US CMBS & CRE CLO Conference

Thursday, November 1, 2018

November 2018

Conference

US CMBS & CRE CLO Conference

thursday, November 08, 2018
london

US CMBS & CRE CLO Conference

Thursday, November 1, 2018
November 2018
Moody's
New York

US CMBS & CRE CLO Conference

Thursday, November 1, 2018
November 2018
Moody's
New York

US CMBS & CRE CLO Conference

Thursday, November 1, 2018
November 2018
Moody's
New York

US CMBS & CRE CLO Conference

Thursday, November 1, 2018
November 2018
Moody's
New York

US CMBS & CRE CLO Conference

Thursday, November 1, 2018
November 2018
Moody's
New York

Overview

Persistently low interest rates have been a hallmark of what is now the longest economic recovery in US history. Monetary policy has buoyed asset valuations and DSCRs, thereby helping the CMBS industry through the 2016-2017 refinance wave. 
Favorable underwritten leverage and debt yield make the market appear disciplined. However, lending competition is red hot, and credit by other measures has slipped. Loan sizing constraints have shifted to coverage, and now the vast majority of CMBS loans have interest-only terms. In addition, single-tenancy, especially in office properties, has become a growing concern, while the ongoing shake-up in the retail world makes underwriting loans on brick-and-mortar increasingly difficult.  With strong fundamentals in many markets, construction has ramped up. The CRE CLO sector has also made a major comeback, providing liquidity to the transitional CRE property market. 
All of these credit issues coincide with a unique political environment that so far has yielded support in regulatory and tax relief, but has at the same time generated concerns around other challenges such as labor shortages and international trade conflicts.
Moody’s US CMBS Briefing provides a unique platform to network and to gain insight from Moody’s analysts and senior industry leaders about the trends and issues relevant to assessing what’s coming next.

Key Topics

  • What risks are being under-appreciated after a period of low rates and minimal volatility?
  • Is lending discipline accounting for potentially over-inflated values?
  • What features of CRE CLOs are different this time around?
  • How is technology impacting CRE and what should we expect in the near term?
  • What are the latest developments in the world of retail?

Agenda

12:00 PM Lunch & Learn Workshop: Advancing Techniques in Analyzing CMBS

  • Evaluate deal and sector trends using MIS opinion research and data
  • Analyze current and historical performance for individual deals; Benchmark transactions relative to specific cohorts
  • Perform sophisticated cash flow analysis with nuanced scenarios supporting multi-tiered default assumption

Presented by Moody's Analytics

1:00 PM Conference Registration

1:30 PM Opening Remarks

Keith Banhazl, Managing Director, CMBS & CRE CLO

1:35 PM Keynote Address

Cris deRitis, Senior Director, Moody’s Analytics

2:20 PM CMBS and CRE Credit Trends

This presentation will provide a detailed look-back at the credit metrics that mattered most through the last cycle and compare the lessons learned to where we are today.

Kevin Fagan, Vice President – Senior Analyst, CMBS

2:50 PM Networking Break

3:05 PM Outlook for the CRE and CMBS Markets

This panel brings together expert CMBS market participants from both the buy and sell side, giving insight into what strategies each is taking at this stage of the cycle, and what (if anything) is different this time around.
  • What are the primary cycle-related risks and strategies issuers and investors are taking right now?
  • Is interest-only a benefit to the CMBS industry or planting seeds for future problems?
  • Will the dominance of large loan lending continue?
  • Where are the biggest opportunities in the property markets for limiting cyclical risk?
  • Are valuations real, and is leverage really low in this low-rate environment?
  • Supply is percolating across many markets, but do fundamentals still matter in the face of high capital market demand?
Moderator
Robb Paltz, Associate Managing Director, CMBS
Panelists
  • Royer Culp, Managing Director, Wells Fargo Securities
  • George Voumvourakis, Executive Director, Morgan Stanley
  • Shaishav Agarwal, Director, Deutsche Bank Securities Inc.
  • Stewart Rubin, Senior Director, New York Life Real Estate Investors
  • Meena Pursnani, Director, MetLife Investment Management

4:05 PM  CRE CLOs: Structural Features - A Panel of Industry Leaders

This panel is composed of issuers, investors, and legal counsel, to provide detailed expert perspectives into CRE CLO structural features, how they have evolved, and their credit impact.
  • What critical structural features of a CRE CLO have changed between 1.0 and 2.0?
  • As the CRE CLO investor base expands, how have deal features evolved to meet
  • their needs?
  • How is the collateral mix backing CRE CLOs different in this cycle, and how will it
  • continue to change?
  • What are the risk and benefits of static vs. managed CRE CLOs?
  • Are the new participants to the space changing the playing field?
Moderator
Deryk Meherik, Senior Vice President, CRE CLOs
Panelists
  • Gene Kilgore, Executive Vice President, Arbor Realty Trust, Inc.
  • Nilesh Patel, Managing Director and CIO, Prima Capital Advisors LLC
  • Daniel Vetter, President, Money360 Inc.
  • Douglas Armer, Managing Director, The Blackstone Group, LP
  • Tiffany Putnam, Managing Director-Head of Securitization, Benefit Street Partners

