Corporate Hybrid Capital Roundtable 2007: Participants
Franck Robard - SG CIB
Franck Robard is Head of Hybrid Capital Structuring team responsible for structuring hybrid capital instruments efficient from a tax, rating, accounting and regulatory aspects for financials institutions (banks and insurance companies and corporates). He has completed several Tier 1 transactions for banks in Europe and majors hybrid capital issues for insurances companies and corporates. Before joining SG CIB in 2000, Franck Robard was Head of Credit Research at Ixis CIB where he originally started his career in 1994 as a credit research analyst. Franck has a Master’s degree in Finance from and is graduated from “Société Française des Analystes Financiers”.
Geoff Tarrant - Deutsche Bank
Geoff heads a team responsible for the origination and structuring of hybrid capital issues for banks, insurance companies and corporates. He commenced this role in 2004, having previously been co-head of DCM and head of structured debt in Australia. He joined Deutsche Bank in 2002 from Citi.
Khalid Krim - Barclays Capital
Khalid Krim is a director and head of European hybrid capital at Barclays Capital, the investment banking division of Barclays PLC, in charge of hybrid capital structuring for corporates, banks and insurance companies for the EMEA region. Khalid started his career originally as a lawyer in France, following a law degree from Paris I Panthéon-Sorbonne University and now has more than 10 years experience in investment banking. He joined joined Barclays Capital in 2001 and prior to that worked for 4 years at Deutsche Bank. Khalid recently executed, among others, the dual currency hybrid issue for Linde (including the first ever corporate hybrid sterling issue – July 2006), the first corporate hybrid from a High Yield issuer to achieve Basket C with Moody’s (Pfleiderer – April 2007) and the first UK corporate hybrid for Rexam Plc (June 2007).
Malcolm Cruickshanks - JPMorgan
Malcolm has worked at JPMorgan for seven years, during which time he has worked in the London Ratings Advisory team with specific focus on first time ratings, transaction related impact analysis and hybrid instruments. In the hybrid space, Malcolm worked with both Vattenfall and Bayer in two of the earliest corporate issues. More recently, Malcolm has worked with Cemex in order to structure and successfully execute their $3bn hybrid, which was completed in four tranches, across three visits to the US$ market and one to the Euro market the aggregate size is now US$3bn. His hybrid structuring experience also encompasses the innovative structure for Glencore, which achieved for the first time in corporate hybrids (for a non equity linked instrument) “high” (100%) equity treatment for S&P purposes, coupled with Moody’s basket “D” (75%) equity. It also entailed the first and only usage of the Replacement Capital Covenant (RCC) by a European corporate.
Peter Jurdjevic - Citi
Peter Jurdjevic joined the Global New Products Group at Citi in May 1998 and is responsible for designing innovative fixed income securities that achieve the rating agency and regulatory objectives of European corporate and financial issuers. Peter was responsible for the development and execution of Rexam’s recent €750 mm hybrid capital offering, Linde’s €700mm and £250mm hybrid capital offerings in 2006, and Vattenfall’s €1bn hybrid capital offering in 2005. Peter also has structured numerous innovative capital transactions for financial institutions based in Western Europe and the CEEMEA region.
Shazia Azim - RBS Global Banking & Markets
Shazia joined RBS in 2006 from Goldman Sachs where she started her career in 1996 and later went on to head up the coverage of UK, Ireland and Benelux banks and bancassuerers. A graduate of Oxford University, with a BA Hons in PPE, Shazia followed this with a first class MSc in Economics from the London School of Economic and Political Science. Shazia is a Rhodes Scholar from Pakistan.
Philip Wright - Associate editor, IFR
Andrew Perrin - Senior reporter, IFR
Click here for Part one of the Roundtable.