CLOs & Leveraged Loans
Virtual Event
May 26 - 27, 2021

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Description

IMN is excited to announce the Virtual Investors' Conference on CLOs and Leveraged Loans, taking place on May 26-27, 2021!

Now in its 10th year, the virtual event will replicate all elements of the yearly CLO industry gathering, so delegates may join timely panels discussions, network with likeminded peers, and engage with sponsors in a convenient digital format.

As the CLO market adapts to the COVID-19 era and an intense year following the U.S. election, we anticipate the number of participants to grow and its geographic reach to expand with our new virtual format. As always, this industry conference will provide the same valuable and timely program content you’ve come to expect from IMN, as well as opportunities to network with thousands of industry peers and much more.

We look forward to engaging with you this May!

Who Should Attend
  • CLO Managers
  • CLO Structurers and Bankers
  • Legal and Financial Advisors
  • Investors
  • Rating Agencies
  • Financial Technology Providers
  • Financial Service Providers with an interest in the Leveraged Loan & CLO Market

Investors & Issuers 453

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Conference Highlights

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My Agenda

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Agenda

    Wednesday, May 26th, 2021

      9:00 AM
      Riding High into H2 2021: The U.S. CLO Market Recap and Outlook

        • Rising rates environment: argument for the floating rate product strong but is inflation a concern?
        • Rising national debt: is it sustainable? Are recent weak treasury bond sales cause for concern?
        • Will 2021 break previous records on new issuance volume? With refi/reset totals included?
        • Ramping collateral from secondary market vs. new issue collateral pipeline
        • CLO spread compression due to refi and reset wave on loan side
        • Arbitrage prediction: Will we see challenges for CLOs despite higher yielding assets?
        • Performance through the GFC and the pandemic: have CLOs finally shed their shadow?
        • Regulatory outlook for the CLO market amid a new administration


        • Paul St. Lawrence, Partner (Morgan, Lewis & Bockius LLP)
        • Thomas Majewski, Managing Partner & Founder (Eagle Point Credit Management)
        • Lauren Basmadjian, Managing Director, Co-Head of Liquid Credit and Head of US Loans & Structured Credit (The Carlyle Group)
        • Rishad Ahluwalia, Managing Director, Head of CLO Research (J.P. Morgan Securities LLC)
        • Elliot Ganz, General Counsel and Chief of Staff (LSTA)
        • James Stehli, Managing Director, Head of CLOs (Mizuho Americas)

      10:00 AM
      Opening Keynote: The Outlook for Interest Rates

      • * THIS SESSION WILL BE AVAILABLE LIVE ONLY*



        • Joy Wiltermuth, Senior Reporter (MarketWatch)
        • Michelle Meyer, Head of U.S. Economics (BofA Global Research)
        • David Zervos, Chief Market Strategist (Jefferies LLC)

      10:45 AM
      Chicken or Egg? Loans vs. CLOs in the Race Against Time for LIBOR Transition

        • Loan market adaptation timeline to SOFR
        • Chicken or the egg? Do CLOs adapt first, or wait for loans to make their move? Moving past the stagnation in the market
        • Will it change your income stream at some point, and in particular for CLO equity?


        • Meredith Coffey, Executive VP of Research & Analysis (Loan Syndications Trading Association)
        • Dan Wohlberg, Director (Eagle Point Credit Management)
        • Edwin Wilches, CFA, Portfolio Manager (PGIM Fixed Income)
        • Prakash Mahtani, Director (PriceWaterhouseCoopers)
        • Sagi Tamir, Partner (Mayer Brown LLP)

      Track A 11:45 AM
      Secondary Market Trading

        • The 2020 market was hot on both the mezzanine and equity front
        • Lots of control equity changed hands and secondary market was a hot spot in 2020. What did people do?
        • What is the right capital structure to invest in CLOs?
        • Trading impact and experiences, default projections, tranche downgrades, liquidity challenges, cut off cashflows and opportunities for refinancing


        • Allison Salas, Director, CLOs (DWS Investment Management)
        • Andrew Ross, Senior Director, Investment Risk and Structured Products (Pacific Asset Management)
        • Dagmara Michalczuk, Principal and Portfolio Manager (Tetragon Financial Group)
        • Olga Chernova, Chief Investment Officer (Sancus Capital Management)
        • Matthew Matson, Executive Director (Mizuho Americas)
        • Joe Guzzi, Head of CLO Trading (Jefferies LLC)
        • Anthony Schexnayder, Head of Business Development (KopenTech)

      Workshop B 11:45 AM
      CLO Investing 101: A Workshop for Asset Allocators and Investors New to Market

      • This interactive workshop is led by seasoned CLO investors, and geared toward investors new to the CLO market, seeking guidance on:

        •  The CLO structure and choosing your investment strategy (debt vs. equity, AAA down to CCC)
        •  How did the CLO product perform in the 2008 GFC? The 2020 pandemic? 
        •  CLO yield and risk vs. other investment alternatives
        •  Choosing your manager wisely: what to look for? 

