US CLO & Leveraged Loan Conference

Thursday, September 6, 2018

September 2018

Conference

US CLO & Leveraged Loan Conference

thursday, November 08, 2018
london

US CLO & Leveraged Loan Conference

Thursday, September 6, 2018
September 2018
Moody's
New York

US CLO & Leveraged Loan Conference

Thursday, September 6, 2018
September 2018
Moody's
New York

US CLO & Leveraged Loan Conference

Thursday, September 6, 2018
September 2018
Moody's
New York

US CLO & Leveraged Loan Conference

Thursday, September 6, 2018
September 2018
Moody's
New York

US CLO & Leveraged Loan Conference

Thursday, September 6, 2018
September 2018
Moody's
New York

Overview

CLOs continue to grow and evolve amid changing landscapes in the regulatory and market environment in the last few years . CLOs has demonstrated robust performance historically. Nonetheless, worrying signs are emerging despite strong liquidity and low default rates. The Moody’s CLO and Leveraged Loan Conference will delve into these topics in depth, discussing near and longer term implications.

Moody’s annual US CLO and Leveraged Loan Conference provides a unique opportunity to gain insights into current credit trends and their implications from industry leaders and senior Moody’s analysts from our Structured Finance and Corporate Finance groups.

This is a must attend event for everyone in the CLO and leveraged loan sectors.

Key Topics

  • Overview of CLO issuance trends & weakening transaction features
  • Leveraged Loan credit trends and outlooks
  • CLO manager developments
  • Latest shifts in the regulatory environment
  • The evolution of LIBOR and the consequence for CLOs
  • "Cov-loose" features in CLO documentation

Agenda

11:00 AM   Lunch & Learn Workshop: Advanced Techniques in Analyzing Leverage Loans and CLOs

You will learn how to:

  • Analyze CLOs and underlying loans using Moody’s Credit View and Structured Finance Portal
  • Evaluate financials and capital structure profiles of high yield companies
  • Understand trends driving credit performance in the high yield and CLO markets
  • Determine collateral overlap across CLOs; rank managers’ performance and styles
  • Discuss market value analysis as early indicator of potential concerns

PRESENTED  BY  Moody’s Analytics

12:00 PM   Conference Registration

12:30 PM   Opening Remarks

Navneet Agarwal, Managing Director – Americas Structured Finance, Moody’s Investors Service

12:40 PM   Keynote Presentation

Mark Zandi, Chief Economist, Moody’s Analytics

1:15 PM   Outlook for the CLO and Leveraged Loan Markets

This panel will provide a forward-looking view of the CLO and leveraged loan markets, including issuance expectations, credit and structural trends, and regulatory changes.

  • ‍What does the near-term hold for issuance of new CLOs, resets, and refis?
  • ‍What will weaker credit quality and reduced covenants in leveraged loans mean for the market?
  • ‍What are the most important credit and structural trends in broadly syndicated loan CLOs?
  • ‍What are the impacts of recent and potential regulatory changes, such as risk retention and the Volcker Rule?
  • How is the market preparing for the eventual phase out of LIBOR?
MODERATOR
Algis Remeza, Associate Managing Director, Moody’s Investors Service
PANELISTS
Don Young, Partner, CBAM
Meredith Coffey, Executive Vice President of Research & Regulation, LSTA
Sean Griffin, Executive Director, JPMorgan Chase
Yu Sun, Senior Vice President, Structured Finance, Moody’s Investors Service

2:15 PM   Recent Developments in Leveraged Loan Credit

This panel will feature Moody’s analysts’ thoughts on the weakening of leveraged loan credit quality and covenants, and how they will affect the market during the next downturn. The panelists will also discuss Moody’s latest insights on corporate defaults and recoveries.

  • Where is the leveraged finance market headed over the next year or two?
  • How much should investors worry about liquidity and refinancing risk down the road?
  • How will weak capital structures, high leverage, loose covenants, and distressed exchanges change the status quo?
MODERATOR
Christina Padgett, Senior Vice President, Corporate Finance, Moody’s Investors Service
PANELISTS
David Keisman, Senior Vice President, Corporate Finance, Moody’s Investors Service
Evan Friedman, Senior Vice President, Corporate Finance, Moody’s Investors Service
John Puchalla, Senior Vice President, Corporate Finance, Moody’s Investors Service
Russell Solomon, Associate Managing Director, Corporate Finance, Moody's Investors Service

3:15   Networking Break

3:30 PM   CLO Manager Panel: Challenges and Opportunities in Managing CLOs

This panel will bring together CLO managers with a variety of strategies and business models to discuss the challenges and opportunities presented by the robust demand for both CLOs and leveraged loans, as well as how things might look like when the credit environment changes.

