CLOs Summit 2014

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About The Conference

iGlobal Forum is pleased to announce the CLOs Summit 2014, which will take place on June 18th, 2014 in New York.  Substantial relative value in the CLO sector is catching the attention of many market participants. Sales surged in 2013 to the highest level since before the financial crisis, as investors sought out the higher yielding products. The issuance of innovative new products is accelerating, and re-financings are expected to become more commonplace.  But proposed regulations and a supply/demand imbalance are creating uncertainty; and many players are unaware of the procedures and timelines associated with re-financing, or how this relatively new industry trend will develop. iGlobal Forum’s intensive one-day meeting will put you face-to-face with the industry’s leading CLO managers, structurers, issuers and investors. You will hear which products investors are favoring, how they compare CLOs to other asset classes, and what needs to be done to expand the investor base.

Key Topics Covered

  • The impact of the Volcker Rule and risk retention on the CLO industry
  • How attractive CLO equity is, and how it compares with other alternative investments
  • The economic value of re-financing, and the mechanics and procedures
  • What investor appetite is for various parts of the capital stack
  • US vs. European CLOs – how the value propositions compare
  • What innovative products are on the horizon, and how they will benefit investors

Network With Leading

  • CLO Managers
  • Investors
  • CLO Structurers
  • CLO Rating Agencies
  • Law Firms
  • Investment Consultants
  • Financial Technology / Service Providers
7:45 am - REGISTRATION AND NETWORKING BREAKFAST
8:30 am - CHAIRPERSON WELCOME AND OPENING REMARKS
8:45 am - EXAMINING THE STATUS OF THE CLO INDUSTRY
  • Fundamental credit outlook - what will drive new issuance?
  • Where has there been growth in demand, and for what types of products?
  • What new products and innovations are on the horizon, and how will they benefit investors?
  • Who are the buyers of the different debt tranches?
  • How will retail investors behave going forward?
  • What are the implications of the demand/supply imbalance for CLO investors, deal terms and structures?
  • Relative value – primary vs. secondary markets
Michael B. Nechamkin

Michael B. Nechamkin

Senior Portfolio Manager

OCTAGON CREDIT

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John Popp

John Popp

Managing Director, CIG Global Head & CIO

CREDIT SUISSE ASSET MANAGEMENT

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Thomas Majewski

Thomas Majewski

Managing Partner

EAGLE POINT CREDIT MANAGEMENT

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David Frey

Moderator:

David Frey

Portfolio Manager

HIGHBRIDGE PRINCIPAL STRATEGIES

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9:30 am - HOW RISK RETENTION AND VOLCKER WILL IMPACT CLOs
  • How are leveraged transactions and the CLO investor base being affected by regulatory uncertainty?
  • How will CLO structures be affected if banks can’t hold AAA tranches?
  • How can the CLO industry re-structure itself to meet risk retention? Selling current holdings at a discount vs. bringing existing CLOs into conformance with regulations vs. structuring new deals
  • Defining ownership interest - how many structures are compliant, how many may be compliant, and how many aren’t?
  • How will re-financed deals be viewed under the proposed new regulatory framework?
  • What are the implications of Solvency II for insurance companies that invest in CLOs? Who are the natural buyers to replace them, if they leave the market?
  • Reconciling jurisdictional differences between Volcker limitations and risk retention requirements
  • Proposed OCC rules, and how they will affect the supply of corporate loans
  • Ensuring FATCA compliance in the CLO space
Elliot Ganz

Elliot Ganz

Executive Vice President & General Counsel

LSTA

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Vishwanath Tirupattur

Vishwanath Tirupattur

Managing Director, Credit Securitized Products Research & Strategy

MORGAN STANLEY

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Frederick Haddad

Frederick Haddad

Founding Partner & Senior Portfolio Manager

GOLDENTREE ASSET MANAGEMENT

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Magnus Wilson-Webb

Moderator:

