Strong public finances support sovereign creditworthiness
- Well-prepared to face long-term trends, including ESG challenges
Keynote Interview with Petter Stordalen
In conversation with Maria Gillholm
Presentation: Credit downturn will be small and short-lived
- Impact from the crisis on defaults and ratings performance
- How the portfolio responded
- Local rating transitions
Panel on Credit: The aftermath of Covid
- Why have the Nordics been different?
- The increasing importance of the local capital markets
- The lasting effects of the pandemic across sectors
Close of the Event
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Effie Tsotsani, based in London, is Moody’s lead analyst for the Norwegian banking sector and a number of financial institutions in the Nordics. Prior to joining Moody’s in 2014, Ms Tsotsani worked as an equity analyst for a Global Long-Short Hedge Fund based in London covering the financial sector and prior to that she has held positions both as a sell-side and buy-side equity analyst covering the banking sector. Ms Tsotsani holds a Master of Science in Statistics from Athens University of Economic and Business and a Bachelor degree in Mathematics from National University of Athens. |

Steffen Dyck is a Vice President – Senior Credit Officer 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.

Petter Anker Stordalen is a Norwegian investor, hotel "tycoon", property developer and a self-proclaimed environmentalist. Stordalen owns Strawberry, a corporate group consisting of ten companies operating in real estate, finance, hotels and art. Through Strawberry Hospitality Group, Stordalen owns Nordic Choice Hotels, consisting of over 200 hotels and employing 14,000 people.

Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis with Swedish banks and rating agencies. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |

Colin Ellis is Moody’s Chief Credit Officer in EMEA, and a Managing Director in the Credit Strategy team. He is responsible for identifying and analyzing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. He 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 of sectors and institutions, including modelling asset trends and stress testing. Previously Colin has worked at the Bank of England, Daiwa Capital Markets and the BVCA. Colin is a Visiting Research Fellow in the economics department at Birmingham University, and has published on topics ranging from investment and pricing to private equity and data uncertainty. He is also a Fellow of the RSA. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is based in London.

Simon Ainsworth, who is based in London, is an Associate Managing Director responsible for the analytical teams maintaining ratings on Nordic and Baltic banks and on a range of European insurance companies.
Simon previously served as a Group Credit Officer. In that role he carried responsibility for monitoring ratings quality as well as assisting in the development and implementation of rating methodologies and practices applied to rated financial institutions within the EMEA region.
Simon joined Moody’s in March 2014 following sixteen years at the Bank of England.
At the Bank, he worked in a variety of roles primarily in its financial markets and banking operation divisions; as well as working on a variety of financial risk and crisis related issues. This included the resolution of failed banks, as well as responsibility for the risk management framework applied to collateral accepted in the Bank’s sterling market operations.Simon graduated from the University of Durham in 1998, having studied Economics and Politics. He is based in London.

Steffen Dyck is a Vice President – Senior Credit Officer 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.

Louise joined Moody’s in November 2016 and is the lead analyst for most large Nordic banks.
Prior to joining Moody’s, Louise spent nine years at Standard & Poor’s. She initially worked as a senior credit analyst in the Sovereign and International Public Finance Group, and thereafter in the Financial Institutions Group - during the global financial crisis. The last 4 ½ years at S&P, Louise headed up the rating agency’s Banking Industry Country Risk Assessments (BICRAs), the key element of bank ratings, globally.
Prior to working at Standard & Poor’s, Louise spent ten years at the European Commission in Brussels, primarily working with macroeconomic forecasts and analysis at the Directorate General for Economic and Financial Affairs (DG ECFIN), and a couple of years working with EU affairs at the Swedish Ministry of Finance and Central Bank. Louise holds a Master of Science in Business Administration and Economics from Uppsala University.

Daniel Harlid is an Vice President – Senior Analyst in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is managing a portfolio of Nordic investment grade high yield names in the Manufacturing Sector. Additionally, he is the lead analyst for EU-based issuers within Container Shipping. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets. |

Alexander Zeidler is a Vice President - Senior Credit Officer at Moody’s in London. He coordinates Moody’s efforts in the Nordic covered bond markets Sweden, Denmark, Finland, Norway and in the Baltic countries. Furthermore, he is responsible for a portfolio of covered bond programmes in Norway and Switzerland and was previously leading the analysis of the covered bond markets in Austria and Luxembourg. As a senior member of the analytical team, Alexander has coordinated and contributed to a number of publications and regularly speaks at investor and industry conferences. Prior to joining Moody’s EMEA Covered Bonds team in 2010, Alexander was responsible for a portfolio of CMBS transactions in the UK, France, the Netherlands and Germany for four years. Alexander started his career in commercial real estate finance, working for overten years as an underwriter, credit auditor and corporate analyst at UniCredit in Germany. Alexander also holds a MBA from a Fulbright program sponsored by the U.S. government at the University of Louisville, U.S.A. Moody’s has a leading global covered bond franchise, rating some US$2 trillion worth of covered bonds securities, which represents more than 80% of all public bonds issued globally in the sector. In total, over 20 senior analysts cover more than 200 covered bond programmes in over 30 countries globally. Moody’s EMEA Covered Bonds team is located in London, Madrid, Frankfurt and Paris. |

