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Agenda Overview

Day One: Thursday 11th September 2014

08.00 Registration & refreshments 08.45 Chairperson’s opening remark 09.00 Expanding the CLO machine: Will we see a sustained and robust CLO market beyond 2014?
  • Will CLO issuance continue to grow into the future?
  • What are the biggest concerns for the market?
  • What can be done to build momentum and align stakeholders?
  1. Thomas Kyriakoudis, Head of Capital Markets and Portfolio Manager, Permira Debt Management
  2. Robert Faulkner, Managing Director, Babson Capital Europe
  3. Alan Kerr, Senior Managing Director, The Blackstone Group
  4. Moderator : Mudasar Chaudhry, Vice President, European Structured Credit, DBRS
09.45 Analysing pressure points on the arbitrage: Will deal economics continue to stack up for stakeholders?
  • Where are spreads going on the assets and liabilities?
  • Anticipating threats to CLO equity returns and arbitrage
  • Is CLO equity compelling as an alternative investment? Private equity returns on an IRR basis VS CLO equity returns
  1. Colin Atkins, Managing Director, The Carlyle Group
  2. Jonathan Bowers, Partner and Senior Portfolio Manager , CVC Capital Partners
  3. Frederick Haddad, Founding Partner, Golden Tree Asset Management
  4. Zvi Gillon, Founder, Co-Chief Investment Officer, Rion Capital
  5. Moderator : Chandrajit Chakraborty, CIO & Joint Managing Partner, Pearl Diver Capital
10.30 Morning refreshments & networking break 11.15 Navigating the web of US and European regulation
  • An overview of the current regulatory environment: What are the key provisions of each regulation?
  • How are they affecting key stakeholders and the market?
  • What can the securitisation and CLO market expect in 2014 and beyond and what dangers are on the horizon?
  1. James Warbey, Partner, Milbank
11.45 To what extent is regulation stifling the European CLO market?
  • Impact on key players: Who can issue and play within the current framework?
  • Financing risk retention: What esoteric structures are evolving around risk retention and which structures are investors comfortable with?
  • How far is US regulation affecting the European CLO market and structures?
  1. Nicholas Voisey, Director, Loan Market Association
  2. Christian Moor, Policy Advisor, European Banking Authority
  3. Al on Avner, Managing Director, Sankaty Advisors
  4. Nollaig Murphy, Head of Finance, Maples, moderator
12.30 How far are rating agencies influencing the structuring of CLOs? Are they offering flexibility to managers and the opportunity for asset diversification?
  • Tracking rating methodology evolutions
  • How are they treating covlite loans and non-euro denominated assets?
  • How are arrangers and managers reacting to these methodologies?
  1. Steve Baker, Structured Credit, Apollo Global Management
  2. Francoise Devenoges, Portfolio Manager, Pemba Credit Advisors
  3. Matthew Jones, Senior Director, Structured Finance Ratings, Standard & Poor’s
13.00 Networking lunch 14.30 Strategies to commercialise senior tranches to widen the AAA investor base
  • Exploring new structures and features to widen the investment pool: Floating notes, shorter weighted average life notes and standardisation of terms
  • What new forms of CLO liabilities will be issued in the future to attract more investors?
  • What are the risk return requirements and what price will they play at?
  1. Eric Duclos, Head of Investments, AXA Investment Managers
15.15 Will we see the re-entrance of US managers and investors into the European space?
  • What is driving the decision making process to invest and issue in Europe if at all?
  • Do US players need to link up and merge with European managers?
  • Differences between the US and European CLO markets: Collateral, structures, asset mix, arbitrage, leverage and spreads
  1. Hans Christensen, CEO, MJX Asset Management
  2. Peter Nagykery, Managing Director, 20 Gates Management LLC
  3. Adrian Duffy, Senior Managing Director, Guggenheim Partners
  4. Sunil Dattani, Principal, Orchard Group
16.00 Afternoon refreshments & networking break

LevInvest Super Session

Bringing together the leaders of both the CLO and the Leveraged Finance markets, LevInvest will close day one of the conference for the first time by combining sessions and audiences. To grasp the full picture of the intricacies of supply and demand dynamics in the LevInvest space, the rooms of the two events will be merged for the remainder of the day to offer a complete overview for both audiences.

16.45 Examining the market after the rebirth of CLOs: Credit metrics, collateral evaluation, liquidity and pricing
  • How has CLO liquidity developed, and how has it affected leveraged deal volumes?
  • Pricing developments of leveraged loan deals in the US and Europe
  • CLO credit drivers and performance metrics
  • Comparing CLO yield to other securitisations
  1. Sandeep Chana, Associate Director, Structured Finance Ratings, Standard & Poor’s
  2. David Gillmor, Head of Leveraged Analytics, Standard & Poor’s
17.15 Tracking liquidity-supply dynamics: The eternal run-around of leveraged deals and CLO investments
  • How has the CLO revival made the leveraged finance market more sustainable?
  • Which jurisdictions and borrowers are driving loan volumes? LBO, M&A activity projections, and leverage multiples in different sectors
  • Are deals with high leverage ratios and loose covenants only possible because of investor acquiescence?
  • Is there enough paper for diversity?
  1. Jonathan Butler, Managing Director, Pramerica Investment Management
  2. Fiona Hagdrup, Fund Manager, M&G Investments
  3. Matthew Sabben-Clare, Partner, Cinven
  4. Adeel Shafiqullah, Managing Director, Leveraged Finance, PineBridge Investments
17.45 Chairperson’s closing remarks followed by drinks reception