  • How are managers dealing with collateral quality test cushion erosions and expanding flexibility?
  • Where can investors find pockets of relative value in the leveraged loan market?
  • As the CLO investor base expands, how have the deal features evolved to meet their needs?
  • ‍When the credit cycle turns, how will CLO structural features affect their management?
MODERATOR
 Mimi Eng, Vice President-Senior Analyst, Structured Finance, Moody’s Investors Service
PANELISTS
Gretchen Lam, Senior Portfolio Manager, Octagon Credit Investors
William Lemberg, Managing Director - Portfolio Manager, Post Advisory Group
Joseph Rotondo, Senior Portfolio Manager, Invesco
Ramon Torres, Senior Vice President, Structured Finance, Moody’s Investors Service

4:15 PM   CLO Investor Panel: Practical Considerations when Investing in CLOs

This panel will complement the CLO Manager session by having CLO investors discuss what aspects are considered when thinking about the evolving issuance landscape, the current credit cycle, manager evaluations and increasingly nuanced deal structures.

  • What are the key considerations when investing in new CLOs, resets, re-issue or refi?
  • How do investors assess the significance of “cov-loose” features in CLOs?
  • How do investors evaluate manager performance amid tight constraints and low defaults?
  • ‍Where is the best value currently found across the CLO capital stack?
  • What are the main credit concerns when the next downturn hits the CLO sector ?
MODERATOR
Sam Spackman, Vice President-Senior Analyst, Structured Finance, Moody’s Investors Service
PANELISTS
Ben Tyszka, Managing Director, Ares Management
Saffet Ozbalci, Managing Director, BlackRock
Taryn Leonard, Managing Director, Barings
Daniel Wohlberg, Vice President, Eagle Point Credit Management
Elina Kolmanovskaya, Vice President, Structured Finance, Moody’s Investors Service

5:00 PM   Networking Reception

Keynote Address

Guest Speakers

Meredith Coffey

Executive Vice President

Other

Loan Syndications and Trading Association (LSTA)

Other

Loan Syndications and Trading Association (LSTA)

Executive Vice President

Meredith Coffey

Meredith Coffey is Executive Vice President of the Loan Syndications and Trading Association (LSTA), and runs its Research and Analysis Department. Ms. Coffey co-heads the LSTA’s regulatory and CLO efforts, which help facilitate continued availability of credit and the efficiency of the loan market. In addition, Ms. Coffey heads a team of analysts that are responsible for analyzing current and anticipated loan market developments, helping the LSTA build strategy and improve market efficiency, and providing commentary through weekly newsletters, periodic conferences and webcasts. Ms. Coffey and the analyst team also engage market participants, press and regulators on issues and developments in the global loan market. Ms. Coffey has published analysis on the syndicated loan market in numerous books and periodicals, presents frequently, and has testified before Congress on issues pertaining to the loan and CLO markets.

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Sean Griffin

Executive Director

Other

JPMorgan Chase

Other

JPMorgan Chase

Executive Director

Sean Griffin

Sean Griffin is an Executive Director at JPMorgan Chase and is co-head of the global Primary CLO business. During his time at JPMorgan, Mr. Griffin has worked with a variety of issuers, including private equity, hedge fund, asset/money manager, and insurance companies. Mr. Griffin utilized CLO/CDO technology to provide clients with access to capital and address their business goals, whether it be growth of AUM via traditional CLO/CDO issuance or more specialized bespoke financing solutions. Mr. Griffin's experience covers cashflow and market value securitization products and spans multiple asset classes with a focus on corporate credit/bank loans. Mr. Griffin received a BA in Mathematical Economics from Brown.

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Gretchen Lam

Senior Portfolio Manager

Other

Octagon Credit Investors

Other

Octagon Credit Investors

Senior Portfolio Manager

Gretchen Lam

Ms. Lam is a member of Octagon’s Investment Committee and serves as the Portfolio Manager of 6 CLOs, 7 Separately Managed Accounts, and 1 Commingled Fund. Ms. Lam serves as the PM for the Firm’s Structured Credit (CLO Debt & Equity) Investment Strategies. Prior to becoming a Portfolio Manager, Ms. Lam oversaw Octagon's investments in the software, business services, finance & insurance, paper & packaging, gaming & lodging, homebuilding and real estate industries. She was also responsible for the structured credit exposure held in Octagon’s CLO vehicles. Prior to joining Octagon in 1999, Ms. Lam attended Babson College where she graduated Summa Cum Laude with a B.S. in Investments. She received her CFA Charter in 2006.

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Bill Lemberg

Managing Director, CLO Portfolio Manager

Post Advisory Group

Post Advisory Group

Managing Director, CLO Portfolio Manager

Bill Lemberg

Bill Lemberg (Managing Director, CLO Portfolio Manager) joined Post in 2017 to help build and manage the CLO management business. Prior to joining Post, Bill was the Head of the US Loan business at Alcentra where he managed over $8 billion of senior loans (including CLOs) and was a member of the firm’s US investment committee. Prior to joining Alcentra, Bill was a portfolio manager, loan trader and research analyst at Hamilton Asset Management, part of BNY Mellon Capital Markets. Previously, Bill worked as a product specialist and analyst in the loan underwriting and syndication group of BNY Mellon Capital Markets before being promoted to head the primary loan syndication business. Bill received a BA from Columbia University and an MBA from Fordham University.

