US CLO & Leveraged Loan Conference
Tuesday, September 10, 2019
September
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Moody’s First Joint Corporate Finance and Structured Finance Conference on Leveraged Loans and CLOs

Discussion Topics:

The 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.

Who should Attend:
Probably the best one day CLO conference I've been to. Probably the best single day of panels I've been to - Portfolio Manager
Efficient use of my time.  Great discussion of current market and current issues. - Risk Manager
Topics were very good and participants very knowledgeable and current.  Participants are all major players in the CLO/Leveraged loan markets. - Portfolio Manager

Agenda

11:00 AM Workshop Registration

11:15 AM Lunch & Learn Workshop: Advanced Techniques in Analyzing Leveraged Loans & CLOs

  • 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

Presented by Moody's Analytics

12:00 PM Conference Registration

12:40 PM Opening Remarks

  • Jim Ahern, Managing Director - Global Head of Structured Finance, Moody's Investors Service

12:50 PM Keynote Speaker

  • Timothy P. O'Hara, Managing Director - Global Co-Head of Credit, BlackRock Alternative Investors

1:15 PM The View On Credit

The View is a discussion with prominent credit strategists covering the outlook for CLOs and Leveraged Loans. In addition, we will share perspectives on the eventual credit downturn, the role of private equity, financial institutions and market liquidity in shaping the trajectory of defaults and recoveries.

Moderator:

  • Christina Padgett, Senior Vice President, Corporate Finance, Moody's Investors Service

Panelists:

  • Neha Khoda, Leveraged Loan Credit Strategist, Bank of America Merrill Lynch
  • Maggie Wang, Managing Director - Head of CLO Strategy, Citi Global Markets
  • Ana Arsov, Managing Director - U.S. Financial Institutions, Moody's Investors Service

1:45 PM Private Equity and Its Influence On Corporate Credit

The panel will discuss trends in corporate credit quality, the growing influence of private equity in speculative-grade markets, and the state of credit agreements and bond indentures.

  • How is private equity influencing corporate credit quality and markets?
  • Is credit quality on firm footing or is it time to worry?
  • Will credit deterioration be a cause or effect of next downturn?
  • Why is credit documentation weakening and what are the biggest concerns?

Moderator:

  • John Puchalla, Associate Managing Director - Corporate Finance, Moody's Investors Service

Panelists:

  • Leland Hart, Managing Director, Head of US Loans & High Yield, Alcentra
  • Thomas S. Wong, Portfolio Manager & Partner, Oak Hill Advisors
  • Derek Gluckman, Senior Covenant Officer - Corporate Finance, Moody’s Investors Service

2:30 PM Weak Capital Structures And Recovery Rates

The panel will feature the viewpoints of Moody’s analysts and senior market participants on recovery rates in the next period of broad economic stress. Panelists will discuss the likely impact of cyclical, structural and secular pressures on recovery outcomes.

  • How will recovery rates in the next period of high defaults compare with historical experience?
  • What market change is likely to have the biggest impact on recovery outcomes?  
  • Trading prices vs ultimate recovery – why does this distinction matter?
  • To what extent will the broadly adopted use of distressed exchanges affect recovery outcomes?

Moderator:

  • Mariarosa Verde, Vice President - Senior Credit Officer, Credit Strategy & Standards, Moody's Investors Service

Panelists:

  • Jonathan R. Insull, Managing Director, Crescent Capital Group LP
  • Michael Nechamkin, Co-Chief Investment Officer & Senior Portfolio Manager, Octagon
  • David Keisman, Senior Vice President, Corporate Finance, Moody’s Investors Service

3:15 PM Networking Break


3:30 PM 
Corporate Rating Transitions And The Impact On CLOs

This panel will discuss Moody’s research on historical corporate rating transitions, and how a credit downturn reprising the worst historical rating transitions might affect CLOs. We will also hear from CLO managers on how they will navigate a credit downturn.

  • How do we expect corporate rating transitions to play out?
  • How will transitions impact CLO investors at different parts of the capital stack?
  • How do CLO managers expect to respond to rating downgrades?

