European CLOs and Leveraged Loans
London, UK
March 31, 2020

Description

IMN returns with its established CLO series and the 7th Annual Investors’ Conference on European CLOs and Leveraged Loans, taking place 31 March 2020, in London. CLO managers looking to market their latest offerings and investors seeking yield in the asset class will have many opportunities to network pre, during and post-event, in the exhibit hall and sponsor-hosted private meeting spaces.
 
Our attendees gain a competitive edge from attending the sessions hosted over this one-day conference, and features speakers whose expert insights provide thought provoking discussions and timely content amongst a post-Brexit era.

Who Should Attend
  • Structured Credit Bankers and Lawyers
  • CLO Managers and Investors
  • Rating Agencies
  • Trustees and Servicers
  • Financial Technology Providers
  • Financial Service Providers with an interest in the Leveraged Loan & CLO Market

Issuers & Investors 232

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My Agenda

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Agenda

    Tuesday, 31 March 2020

      08:00
      Breakfast and Registration Opens



      09:00
      Welcoming Remarks



      09:10
      The European CLO Market: Can Maturity Prevail Through Global Volatility?

        • What are the fundamental conditions driving the value of CLOs in 2020 in the primary market? Is the cyclical end, oversupply of equity and secondary market putting too much pressure on the primary rate?
        • Records of primary issuance amid record tight liability spreads: Can this robust market prevail throughout global volatility? Is the market showing caution ahead of some uncertainty including the issue of downgrades?  
        • Macroeconomics: Will Brexit have an impact or does the set pricing allow for minimal disruption in this market? Are Asian investors questioning the noise around Brexit and taking a step back?
        • Year of the BB: Performance, repricing and tightening of spreads
        • With lack of capital strain and tightening of CLO notes, how much further will arbitrage continue to weaken?   
        • How are arrangers and managers preparing for the high number of underwater warehouses  
        • Data and analytic technology market innovations: How can these shape the CLO market
        • Expectations for the trading desks: How might a market disruption impact liquidity?


        • Aly Hirji, Portfolio Manager (BlackRock)
        • Alan Kelly, Partner, Credit (Apollo Global Management LLC)
        • Matthew Layton, Partner (Pearl Diver Capital)

      10:00
      Transatlantic Comparison of Loan Performance

        • Economic growth and its impact on leveraged loans: Recession risk, Brexit and the trade war
        • Are loans operating on underperformance? Are we see a decreased loan market and pricing? How is this affecting the arbitrage?
        • What are the drivers behind consumer and non-durables loan flow? Does this help avoid cyclical issues?
        • Why does the U.S. see better revenue base and act more comfortably with higher leveraged risks? E.g. tech sector and software base
        • Are we seeing an increased amount of U.S. collateral going into European CLOs? 
        • Loan documentation review and role of private equity versus debt
        • Spread outlook for the leveraged loan market
        • Mezz pricing: Why are BBB on negative watch and CCC creeping up to 7% triggers? Is this negative outlook representative of future weakness? Is there an option to remove this tranche similar to the U.S.?
        • Credit outlook: What are recovery rates predicted by rating agencies


        • Madelaine Jones, Managing Director & Portfolio Manager (Oaktree Capital)
        • Alex Leonard, Senior Managing Director (GSO Capital Partners/Blackstone)

      10:50
      Refreshment Break



      11:15
      Regulatory Route Map: The “Siri” CLO Guidance

        • Impact of STS regulation on European investors? Has this affected participation outside of Europe? What practical steps can managers take in the coming months?
        • Outlook post elections and Brexit for UK collateral managers
        • Will the ECB accommodating efforts help push low inflation back towards it target?
        • LIBOR transition: How to prepare your negotiation language around transactions


        • Meredith Coffey, Executive Vice President of Research & Analysis (LSTA)
        • Anne-Laure Condat, Manager, Benchmarks Policy Team (Financial Conduct Authority)

      12:00
      Manager Tiering: Managing Perception and Performance

        • Manager perspective: Ranking performance, comparison of actions. Is your style to take a hit and run or does it cause for reflection?
        • Investor differentiation: How does a mezz and equity investor differ in their requirements with regards to manager performance?
        • How to evaluate which managers have better liquidity?
        • How do newer entrants/smaller managers rank amongst the more seasoned market players? What style are they bringing to the table? Advice for launching a new CLO
        • Loan trader perspective: Is the market steady enough to accommodate additions?  


