European CLOs
London, UK
April 2, 2019

Description

IMN returns with its established CLO series and the 6th Annual Investors’ Conference on European CLOs and Leveraged Loans, taking place 2 April 2019, in London. With European CLO issuance hitting record pace in 2018 and leveraged loan issuance accelerating $1.3 trillion, this conference is a major catalyst for the CLO and leveraged loan market in Europe.
 
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 239

To view audience list you must be signed in

Sign-In

Conference Highlights

Networking Tutorial

    Platform Introduction

    LOADING MEDIA...

    Getting Started

    LOADING MEDIA...

    Updating Personal Info

    LOADING MEDIA...

    Updating Demographics

    LOADING MEDIA...

    Searching By Name/Company

    LOADING MEDIA...

    Filter By Demographics

    LOADING MEDIA...

    Send Invitation

    LOADING MEDIA...

    Accept Invitation

    LOADING MEDIA...

    Messaging Connections

    LOADING MEDIA...

    Post Conference Content

    LOADING MEDIA...

Networking

To utilize our online networking platform, you must be registered for conference and signed-in

Sign-In

My Agenda

  • To view your agenda you must be signed in Sign-In

Agenda

    Tuesday, 02 April 2019

      08:00
      Breakfast and Registration Opens


      09:00
      Welcoming Remarks


        • Lauren Kerr , Conference Producer (IMN)

      09:05
      The European CLO Market: Will Pipeline Maintain Pace as it Races Against Records

        • What were the fundamental conditions driving the value of CLOs in 2018 in the primary market, and how do these compare to the drivers of 2019?  
        • Outlook for the next 12 months: What are managers doing to prepare for upcoming macro weakness? How might this affect CLO issuance? 
        • CLO, spread differentials and equity arbitrage reassessment 
        • Macroeconomics and political overview: What measures have managers taken to protect their portfolios for a post Brexit environment? How has Brexit influenced investment decisions (geography, industry exposure)
        • As a large number of warehouses open and potentially experience mark downs on the ramped portfolio, how will first loss investors, arrangers and managers react? Will arrangers continue to offer warehouses in the same volume and with the same terms following the Q4’18 loan market sell off? 
        • How are managers dealing with covenant lite and credit risk? What are the pressures from the underwriters?  
        • As the refinancing wave pipeline subsides, what will drive the decision making between refis and resets going forward? Have these been worked through after the tightening of spreads? Do resets make sense at this point with high costs involved?
        • Will the QE unwind continue as planned or will weak macro conditions force a change in policy?

        • Chris Porter , Head of Loan, Recovery & CLO Business Development EMEA (S&P Global Ratings)
        • Steven Paget , Managing Director (Angelo, Gordon & Co.)
        • Jonathan Butler , European Head of Leveraged Finance (PGIM Fixed Income)
        • Adrian Duffy , Senior Managing Director (Guggenheim Partners Europe Limited)
        • Matthew Layton , Partner (Pearl Diver Capital)
        • Florent Chagnard , Director (Credit Suisse)
        • Charles Hand , Managing Director (Bank of America Merrill Lynch)

      09:55
      Global Evaluation on Underlying Loans

        • The leveraged loan zombie effect: Are low interest rates on leveraged loans sustaining companies that should no longer be alive? Are we seeing a growing share of these leveraged loans issued by highly indebted companies? 
        • With global issuance of leveraged loans accelerating $1.3 trillion: Does this sound alarm bells on a deterioration in lending standards? Is a large loan market always a healthy loan market? 
        • How are documents operating in times of stress? Are documentation standards loosening as well as underlying loans, as new loans come into the market?  
        • How have managers positioned their portfolios as a consequence to the global growth of lower rate primary issuance?
        • Defining EBIDTA: What can be done within these documents to pay out self-dividends and sell off assets? Has the ECB guidelines on maximum leverage had much effect in curtailing leverage? 
        • How are rating agencies looking at business plans which rely heavily on add backs?
        • Why are European leveraged loans showing headwinds and U.S. loans showing speed bumps? What are the drivers in both loan markets? 
        • Spread outlook for the leveraged loan market 