5:05 PM Networking Reception

Speakers

Guest Speakers

Royer Culp

Managing Director

Wells Fargo Securities

Wells Fargo Securities

Managing Director

Royer Culp

Royer is a Managing Director within the Commercial Real Estate Capital Markets and Finance group of Wells Fargo Securities and is responsible for managing mezzanine and subordinate debt distribution for all RECM originations including conduit and large loan CMBS as well as portfolio loans. Royer also manages an execution team tasked with structuring, pricing and ratings execution of large and complex commercial real estate loans originated by Wells Fargo, as well as third party clients. Since joining the firm in May 2001, Royer has been an integral member of the Real Estate Platform.

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George Voumvourakis

Executive Director

Morgan Stanley

Morgan Stanley

Executive Director

George Voumvourakis

George is an Executive Director at Morgan Stanley charged with managing the accuracy and integrity of the ratings process from pricing to securitization. He performed a similar roll at Citi for nearly a decade prior to joining MS in 2015 and served in Moody’s CMBS ratings group from 2000 to 2006

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Stewart Rubin

Head of Strategy and Research, Senior Director

New York Life

New York Life

Head of Strategy and Research, Senior Director

Stewart Rubin

Mr. Rubin is Head of Strategy and Research and Senior Director at New York Life Real Estate Investors (NYL REI) and serves as strategist for the Equity, Debt, and CMBS platforms. Past responsibilities at NYL REI include CMBS acquisitions and portfolio management including portfolio evaluation, risk monitoring, and risk mitigation. Mr. Rubin joined NYLREI in August 2009 and he has over 30 years of commercial real estate experience. Prior to joining NYLREI, Mr. Rubin was a credit officer and CMBS portfolio manager at Guggenheim Partners Asset Management (GPAM). Prior to joining GPAM, he was a Senior Credit Officer in the CMBS group at Moody’s Investors Service (MIS). Other previous commercial real estate experience includes valuation positions with Deloitte and Touche and Joseph J. Blake and Associates

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Gene Kilgore

Executive Vice President

Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc.

Executive Vice President

Gene Kilgore

Gene Kilgore joined Arbor in October 2004 and is responsible for overseeing the development, marketing and implementation of debt structures for the capital markets. He has a unique and strategic expertise and brings a wealth of professional experience from his work in the structured finance and real estate industries. Prior to joining Arbor, Mr. Kilgore was a portfolio manager at ZAIS Group LLC with a CDO and real estate focus. Previously, he structured CDOs as a director in the risk finance group at Barclays Capital; rated CDOs and CMBS as a director with Standard & Poor’s; and served as a vice president at Wachovia Bank with positions in commercial real estate and corporate lending.

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Daniel Vetter

President

M360 Advisors

M360 Advisors

President

Daniel Vetter

Dan Vetter is President and Co-Founder of M360 Advisors, a U.S.-based investment management company that manages diversified portfolios of senior debt investments secured by first-priority liens on income-producing commercial real estate throughout the United States. M360 Advisors manages a private REIT that recently sponsored its first CRE-CLO for which M360 Advisors acts as collateral manager. Mr. Vetter’s responsibilities encompass capital markets, fundraising, portfolio management and institutional investor relations. Previously, Mr. Vetter worked for Pacific Investment Management Company (PIMCO), a bond manager with $1.8 trillion of assets under management. Mr. Vetter oversaw institutional client accounts with a combined $15.0 billion in managed assets spanning a wide range of investment strategies, and advised clients with respect to their residential and commercial mortgage allocations.

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Meena Pursanani

Director

MetLife Investment Management

MetLife Investment Management

Director

Meena Pursanani

Meena Pursnani, Director, heads CMBS Credit within the Global Structured Products unit at MetLife Investment Management (MIM). In this role she leads the team responsible for managing the CMBS portfolio including underwriting of new investments and surveillance of the existing portfolio. Prior to joining MetLife in 2014, for five years Meena was a Vice President and research analyst/portfolio manager at Capital Research and Management Company (American Funds) where her responsibilities included CMBS and European Covered Bonds. From 2002 to 2007, she was with Deutsche Bank Asset Management where she was a Managing Director/Head of Structured Research and senior CMBS analyst. From 1997 to 2002 she was a Vice President/Senior Analyst in the CMBS group at Moody’s Investors Service.

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Additional Information

For more information, please contact 

Nazia Hussain

Marketing Manager

nazia.hussain@moodys.com

+1(212) 553 7119