CRE CLOs: The Resurgence of CLOs – Risks, Rewards and Legalities

September 12th, 2019 | New York

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About The Conference

iGlobal Forum is pleased to present the upcoming CRE CLO Workshop on Thursday, September 12, 2019 in New York City. Commercial Real Estate Collateralized Loan Obligations are experiencing a come-back since the crisis, propelled by rising interest rates, lowering bond prices and multiple high-profile CLOs. iGlobal Forum’s CRE CLO Workshop will give you a clear inside view of the constantly changing and expanding environment of 2019. The workshop sessions are deliberately interactive to provide a platform that is conductive to learning, sharing experiences and identifying new areas for growth. You will meet and network directly with senior-level representatives from real estate firms, developers, and real estate owners & operators, senior & mezzanine lenders, institutional investors and family offices, asset managers and allocators, attorney and accountants.

Key Topics Covered

  • Understand the risks and rewards in the current US CRE CLO outlook
  • Leverage key CRE CLO drivers and tax policy implications of CRE CLO supply
  • Best weigh out your debt financing options by understanding key distinctions between CLOs, CDOs and CMBS
  • Differentiate between static versus managed structures and the pros and cons of each
  • Successfully build a CRE CLO through portfolio management and negotiation
  • Understand rating agency methodology and it's importance to the success of your CRE CLOs
  • Gain key insights into lender's and borrower's perspectives for decision-making and selecting deal partners

Network With Leading

  • CLO Managers
  • 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

Speakers

Edward Dittmer

Edward Dittmer

Senior Vice President

NORTH AMERICAN CMBS DBRS

Edward Dittmer, CFA, is Senior Vice President for North American CMBS at DBRS, Inc. Prior to DBRS, he was Senior

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Avner Husen

Avner Husen

Managing Director

FORTRESS INVESTMENT GROUP

  • Mr. Husen is a Managing Director of the Fortress Credit Funds Business, co-heads the Structured Products

View More

Stewart McQueen

Stewart McQueen

Partner, Finance Commercial Mortgage-backed Securities

DECHERT LLP

Stewart McQueen, a partner in Dechert's global finance practice, focuses his practice on securitization

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Lea Overby

Lea Overby

Head of CMBS Research

WELLS FARGO SECURITIES

Lea Overby is a Managing Director and Head of Commercial Mortgage Backed Securities (CMBS) Research, within

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Patrick Mattson

Patrick Mattson

COO

KKR

Patrick Mattson (New York) joined KKR in 2015 and is the Chief Operating Officer of the Real Estate Credit group

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Joseph Iacono

Joseph Iacono

CEO & Managing Partner

CRESCIT CAPITAL STRATEGIES

Joseph Iacono is Chief Executive Officer and Managing Partner at Crescit Capital Strategies, a premier,

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Nitin Bhasin

Nitin Bhasin

Senior Managing Director

KROLL BOND RATING AGENCY

Nitin Bhasin Kroll Bond Rating Agency, Inc. Nitin Bhasin is a senior managing director in the CMBS group at Kroll

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Matt Lyons

Matt Lyons

Partner

CLIFFORD CHANCE

Matt Lyons is a partner in the Structured Capital Markets Group of Clifford Chance, specializing in structured

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Richard Hill

Richard Hill

Head of U.S. REIT Equity and Commercial Real Estate Debt Research

MORGAN STANLEY

Richard Hill is the Head of U.S. REIT Equity and Commercial Real Estate Debt Research at Morgan Stanley. He has

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Tim Ruxton

Tim Ruxton

Managing Director

ALTER DOMUS

Tim Ruxton is a Managing Director at Cortland Capital Market Services. He has been with the firm based in Chicago

View More

Manish Rajguru

Manish Rajguru

Portfolio Manager

LORD ABBETT

Manish Rajguru is responsible for contributing to the management for the firm’s taxable-fixed income strategies

View More

Richard Talmadge

Richard Talmadge

Senior Analyst - Secured Finance

INSIGHT INVESTMENTS

Richard joined Insight’s Fixed Income Group as a senior analyst within the Secured Finance Team in January 2015,

View More

Jasraj Vaidya

Jasraj Vaidya

Senior Research Analyst

AMHERST CAPITAL MANAGEMENT

Jasraj Vaidya is a senior research analyst at Amherst Capital Management with more than 10 years of experience in

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REGISTRATION

NETWORKING BREAKFAST

Thursday September 12, 2019 | 8:45 am to 9:30 am

Workshop A

IT’S BACK! CRE CLO INDUSTRY STANDING: A LOOK AT RISKS AND REWARDS TO COME

Thursday September 12, 2019 | 9:30 am to 11:30 am

CRE CLOs took a major turn in 2018 with LoanCore Capital Markets’ $1.1 billion transaction of first mortgages, proving that the vehicle is on its way to a full recovery following the crisis, revamped with more transparency, shortened structure to reinvestment rights, and stronger collateral.