Magnus Wilson-Webb

Managing Director, Strategy

BNY MELLON

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10:15 am - MORNING NETWORKING BREAK
10:45 am - SENIOR INVESTOR APPETITE: KEY DRIVERS & FUTURE TRENDS
  • How do AAA investors view CLOs in a post-regulatory environment?
  • Why aren’t spreads compressing, and what changes need to occur to expand the investor base?
  • Understanding investors’ motivations, and how CLOs and help them to realize their investment objectives
  • Will the AAA market tighten or widen?
  • Who will the next AAA investors be?
  • Finding relative value within the stack - what is investor appetite for various parts of the capital structure?
  • Comparing CLOs to relative value in other products
  • Who are the buy and hold investors, and how is that market evolving?
Scott Snell

Scott Snell

Portfolio Manager

BLACKROCK INVESTMENT MANAGEMENT LIMITED

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Edwin Wilches CFA

Edwin Wilches CFA

Portfolio Manager

PRUDENTIAL FIXED INCOME

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Joel Holsinger

Joel Holsinger

Managing Director

FORTRESS INVESTMENT GROUP

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Kevin Alexander

Moderator:

Kevin Alexander

Head of Fixed Income Americas

NATIXIS

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11:30 am - ASSESSING THE CLO MANAGER LANDSCAPE
  • What challenges do managers face when sourcing loans and managing deals?
  • CLO managers’ insights into the future of the market
  • Who are the CLO managers of the future?
  • How do zero bond CLOs affect managers’ investment styles?
  • Why are there so many small shops, and what benefits do they bring? Will there be another round of consolidation, and how might that evolve?
  • Examining the dynamics of different types of managers
  • Who is raising funds, and who isn’t?
Ken Kroszner

Ken Kroszner

Head of CLO Strategy

RBS

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Serhan Secmen

Serhan Secmen

Managing Director

NAPIER PARK GLOBAL CAPITAL

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Justin Bentley

Justin Bentley

Vice President

MADISON CAPITAL FUNDING

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Manish Valecha

Moderator:

Manish Valecha

Head of Research

GAPSTOW CAPITAL

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12:15 pm - NETWORKING LUNCHEON
1:15 pm - ROUNDTABLE DISCUSSIONS

Choose your table for a discussion with fellow attendees on the most pressing issues facing the industry. Network at small tables while participating in lively topical conversation. This provides an excellent opportunity to meet others in your industry in a unique setting.

Roundtable 1

Exploring the Role of Equity in CLOs

  • With loan spreads coming down and companies able to borrow more cheaply, how attractive is equity within CLOs?
  • How are managers generating returns for equity investors without sacrificing credit quality for debt investors?
  • How does CLO equity compare to other alternative investments?
  • Controlling investments vs. non-controlling investments
  • How do managers of equity investors that take controlled positions view a market that seems to have very little arbitrage?
John Clements

John Clements

Managing Director, Co-Head U.S. CLO Primary

CITIGROUP

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Roundtable 2

Re-Financing Activity: Future Trends & Best Practice

  • How will this new industry trend develop?
  • Calculating the economic value of doing a re-financing
  • What is the timeline associated with re-financings?
  • Handling the existing debtholders - do re-financings lead to a bifurcation or a cannibalization of investors?
  • Understanding the mechanics and procedures
Erik A. Falk

Erik A. Falk

Member & Co-Head of Leveraged Credit

KOHLBERG KRAVIS ROBERTS & CO.

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2:00 pm - FINDING RELATIVE VALUE IN THE CLO SPACE
  • Senior vs. mezzanine vs. equity - what is the most attractive tranche?
  • Playing relative value within the capital stack
  • Europe vs. the U.S. - comparing the value propositions, credit outlook and expected returns in each market
  • Relative value across primary and secondary markets
  • What is relative value across other products that provide similar access to the loan market as CLOs?
Ivo Turkedjiev

Ivo Turkedjiev

Vice President / Senior Trader

INVESCO

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Kashyap Arora

Kashyap Arora

Director

DFG INVESTMENT ADVISERS

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John Wu

John Wu

Senior Portfolio Manager, Head of Structured Products

CIFC ASSET MANAGEMENT

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Asif Khan

Moderator:

