CLOs & Leveraged Loans
New York, NY
May 20 - 21, 2019

Description

IMN is excited to announce the 2019 edition of the largest global gathering of the CLO and leveraged loans industry, May 20-21, in New York City. The 8th Annual Investors’ Conference on CLOs and Leveraged Loans program is host to over 1,600 attendees, and a facilitator of hundreds of 1:1 private investor and CLO manager meetings, making this industry conference a major catalyst for structured product deal flow in the United States.
 
CLO managers looking to market their latest offerings and investors seeking yield in the asset class will have many opportunities to connect 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 day-and half conference, and features speakers whose expert insights provide important industry and regulation updates, key trends, opportunities and challenging headlines facing the leveraged loans market.
 
A must-attend event, IMN’s CLO industry conference is a platform that informs, engages and delivers a competitive edge for the U.S. structured finance community.

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

Issuers & Investors 559

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My Agenda

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Agenda

    Monday, May 20th, 2019

      11:00 AM
      Delegate Registration Opens


      12:30 PM
      Pre-Conference Workshop: CLO Analysis

      • This workshop will provide attendees with a basic analysis and “101” break down of the CLO structure, the definition of a leveraged loan and broadly syndicated loans, and other key fundamental concepts in the CLO sector aimed towards analysts and those looking at CLOs in their strategic asset allocation

      1:10 PM
      Pre-Conference Workshop: JP Morgan CLO Index

      • Analysis and break down of J.P. Morgan’s benchmark CLO indexes aimed at investors  

      1:50 PM
      Host’s Welcome and Opening Remarks


      2:00 PM
      Macro Credit: The Leveraged Loan Finance Arena

        • Forecasts ahead of the 2020 election: How is the geopolitical world affecting leveraged financing?
        • Does the pace of growth of leveraged lending reflect a subprime mortgage market? Do underwriting standards show similarities, or is this analysis showing factual errors?   
        • Are corporate tax policies slowing down M&A activity? How has 12 months into the tax reform affected demand for new corporate loans? 
        • What macroeconomic factors are affecting the underlying collateral: China Trade War to other high yield markets 
        • Loan documentation review: Will we start to see covenants return? 
        • Credit cycle checkpoint: Has the cycle been extended by the recent bullish tone? What does this mean for floating rate instruments and notes?
        • Retail versus the broader loan market: Is the broader market robust enough to prevail? What are the drivers behind the retail loan flow? 
           

        • Rob Robis , Senior Vice President, Global Fixed Income Strategy (BCA Research)

      2:50 PM
      Keynote Address: The Impact of the Federal Reserve on Leveraged Lending


        • David Bowman , Special Adviser to the Board (Federal Reserve System)

      3:20 PM
      Refreshment Break


      3:40 PM
      Myth vs. Reality: Addressing the Headlines

        • Overview of the 2018/19 headlines: Researcher versus reporter 
        • Evaluation of the loan market liquidity and record outflow from mutual funds: Where do the industry sectors fall on the battlefield of the $1.4 trillion loan market 

        • Matt Wirz , Reporter (The Wall Street Journal)

      4:25 PM
      Credit Fundamentals: CLO and Loan Document Trends

        • Analysis of covenant reviews: What are the strategies? Are we seeing an increased defensive posture in relation to credits and documentation? 
        • Rating agency perspective: Why are all terms on a negative outlook?  

        • Allison Salas , Director, Structured Finance, CLOs (Deutsche Asset & Wealth Management)
        • Dagmara Michalczuk , Portfolio Manager (Tetragon Financial Group)

      5:10 PM
      The 8th Annual Investors' Conference on CLOs & Leveraged Loans Welcoming Cocktail Reception


    Tuesday, May 21st, 2019

      8:00 AM
      Delegate Breakfast & Registration


      8:45 AM
      Pre-Conference Workshop: Are Women Claiming Turf on Wall Street?

      • How women are dominating the ranks of the CLO market and the ripple effect on CLO performance

      9:15 AM
      Market Recap and Prediction: Can this Red Hot Market Continue to Burn Bright?

        • 2018 eclipsed the all-time record CLO issuance with more than $128 billion: Did this asset class finally reach its peak? 
        • Is the geopolitical stratosphere and strong economy boosting CLO portfolio performances?
        • Will we start to see a downwards creep as we enter a credit cycle? 
        • New issue loan market: Are we seeing increased bifurcated liabilty tranches? 
        • The economics of refinancing and resets
        • How far will warehouse equity investors go to price a deal with an underwater warehouse?  
        • Year in review: How did risk retention shape the CLO market? Are managers continuing to deploy capital? 
        • Arbitrage prediction: Will we see challenges for CLOs despite higher yielding assets?
        • 2019 volume prediction forecast 

        • Thomas Majewski , Managing Partner & Founder (Eagle Point Credit Management)

      10:15 AM
      LSTA Keynote Address: Navigating the Legal LIBOR Crossroad

        • What LIBOR contractual fallbacks are in place and what are the various triggers?
        • How is the language being written, tailoring to the specific features of this transition for loans against structured products? 
        • Are Euribor benchmarked loans hitting a similar dead end? 
        • How will these facility amendments impact loan documentation? 

