08:00
Breakfast and Registration Opens
08:50
Welcoming Remarks

Jade Friedensohn

Director of Programming
IMN
09:00
The European CLO Market: A Look at the Year Ahead and Predictions for 2018
  • What are the macro-economic factors that will impact spreads in 2017?
  • Assessing the impact of risk retention on manager consolidation and overall issuance volume
  • Will expensive collateral, tightened spread, high volume of refinancing and restructuring activity, and political upheaval slow primary issuance?
  • Impact of volatility in Italy and loan defaults on foreign investor appetite for European CLOs
  • Predictions for total Euro CLO issuance volume in FY 2017

Chris Porter

Head of Loan, Recovery & CLO Business Development EMEA
S&P Global Ratings

Aly Hirji

Portfolio Manager
BlackRock

Michael Micko

Head of European Credit
Napier Park Global Capital

Adeel Shafiqullah

Managing Director
Och Ziff

Michael Malek

Director
Credit Suisse

Orestis Millas

Executive Director
Morgan Stanley


SESSION POLL Results

10:00
The European Loan Market: Will the Wave of Activity in Late 2016 Continue Throughout 2017?
  • Credit fundamentals:  Is the leveraged loan market overheating, or do steady hands prevail?
  • Spread levels
  • Volume and diversity outlook: what is behind the wave of new leveraged loan activity?
  • New loan origination: what is needed to further open up the market in Europe?

David Gillmor

Head of Analytics, European Leverage Finance
S&P Global Ratings

Graham Rainbow

Managing Director
Alcentra

Jonathan Butler

European Head of Leveraged Finance
PGIM Fixed Income

Mia Qian

Vice President
Morgan Stanley
10:50
Refreshment Break
11:20 Track A
Where is Risk Retention Headed and How Will the Market React?
  • The European Parliament has proposed a 10% vertical/ 5% first loss retention requirement. What is the likelihood of this being implemented, and will it completely shutter the European structured credit market?
  • Strategies for financing the retained portion? Direct investment in the manager, or raise from 3rd party capital
  • Comparison to the U.S.: How have U.S. CLO issuers fared post in a post- implementation environment? Are European issuers prepared to comply?
  • As the U.S. potentially relaxes financial market regulations and amends Dodd Frank rulings, how will cross border issuer and investors navigate these divergent approaches to risk retention requirements?
  • Complying with US Risk Retention

Mudasar Chaudhry

Vice President
DBRS

Barry Lane

Director
Investcorp Credit Management

Frederick Haddad

Partner & Senior Portfolio Manager
GoldenTree Asset Management

Andrew Bellis

Managing Director
Partners Group

Elliot Ganz

General Counsel and Executive Vice President
LSTA

Paul St. Lawrence

Partner
Cleary Gottlieb Steen & Hamilton LLP


SESSION POLL Results

11:20 Track B
Challenges in Launching a New European CLO Deal
  • Navigating the pitfalls of setting up a new European CLO and strategies to mitigate these risks
  • Navigating MiFid, Tax considerations
  • The difficulty of sourcing collateral and subsequent longer warehousing ramp up times
  • What are the key drivers behind the increasing number of U.S. CLO managers setting up shop in Europe?
  • Balancing the relationship between asset managers, debt advisors and equity holders. Arbitrage considerations for the equity
  • Does rating warehouses attract new capital and encourage more investors to become involved in CLOs to facilitate market development? 

Gordon Kerr

Structured Finance Research
DBRS Ratings Ltd.

Sergio Grasso

Portfolio Manager
Accunia

Jonathan Bowers

Partner
CVC Credit Partners

Laurence Cornevin

Managing Director
Cortland

George Zittis

Vice President - Senior Analyst
Moody's Investors Service
12:00
Keynote Session: Brexit, EU Risk Retention and Other Regulatory Compliance Concerns
  • UK CLO Managers: MiFid licensing concerns  and a non-EU financial entity
  • How will UK managers comply with EU Risk Retention Rules? Move into continental Europe? Set up an affiliate?
  • Will this impact the choice to include UK Loans in the portfolio?
  • Does the devaluation of the British sterling present a buying opportunity for leveraged loan traders seeking UK assets? 
  • Where will European securitisation risk retention and other EU regulations come out after trialogue discussions given the recent vote in Parliament? 
  • Additional regulations impacting managers including investor disclosure requirements and EU regulated investor participation

Richard Hopkin

Managing Director and Head of Fixed Income
AFME

Steve Baker

Managing Director
Apollo Management

Mark Hale

Chief Investment Officer
Prytania Investment Advisors LLP

David Quirolo

Partner
Cadwalader
12:40
Delegate Luncheon, Sponsored by

GlobalCapital

13:45
Commence Concurrent Tracks "A" and "B"
13:45 Track A
CLO Refis and Resets: What Every CLO Investor Should Know
  • How do you go about doing it?
  • What is the time frame on refinancing and/or a reset?
  • How do you decide to restructure or to refinance?
  • What are the economics involved in each scenario?
  • What is the investor appetite for a refinance or reset deal versus primary issuance? Are the investor bases different? How so?

Sam Kerr

Senior Reporter
GlobalCapital

Clayton Perry

Managing Director
KKR

Madelaine Jones

Managing Director
Oaktree Capital

Hugh Upcott Gill

Vice President
Citi

Nick Shiren

Partner
Cadwalader, Wickersham & Taft LLP

Juraj Lord

Director
Fitch Ratings

Sandeep Chana

Director
S&P Global Ratings


SESSION POLL Results

13:45 Track B
SME Lending and the Role of CLOs
  • Can credit and fund managers serve as direct sources of lending to corporate borrowers (SMEs), narrowing the gap in funding by the banks? What are the requirements for a CLO to act as a direct lender?
  • Will traditional CLO investors branch into the direct lending space?
  • Exploring the possibility of a pan European direct lending platform
  • Are the regulators in favor of this trend? Will government assist in creating a pan European Middle Market Direct Lending platform? 
  • Synthetic balance sheet CLOs issued in order to release capital and increase SME lending capacity

Thorsten Klotz

Managing Director, Structured Finance
Moody's Investors Service

Oliver Fochler

Managing Partner, Chief Executive Officer
Stone Mountain Capital

Lars Scmidt-Ott

Managing Director
Bespoke Capital

Carlos Silva

Head of EU Structured Credit
DBRS Ratings Limited
14:30 Track A
CLO Traders’ and Researchers’ Roundtable: Finding Relative Value in the CLO Market
  • How have CLO 2.0 versus 1.0 deals performed relative to investors expectations?
  • Relative value comparison: Europe versus US
  • What key factors drive CLO performance? A look at different manager styles

Sheil Aggarwal

Head of Valuations - SCI Valuations
Structured Credit Investor

Aza Teeuwen

Partner, Portfolio Manager
TwentyFour Asset Management

Marcus White

Senior Investment Analyst
Prytania Investment Advisors

Max Gordon-Brown

Associate, European CLO and ABS Trading
Morgan Stanley

Peter Cui

ABS/CLO Trader
Natixis
14:30 Track B
The Impact of CLOs on the Leveraged Loan Market
  • Analysis of leveraged loan market growth over the past 3-4 years. What impact has the increased volume had?
  • Are CLOs  responsible for driving leverage up and pricing down or are CLOs a more responsible influence because they have minimum spread requirements and are subject to investor limitations on leverage and second lien?
  • What impact has resulted due to the need to mark to market all assets, lend only in euros and the ability to switch to FRNs or Bonds in the same name?
  • Impact on deal structures - the focus on Term B compared to Bank's providing Revolvers and RCF‎.  
  • Review of US leverage lending standards vs European Banks
  • How are new CLOs addressing the lack of ability to Amend to Extend? How will they react if we face another Refinancing Maturity wall?

Chris Porter

Head of Loan, Recovery & CLO Business Development EMEA
S&P Global Ratings

David Matson

Managing Director
IKB Fund Management

Herman Guelovani

Head of Leveraged Finance Markets
NIBC Bank N.V.

Taron Wade

Director
LCD


SESSION POLL Results

15:15
Refreshment Break
15:35 Track A
CLO Equity Investor Perspectives
  • Have Volcker /Risk retention affected the way these deals are managed to date?
  • What is the benefit/ trade-off of including a bond bucket in the underlying collateral?
  • What offers better value these days - 1.0 Equity vs 2.0 Equity? USD equity vs Euro equity?
  • Primary vs. secondary equity? What has better value?
  • How important of a role does manager and structure play in for equity investors? What are specific types of manager strategies or structural features you like or dislike?
  • Where is CLO arbitrage going?

Hernan Quipildor

Head of CLO and Loan Fund Financing
Natixis

Barry Lucassen

Director
SCIO

Anton Spadar

Senior Analyst
Chenavari

Christopher Whitcombe

Quantitative Analyst
400 Capital Management Europe

Miguel Ramos Fuentenebro

Managing Partner
Fair Oaks Capital

Chandrajit Chakraborty

Principal
Pearl Diver Capital

Ratul Roy

Managing Director, Global CDO & European ABS Strategy
Citigroup
15:35 Track B
Private Debt, An Emerging Asset Class
  • Defining private debt
  • Attractions of private debt versus other asset classes
  • What will it take to fully institutionalise private debt as an asset class?
  • What are the ways in which investors can access the market?
  • What about liquidity?

Sandra Veseli

Managing Director
Moody's Investors Service

Robert Reynolds

Chief Investment Officer
Spire Partners

Marc Preiser

Managing Director
Apollo


SESSION POLL Results

16:20
GlobalCapital Presents the European CLO Awards
GlobalCapital

Sam Kerr

Senior Reporter
GlobalCapital
16:30
The AAA CLO Investor Roundtable: Finding The Sweet Spot in the European CLO Market
  • Where is CLO arbitrage going?
  • Will the appetite for AAA paper continue throughout 2017?
  • Impact of Asian investors and central bank purchasing mandates, specifically potential Chinese AAA demand for US CLO paper and its subsequent impact on US and European CLO spreads
  • Impact of Solvency II, MIFID 2 and AIFD regulations on investor appetite for CLOs
  • Comparative value of investing in CLOs versus other structured products such as ABS, RMBS, CMBS
  • Is uncertainty over the final risk retention rules causing investors to hold back?

Laurent Benarroch

Managing Director
Bank of America Merrill Lynch

Eric Havard-Duclos

Managing Director
AXA Investment Managers

François Morin

Portfolio Manager
Amundi

Michael Schewitz

Credit Trading and Investment
Investec Bank

Matthew O'Sullivan

Head of Commercial Securitisation
M&G Investments


SESSION POLL Results

17:15
The 4th Annual Investors’ Conference on European CLOs and Leveraged Loans Concludes and Networking Cocktail Reception Commences, Sponsored by
GlobalCapital
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