CLOs and Leveraged Loans
New York, NY
May 23 - 24, 2022

Description

IMN is excited to announce the return of the CLO industry's flagship conference, the 11th Annual Investors' Conference on CLOs and Leveraged Loans, taking place this May 23-24.

Following last year's virtual gathering and now in its 11th year, the event will welcome delegates back in-person to join timely panels discussions, network with likeminded peers, and engage with sponsors.

Given ever-changing global circumstances and the CLO markets continued adaptation and resiliency, this industry conference will provide numerous key market developments from industry experts – the same valuable and timely program you’ve come to expect from IMN – as well as opportunities to network with hundreds of industry peers representing the full breadth of market participants

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 and Issuers 824

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Agenda

    Monday, May 23rd, 2022

      9:00 AM
      Registration Opens & Private Meetings Commence



      12:20 PM
      IMN, FIIN & Conference Chair Welcome Remarks



      12:30 PM
      KEYNOTE: Economic Outlook for Financial Markets

      • Hear from Beth Ann Bovino, Chief US Economist at S&P Global Ratings on her economic outlook for the US financial markets. This Keynote will also feature a fireside chat led by Amanda Pullinger, CEO of 100 Women in Finance, covering the importance of Women in finance and leadership roles and the impacts of post-pandemic trends on women in the workforce.

                   

        • Amanda Pullinger, Chief Executive Officer (100 Women in Finance)
        • Beth Ann Bovino, Chief U.S. Economist/Managing Director (S&P Global Ratings)

      1:15 PM
      Mark, Set… CLO: Market Recap and Outlook

        • Of the five most talked about risks – inflation, supply chain, labor pressure, rising rates, and pandemic uncertainty – which one will have the greatest frequency vs. magnitude vs. longevity?
          • Rates and Inflation impact on the macro credit environment
          • Performance expectations given macro risks, and outlook for issuance (Refi, Reset, New Issue), and up/downgrades
          • Where are we in the cycle?  When will defaults come back to life?
        • Review of CLO performance in COVID: CLO underlying collaterals, CLO OC tests, distressed credits, manager impact and booming equity market
        • How has the investor base evolved over the past couple of years?
          • How has the continued involvement of manager-equity funds changed the dynamic in the U.S. issuance, especially in regard to the involvement of investors less suited to invest on their own?
          • How will the re-entry of Japanese banks impact the market?
        • Fighting inertia – how to break long-standing logjams and bring innovation to the fore in CLO market


        • Derek Miller, Managing Director (Fitch Ratings)
        • Rishad Ahluwalia, Managing Director, Head of CLO Research (J.P. Morgan Securities LLC)
        • Lauren Basmadjian, Managing Director, Co-Head of Liquid Credit and Head of US Loans & Structured Credit (The Carlyle Group)
        • Thomas Majewski, Managing Partner & Founder (Eagle Point Credit Management)
        • Tracy Feng, Senior Counsel (Allen & Overy LLP)
        • Chris Saltaformaggio, Senior Director (New York Life Investors)

      2:00 PM
      ESG CLOs: Moving from ‘Sustainable’ to ‘Conscious’

        • Is ESG a viable strategy for CLOs? Why has the US market been slower to adapt then Europe?
        • Standardized tools for analysis of ESG in a CLO portfolio and Navigating ESG Policy Reporting
        • What are manager and investor policies around ESG? How to effectively manage positive and negative screening, and other key ESG metrics considered when constructing a portfolio.
        • Transparency in disclosure and reporting for ESG – How is this being managed and what is needed to create further transparency in ESG?
        • What does ESG integration mean for underlying asset composition and legacy assets? How will this affect refinancing and resets?
        • How does this affect bringing credit into the market? When you apply an ESG label to a corporate, do you look at the supply chain? How far along the chain needs evaluated?
        • Rating agency and analytical approaches to ESG measurement and integration
        • CLO manager certification for ESG and how it could make the manager more attractive


        • Neil Weidner, Partner (Cadwalader, Wickersham & Taft LLP)
        • Philip Raciti, Portfolio Manager (Bardin Hill Investment Partners)
        • Colleen Mattern, Director, Financial Markets Business Advisory (PwC)
        • Paul Burke, Managing Director, Head of Agency & Trust Sales (Citibank, N.A.)
        • Nicole Lawrence, Senior Director- Strategist (Moody's Analytics)
        • Marisa Chen, Portfolio Manager (Partners Group)