        • Meredith Coffey , Executive Vice President of Research & Analysis (LSTA)

      11:00 AM
      Refreshment Break


      Commence Tracks A-B


      Track A 11:20 AM
      Securing Yield: Spotting Opportunities Across the Horizon

        • Is AAA CLO tranche investment becoming stale, or does stable credit quality remain attractive?  
        • How will loan and CLO issuance impact tranche levels? 
        • What part of the CLO capital structure offers the best relative value? 
        • How do CLOs offer advantages over other structured products and credit assets? 

        • Justin Pauley , Senior Structured Credit Analyst (Brigade Capital Management, LLC)
        • Amir Vardi , Managing Director, Structured Products Portfolio Manager (Credit Suisse Asset Management)
        • Gretchen Lam , Senior Portfolio Manager (Octagon Credit Investors)

      Track B 11:20 AM
      Technology Developments to Elevate CLO Manager Strategies

        • How to leverage AI and machine learning in CLOs
        • Data and analytic technology market innovations: How can these shape the CLO market

      12:05 PM
      Delegate Luncheon


      Track A 1:10 PM
      Stuck Between a Rock and a Hard Place: Middle Market vs. Broadly Syndicated Loans

        • Comparison of middle market and BSLs: Are we seeing more middle market CLOs and financing facilities?
        • Are these loans being held on bank balance sheets?
        • Are originated middle market loans structured with greater lender protections compared to BSLs? 
        • Rating agency shadow rating and stress tests
        • Is there a sufficiently robust and transparent database on middle market performance? 
           

      Track B 1:10 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 
        • Where are managers deploying their risk retention capital 12 months later?
        • Differences in US vs. Europe loan markets 
        • Outlook post-Brexit? How will U.S. investors position their portfolio for a China Trade War?
        • Nuances in Euro CLOs compared to US CLOs

      Track A 1:55 PM
      The Innovation Game: Alternative CLO Structures

        • Year of the short deal: Market value CDOs, CBOs, low levered CLO and static CLOs 
        • Stress CLOs: Are we seeing an increased issuance in CCC deals?
        • Are these new and revised pre-crisis structures confusing the market?
        • Non plain vanilla CLO static deals: Will this niche provide mechanics to exit warehouse financing?  
        • Is there an increase in equity investment overlap between CDOs and CLOs? Does this provide further equity arbitrage amongst regulatory struggles?
        • How liquid are these chocolate version CLOs in comparison to plain vanilla?

        • Serhan Secmen , Managing Director & Portfolio Manager (Napier Park Global Capital)

      Track B 1:55 PM
      Manager Tiering: Qualities that Make an Investor Swipe Right

        • Choosing your CLO players: With $128 billion in issuance volume, how do you narrow down your team?  
        • Are we seeing an increase in the number of smaller players entering the market since risk retention? Does the world need another CLO manager?  
        • Manager evaluation: What qualities do investors look for in manager performance? 
        • How to evaluate manager liquidity
        • Investor perspective on par build during Q418 volatility   
        • Is secondary trading start to overlap with the perception of tiering?

      Track A 2:40 PM
      CRE CLOs: Expanding the Product

        • Market outlook: Is this revised CRE CDO asset class here to stay
        • 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

      Track B 2:40 PM
      Market Entry Strategies: The Pioneers vs. Late Arrivals

        • How are smaller managers making their footprint amongst the seasoned players?
        • Have new managers been accurately tested since they came into market after the oil and gas issues?
        • Does collateral manager size have an impact? 
        • Comparison of new recruits as well as the established players with new shops to roadshow: Why enter the market now and what style are you bringing to the table? 
           

      3:25 PM
      Refreshment Break


      4:00 PM
      Investor Roundtable Boxing Ring: Comparing the Capital Stack

      • Roundtable 1: Investing in Mezzanine Debt
        • What has been driving the BB/B widening? Where will this forecast by year-end? 
        • Predictions for the mezzanine yield curve 
        • What CLO metrics are important to a CLO mezz investor?
        • What risks can you prepare for at this stage in the credit cycle? Can BBs really become impaired? 
        Roundtable 2: The Par of the Equity Investor
        • Risk and opportunities: Do par flushes help to reduce the equity investor risk? What are the expectations for 2019? Will defaults pick up? 
        • 12 months in: How has the equity investing landscape evolved since the rollback of Risk Retention?
        • Should equity investors be looking more at relative value and move their money into other areas of the stack?

        • Laila Kollmorgen , Managing Director (PineBridge Investments)
        • Dan Ko , Principal & Portfolio Manager (Eagle Point Credit Management)
        • Benjamin Tyszka , Managing Director (Ares Management)

      5:00 PM
      The 8th Annual Investors' Conference on CLOs and Leveraged Loans Concludes


Sponsors

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  • Investor Rate - $995
  • CLO Manager Rate - $1,395
  • Issuer Rate - $1,395
  • Early Bird Rate - $1,995
  • Standard Rate - $2,095
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Keynote Speaker

Advisory Board

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Venue

  • Conference Venue
  • Sheraton New York Times Square Hotel


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

    Additional Info:

    In order to make a discounted reservation at this hotel please use the above link.  Discounted reservations will be available on a first come first served basis until May 6, 2019. PLEASE NOTE: IMN has not retained any third party booking company to assist with reservations.  If you would like to make a reservation at the Sheraton you must use the booking link above.

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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