Moderator:

  • Ramon Torres, Senior Vice President, Structured Finance, Moody's Investors Service

Panelists:

  • Joe Rotondo, Senior Portfolio Manager, Invesco
  • Shana Sethi, Vice President – Senior Credit Officer, Structured Finance, Moody’s Investors Service
  • Kenneth Emery, Senior Vice President, Moody’s Investors Service
  • Lenny Ajzenman, Associate Managing Director, Corporate Finance, Moody’s Investors Service

4:15 PM Innovation In CLO Documentation And The New Structures

This panel will examine novel CLO documentation features and new structures, and how they address current market needs. The panelists will also discuss the potential credit effects of these features in changing market conditions.

  • How will different asset strategies for issuing CBOs and high Caa-limit CLOs perform?
  • What are the benefits and risks of recent, innovative structural features, such as MASCOT notes, shorter-dated CLOs and fixed rate tranches?
  • How will CLO managers interpret and use novel documentation provisions in an adverse market environment?
  • What are the latest developments in the adoption of LIBOR replacement language in CLOs?

Moderator:

  • Lana Deharveng, Vice President - Legal Review, Structured Finance, Moody's Investors Service

Panelists:

  • Angela Best, Director, MetLife Investments
  • Yale Baron, Portfolio Manager, Anchorage Capital
  • David Goldfinger, Managing Director, GreensLedge Capital Markets
  • Al Remeza, Associate Managing Director, Structured Finance, Moody’s Investors Service

5:00 PM Closing Remarks

  • Thomas J. Marshella, Managing Director - Co-Head of Corporate Finance, Americas, Moody's Investors Service

5:10 PM Networking Reception

Agenda

11:00 AM Workshop Registration

11:15 AM Lunch & Learn Workshop: Advanced Techniques in Analyzing Leveraged Loans & CLOs

Presented by Moody's Analytics

12:00 PM Conference Registration

12:40 PM Opening Remarks

12:50 PM Keynote Speaker

1:15 PM The View On Credit

The View is a discussion with prominent credit strategists covering the outlook for CLOs and Leveraged Loans. In addition, we will share perspectives on the eventual credit downturn, the role of private equity, financial institutions and market liquidity in shaping the trajectory of defaults and recoveries.

Moderator:

Panelists:

1:45 PM Private Equity and Its Influence On Corporate Credit

The panel will discuss trends in corporate credit quality, the growing influence of private equity in speculative-grade markets, and the state of credit agreements and bond indentures.

Moderator:

Panelists:

2:30 PM Weak Capital Structures And Recovery Rates

The panel will feature the viewpoints of Moody’s analysts and senior market participants on recovery rates in the next period of broad economic stress. Panelists will discuss the likely impact of cyclical, structural and secular pressures on recovery outcomes.

Moderator:

Panelists:

3:15 PM Networking Break


3:30 PM 
Corporate Rating Transitions And The Impact On CLOs

This panel will discuss Moody’s research on historical corporate rating transitions, and how a credit downturn reprising the worst historical rating transitions might affect CLOs. We will also hear from CLO managers on how they will navigate a credit downturn.

Moderator:

Panelists:

4:15 PM Innovation In CLO Documentation And The New Structures

This panel will examine novel CLO documentation features and new structures, and how they address current market needs. The panelists will also discuss the potential credit effects of these features in changing market conditions.