        • David Gillmor , Head of Analytics, European Leverage Finance (S&P Global Ratings)
        • Sven Olson , Analyst (Angelo, Gordon & Co)
        • Nuno Caetano , Director & Portfolio Manager (Invesco)
        • Joyce DeLucca , Partner (Hayfin Capital Management LLP)
        • Todd Rothman , Managing Director, High Yield and Leveraged Loan Capital Markets (J.P. Morgan)
        • Brian Barnhurst , Portfolio Manager (PGIM)

      10:45
      Refreshment Break


      11:10
      Manager Tiering: How are Investors Evaluating Manager Performance

        • Distinguishing among CLOs: With 65 EU/1 GBP deal and €27 billion in issuance volume, how do you rank performance?
        • What qualities do investors look for in manager performance? 
        • How do smaller market managers or new entrants to the market rank amongst players? 
        • Has the risk retention ruling allowed for a more even playing field for U.S. managers to enter Europe in the last 12 months? Who has already traded, and what advice would they give for other foreign managers looking to establish an EU presence (funding resources, investor feedback and various models approached)?
        • How to evaluate which managers have better liquidity?
        • Is the loan market steady enough to allow for additional managers or will there reach a limit? 

        • Michael Malek , Director (Credit Suisse)
        • Olivier Genin , Senior Portfolio Manager (Amundi)
        • Dan Robinson , Chief Investment Officer, Europe (CIFC Asset Management)
        • Aza Teeuwen , Partner, Portfolio Manager (TwentyFour Asset Management)
        • Sid Chhabra , Head of Structured Credit (Bluebay Asset Management)

      12:00
      Watch out for the Speed Bumps: How can Europe Navigate the Regulation Road

        • Japanese Risk Retention:  What is happening and will it level the playing field between the US and Europe?
        • The coming end of LIBOR:  What does it mean for the global loan and CLO markets?
        • European CLO managers have settled into risk-retention rules: Will the new European Securitisation Regulation put a hand brake on managers wanting to close and price deals? How will collateral managers move forward in terms of reporting requirements? Will this lead to a stall in primary market pricing? 
        • Volker Act: The impact on corporate bond investment. Are investors switching out of loans to buy these high yield corporate bonds to free up cash and meet outflows?
        • How will UK collateral managers approach change, as the Brexit deadline hits March? If the U.K imposes higher fees, will managers have the provisions to be able to set up shop? 

        • Farooq Ahmad , Structured Credit Portfolios (Mount Street Portfolio Advisors)
        • Elliot Ganz , General Counsel and Executive Vice President (LSTA)
        • Nicholas Voisey , Managing Director (Loan Market Association)
        • Nick Shiren , Partner (Cadwalader, Wickersham & Taft LLP)

      12:50
      Delegate Luncheon


      Track A 14:00
      The Traders’ Roundtable: Managing an Increased Secondary Market

        • How liquid is the CLO market becoming as it continues to excel in growth? How is capital being deployed? 
        • As tranches tighten in the secondary market compared to primary (partially due to visibility on underlying portfolios), what are the pricing differences? 
        • Are CLO traders teaming up third party investors as a more common option to obtain a mandate?
        • Are CLO traders forming consortiums to maintain refis, resets and liquidations giving an advantage over managers? 

        • Ganesh Rajendra , Managing Partner (Integer Advisors)
        • Peter Cui , ABS/CLO Trader (Natixis)
        • Alex Navin , Vice President (Citi)
        • Antoine Dulucq , Director (NatWest Markets)

      Track B 14:00
      The 12 Month Credit Cycle Plan

        • How can the market prepare for a credit cycle?
        • What are bigger institutions doing to prepare for lower revenues to keep this market afloat?
        • What will happen to settlements?
        • Expectations for the trading desks: How might a market disruption impact liquidity?
        • Are U.S. leveraged loans having an effect on EU CLO pricing?
        • As the QE unwind accelerates sharply, what effect is this having on debt, credit spreads and pricing?