      2:45 PM
      Networking Refreshment Break



      3:15 PM
      The Story ‘SO-FaR’: Reference Rate Transition & Regulatory Concerns

        • SOFR Transitions- implications to CLOs legacy, current holdings, CSA/approach, state of loan market issuance
        • How is the transition process going? And how is the market responding to its impacts? E.g. CLO Arbitrage, potential basis mismatch.
        • If historical basis between LIBOR SOFR has been the ARRC recommended CSA, then why is the market still stuck on 10/15/25?  And how will loans trade when the basis is near ARRC levels?
        • How will this new benchmark behave in a Fed tightening/easing environment
        • Do other fixed rate alternatives provide more carry for income buyers
        • What other regulatory concerns are top of mind right now, and what hurdles are there to overcome? What has the new administration meant for the CLO market: Volcker, risk retention, a bullish year for ESG?


        • Alberta Knowles, Partner (EY)
        • Wynne Comer, Chief Operating Officer (AGL Credit Management LP)
        • Joseph Beach, Partner (Cadwalader, Wickersham & Taft LLP)
        • Peter Hallenbeck, VP-Senior Officer Legal Review (Moody’s Investors Service)
        • Mary Kathryn Lee, Partner (Paul Hastings)
        • Matt Clarkin, Senior Vice President (U.S. Bank)

      4:00 PM
      Middle Market CLOs and the Role of Private Credit: Where are we Headed?

        • Having overcame the short term pause on MM CLOs due to SOFR pricing adjustments, what is the outlook for future MM transactions and deal pipeline?
          • How will the lack of regulatory push to move underlying asset direct lending funds from LIBOR impact the MM space? What is the right SOFR metric for MM?
        • How are BSL investors viewing the MM space? Is favourable pricing, low default rates, and interest rate floors on managed and static pools making the MM space more attractive for investors? How can investors overcome the lack of transparency on the underlying collateral when assessing where to invest?
        • Have we passed spread adjustment tensions between debt and equity, lessening volatility for both BSL and MM CLOs?
        • Are issues with the MM space exacerbated by origination mechanics and balance sheet stipulations compared to BSL?
        • Rates are rising as financial markets declare victory over COVID, but are small businesses prepared to pay more to borrow?
        • Are we seeing a convergence between public and private markets?


        • Greg Myers, Group Sector Head - Debt & Capital Markets (Alter Domus)
        • Shiloh Bates, Managing Director (Flat Rock Global)
        • Kelli Marti, Senior Managing Director | Head of CLO Management (Churchill Asset Management)
        • Christopher Duerden, Partner (Dechert LLP)
        • Daniel Strong, Executive Director (SMBC Nikko Securities America Inc)
        • Christopher Gilbert, Head of U.S. CLO Banking (Natixis)

      4:45 PM
      CLO Manager Roundtable: Fundamentals and Technicals

        • How are CLO managers viewing the current market? Where have we come from and where we are headed?
        • H2/2023 expectations and outlook on fundamentals & technicals - How are Managers positioning their portfolio?
        • Which management styles/strategies worked best through COVID (eg active trading/wait & see approach)?
        • What are the key drivers/levers to equity returns (par build, liability costs, etc.)? 
        • How have different CLO sectors changes as a result of the pandemic? And what is the expected recovery for the likes of Travel and Leisure, Retail, Office Space Rental, etc as underlying assets for CLO portfolios? Are defaults expected as a result of lessening federal support?
        • How are managers working with data and analytics technology to shape the CLO market? Are manager strategies being impacted by technological advancements?
        • What impacts do inflation and rising rates have on technicals and fundamentals? E.g., Near term recession potential, other market fluctuations flowing through to the floating-rate safe heaven.