Asif Khan

Head of Structured Products Distribution

MITSUBISHI UFJ SECURITIES

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2:45 pm - ENCOURAGING NEW INVESTMENT IN THE CLO SECTOR
  • How can investors, who are considering an initial allocation to CLOs, compare them to other asset classes?
  • Should end-investors build an in-house CLO team or allocate to a manager in the space?
  • What is relative value across other products that provide similar access to the loan market as CLOs?
  • Encouraging new investors to enter the market - explaining how value is analyzed across a CLO’s capital structure
Jeffrey Prince

Jeffrey Prince

Managing Director & PM

BABSON CAPITAL MANAGEMENT

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Meric Topbas

Meric Topbas

Senior Vice President

CRESCENT CAPITAL GROUP

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Craig Benton

Craig Benton

Head of Structured Products

GOLUB CAPITAL

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Ryan Asato

Moderator:

Ryan Asato

Director - Head of U.S. CLO Strategy

BANK OF AMERICA MERRILL LYNCH

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3:15 pm - CHAIRPERSON'S SUMMARY AND NETWORKING

Speakers

Scott Snell

Scott Snell

Portfolio Manager

BLACKROCK INVESTMENT MANAGEMENT LIMITED

Scott Snell is a portfolio manager on the Bank Loans Portfolio team specializing in CLO secondary and new-issue

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Manish Valecha

Manish Valecha

Head of Research

GAPSTOW CAPITAL

Manish is responsible for strategy research, manager selection, due diligence and monitoring. Prior to joining

View More

Meric Topbas

Meric Topbas

Senior Vice President

CRESCENT CAPITAL GROUP

Meric Topbas is a Senior Vice President for Crescent Capital Group’s Capital Markets strategies focusing on

View More

Ken Kroszner

Ken Kroszner

Head of CLO Strategy

RBS

Ken leads CLO Strategy at RBS in the Americas, where he is responsible for developing investment strategies and

View More

John Clements

John Clements

Managing Director, Co-Head U.S. CLO Primary

CITIGROUP

John Clements is a Managing Director in the Global Structured Credit Group at Citi and is Co-Head of the CLO

View More

Justin Bentley

Justin Bentley

Vice President

MADISON CAPITAL FUNDING

Mr. Bentley is a member of Madison Capital’s Investment Management Group, focusing on the origination,

View More

Jeffrey Prince

Jeffrey Prince

Managing Director & PM

BABSON CAPITAL MANAGEMENT

Jeff Prince is a member of Babson Capital’s Structured Credit Team. He is responsible for CDO security analysis

View More

Michael B. Nechamkin

Michael B. Nechamkin

Senior Portfolio Manager

OCTAGON CREDIT

Mike is Senior Portfolio Manager at Octagon Credit Investors,  which manages of $8.7 Billion of leveraged loans

View More

Ivo Turkedjiev

Ivo Turkedjiev

Vice President / Senior Trader

INVESCO

Mr. Turkedjiev is a senior trader in Invesco's Senior Secured Bank Loan Group, responsible for trading and

View More

Kashyap Arora

Kashyap Arora

Director

DFG INVESTMENT ADVISERS

Mr. Arora is a member of DFG’s Structured Credit Investment team. He is responsible for trading CLO securities

View More

Edwin Wilches CFA

Edwin Wilches CFA

Portfolio Manager

PRUDENTIAL FIXED INCOME

Edwin Wilches, CFA, is a Senior Associate and portfolio manager for Prudential Fixed Income's Leveraged Finance

View More

Craig Benton

Craig Benton

Head of Structured Products

GOLUB CAPITAL

Craig Benton is the Head of Structured Products of Golub Capital, a nationally recognized credit asset manager

View More

Erik A. Falk

Erik A. Falk

Member & Co-Head of Leveraged Credit

KOHLBERG KRAVIS ROBERTS & CO.