        • Stephan Plagemann , Chief Executive Officer (Mount Street Portfolio Advisors)
        • Matthias Neugebauer , Managing Director, Head of European Structured Credit (Fitch Ratings)
        • Tim Hougton , Head of Debt and Capital Markets (Cortland Part of Alter Domus Group)
        • Martin Hallmark , Senior Vice President (Moody's Investors Service)

      Track A 14:50
      The Rating Agency & Researchers’ Roundtable: From Data to Market

        • Comparative analysis of the research desks 
        • Data reassessment over the last 12 months: How do produce valuable data in such a competitive landscape and what is the due diligence required? 
        • Credit outlook: What are recovery rates predicted by rating agencies over cov-lite?
        • Rating agency analysis of CLO performance, structures and documentation: Key observations   
        • How to create a continuous source of transparent data 

        • Rondeep Barua , Vice President (Bank of America Merrill Lynch)
        • Christian Thun , Chief Executive Officer (European DataWarehouse)
        • Eric Hudson , Managing Director (Kroll Bond Rating Agency)
        • Rebecca Mun , Director (S&P Global Ratings)
        • Ian Perrin , Associate Managing Director (Moody's Investors Service)

      Track B 14:50
      CLO Equity Investor Perspectives

        • Document innovation: How are CLO documents changing and does this impact equity?
        • Debt versus equity investment analysis on CLO documentation
        • How important is liability pricing versus credit selection for equity performance over the long term?
        • CLO equity perspective on manager selection: Does published holdings have an effect on this compared to public market-to-market vehicles?
        • Is equity the most viable tranche as deployment of risk retention funds mean this capital now needs a home?
        • Does primary or secondary equity have better value?
        • Are spreads having an effect on CLO equity arbitrage?

        • Steve Baker , Primary CLOs (JP Morgan)
        • Vincent Ingato , Senior Portfolio Manager (ZAIS Group)
        • Jihan Saeed , Investment Director (Permira Debt Managers)

      15:40
      Refreshment Break


      16:05
      The CLO Investor Roundtable: Comparing the Capital Structure

        • Where do investors see value in the CLO business? 
        • How are macro conditions influencing CLO investor behaviour?
        • The future of CLO arbitrage? Has arbitrage weakened and liability costs tightened?
        • What are the structural themes and where does the balance lie between equity and debt friendly documents?
        • Evaluation of cov-lite underlying loans: What is the adverse effect on all investors? Does it lead to a better or weaker portfolio? 
        • What sectors are causing constraints and who is taking the lead? Criteria of a better-rated asset?
        • Are rating agencies pushing investors towards a cyclical portfolio: As CLOs are not market-to-market vehicles and can withstand some market volatility, does this allow for the correct combination of materials to create a cyclical investment? 
        • What is the reason for the AAA Japanese base moving forward in strength? Is there a price differential between a Japanese AAA deal and a non-Japanese AAA deal? 
        • Where does the money invested in CLOs originate? How evaluates the appetite from the asset management side for other CLO players? 
        *Hosted by  FIIN
        • Dimitris Papadopoulos , Head Structured Syndicate/CLOs (Natixis)
        • Colin Behar , Senior Investment Analyst (Prytania)
        • Harshit Shah , Senior Credit Analyst (Sumitomo Mitsui Trust Bank)
        • Michael Micko , Head of European Credit (Napier Park Global Capital LLC)
        • Jeff Soar , Director, CLOs (Blackrock)
        • Daniel Tobias , Partner (Cadwalader, Wickersham & Taft LLP)

      16:55
      The 6th Annual Investors’ Conference on European CLOs and Leveraged Loans Concludes and Networking Commences


Sponsors

Register

To register for this conference you must be signed in

  • Investor Rate - £795
  • CLO Manager Rate - £1,195
  • Issuer Rate - £1,195
  • Standard Rate - £1,895
Sign-In

Advisory Board

Contact Us

Venue

  • Conference Venue
  • London Hilton on Park Lane


    22 Park Lane
    London, , W1K 1BE
    England

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


View Full Site
You need to login before accessing this section. Click "Login" from bottom menu.

Please sign in

Create Account Recover Password Sign in with LinkedIn

Enter Your Email: