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*Please note light refreshments will not be served until the afternoon refreshment break
This workshop will provide attendees with a “101” break down and basic knowledge of the CLO structure, the definition of a leveraged loan, and other key fundamental concepts in the CLO sector aimed towards junior analysts
- How to optimize my CLO investments? Where do I “bucket” my CLO exposure?
- How does CLO equity fit into an institutional investor’s strategic asset allocation?
- Is it more beneficial to invest in CLOs directly, or through a specialist investment manager?
- What are the appropriate benchmarks for CLO investments?
- What timeframe should I consider when making a CLO investment?
- What level of the capital structure is optimal for investing - senior, mezz or junior?
- Can the new corporate tax policy help to stimulate new leveraged loan supply?
- How has 18 months of the new administration affected the capital markets?
- Current credit conditions and the next default cycle
- Credit fundamentals and the current lending environment
- Deterioration of Loan Agreement credit protections
- Impact of macroeconomic factors on the leveraged loan market
- New tax legislation, benefits and limitations
- Vulnerable sectors within the leveraged loan population
- How do retail, healthcare and oil and gas compare over the last 12 months? What are the short term challenges for companies in these sectors?
- Evaluation of loan liquidity: Which sectors are now facing adverse trends? How do performances compare?
- What other sectors could soon experience similar challenges?
- What market trends are developing that will disrupt or adversely affect specific industries? I.e. Trade imbalances, infrastructure spending, political unrest
- LIBOR: Looking ahead to 2021: In what form and when will a successor benchmark rate to LIBOR be developed?
- What specific or unique features should the LIBOR transition have for CLOs versus other loan products?
- Pros and cons of a successor benchmark for CLOS matching those used for underlying loans
- Is it always the right decision to match the benchmark with the underlying assets, as in the case of leveraged loans?
- What voting rights or consent rights will be associated with the switchover? How is the decision made and what level of investor engagement will be required?
- Outlook for potential litigation as a result of retroactively applied benchmarks
- Volcker Rule repeal: How will it affect the banks?
- Will this impact investors and managers?
- Are certain managers increasing their exposure to the tech sector?
- Is this a savvy strategy that will add relative value to the CLO’s performance, or are tech companies just as risky as other industries if not more?
- Where do investors see value in this sector?
- What’s the strategy for sectors when the protections go wrong? Where are the tranche lifeboats?
- Liquidity concerns
- Loan documentation deterioration in covenants: Why are investors swarming regardless of weaker terms?
- In spite of risk retention, 2017 saw torrential volume of CLO issuance. In light of the recent court ruling, what are 2018 new issuance volume predictions? Reset and refi expectations?
- Resets versus new issuance: Is 2018 the year of reset? What will happen if rates go up?
- CLOs as the holy grail of permanent capital: Resetting into perpetuity: Evergreen provisions. Will all new issuances essentially move to these evergreen structures? If so, what is the risk if it becomes permanent capital?
- Non call periods: What are investors requiring in resets that they are also requesting in new deals?
- How will capital now freed up thanks to end of risk retention be deployed?
- How to navigate your portfolio performance, taking into account the troubled sectors, versus the opportunities? How do you boost customer confidence?
- What’s the forecast for CLO arbitrage? Manager consolidation: Will we see a reversal of this trend in 2018 as an elimination of risk retention presents new opportunity for newer, smaller managers?
Steven T. Kolyer
- What lies ahead now the Risk Retention battle has come to an end?
- What is the state of the Leveraged Lending Guidance in the current administration?
- The future of LIBOR: Implications for the loan market
- Custody for loan trades: What is the issue and has it been solved?
- How stable is the AAA CLO tranche investment? How much value does the extra ‘A’ provide?
- Why have A/BBB tranches not tightened as much as AAA and BB?
- With increasing alternative investment vehicles such as public funds, how do CLOs offer an advantage over other investment vehicles?
- Cost savings with the CLO “buy and hold” nature versus a highly traded security
- If CLO spreads tighten: How much leverage can be safely used use to enhance the return on a portfolio?
- Why are CLOs priced at a premium to comparable ABS with similar risk profiles?
- What are the considerations for those new to middle market investing?
- Will the risk retention decision impact fund balance sheet CLOs, or will the middle market likely get reprieve?
- Warehouse lenders to direct lenders: Are we seeing a shift in lending volume from banks to non-banks?
- Who are the new players?
- Impact of further regulatory divergence, especially risk retention requirements
- What are the buying choices between US equity against EU equity?
- How do the rules and regulations vary, and what are the market differences?
- Comparison of alternative investments: Is CMBS the most aligned? Is RMBS becoming too vanilla? Do any other asset classes compete?
- What is the fundamental outlook on high yield index bonds and investment grade corporate bonds, compared to a pool of other loans?
- Anticipated impact of Brexit on UK domiciled managers
- CBOs, market value CDOs, CRE CLOs and CCOFs: Decoding the acronyms
- New assets including commercial real estate and infrastructure
- How liquid is CLO paper compared to these other alternative products?
- New CLO innovations: Will new mechanics such as Applicable Margin Reset (AMR) set to address structural inefficiencies, become an important means of CLO refinancing?