ERIK FALK (New York) joined KKR in 2008 and is co-head of Leveraged Credit. Mr. Falk is also a member of KKR Asset

View More

Elliot Ganz

Elliot Ganz

Executive Vice President & General Counsel

LSTA

Elliot Ganz is Executive Vice President and General Counsel of the LSTA.  In that capacity he manages all aspects

View More

John Popp

John Popp

Managing Director, CIG Global Head & CIO

CREDIT SUISSE ASSET MANAGEMENT

John G. Popp is a Managing Director of Credit Suisse in the Asset Management business, based in New York. He is

View More

Joel Holsinger

Joel Holsinger

Managing Director

FORTRESS INVESTMENT GROUP

Joel Holsinger is a Senior Partner, MD and member of the investment committees in the Credit and Real Estate Funds

View More

Thomas Majewski

Thomas Majewski

Managing Partner

EAGLE POINT CREDIT MANAGEMENT

Tom is the Managing Partner and founder of Eagle Point Credit Management. Tom has been involved in the formation

View More

Serhan Secmen

Serhan Secmen

Managing Director

NAPIER PARK GLOBAL CAPITAL

Serhan Secmen, Managing Director, Structured Credit Portfolio Manager Serhan Secmen joined Napier Park Global

View More

Vishwanath Tirupattur

Vishwanath Tirupattur

Managing Director, Credit Securitized Products Research & Strategy

MORGAN STANLEY

View More

Magnus Wilson-Webb

Magnus Wilson-Webb

Managing Director, Strategy

BNY MELLON

Magnus Wilson-Webb is the global strategy manager for the financial institution industry segment within BNY

View More

Kevin Alexander

Kevin Alexander

Head of Fixed Income Americas

NATIXIS

Kevin Alexander is Managing Director, Global Head of Structured Credit & Solutions for Natixis. Mr. Alexander has

View More

Asif Khan

Asif Khan

Head of Structured Products Distribution

MITSUBISHI UFJ SECURITIES

Mr. Khan joined Mitsubishi UFJ Securities (USA) in March 2014 to head distribution efforts across structured

View More

David Frey

David Frey

Portfolio Manager

HIGHBRIDGE PRINCIPAL STRATEGIES

David Frey is a Portfolio Manager and head of the broadly syndicated loan and CLO investment business at

View More

Ryan Asato

Ryan Asato

Director - Head of U.S. CLO Strategy

BANK OF AMERICA MERRILL LYNCH

Mr. Ryan Asato is a director in Securitized Products Research.  He is the head of CLO strategy and a senior

View More

John Wu

John Wu

Senior Portfolio Manager, Head of Structured Products

CIFC ASSET MANAGEMENT

Mr. Wu joined CIFC in 2012 and has over 17 years of experience in the financial industry spanning structured

View More

Jamil Nathoo

Jamil Nathoo

Director - CLO Syndication

BNP PARIBAS

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Frederick Haddad

Frederick Haddad

Founding Partner & Senior Portfolio Manager

GOLDENTREE ASSET MANAGEMENT

Fred is a Partner and Senior Portfolio Manager responsible for bank loan investments. Prior to joining GoldenTree,

View More

Post-Conference Workshop

Re-Financing - Understanding the Mechanics & the Economic Value

Wednesday June 18, 2014 | 3:45 pm to 5:15 pm

Market spreads on CLO debt are tightening, encouraging equity holders to refinance the debt and take advantage of lower funding costs. By some estimates, around $50bn of CLOs may be refinanced throughout 2014 and 2015.

The interactive session will give you valuable insights into:

  • How this new industry trend will develop
  • Calculating the economic value of doing a re-financing
  • How to handle the existing debtholders - do re-financings lead to a bifurcation or a cannibalization of investors?
  • How notices go out, and who they go out to
  • Whether fees should be paid outside or inside the transaction
  • Amendments to documentation requirements in new deals


You will leave this session with a thorough understanding of the mechanics and procedures associated with doing a re-financing, as well as the timelines involved and the value for your business.

Jamil Nathoo

Jamil Nathoo

Director - CLO Syndication

BNP PARIBAS

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Terms and Conditions - Payment Policy

  • Payment is due in full at the time of registration and includes lunches, refreshments and detailed conference materials.
  • Your registration will not be confirmed until payment is received and may be subject to cancellation.