This session will provide valuable insights for investors looking to deepen their understanding and awareness of the ever-growing and evolving CRE CLO vehicles.

  • Examining the broad scope and scale of current available CLO offerings
  • An examination of capital structure options
  • First mortgages vs. mezzanine vs B notes
  • The growing duration of reinvestment rights: Pitfalls to avoid
  • A look at the issuance and performance of major CLOs brought to the market in the last 12 months, as well as predictions of those to come.
  • Key industry drivers – outside of agency ratings, what are the indicators of future successes or setbacks? 
  • Biggest risks to repayment in the high yield market
Patrick Mattson

Patrick Mattson

COO

KKR

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Joseph Iacono

Joseph Iacono

CEO & Managing Partner

CRESCIT CAPITAL STRATEGIES

View More

Nitin Bhasin

Nitin Bhasin

Senior Managing Director

KROLL BOND RATING AGENCY

View More

Stewart McQueen

Stewart McQueen

Partner, Finance Commercial Mortgage-backed Securities

DECHERT LLP

View More

Jasraj Vaidya

Jasraj Vaidya

Senior Research Analyst

AMHERST CAPITAL MANAGEMENT

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Workshop B

WHAT WE WANT ISSUERS TO KNOW

Thursday September 12, 2019 | 12:30 pm to 2:30 pm

The current generation of CRE CLOs share some characteristics with its pre-crisis counterparts, but there are meaningful distinctions. This workshop will look at the factors driving current trends and how you can best weigh out your debt financing options:

  • Loan market trends and prospects and the relative value of bonds
  • Are CRE CLOs for you? The appeal of CRE CLOs as a funding option for borrowers and issuers
  • How does CRE CLO 2.0 compare to 1.0 – higher levels of subordination, tighter collateral eligibility requirements, shorter non-call and reinvestment periods and other important distinguishing characteristics
  • Options for investors to leverage short-duration, floating-rate securities from CRE CLOs in a rising-interest rate environment
  • What types of bridge loans and collateral are going into CLOs?
  • Differentiating static versus managed structures – How is the current ratio of fully static, lightly managed and managed CRE CLOs currently divided? What are the pros and cons to each? With consideration to risk, how are they performing overall?
  • What are the tax policy implications for CLO supply?
Matt Lyons

Matt Lyons

Partner

CLIFFORD CHANCE

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Richard Hill

Richard Hill

Head of U.S. REIT Equity and Commercial Real Estate Debt Research

MORGAN STANLEY

View More

Richard Talmadge

Richard Talmadge

Senior Analyst - Secured Finance

INSIGHT INVESTMENTS

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Workshop C

BUILDING A CRE CLO: THE PROCESS – HERE’S WHAT YOU NEED TO KNOW

Thursday September 12, 2019 | 2:45 pm to 4:45 pm

Demand for transitional CRE loans has driven a resurgence in CRE CLOs but building a CRE CLO does not come without challenges. This workshop will walk you through the process giving you a 360-perspective through insights from all the key players – lender, deal manager, rating agency and investor.

  • The art of CLO portfolio management and negotiation
  • Techniques to maximize returns and reduce risk exposure in CRE CLOs in the current environment
  • Maintaining sponsor commitment: Equity, servicer and asset manager roles
  • Investor protections: Overcollateralization, interest coverage tests, liquidity certifications, step-up coupons
  • Rating agency methodology and importance
  • CLO hedges and alternative structures
Avner Husen