Effie Tsotsani, based in London, is Moody’s lead analyst for the Norwegian banking sector and a number of financial institutions in the Nordics. Prior to joining Moody’s in 2014, Ms Tsotsani worked as an equity analyst for a Global Long-Short Hedge Fund based in London covering the financial sector and prior to that she has held positions both as a sell-side and buy-side equity analyst covering the banking sector. Ms Tsotsani holds a Master of Science in Statistics from Athens University of Economic and Business and a Bachelor degree in Mathematics from National University of Athens. |

Steffen Dyck is a Vice President – Senior Credit Officer 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.

Petter Anker Stordalen is a Norwegian investor, hotel "tycoon", property developer and a self-proclaimed environmentalist. Stordalen owns Strawberry, a corporate group consisting of ten companies operating in real estate, finance, hotels and art. Through Strawberry Hospitality Group, Stordalen owns Nordic Choice Hotels, consisting of over 200 hotels and employing 14,000 people.

Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis with Swedish banks and rating agencies. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |

Colin Ellis is Moody’s Chief Credit Officer in EMEA, and a Managing Director in the Credit Strategy team. He is responsible for identifying and analyzing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. He 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 of sectors and institutions, including modelling asset trends and stress testing. Previously Colin has worked at the Bank of England, Daiwa Capital Markets and the BVCA. Colin is a Visiting Research Fellow in the economics department at Birmingham University, and has published on topics ranging from investment and pricing to private equity and data uncertainty. He is also a Fellow of the RSA. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is based in London.

Simon Ainsworth, who is based in London, is an Associate Managing Director responsible for the analytical teams maintaining ratings on Nordic and Baltic banks and on a range of European insurance companies.
Simon previously served as a Group Credit Officer. In that role he carried responsibility for monitoring ratings quality as well as assisting in the development and implementation of rating methodologies and practices applied to rated financial institutions within the EMEA region.
Simon joined Moody’s in March 2014 following sixteen years at the Bank of England.
At the Bank, he worked in a variety of roles primarily in its financial markets and banking operation divisions; as well as working on a variety of financial risk and crisis related issues. This included the resolution of failed banks, as well as responsibility for the risk management framework applied to collateral accepted in the Bank’s sterling market operations.Simon graduated from the University of Durham in 1998, having studied Economics and Politics. He is based in London.

Steffen Dyck is a Vice President – Senior Credit Officer 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.

Louise joined Moody’s in November 2016 and is the lead analyst for most large Nordic banks.
Prior to joining Moody’s, Louise spent nine years at Standard & Poor’s. She initially worked as a senior credit analyst in the Sovereign and International Public Finance Group, and thereafter in the Financial Institutions Group - during the global financial crisis. The last 4 ½ years at S&P, Louise headed up the rating agency’s Banking Industry Country Risk Assessments (BICRAs), the key element of bank ratings, globally.
Prior to working at Standard & Poor’s, Louise spent ten years at the European Commission in Brussels, primarily working with macroeconomic forecasts and analysis at the Directorate General for Economic and Financial Affairs (DG ECFIN), and a couple of years working with EU affairs at the Swedish Ministry of Finance and Central Bank. Louise holds a Master of Science in Business Administration and Economics from Uppsala University.

Daniel Harlid is an Vice President – Senior Analyst in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is managing a portfolio of Nordic investment grade high yield names in the Manufacturing Sector. Additionally, he is the lead analyst for EU-based issuers within Container Shipping. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets. |

Alexander Zeidler is a Vice President - Senior Credit Officer at Moody’s in London. He coordinates Moody’s efforts in the Nordic covered bond markets Sweden, Denmark, Finland, Norway and in the Baltic countries. Furthermore, he is responsible for a portfolio of covered bond programmes in Norway and Switzerland and was previously leading the analysis of the covered bond markets in Austria and Luxembourg. As a senior member of the analytical team, Alexander has coordinated and contributed to a number of publications and regularly speaks at investor and industry conferences. Prior to joining Moody’s EMEA Covered Bonds team in 2010, Alexander was responsible for a portfolio of CMBS transactions in the UK, France, the Netherlands and Germany for four years. Alexander started his career in commercial real estate finance, working for overten years as an underwriter, credit auditor and corporate analyst at UniCredit in Germany. Alexander also holds a MBA from a Fulbright program sponsored by the U.S. government at the University of Louisville, U.S.A. Moody’s has a leading global covered bond franchise, rating some US$2 trillion worth of covered bonds securities, which represents more than 80% of all public bonds issued globally in the sector. In total, over 20 senior analysts cover more than 200 covered bond programmes in over 30 countries globally. Moody’s EMEA Covered Bonds team is located in London, Madrid, Frankfurt and Paris. |