        Hosted in partnership with:



        • Daniel Strachman, Co-Founder (IMDDA)
        • Pramit Mukherjee, Associate Portfolio Manager (Converge RE)
        • Lakshya Madhok, Director and Portfolio Manager (Bain Capital Credit)
        • David Preston, Head of Structured Credit Research (AGL Credit)

      12:30 PM
      CLO Networking Event: Meet 1 on 1 with Your Market Peers

      • Connect with your fellow conference attendees through a series of spontaneous one-on-one video meetings. Over one hour, participants will join approximately 6 unique, intelligently matched 9-minute video calls.

        How it Works:

        MEET SOMEONE NEW

        Make new and interesting connections!

        SMART MATCHMAKING

        Our AI-powered algorithm creates meetings for you on the fly, based on your profile and interests. No advanced prep required.

        HOP FROM ONE CONVERSATION TO THE NEXT

        We make it easy to meet new people quickly, exchange ideas and circle back when the match is a great one.

        Note: Attendees of this session must join the event on a laptop or desktop with Chrome or Firefox. No phones or tablets.  This event is for registered attendees of the CLO Conference only. 

        Note: Attendees must join on a laptop or desktop with Chrome or Firefox. No phones or tablets.



      Track A 2:00 PM
      Credit Fundamentals: The Leveraged Loan Market Outlook

        • Is 2021 the year we ignore credit fundamentals?
        • Economic upheaval due to COVID 19, negative growth rates, and its impact on Leveraged Loans: credit performance, restructuring and new loan supply
        • Impact of rising interest rates and excess liquidity pumped into the system by the Federal Reserve; inflationary concerns
        • The economic rollercoaster and its impact on leveraged loans through 2021/22: What will loan supply look like?
        • CLO and loan document trends and role of private equity
        • Macro-economic factors: Liquidity/interest rates and valuation
        • Rating agency outlook: Troubled sectors. Will we see improvements on credit outlook as we rotate back to “normality”? Changes in methodologies
        • Private equity dry powder


        • Robert Villani, Partner (Clifford Chance US LLP)
        • Jared Worman, Portfolio Manager (Brigade Capital Management, LLC)
        • Gretchen Lam, Senior Portfolio Manager (Octagon Credit Investors)
        • Steve Wilkinson, Senior Director (S&P Global Ratings)
        • Will Farr, Senior Portfolio Manager (Gulf Street Asset Management)

      Track B 2:00 PM
      Middle Market Lending and the Expanding Role of Private Credit

        • Rates are rising as financial markets declare victory over COVID, but are small businesses prepared to pay more to borrow?
        • Beyond SME lending: Are larger cap companies starting to tap private credit markets?
        • Are we seeing a convergence between public and private markets?


        • Eric Hudson, Senior Managing Director (Kroll Bond Rating Agency)
        • Randy Schwimmer, Senior Managing Director (Churchill Asset Management)
        • Sengal Selassie, CEO and Founder (Brightwood Capital Advisors, LLC)
        • Ramki Muthukrishnan, Senior Director and Head of Leveraged Finance (S&P Global Ratings)

      Track A 3:00 PM
      How CLO Managers Are Viewing Sector Fundamentals post COVID 19

        • How are managers actively positioning their portfolio in anticipation of shifts in lifestyle?
        • Which CLO sectors will be permanently impacted by COVID and how?
          • Travel and leisure
          • Retail
          • Office space rental


        • Derek Miller, Managing Director (Fitch Ratings)
        • David Frey, Managing Director (HPS Investment Partners)
        • Daniel Slotkin, Head of the CLO Management Business (Napier Park Global Capital)
        • Lauren Law, Portfolio Manager (Octagon Credit Investors)
        • Rick Richert, Portfolio Manager (Sound Point Capital Management)

      Track B 3:00 PM
      ESG for CLOs: Creating a Benchmark

        • What are manager and investor policies around ESG? How do you manage positive and negative screening?
        • Liquidity and certain assets: What will this mean for the underlying assets in your CLO portfolio
        • How to create a more traditional approach for the structured credit market
        • Diversity and Inclusion: Overview of increased contracts embedding DE&I as well as ESG
        • Did Private Equity ruin ESG with phony covenants?
        • Standardized tools for analysis of ESG in a CLO portfolio
        • CLO manager certification for ESG and how it could make the manager more attractive
        • Navigating ESG Policy Reporting


        • Neil Weidner, Partner (Cadwalader, Wickersham & Taft LLP)
        • Kristina Matthews, Managing Director (Brightwood Capital Advisors, LLC)
        • Seth Katzenstein, Head of US Loans & High Yield (Intermediate Capital Group)
        • Lana Deharveng, Vice President (Moody’s Investors Service)
        • Richard Peterson, Senior Product Manager (Virtus from FIS)
        • Paul Burke, Managing Director, Head of Agency & Trust Sales (Citibank, N.A.)