        • Stephen Anderberg, Managing Director, Structured Finance (S&P Global Ratings)
        • Justin Driscoll, Chairman (Aquarian Credit Partners)
        • Adrienne Butler, Managing Director (Barings)
        • Craig Stein, Partner (Schulte Roth & Zabel)
        • Gretchen Bergstresser, Partner, Global Head of Performing Credit (CVC Credit Partners)
        • Meric Topbas, CLO Manager (Credit Suisse Asset Management)

      5:30 PM
      Day One Concludes & Networking Drinks Reception



    Tuesday, May 24th, 2022

      8:00 AM
      Registration Opens & Delegate Breakfast



      9:00 AM
      Credit Fundamentals: The Leveraged Loan Market Outlook

        • State of the Leveraged Loan market- documentation, leverage, valuations, areas of concern
        • Are leveraged loan lending guidelines adhered to?
        • Longer term impact of loan only financing structures, and adverse selection, i.e., single-B concentrations
        • Given changes to the leverage loan market, are recovery rates anticipated to remain below historical levels?
        • Impact of Retail Funds competing with CLOs for Loans
        • Health of the Leveraged Loan Market with M&A cycle picking up


        • Chris Padgett, Associate Managing Director (Moody's Investors Service)
        • Daniel Miller, Chief Credit Officer (Capra Ibex Advisors)
        • Steve Wilkinson, Senior Director (S&P Global Ratings)
        • Derek Gluckman, VP-Senior Credit Officer (Moody's Analytics)

      9:45 AM
      Securing Yield: Investor Strategies & Opportunities Across the Capital Stack

        • CLO and Lev Loans attractiveness in a rising rate environment - Where do people see value, both in loans and CLO tranches
        • Have dedicated CLO equity funds created an abnormal demand for loans, fuelling cheap debt for PE firms?
        • Supply and demand dynamic and impact of spreads across the capital structure
        • Health of the Leveraged Loan Market with M&A cycle picking up
        • Where are we in the rates cycle and what affect does this have on opportunities across equity and mezz tranches?
        • Relative value vs other asset classes (e.g., CMBS, IG Corps)


        • Eric Hudson, Senior Managing Director (Kroll Bond Rating Agency)
        • Pramit Mukherjee, Senior Investment Manager (Legal & General)
        • Gretchen Lam, Senior Portfolio Manager (Octagon Credit Investors)
        • Ronnie Jaber, Head Loans &Structured Credit (Onex)
        • Batur Bicer, Managing Director (Napier Park Global Capital)

      10:30 AM
      Networking Refreshment Break



      11:00 AM
      The Evolving Manager Landscape: Evaluating Manager Tiers and Performance

        • What Lies Ahead for CLOs and CLO Managers?
          • Key considerations from the Investor and the Issuer perspectives
        • Current Manager Landscape
          • New vs Seasoned Mangers – by the data
          • Manager Tiering – tiering defined and tiering migration
          • New Managers – drivers of entrance and challenges to entrants
          • Manager consolidation and the implication for number of managers
        • Manager Style – how to define it and how important/consistent is it
        • Beyond Performance – 
          • Secondary markets 
          • ESG


        • Paul Burke, Managing Director, Head of Agency & Trust Sales (Citibank, N.A.)
        • Laila Kollmorgen, Managing Director (PineBridge Investments)
        • Angela Best, Director, Portfolio Manager, CLOs (MetLife Investment Management)
        • Allison Salas, Director, CLOs (DWS Investment Management)
        • Pratik Gupta, Head of CLO and RMBS Strategy (Bank of America)
        • Paul Travers, Co-Portfolio Manager (Sycamore Tree Capital Partners)

      11:45 AM
      Out of the Mist: Emerging Middle Market Trends

        • What are the main factors affecting the investor and manager landscape in the middle market space?
        • Beyond the thicker Triple B’s, what other factors are causing insurance investors to allocate further capital in MM CLOs? A
        • What opportunities and threats exist in this space, and are any specific to middle market CLOs? I.e., new loan products, diversification through specific industries vs. transparency and performance data
        • Is the boom in MM issuance sustainable? What can be done to foster growth in this sector of the market?
        • Beyond SME lending: Are larger cap companies starting to tap private credit markets?


        • Sean Egan, Managing Director (Egan-Jones Ratings Co.)
        • Ramki Muthukrishnan, Senior Director and Head of Leveraged Finance (S&P Global Ratings)
        • Sean Malone, Managing Director (Kroll Bond Rating Agency)
        • Daniel Strong, Executive Director (SMBC Nikko Securities America Inc)
        • Matthew Laurino, Owl Rock // A Division of Blue Owl (Principal)
        • Allan Schmitt, Director (Wells Fargo)

      12:30 PM
      Delegate Luncheon



      Commence Tracks A-B



      Track A 1:30 PM
      CLO Equity

        • CLO equity returns – what to expect? Is there a tug of war happening between diminishing benefit of Libor floors and pressure on interest coverage ratios vs. low default environment?
        • Is there an increased call risk in CLO equity? What strategies are being deployed here? i.e., Buy and hold vs. buy and call
        • Is CLO equity the best consensus trade in 2022? What are the risks and what are the investment strategies around it?
        • SOFR and CLO equity: What is the drag on equity returns due to mismatch? What is the most prevalent transition language in CLO equity docs, and what % of CLO equity would suffer from the hard-wired 26 bps language?
        • Impact of SOFR-LIBOR basis on CLO portfolios and equity distributions – E.g. How much of the switch will impact equity returns when the portfolio is at 25, 50 and 75 % SOFR?