iGlobal Forum Cancellation, Postponement and Substitution Policy

  • You may substitute delegates at any time. iGlobal Forum does not provide refunds for cancellations.
  • For cancellations received in writing more than seven (7) days prior to the conference you will receive a 100% credit to be used at another iGlobal Forum conference for up to one year from the date of issuance.
  • For cancellations received seven (7) days or less prior to an event (including day 7), no credit will be issued. In the event that iGlobal Forum cancels an event, delegate payments at the date of cancellation will be credited to a future iGlobal Forum event. This credit will be available for up to one year from the date of issuance.
  • In the event that iGlobal Forum postpones an event, delegate payments at the postponement date will be credited towards the rescheduled date. If the delegate is unable to attend the rescheduled event, the delegate will receive a 100% credit representing payments made towards a future iGlobal Forum event. This credit will be available for up to one year from the date of issuance. No refunds will be available for cancellations or postponements.
  • iGlobal Forum is not responsible for any loss or damage as a result of a substitution, alteration or cancellation/postponement of an event. iGlobal Forum shall assume no liability whatsoever in the event this conference is cancelled, rescheduled or postponed due to a fortuitous event, Act of God, unforeseen occurrence or any other event that renders performance of this conference impracticable or impossible. For purposes of this clause, a fortuitous event shall include, but not be limited to: war, fire, labor strike, extreme weather or other emergency.
  • Please note that speakers and topics were confirmed at the time of publishing, however, circumstances beyond the control of the organizers may necessitate substitutions, alterations or cancellations of the speakers and/or topics. As such, iGlobal Forum reserves the right to alter or modify the advertised speakers and/or topics if necessary. Any substitutions or alterations will be updated on our web page as soon as possible.

Discounts

  • All discounts must require payment at time of registration and before the cut-off date in order to receive any discount.
  • Any discounts offered whether by iGlobal Forum (including team discounts) must also require payment at the time of registration.
  • All discount offers cannot be combined with any other offer
Park Lane Hotel Park Lane Hotel

Park Lane Hotel

36 Central Park S

New York, NY

 

(212) 371-4000

http://www.parklanenewyork.com

 

iGlobal Forum is pleased to be hosting the Summit at the luxury Park Lane Hotel in New York. Located on Central Park in the Midtown business district, the Helmsley Park Lane hotel is just steps from Fifth Avenue shopping, Broadway theaters, Museum Mile, Radio City Hall, and Lincoln Center.

 

For discounted room rates, please contact the Reservation Department at (212) 824-3147 by May 17th, 2014 and mention iGlobal Forum, or book online at: https://parklanenewyork.reztrip.com/rt/ext/promoRate?property=387&mode=b&pm=true&sr=47224&vr=3

Scott Snell

Scott Snell

Portfolio Manager

BLACKROCK INVESTMENT MANAGEMENT LIMITED

Scott Snell is a portfolio manager on the Bank Loans Portfolio team specializing in CLO secondary and new-issue

View More

Manish Valecha

Manish Valecha

Head of Research

GAPSTOW CAPITAL

Manish is responsible for strategy research, manager selection, due diligence and monitoring. Prior to joining Gapstow,

View More

Meric Topbas

Meric Topbas

Senior Vice President

CRESCENT CAPITAL GROUP

Meric Topbas is a Senior Vice President for Crescent Capital Group’s Capital Markets strategies focusing on

View More

Ken Kroszner

Ken Kroszner

Head of CLO Strategy

RBS

Ken leads CLO Strategy at RBS in the Americas, where he is responsible for developing investment strategies and

View More

John Clements

John Clements

Managing Director, Co-Head U.S. CLO Primary

CITIGROUP

John Clements is a Managing Director in the Global Structured Credit Group at Citi and is Co-Head of the CLO Primary

View More

Justin Bentley

Justin Bentley

Vice President

MADISON CAPITAL FUNDING

Mr. Bentley is a member of Madison Capital’s Investment Management Group, focusing on the origination, structuring

View More

Jeffrey Prince

Jeffrey Prince

Managing Director & PM

BABSON CAPITAL MANAGEMENT

Jeff Prince is a member of Babson Capital’s Structured Credit Team. He is responsible for CDO security analysis and

View More

Michael B. Nechamkin

Michael B. Nechamkin

Senior Portfolio Manager

OCTAGON CREDIT

Mike is Senior Portfolio Manager at Octagon Credit Investors,  which manages of $8.7 Billion of leveraged loans and

View More

Ivo Turkedjiev

Ivo Turkedjiev

Vice President / Senior Trader

INVESCO

Mr. Turkedjiev is a senior trader in Invesco's Senior Secured Bank Loan Group, responsible for trading and sourcing CLO

View More

Kashyap Arora

Kashyap Arora

Director

DFG INVESTMENT ADVISERS

Mr. Arora is a member of DFG’s Structured Credit Investment team. He is responsible for trading CLO securities with a

View More

Edwin Wilches CFA

Edwin Wilches CFA

Portfolio Manager

PRUDENTIAL FIXED INCOME

Edwin Wilches, CFA, is a Senior Associate and portfolio manager for Prudential Fixed Income's Leveraged Finance Team.