- Distinguishing among CLOs: with 250 deals and $130bil in issuance volume, how do you choose?
- Manager qualities to look for
- Will smaller managers now appeal thanks to lower fees?
- Has the risk retention ruling created a more even playing field for the smaller players?
- How to evaluate which managers have better liquidity?
- What sectors are taking the lead? Who is defaulting? How is this impacting manager behavior, especially loan selection?
- Back to basics: What is a CRE CLO?
- What is the relative value of a CRE CLO loan compared to CMBS? To a corporate CLO? How is CRE CLO 2.0 different from 1.0?
- Various structural considerations
- Pros and cons of static versus managed structures?
- What type of collateral backs a CRE CLO?
Steven T. Kolyer
- Are we seeing the growth of asset managers as an emerging investor base?
- Is there increasing Asian investor appetite for US and EU CLOs?
- Are Chinese Institutional Investors the new emerging player to compete with Japan?
- What other jurisdictions are on the horizon? Israel?
- What size of balance sheet are required to becoming a major player in a relatively short period?
- What is exciting about tapping into this CLO market?
- How do investors compare? What is the appeal?
- What is the outlook for issuance and expected growth of this asset class?
- What has been driving the BB tightening? Will they flee at the sign of bad news?
- Spreads are tight, but are yields flat?
- Selecting a manager: Considerations and manager tiering. Is performance priced in accurately?
- Should I “swim with the sharks” and go direct into the CLO market, or work with a CLO specialist?
- What CLO metrics are important to a CLO mezz investor?
- What can go wrong for mezzanine investors in 2018?
- Is a secondary trader going to have better liquidity? Does this overlap with the perception of tiering?
Rebecca Hogan Dorrian
- Considerations as an equity investor: Risks and opportunities in CLO equity
- How has equity sourcing become harder with risk retention funds?
- How has CLO equity investing changed since Risk Retention came into play?
- At the same time, how has equity sourcing and deal arrangements been structured since Risk Retention?
- Why is this less liquid form of equity still attractive to investors?
- With so many dispersions in equity returns, how does an investor make and lose money?
- What currency offers better value for the investor: USD versus Euro
- What are the challenges to smaller fund managers especially with navigating risk retention?
- Where do you own CLO equity? What types of vehicles do you own CLO equity in?
- What is the biggest risk encountered in 2017? What are the expectations for 2018? Spread compression?
- Document innovation: How are CLO documents changing and does this impact equity?
- What data and analytic technology innovations are shaping the CLO market? How are they influencing manager and investor strategies?
- When will loans and CLOs be traded electronically?
- Can CLO managers leverage machine learning and AI?
- Overview of the Court ruling on risk retention
- Given how extensively risk retention financing has evolved to date, will it all simply be unwound, or is there another immediate application for funds raised?
- Impact on the manager landscape: A reversal of the consolidation trend witnessed in the past few years
- Evening the playing field: How will the larger incumbents compete with newer, smaller managers offering the same collateral at lower fees?
- How might this result impact the European and US markets? European investor participation outlook
- Will it result in decreased cross border transactions and a further divergence of the US and European markets
Paul St. Lawrence
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You may request access to any personal data of yours for which Euromoney is responsible as controller. Unless there are legal or regulatory reasons for not doing so, we will confirm whether we process any of your personal data and if we do, we will provide you with the following information: the purposes of the processing, the categories of personal data, any recipients of your personal data, the applicable retention period and the data source. Copies of your personal data will be made available to you in a structured, machine-readable format.
You may also request that we transfer the personal data that you have submitted to us, to another controller, where it is technically feasible for us to do so.
If you have consented to our processing of your personal data, or if we are processing your personal data in order to fulfil our contractual obligations to you, then you can submit a request that we transfer your personal data to another data controller.
Rectification, Restriction, Objection
You have the right to request that Euromoney rectify any errors in the personal data that we process. In some circumstances, you may also be able to ask for the erasure of personal data, and/or request that the processing of your personal data be restricted. You may also object to the processing of your personal data for sales or marketing purposes.
How to Exercise Your Rights
To exercise any of these rights, please contact us by post or email at the following addresses:
Euromoney Institutional Investor PLC
8 Bouverie Street
London, EC4Y 8AX
Web form: Complete Subject Data Request Form
We may need to check your identity prior to processing a request.
Euromoney will do our best to respond to any questions and address any of your concerns. You are also able to register any complaints regarding the processing of your personal data directly with the UK Information Commissioner.
Euromoney is committed to keeping your personal data secure and we will take appropriate technical and organisational measures to protect your personal data from loss, unauthorised use, disclosure or destruction. Although we do our best to protect your personal data, we cannot guarantee that any transmission of data is without risk. We have therefore implemented information security policies and rules, staff training on information security, and technical measures to ensure the integrity of data that we have under our control.
All our employees, contractors and data processors (i.e. those third parties that process personal data on our behalf) are required to keep such data confidential and not to use it for any purpose other than the performance of services we have requested.
Our site may contain links to other websites – including, for example, providers of payment processing services. Euromoney is not responsible for the privacy and data collection practices of third party sites and we therefore recommend that you review the privacy policies and terms of service of each site you visit.
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