CRE CLOs
New York, NY
March 12, 2020

Description

IMN's 2nd Annual Investors' Conference on CRE CLOs will take place March 12, 2020 in New York City. After the successful launch event in 2019, this new edition will kick off IMN’s CLO Series, ahead of the largest annual global gathering of the CLO and leveraged loans industry in Europe and New York.

As the market is maturing for this re-emerged asset class, 2019 demonstrated to be another breakout year in terms of liquidity and a higher number of market makers establishing themselves. Issuance surpassed $19 billion, a 40% year on increase, showing evidence of a resilient and maturing market. 
 
The conference provides a platform for CRE CLO issuers and CRE lenders to engage with the leading practitioners, structurers, legal advisors and an extended CLO investor base that seek yield in this market.

Who Should Attend
  • Commercial Real Estate Lenders 
  • CRE CLO Issuers
  • CRE CLO Structurers and Bankers
  • Legal and Financial Advisors
  • Investors
  • Rating Agencies
  • Commercial Real Estate Servicers 
  • Other Financial Service Providers

Issuers & Investors 154

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Agenda

    Thursday, March 12th, 2020

      8:30 AM
      Registration & Delegate Breakfast Hosted By:



      8:30 AM
      Networking Breakfast: Women Claiming Turf in CRE CLO Land

      • Pre-conference networking breakfast with guest speaker.  Host sponsorship opportunity available .

      9:35 AM
      IMN Welcome Note



        • Lauren Kerr, Director of Programming (IMN)

      9:40 AM
      Chair's Opening Remarks



        • Steven T. Kolyer, Partner (Sidley Austin LLP)

      9:50 AM
      Continuing the CRE CLO Momentum: Market Overview

        • Headwinds and tailwinds: What influenced the 40% spark in 2019 issuance and can this continue to grow for 2020?
        • Pricing and relative value of the CRE CLO product compared to other ABS asset classes. Are we seeing a wave of positive pricing? Secondary liquidity of CRE CLOs
        • Is there an increase on resources and capital on non-securitized assets?
        • Macroeconomic outlook: How will the 2020 election and interest rates affect the appeal of this funding option?
        • Product value: Why should you buy into CRE CLOs if you are not in a real estate business?
        • Can this market show resilience through a market downturn in existing deals as well as new issuance?


        • Avinash Sharma, Executive Director (J.P. Morgan)
        • Steve Baumgartner, Chief Innovation Officer (Trepp, LLC)
        • Roger Boone, Director (Shelter Growth Capital Partners)
        • Jim Chung, Partner & Chief Investment Officer (Bridge Investment Group)
        • Raul Orozco, Managing Director (Citi)
        • Harris Trifon, Co-Head of Mortgages and Consumer Credit (Western Asset Management)

      10:40 AM
      Refreshment Break Hosted By:



      11:05 AM
      CRE CLO Issuers’ Roundtable: Assessing the Lending Landscape

        • 2020 originations
        • Comparison of supply, scale and underlying collateral
        • Credit assessment of originating loans: What types of bridge loans and collateral are going into CRE CLOs? Structural features, liquidity and secondary market exposure
        • Loan modifications: Longer asset tenure, cost amortization and effectiveness 
        • Will evolution in documentation limit an issuer’s ability to modify a loan within a CRE CLO over a longer managed deal?  
        • What is next for this product: Can this finance tool include construction loans, mezzanine loans, and how much is the envelope being pushed on managed deals? Are static deals even really static?
        • At what point does securitization and capital markets financing make sense?