      3:45 PM
      Day One of the Virtual CLO and Leveraged Loan Conference Concludes



    Thursday, May 27th, 2021

      9:30 AM
      Keynote Address: The Future Face of CLO Investment

        • Will the rising participation by deposit rich US Banks continue, or is this short lived once lending activity picks back up?
        • The return of the Japanese banks: forecasting investor demand should the major players remain on the sideline
        • Flight to floating rate, strong performance and good returns: what are the main drivers of increased investor interest in this asset class?


      10:15 AM
      Comparing Structured Credit Investments Across the Top, and within the CLO Stack: The Investor Roundtable

        • How does CLO relative value versus other securitized product (CMBS) in a rising interest rate environment? Floating vs. fixed rate products (IG, high yield, other ABS)
        • Where is the sweet spot in the CLO capital stack? Is there an oversupply of CLO liability hitting the market? Is there enough debt investor demand to absorb the volume?
        • The return of Japanese banks: if Norichunkin remains sidelined, who will fill the gap?


        • Ann Rutledge, Chief Executive Officer, Board Member (Creditspectrum Corp; FIIN)
        • Chris Saltaformaggio, Senior Director (New York Life Investors)
        • Laila Kollmorgen, Managing Director (PineBridge Investments)
        • Ronnie Jaber, Head of Structured Credit / Portfolio Manager (Onex)
        • Ujjaval Desai, Head of Structured Products Investing/Portfolio Manager (Sound Point)

      11:15 AM
      Manager Tiering and Consolidation Trends

        • Selection criteria and new parameters attached to it that are emerging post COVID 19 outbreak
        • How did Tier 1 managers perform in 2020 throughout the crisis and relative to those ranked Tier 2? Have we seen any managers elevate themselves to Tier 1 status?
        • Manager evaluation: What qualities do investors look for in manager performance? 
        • How to evaluate manager liquidity
        • Is secondary trading start to overlap with the perception of tiering?


        • Serhan Secmen, Partner (Napier Park Global Capital)
        • Wynne Comer, Chief Operating Officer (AGL Credit Management LP)
        • Pratik Gupta, Head of CLO and RMBS Strategy (Bank of America)
        • Leona Clague, Principal (The Carlyle Group)
        • Alina Pak, Senior Director, NA Structured Credit (Fitch Ratings)
        • Peter Sallerson, Senior Director (Moody's Analytics)

      12:15 PM
      CLO Networking Event



      Track A 2:00 PM
      The Next Generation of CLOs: Project Finance and Infrastructure CDOs

        • The emergence of CLOs backed by project finance loans within an ESG framework


      Track A 12:15 PM
      Assessing the Landscape: Europe and the U.S.

        • How has regulation affected both deal construction and asset management? 
        • Impact of STS regulation on European investors and how this will affect participation in the US market
        • Comparison of yield and investors bases 
        • Differences in US vs. Europe loan markets 
        • Outlook post-Brexit?
        • Nuances in Euro CLOs compared to US CLOs


        • Robert Villani, Partner (Clifford Chance US LLP)
        • Matthew Layton, Partner (Pearl Diver Capital)
        • Vedanta Bagchi, Director, Investment Office (Commerzbank AG)
        • Patrick Daugherty, President (Glacier Lake Capital Advisors)
        • Rebecca Mun, Director & Lead Analyst Structured Finance Ratings (S&P Global Ratings)

      Track B 12:15 PM
      CRE CLOs: Expanding the Product

        • Market outlook amid a distressed commercial real estate market
        • Relative value of CRE CLO loans compared to traditional CMBS
        • Best practices in asset management: Static versus active 
        • What types of bridge loans and collateral are going into CRE CLOs 
        • Common structural features 
        • Credit performance to date


        • Eric Reilly, Partner (Mayer Brown LLP)
        • Deryk Meherik, Senior Vice President/Manager, CRE CLO Ratings (Moody's Investors Service)
        • Sonal Patel, Structured Finance/Capital Markets (Citibank, N.A.)
        • Anuj Gupta, President, CRE Lending (Ready Capital Corporation)
        • Douglas Armer, Managing Director, Blackstone Real Estate Debt Strategies (Blackstone Real Estate Group)

      1:00 PM
      The Virtual CLO and Leveraged Loan Conference Concludes



Sponsors

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Advisory Board

Keynotes

Contact Us

Venue

  • Conference Venue
  • Sheraton New York Times Square Hotel


    811 7th Avenue 53rd Street
    New York, NY, 10019
    USA
    Fax: 212-262-4410

Speakers

Content/Audio Files

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  • Wednesday, May 26th, 2021
  • Thursday, May 27th, 2021

1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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