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Taryn Leonard

Managing Director

Other

Barings

Other

Barings

Managing Director

Taryn Leonard

Taryn Leonard is a member of Barings’ Structured Credit Investment Group. She is responsible for portfolio management, CLO modeling and structural analysis, collateral manager evaluation and monitoring of CLO investments. Taryn has worked in the industry since 1997 and her experience has encompassed investment, structuring and distribution roles across structured credit. Prior to joining the firm in 2007, she served as a portfolio manager at Axon Financial, and held various positions at FGIC and JP Morgan. Taryn holds a B.A. from Barnard College and an M.B.A. from Columbia Business School.

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Saffet Ozbalci

Managing Director

Other

BlackRock

Other

BlackRock

Managing Director

Saffet Ozbalci

Saffet Ozbalci, CFA, Managing Director, is Head of the US CLO business within Global Fixed Income and a member of Securitized Asset Investment Team. Prior to joining BlackRock in 2012, he was with BNP Paribas, most recently as head of CLO trading. Prior to this role, Mr. Ozbalci was a Portfolio Manager at Barclays Global Investors (BGI), where he was responsible for the trading of securitized credit assets and management of short-duration fixed income portfolios. In his previous role, Mr. Ozbalci was an ABS Portfolio Manager at Securities Finance Trust Co. with responsibilities in trading securitized credit assets and the management of core fixed income portfolios. Mr. Ozbalci earned a BS degree in civil engineering from Middle East Technical University in 2001, and an MBA/MS degree in finance from Boston College in 2004.

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Joseph Rotondo

Senior Portfolio Manager

Other

Invesco

Other

Invesco

Senior Portfolio Manager

Joseph Rotondo

Mr. Rotondo is a member of Invesco’s Senior Investment Committee and is responsible for portfolio management and Invesco’s U.S. CLO business. He is also responsible for investments in CLO tranches. Mr. Rotondo joined Invesco in 1998 as a credit analyst and was promoted to portfolio manager in 2000. Prior to joining Invesco, Mr. Rotondo worked with IBJ Whitehall’s Corporate Finance group for two years. At IBJW, he originated and structured senior credit facilities for leveraged buyouts. Before joining IBJW, Mr. Rotondo spent five years with Chase’s corporate lending group. While at Chase, he originated and underwrote corporate loans for middle market businesses. Mr. Rotondo earned a B.A. in economics from Rutgers College and a M.Sc. in international accounting and finance from the London School of Economics.

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Benjamin Tyszka

Managing Director

Other

AreS Credit Management

Other

AreS Credit Management

Managing Director

Benjamin Tyszka

Mr. Tyszka is a Managing Director and Senior Analyst in the Ares Credit Group, where he focuses on underwriting structured credit investments. Prior to joining Ares in 2011, Mr. Tyszka was a Director and Founding Member of the Structured Credit Group at Indicus Advisors LLP, where he built a risk surveillance platform to monitor the CLO market. Previously, Mr. Tyszka was a Director in the Risk Management Group at TIAA-CREF. In addition, Mr. Tyszka was an Analyst in the municipal finance industry. Mr. Tyszka holds a B.S. from the Honors College at Michigan State University in Mathematics. He also holds an M.S. from Michigan State University in Materials Science and Engineering and an M.S. from the New York University Courant Institute in Mathematics of Finance.

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Daniel Wohlberg

Vice President

Other

Eagle Point Credit Management

Other

Eagle Point Credit Management

Vice President

Daniel Wohlberg

Dan Wohlberg is a member of the investment team at Eagle Point Credit Management where he specializes in the analysis and negotiation of CLO, loan accumulation and related trade structuring and documentation. Prior to joining Eagle Point, he advised financial institutions, hedge funds, underwriters, issuers, institutional investors, asset managers and sponsors in structured finance transactions and other complex financings, often in a cross-border context, as well as in connection with derivatives at a leading financial service law firm in New York and Charlotte. Prior to such time, Dan held positions advising banks, asset managers, investors and individuals regarding bankruptcy, federal/state securities laws/regulations and public/OTC derivatives transactions across numerous asset classes.

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Don Young

Partner

Other

CBAM

Other

CBAM

Partner

Don Young

Don has 26 years of experience managing CLOs and hedge funds. Most recently, he managed the Performing Credit business for Och-Ziff which included $7.5 billion of CLOs. Prior to joining Och-Ziff, Mr. Young was a Senior Portfolio Manager at Octagon Credit Investors. Earlier, he was a Senior Portfolio Manager at Primus Asset Management, Inc. Prior to that, he was a Principal at Octagon Credit Investors as well as Senior Vice President at Bank of the West.

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Additional Information

 Additional information

Nazia Hussain

Marketing Manager

+1(212) 553 7119

nazia.hussain@moodys.com