Avner Husen

Managing Director

FORTRESS INVESTMENT GROUP

View More

Lea Overby

Lea Overby

Head of CMBS Research

WELLS FARGO SECURITIES

View More

Manish Rajguru

Manish Rajguru

Portfolio Manager

LORD ABBETT

View More

Edward Dittmer

Edward Dittmer

Senior Vice President

NORTH AMERICAN CMBS DBRS

View More

Tim Ruxton

Tim Ruxton

Managing Director

ALTER DOMUS

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Sponsors

Media Partners

  • Register by

    Individual Workshop

    Full Workshop Pass

    Vendor pricing

  • July 31, 2019

    $249

    $599

    $2,499

  • August 15, 2019

    $299

    $699

    $2,499

  • September 1, 2019

    $349

    $799

    $2,499

  • September 12, 2019

    $399

    $899

    $2,499

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
Hotel Plaza Athenee Hotel Plaza Athenee

Hotel Plaza Athenee

37 East 64 Street

New York , NY

 

(212) 734-9100

https://www.plaza-athenee.com/

 

Located on tree lined East 64th Street between Park and Madison Avenue, the Hôtel Plaza Athénée is surrounded by the city’s most distinguished designer boutiques and world-renowned museums. Hôtel Plaza Athénée is just steps from Central Park and within walking distance of the Metropolitan Museum of Art, the Guggenheim, Frick and the Museum of Modern Art (MOMA).

For discounted sleeping room rates and to be placed under iGlobal Forum’s room block, please contact us at info@iglobalforum.com.

 

Guests are welcome to secure accommodations at the Park Lane Hotel, located within the vicinity of the venue. To book a reservation via telephone at The Park Lane, please call 866-831-7211 and request that your reservations agent apply the iGlobal Forum Corporate Rate, or visit our personalized weblink for a 15% discount.

Edward Dittmer

Edward Dittmer

Senior Vice President

NORTH AMERICAN CMBS DBRS

Edward Dittmer, CFA, is Senior Vice President for North American CMBS at DBRS, Inc. Prior to DBRS, he was Senior Vice

View More

Avner Husen

Avner Husen

Managing Director

FORTRESS INVESTMENT GROUP

  • Mr. Husen is a Managing Director of the Fortress Credit Funds Business, co-heads the Structured Products

View More

Stewart McQueen

Stewart McQueen

Partner, Finance Commercial Mortgage-backed Securities

DECHERT LLP

Stewart McQueen, a partner in Dechert's global finance practice, focuses his practice on securitization transactions,

View More

Lea Overby

Lea Overby

Head of CMBS Research

WELLS FARGO SECURITIES

Lea Overby is a Managing Director and Head of Commercial Mortgage Backed Securities (CMBS) Research, within Structured

View More

Patrick Mattson

Patrick Mattson

COO

KKR

Patrick Mattson (New York) joined KKR in 2015 and is the Chief Operating Officer of the Real Estate Credit group and

View More

Joseph Iacono

Joseph Iacono

CEO & Managing Partner

CRESCIT CAPITAL STRATEGIES

Joseph Iacono is Chief Executive Officer and Managing Partner at Crescit Capital Strategies, a premier, full-service

View More

Nitin Bhasin

Nitin Bhasin

Senior Managing Director

KROLL BOND RATING AGENCY

Nitin Bhasin Kroll Bond Rating Agency, Inc. Nitin Bhasin is a senior managing director in the CMBS group at Kroll Bond

View More

Matt Lyons

Matt Lyons

Partner

CLIFFORD CHANCE

Matt Lyons is a partner in the Structured Capital Markets Group of Clifford Chance, specializing in structured finance.

View More

Richard Hill

Richard Hill

Head of U.S. REIT Equity and Commercial Real Estate Debt Research

MORGAN STANLEY

Richard Hill is the Head of U.S. REIT Equity and Commercial Real Estate Debt Research at Morgan Stanley. He has been an

View More

Tim Ruxton

Tim Ruxton

Managing Director

ALTER DOMUS

Tim Ruxton is a Managing Director at Cortland Capital Market Services. He has been with the firm based in Chicago for

View More

Manish Rajguru

Manish Rajguru

Portfolio Manager

LORD ABBETT

Manish Rajguru is responsible for contributing to the management for the firm’s taxable-fixed income strategies with

View More

Richard Talmadge

Richard Talmadge

Senior Analyst - Secured Finance

INSIGHT INVESTMENTS

Richard joined Insight’s Fixed Income Group as a senior analyst within the Secured Finance Team in January 2015,

View More

Jasraj Vaidya

Jasraj Vaidya

Senior Research Analyst

AMHERST CAPITAL MANAGEMENT

Jasraj Vaidya is a senior research analyst at Amherst Capital Management with more than 10 years of experience in the

View More

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