Moderator:

Panelists:

5:00 PM Closing Remarks

5:10 PM Networking Reception

Featured Speakers

Timothy P. O'Hara
Managing Director, Global Co-Head of Credit

Guest Speaker

BlackRock

Guest Speaker

BlackRock

Managing Director, Global Co-Head of Credit
Timothy P. O'Hara
Neha Khoda
Leveraged Loan Credit Strategist

Guest Speaker

Bank of America Merrill Lynch

Guest Speaker

Bank of America Merrill Lynch

Leveraged Loan Credit Strategist
Neha Khoda
Maggie Wang
Managing Director, Head of CLO Strategy

Guest Speaker

Citi Global Markets

Guest Speaker

Citi Global Markets

Managing Director, Head of CLO Strategy
Maggie Wang
Angela Best
Director, CLO Credit Research

Guest Speaker

MetLife Investment Management

Guest Speaker

MetLife Investment Management

Director, CLO Credit Research
Angela Best
Joseph Rotondo
Senior Portfolio Manager

Guest Speaker

Invesco

Guest Speaker

Invesco

Senior Portfolio Manager
Joseph Rotondo
Jonathan R. Insull
Managing Director

Guest Speaker

Crescent Capital Group LP

Guest Speaker

Crescent Capital Group LP

Managing Director
Jonathan R. Insull
Yale Baron
Portfolio Manager

Guest Speaker

Anchorage Capital

Guest Speaker

Anchorage Capital

Portfolio Manager
Yale Baron
Thomas S. Wong
Portfolio Manager & Partner

Guest Speaker

Oak Hill Advisors, L.P.

Guest Speaker

Oak Hill Advisors, L.P.

Portfolio Manager & Partner
Thomas S. Wong
Michael Nechamkin
Co-Chief Investment Officer & Senior Portfolio Manager

Guest Speaker

Octagon Credit Investors, LLC

Guest Speaker

Octagon Credit Investors, LLC

Co-Chief Investment Officer & Senior Portfolio Manager
Michael Nechamkin
David Goldfinger
Managing Director

Guest Speaker

GreensLedge Capital Markets

Guest Speaker

GreensLedge Capital Markets

Managing Director
David Goldfinger

Moody's Speakers

Jim Ahern
Global Managing Director
Structured Finance

Moody's Investors Service

Moody's Investors Service

Structured Finance
Global Managing Director
Jim Ahern
Chris Padgett
Senior Vice President, Corporate Finance

Moody's Investors Service

Moody's Investors Service

Senior Vice President, Corporate Finance
Chris Padgett
John Puchalla
Associate Managing Director
Corporate Finance

Moody's Investors Service

Moody's Investors Service

Corporate Finance
Associate Managing Director
John Puchalla
Ana Arsov
Managing Director
Global Investment Banks, Finance Companies and Securities

Moody's Investors Service

Moody's Investors Service

Global Investment Banks, Finance Companies and Securities
Managing Director
Ana Arsov
Thomas J. Marshella
Managing Director - Americas Corporate Finance

Moody's Investors Service

Moody's Investors Service

Managing Director - Americas Corporate Finance
Thomas J. Marshella
Al Remeza
Associate Managing Director, Structured Finance

Moody's Investors Service

Moody's Investors Service

Associate Managing Director, Structured Finance
Al Remeza
Lana Deharveng
Vice President – SF Legal Review, Structured Finance

Moody's Investors Service

Moody's Investors Service

Vice President – SF Legal Review, Structured Finance
Lana Deharveng
Derek Gluckman
Vice President – Senior Covenant Officer, Corporate Finance

Moody's Investors Service

Moody's Investors Service

Vice President – Senior Covenant Officer, Corporate Finance
Derek Gluckman
Ramon O. Torres
Senior Vice President, Structured Finance

Moody's Investors Service

Moody's Investors Service

Senior Vice President, Structured Finance
Ramon O. Torres
Ken Emery
Senior Vice President/RPO, Credit Strategy & Standards

Moody's Investors Service

Moody's Investors Service

Senior Vice President/RPO, Credit Strategy & Standards
Ken Emery
Lenny Ajzenman
Associate Managing Director

Moody's Investors Service

Moody's Investors Service

Associate Managing Director
Lenny Ajzenman
Mariarosa Verde
Vice President – Senior Credit Officer/RPO, Credit Strategy & Standards

Moody's Investors Service

Moody's Investors Service

Vice President – Senior Credit Officer/RPO, Credit Strategy & Standards
Mariarosa Verde

For further information, please contact nazia.hussain@moodys.com