Day Two: Friday 12th September 2014

08.30 Morning refreshments & networking 09.00 Chairperson’s opening remarks 09.15 New: Oxford-Style Debate
  • Before the debate, the moderator will ask the audience to vote for and against the motion to see where they stand on the issue. Two teams will then take the stage. Each team will present opening arguments and engage in a debate with a genuine desire to sway the audience. Following the debate, the audience will once again be engaged to see if the debate resulted in a change of opinion.
  • This house believes that:
    • There is not enough primary pipe line for a sustained market
    • CLOs are a better bear market trade
    • CLOs deserve to get preferential treatment from the regulators
  1. Andrew Bellis, Managing Director, 3i Debt Management
  2. Robert Faulkner, Managing Director, Babson Capital Europe
10.00 Unlocking value in the CLO asset class: Is there relative value vs other ABS?
  • What deal structures are investors comfortable?
  • CLOs vs direct loans vs debt funds vs uni-tranche loans vs ABS: Where does the relative value lie given current capital charges?
  • How are buy & hold investors different to hedge funds and other investors?
  1. Patrick Schneider, Vice President, Portfolio Manager, Pimco
  2. Mark Hale, Chief Investment Officer, Prytania Asset Management
  3. Janne Gustafsson, Portfolio Manager, Ilmarinen Alpha
  4. Alfred Haslinger, Chief Investment Officer, Alegra Capital
  5. Gyan Sinha, Portfolio Manger, KLS Diversified Asset Management
10.45 Gauging the level of liquidity in the secondary market
  • Pricing levels on secondary loans
  • Are managers sourcing assets in the secondary market?
  • What is driving the secondary market?
  1. Olivier Dieudonne, Partner, Pamplona Capital Management
11.15 Morning refreshments & networking break 11.45 Tackling the credit drought: CLOs as a funding source for infrastructure, commercial real estate and SMEs
  • What industries are being financed through a CLO?
  • Do the economics stack up vs a traditional corporate CLO?
  • What are the rating requirements?
  • Breaking down the documentation and structure: How do you package it up and sell to investors?
  1. Randall Sandstrom, Director and Chief Investment Officer, Sequoia Investment Management Company
  2. Rasheed Saleuddin, West Face Capital
  3. George Passaris, Head of Securitisation, European Investment Fund
  4. Moderator : Andrew Quinn, Partner, Maples
12.15 Have manager’s delivered the returns they promised?
  • Analysis of target performance metrics: Speed of ramp period and ramp up level before close, flexibility to call a deal, bucket size and composition, collateral quality and cash flow to investors
  • How did managers react to market defaults and asset price tightening?
  • Breaking down the difference of managing a US and European CLO
  1. Dagmar Kent Kershaw, Head of Credit Fund Management, ICG
  2. Craig Scordellis, Portfolio Manager, CQS
  3. Graham Rainbow, Managing Director, Alcentra
  4. Huub Mourits, Global Director, TMF Group
13.00 Chairperson’s closing remarks followed by drinks reception

Separatley bookable post conference workshop: 12th September 2014

14.15 CLO fundamentals and manufacturing a successful CLO
  • Defining the CLO product: Market, arbitrage, cash flow, balance sheet, synthetic
  • How do CLOs work?
  • Differences between investing at the top and bottom of the capital structure
  • Deal life cycle:  Arranger dialogue, identifying market price, calculating arbitrage returns, marketing triple AAA tranche, sourcing assets, distribution and attracting equity
15.15 Structuring the optimal CLO and warehousing facility
  • Optimal structures for satisfying risk retention rules
  • New CLO structural features and technologies
  • Warehouse structures: Evolution and new challenges
  • Injecting diversity into the mix: Asset-swaps, macro hedges or the issuance of non-Euro tranches?
  • Structuring a deal to mitigate the cost of hedging and currency risk
  • Obtaining warehouse financing: What are the options? Will banks offer warehouse financing?
  • Building a successful warehouse portfolio 
  1. Peter Melichar, Senior Structurer, CLOs Global Markets Structuring, Deutsche Bank
16.00 Coffee Break 16.15 Tackling legal grey areas, new CLOs features and language breakdown
  • Investor reporting regulation
  • Loan by loan reporting provisions
  • Loan agreement confidentiality
  1. James Warbey, Partner, Milbank
17.00 Establishing a new CLO: Listing, tax and marketing considerations
  • What are the pros & cons of listing in different jurisdictions?
  • What are the marketing, tax, and other benefits of listing in different jurisdictions?
  • Legal, tax administrative and compliance requirements
  1. Huub Mourits, Global Director, TMF Group
  2. Andrew Quinn, Partner, Maples
17.45 Conclusion of workshop