        • Mike Peterson, founder (Dealscribe)
        • Olga Chernova, Chief Investment Officer (Sancus Capital Management)
        • Scott Snell, Principal and Portfolio Manager (Tetragon Financial Group)
        • Benjamin Tyszka, Managing Director (Ares Management)
        • Matthew Layton, Partner (Pearl Diver Capital)
        • Maggie Wang, Managing Director, Global Head of Structured Products Strategy (Citigroup)

      Track B 1:30 PM
      Women in CLOs: Parity and Performance

        • How women are dominating the ranks of the CLO and leveraged loan market and the ripple effect on performance
        • How better performing are diverse teams, and are we seeing increased DE&I terms factoring into transactions as a result of a post-pandemic focus on ESG?
        • How are gender viewpoints differentiated and what factors are taken into consideration? How does this ultimately impact performance?


        • Sonal Patel, Structured Finance/Capital Markets (Citibank, N.A.)
        • Rebecca O'Brien, Counsel (Clifford Chance US LLP)
        • Kirby Dianora, Senior Manager (Deloitte & Touche LLP)
        • Eileen Ho, Partner (Morgan, Lewis & Bockius LLP)
        • Michelle Manuel, Structured Credit | Portfolio Manager (Investec)

      Track A 2:15 PM
      "The Price is Right!": Secondary Market Trading

        • 2021/22 performance evaluation for mezzanine and equity.
        • Is a secondary trader going to have better liquidity? Does this overlap with the perception of tiering?
        • Trading impact and experiences, default projections, tranche downgrades, manager tiering, liquidity challenges, cut off cashflows and opportunities for refinancing
        • AMR technology and its impacts on traditional refinancing options, spreads, and manager/arranger relationships


        • Asif Khan, Managing Director, Global Head of CLOs (MUFG)
        • Reginald Fernandez, Executive Director (Natixis)
        • Patricia Antonios, Director (Eagle Point Credit Management)
        • Matthew Andrews, Managing Director, Head of Capital Markets - Structured Credit (CIFC Asset Management)
        • Justin Pauley, Head of CLO Capital Markets (Brigade Capital Management)
        • Jill Scalisi, Chief Engagement Officer (KopenTech)

      Track B 2:15 PM
      CRE CLOs: Expanding Momentum

        • Market outlook amid a distressed commercial real estate market
        • Static vs Managed, and other key structural trends
        • What are the key factors driving CRE CLO issuance, and what factors will most affect CRE CLO market activity over the coming year? E.g., SOFR Transition, Relative Value to other asset classes, macro real estate markets, rising rates, other black swans?
        • Are there signs of a maturing market, or is there still room for external growth? What models exist for new entrants, and how much more flexibility do managed structures provide?
        • How are investors viewing relative value for CRE CLOs across the product spectrum, activity between the primary and secondary market? What asset types are favourable to investors?


        • Jeffrey Rotblat, Partner (Cadwalader, Wickersham & Taft LLP)
        • Deryk Meherik, Senior Vice President/Manager, CRE CLO Ratings (Moody's Investors Service)
        • Scott Waynebern, President (Limekiln Real Estate Advisors)

      3:00 PM
      Networking Refreshment Break



      Track A 3:30 PM
      More than Plain Vanilla: CLO Structural Evolution

        • What main themes and trends are appearing in 2022 for CLO structures? Are we seeing post-pandemic structural enhancements emerge that favour certain transaction participants?
        • Longer term impact of loan only financing structures, and adverse selection, i.e., single-B concentrations
        • Balance sheet CLOs and credit risk transfer – How are market players utilising this part of the toolkit for dealing with capital requirements, internationally originated loans, access to term funding, etc.
        • Innovations in CLOs – Will 2022 finally be the year we see a more robust project finance and infrastructure CLO pipeline given further federal investment from the Infrastructure Bill? What would it take for this product to enter the mainstream?
        • How bespoke a role to multi-currency CLOs play in the market? What difficulties do they pose and what would it take for them to become more common? – Cross jurisdictional underwriting, buyer mandates, collateral diversification.


