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
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
Bill Lemberg, Managing Director, Partners 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

Additional Information

 Additional information

Nazia Hussain

Marketing Manager

+1(212) 553 7119

nazia.hussain@moodys.com