        • Jonathan Butler, European Head of Leveraged Finance (PGIM Fixed Income)

      12:45
      Delegate Luncheon



      Track A 13:50
      Breakout Session: CLO Structural Innovation

        • Structure analysis of recent deals: Is there a focus on lower rated credit? Or avoidance?
        • Structural imbalances in the market: If we are in CLO 3.0, what does 4.0 look like?
        • As the product evolves, are we seeing flexibility around the structure as well as trading flexibility?
        • Alternative CLO structures: Will the next version of the CLO structure vary according to balance the market? Does this make it less robust?
        • In a period of increased volatility and new terms of default, do you want to keep your leverage low?
        • Will this help increase issuance as we face some problematic market features


      Track B 13:50
      Europe’s Mid-Market Opportunities

        • Mega in the middle: Are emerging managers representing a compelling market opportunity?
        • Is middle market direct lending demonstrating a more attractive relative value in Europe and generating solid risk adjusted returns?
        • Why are middle market loans structured with greater protections compared to BSLs?
        • Are non-bank direct lenders filing a void in this marketplace?
        • How does the market compare to the U.S. and will these lenders continue to emerge given 2020’s expectations?


        • Oliver Fochler, Managing Partner, Chief Executive Officer (Stone Mountain Capital LTD)
        • Lars Scmidt-Ott, Managing Director (Bespoke Capital)

      Track A 14:35
      The Equity Investor: Why so Attractive?

        • How are CLO managers making returns work for them?
        • What is the impact of the risk retention funds on the CLO market and investors?
        • Spreads: What questions will continue given arbitrage has struggled?
        • What types of fees and economics are being given up to balance this out?
        • Does primary or secondary equity have better value?


        • Vincent Ingato, Managing Director & Portfolio Manager (ZAIS Group)

      Track B 14:35
      CLO ESG Fever

        • Rating agency perspective: Analysis of ESG going into CLO documentation
        • Are documents ticking the right boxes? How do you provide a source of transparent data?
        • Investor education: Products, policies, and positioning
        • What makes an investor comfortable?


        • Maximilien Faré, Senior Director (Mount Street Portfolio Advisers)
        • Tyler Wallace, Portfolio Manager (Fair Oaks Capital)

      15:20
      Refreshment Break



      15:40
      Snapshot: Rating Agency Perspective

      • Rating agency view of the underlying collateral and manager tiering. Submit questions through Sli.do.com to be addressed throughout session.

      16:10
      The CLO Investor Roundtable: Securing Yield

        • Where do investors see value in the CLO business? How do CLOs offer advantages over other structured products and credit assets? 
        • What part of the CLO capital structure offers the best relative value? 
        • What has been driving the mezzanine widening? Predictions for the yield curve
        • Should equity investors be looking more at relative value and moving their money into other areas of the stack?
        • Evaluation of cov-lite underlying loans: What is the adverse effect on all investors? Does it lead to a better or weaker portfolio?
        • What is the reason for the AAA Japanese base withdrawing? Did the market suffer or demonstrate further strength?


        • Sharif Anbar-Colas, Portfolio Manager for Structured Credit (Kartesia)
        • Vedanta Bagchi, Director, Investment Office (Commerzbank AG)
        • Michelle Manuel, Credit Investments (Investec Bank Plc)
        • Florian Viros, Structured Credit Analyst (Carmignac)
        • Maria Rassam, Portfolio Manager (Blackrock)

      16:55
      Conference Concludes and Cocktail Reception Commences



Sponsors

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  • Investor Rate - £795
  • CLO Manager Rate - £1,195
  • Issuer Rate - £1,195
  • Early Bird Rate - £1,695
  • Standard Rate - £1,895
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Advisory Board

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Venue

  • Conference Venue
  • London Hilton on Park Lane


    22 Park Lane
    London, , W1K 1BE
    England

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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