        • Robert Villani, Partner (Clifford Chance US LLP)
        • Paul St. Lawrence, Partner (Morgan, Lewis & Bockius LLP)
        • Sagi Tamir, Partner (Mayer Brown LLP)
        • Ian Gilbertson, Portfolio Manager (Invesco)

      Track B 3:30 PM
      What’s up docs?”: CLO Documentation Trends

        • Trends in the underlying document terms for CLOs.
        • What are the key areas of concerns for investors or are we seeing more flexibility emerging post-pandemic? Are certain transaction participants favoured in document terms?
        • What’s the strategy for sectors when the protections go wrong? Current trends in collateral and default protection
        • CSA or no CSA? Benefits for loan issuance?
        • Document innovation: How are CLO documents changing and does this impact equity?
        • Impact of tech/AI on documentation review


        • Laurent Chane-Kon, Director (Fitch Ratings)
        • Arthur Rublin, Partner (Mayer Brown LLP)
        • Nicole Bright, Associate (Paul Hastings)
        • Erald Sakiqi, Associate (Morgan, Lewis & Bockius LLP)
        • Luke Maiman, Associate (Allen & Overy LLP)

      4:15 PM
      The Innovation Game: Technology & the Future for CLOs

        • What data and analytic technology innovations are shaping the CLO market today? How are they influencing manager and investor strategies?
        • How do dealers and investors use technology and data as differentiators?
        • What are the problems which market participants are looking to technology to solve?
        • What new technologies are on the horizon for secondary trading?


        • William van Hertsen, Founder & CEO (New Debt Exchange)
        • Michael Pusateri, CEO (Siepe)
        • Vitaliy Kozak, CLO Trading (Citigroup)
        • Zeeshan Ahmed, Senior Sales Executive (FIS Global)
        • Brian Conroy, Founder & CEO (Bixby Research and Analytics)
        • Mia Qian, Associate CLO Portfolio Manager (Brigade Capital Management)

      5:00 PM
      Conference Concludes



Sponsors

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Advisory Board

Contact Us

Venue

  • Conference Venue
  • Marriott Marquis


    1535 Broadway
    New York, NY, 10036
    USA
    Fax: 212-704-8930

    Additional Info:

    Please use the link above to book a room in IMN's room block, pending availability, until our cutoff date of Friday, April 29th. 

    IMPORTANT NOTE: IMN has NOT retained a third party booking company to assist with reservations. If you are interested in making reservations at the Marriott Marquis, you will need to book directly with IMN. 

Speakers

Content/Audio Files

  • Only sessions that contain published presentations or audio files are shown here. To view full agenda please expand "Agenda" tab.

    Also please do not forget that if you are playing audio files on the mobile device (without being connected to WiFi), your Mobile/Cellural Internet data will be spent to play these audio files.
  • Monday, May 23rd, 2022
  • 12:30 PM

    KEYNOTE: Economic Outlook for Financial Markets



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 1:15 PM

    Mark, Set… CLO: Market Recap and Outlook



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 2:00 PM

    ESG CLOs: Moving from ‘Sustainable’ to ‘Conscious’



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 4:00 PM

    Middle Market CLOs and the Role of Private Credit: Where are we Headed?



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 4:45 PM

    CLO Manager Roundtable: Fundamentals and Technicals



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • Tuesday, May 24th, 2022
  • 9:00 AM

    Credit Fundamentals: The Leveraged Loan Market Outlook



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 9:45 AM

    Securing Yield: Investor Strategies & Opportunities Across the Capital Stack



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 11:00 AM

    The Evolving Manager Landscape: Evaluating Manager Tiers and Performance



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 1:30 PM

    Women in CLOs: Parity and Performance



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 2:15 PM

    "The Price is Right!": Secondary Market Trading



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 2:15 PM

    CRE CLOs: Expanding Momentum



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 3:30 PM

    More than Plain Vanilla: CLO Structural Evolution



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 3:30 PM

    What’s up docs?”: CLO Documentation Trends



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files
  • 4:15 PM

    The Innovation Game: Technology & the Future for CLOs



    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

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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