        • Kunal Singh, Managing Director (J.P. Morgan)
        • Jeff Baevsky, Executive Managing Director (Greystone)
        • Jim Dunbar, Senior Managing Director (Värde Partners, Inc.)
        • Gene Kilgore, Executive Vice President of Structured Securitization (Arbor Realty Trust, Inc.)
        • Steven T. Kolyer, Partner (Sidley Austin LLP)
        • Jason Ruckman, Managing Director (TPG Real Estate)

      11:55 AM
      Keynote Fireside Chat



        • Cathy Cunningham, Finance Editor (Commercial Observer)
        • Stephen Rosenberg, Founder, President & Chief Executive Officer (Greystone)

      12:20 PM
      Delegate Luncheon



      1:20 PM
      Analysis of the Modern Day CRE CLO Structure

        • How do issuers assess long term funding of assets?
        • What are the challenges surrounding reporting, transparency and asset management?
        • Offering and deal structures: What makes the investor feel confident about this product?
        • What CRE sectors are favored and markets appealing?
        • How do you structure around the challenges?


        • Jeffrey Rotblat, Partner (Cadwalader, Wickersham & Taft LLP)
        • Michael Barbieri, Vice President (Goldman Sachs)
        • Abbe Franchot Borok, Managing Director (Amherst Capital)
        • Simon Miller, Portfolio Manager, CRE/ CMBS (DoubleLine)
        • Manish Rajguru, Senior CMBS Portfolio Manager (Lord, Abbett & Co. LLC)
        • Shannon Stotts, Managing Director (Resource Real Estate)

      Track A 2:10 PM
      Snapshot: Newer Entrant Models

      • Aimed to increase knowledge and comfort of product for investors and arrangers who can discuss the credit story in an interactive setting with the newer entrants.
        • How much flexibility does active management provide a new issuer?
        • Warehouse origination: How do you make your credit decision process when originating?
        • What types of sponsor/borrowers do you target?


        • Matthew Heslin, Senior Vice President (Colony Capital)
        • David Scoralle, Managing Director (Starwood Property Trust)
        • Dan Vetter, Co-Founder & Chief Investment Officer (M360 Advisors)
        • Scott Waynebern, President (Limekiln Real Estate Advisors)

      Track B 2:10 PM
      Breakout Session: Maintaining Servicer Commitment

      • Get to know your servicer! Find out the roles of the servicer and special servicer, the peculiarities of the servicing standard, cashiering role, and benefits of non-pooled pari-passu participations. Submit questions through Sli.do.com to be addressed throughout session.

      Track A 2:35 PM
      Snapshot: Rating Agency Perspective

      • Rating agency view of the underlying collateral and manager tiering 

        • Matt Lyons, Partner (Clifford Chance US LLP)
        • Deryk Meherik, Senior Vice President, CRE CLOs Lead Analyst (Moody's Investors Service)

      Track B 2:35 PM
      LIBOR Transition: Managed versus Static

      • How does the investor, issuer and trustee become more comfortable with this transition as standards remain in flux

        • Matthew Jordan, Shareholder (Polsinelli)

      3:00 PM
      Refreshment Break



      3:20 PM
      CRE CLO Investors’ Roundtable: Across the Capital Stack

      • This panel will compare various parts of the capital structure including AAA; equity; to the much riskier tranches and even a non CRE CLO investor. Please submit questions through www.sli.do.com to each of your investors.
        • Evaluation of the collateral structure
        • Issuer tiering: Quality reporting and standardization
        • Balancing the needs of investors across the capital structure


        • Richard D. Jones, Partner (Dechert LLP)
        • Tim Geraghty, Director, Capital Markets Lead (Waterfall Asset Management)
        • Wendy Pei, Managing Director (Ellington Management Group)
        • Meena Pursnani, Director (MetLife Investment Management)

      4:00 PM
      Conference Ends and Networking Reception Commences. Networking Reception Hosted By:



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  • Investor Rate - $795
  • CLO Manager Rate - $1,095
  • Issuer Rate - $1,095
  • Standard Rate - $1,795
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Advisory Board

Keynote

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Venue

  • Conference Venue
  • Marriott New York Downtown


    85 West Street at Albany Street
    New York, NY, 10006
    USA

    Additional Info:

    Discounted reservations are available on a limited basis until February 19, 2020.  Reservations can be made using the booking link above. IMPORTANT: IMN has not retained a third party booking agent to assist with reservations.  All reservations for this conference must be made using the booking link above.

Speakers


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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