Effie Tsotsani, based in London, is Moody’s lead analyst for the Norwegian banking sector and a number of financial institutions in the Nordics. Prior to joining Moody’s in 2014, Ms Tsotsani worked as an equity analyst for a Global Long-Short Hedge Fund based in London covering the financial sector and prior to that she has held positions both as a sell-side and buy-side equity analyst covering the banking sector. Ms Tsotsani holds a Master of Science in Statistics from Athens University of Economic and Business and a Bachelor degree in Mathematics from National University of Athens. |

Steffen Dyck is a Vice President – Senior Credit Officer 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.

Petter Anker Stordalen is a Norwegian investor, hotel "tycoon", property developer and a self-proclaimed environmentalist. Stordalen owns Strawberry, a corporate group consisting of ten companies operating in real estate, finance, hotels and art. Through Strawberry Hospitality Group, Stordalen owns Nordic Choice Hotels, consisting of over 200 hotels and employing 14,000 people.

Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis with Swedish banks and rating agencies. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |

Colin Ellis is Moody’s Chief Credit Officer in EMEA, and a Managing Director in the Credit Strategy team. He is responsible for identifying and analyzing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. He 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 of sectors and institutions, including modelling asset trends and stress testing. Previously Colin has worked at the Bank of England, Daiwa Capital Markets and the BVCA. Colin is a Visiting Research Fellow in the economics department at Birmingham University, and has published on topics ranging from investment and pricing to private equity and data uncertainty. He is also a Fellow of the RSA. Colin holds degrees from York University, the London School of Economics and Political Science, and Middlesex University. He is based in London.

Simon Ainsworth, who is based in London, is an Associate Managing Director responsible for the analytical teams maintaining ratings on Nordic and Baltic banks and on a range of European insurance companies.
Simon previously served as a Group Credit Officer. In that role he carried responsibility for monitoring ratings quality as well as assisting in the development and implementation of rating methodologies and practices applied to rated financial institutions within the EMEA region.
Simon joined Moody’s in March 2014 following sixteen years at the Bank of England.
At the Bank, he worked in a variety of roles primarily in its financial markets and banking operation divisions; as well as working on a variety of financial risk and crisis related issues. This included the resolution of failed banks, as well as responsibility for the risk management framework applied to collateral accepted in the Bank’s sterling market operations.Simon graduated from the University of Durham in 1998, having studied Economics and Politics. He is based in London.

Louise joined Moody’s in November 2016 and is the lead analyst for most large Nordic banks.
Prior to joining Moody’s, Louise spent nine years at Standard & Poor’s. She initially worked as a senior credit analyst in the Sovereign and International Public Finance Group, and thereafter in the Financial Institutions Group - during the global financial crisis. The last 4 ½ years at S&P, Louise headed up the rating agency’s Banking Industry Country Risk Assessments (BICRAs), the key element of bank ratings, globally.
Prior to working at Standard & Poor’s, Louise spent ten years at the European Commission in Brussels, primarily working with macroeconomic forecasts and analysis at the Directorate General for Economic and Financial Affairs (DG ECFIN), and a couple of years working with EU affairs at the Swedish Ministry of Finance and Central Bank. Louise holds a Master of Science in Business Administration and Economics from Uppsala University.

Daniel Harlid is an Vice President – Senior Analyst in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is managing a portfolio of Nordic investment grade high yield names in the Manufacturing Sector. Additionally, he is the lead analyst for EU-based issuers within Container Shipping. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets. |

Alexander Zeidler is a Vice President - Senior Credit Officer at Moody’s in London. He coordinates Moody’s efforts in the Nordic covered bond markets Sweden, Denmark, Finland, Norway and in the Baltic countries. Furthermore, he is responsible for a portfolio of covered bond programmes in Norway and Switzerland and was previously leading the analysis of the covered bond markets in Austria and Luxembourg. As a senior member of the analytical team, Alexander has coordinated and contributed to a number of publications and regularly speaks at investor and industry conferences. Prior to joining Moody’s EMEA Covered Bonds team in 2010, Alexander was responsible for a portfolio of CMBS transactions in the UK, France, the Netherlands and Germany for four years. Alexander started his career in commercial real estate finance, working for overten years as an underwriter, credit auditor and corporate analyst at UniCredit in Germany. Alexander also holds a MBA from a Fulbright program sponsored by the U.S. government at the University of Louisville, U.S.A. Moody’s has a leading global covered bond franchise, rating some US$2 trillion worth of covered bonds securities, which represents more than 80% of all public bonds issued globally in the sector. In total, over 20 senior analysts cover more than 200 covered bond programmes in over 30 countries globally. Moody’s EMEA Covered Bonds team is located in London, Madrid, Frankfurt and Paris. |