View More

Craig Benton

Craig Benton

Head of Structured Products

GOLUB CAPITAL

Craig Benton is the Head of Structured Products of Golub Capital, a nationally recognized credit asset manager with an

View More

Erik A. Falk

Erik A. Falk

Member & Co-Head of Leveraged Credit

KOHLBERG KRAVIS ROBERTS & CO.

ERIK FALK (New York) joined KKR in 2008 and is co-head of Leveraged Credit. Mr. Falk is also a member of KKR Asset

View More

Elliot Ganz

Elliot Ganz

Executive Vice President & General Counsel

LSTA

Elliot Ganz is Executive Vice President and General Counsel of the LSTA.  In that capacity he manages all aspects of

View More

John Popp

John Popp

Managing Director, CIG Global Head & CIO

CREDIT SUISSE ASSET MANAGEMENT

John G. Popp is a Managing Director of Credit Suisse in the Asset Management business, based in New York. He is the

View More

Joel Holsinger

Joel Holsinger

Managing Director

FORTRESS INVESTMENT GROUP

Joel Holsinger is a Senior Partner, MD and member of the investment committees in the Credit and Real Estate Funds at

View More

Thomas Majewski

Thomas Majewski

Managing Partner

EAGLE POINT CREDIT MANAGEMENT

Tom is the Managing Partner and founder of Eagle Point Credit Management. Tom has been involved in the formation and/or

View More

Serhan Secmen

Serhan Secmen

Managing Director

NAPIER PARK GLOBAL CAPITAL

Serhan Secmen, Managing Director, Structured Credit Portfolio Manager Serhan Secmen joined Napier Park Global Capital

View More

Vishwanath Tirupattur

Vishwanath Tirupattur

Managing Director, Credit Securitized Products Research & Strategy

MORGAN STANLEY

View More

Magnus Wilson-Webb

Magnus Wilson-Webb

Managing Director, Strategy

BNY MELLON

Magnus Wilson-Webb is the global strategy manager for the financial institution industry segment within BNY Mellon’s

View More

Kevin Alexander

Kevin Alexander

Head of Fixed Income Americas

NATIXIS

Kevin Alexander is Managing Director, Global Head of Structured Credit & Solutions for Natixis. Mr. Alexander has 17

View More

Asif Khan

Asif Khan

Head of Structured Products Distribution

MITSUBISHI UFJ SECURITIES

Mr. Khan joined Mitsubishi UFJ Securities (USA) in March 2014 to head distribution efforts across structured products.

View More

David Frey

David Frey

Portfolio Manager

HIGHBRIDGE PRINCIPAL STRATEGIES

David Frey is a Portfolio Manager and head of the broadly syndicated loan and CLO investment business at Highbridge

View More

Ryan Asato

Ryan Asato

Director - Head of U.S. CLO Strategy

BANK OF AMERICA MERRILL LYNCH

Mr. Ryan Asato is a director in Securitized Products Research.  He is the head of CLO strategy and a senior strategist

View More

John Wu

John Wu

Senior Portfolio Manager, Head of Structured Products

CIFC ASSET MANAGEMENT

Mr. Wu joined CIFC in 2012 and has over 17 years of experience in the financial industry spanning structured credit and

View More

Jamil Nathoo

Jamil Nathoo

Director - CLO Syndication

BNP PARIBAS

View More

Frederick Haddad

Frederick Haddad

Founding Partner & Senior Portfolio Manager

GOLDENTREE ASSET MANAGEMENT

Fred is a Partner and Senior Portfolio Manager responsible for bank loan investments. Prior to joining GoldenTree, he

View More

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