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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 Capital Management

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, Head of Fixed Income, Capital Markets
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 Securitization 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 Credit Management
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

Investment Management
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 Securitization 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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  1. Cookies and similar technologies

All our Sites use cookies and similar technical tools to collect information about your access to the Site and the services we provide.

Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session and expire when you close your browser. Other cookies are used to remember you when you return to the Site and will last for longer. Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to you and can only be read by a Web server in the domain that issued the cookie.

We may use cookies to:

  • remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough;
  • remember your login session so you can move from one page to another within the Site;
  • store your preferences or your user name and password so that you do not need to input these every time you visit the Site;
  • customise elements of the layout and/or content of the pages of Site for you;
  • record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
  • collect statistical information about how you use the Site so that we can improve the Site; and
  • gather information about the pages on the Site that you visit, and also other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider. This information is then used to place interest-based advertisements on the Site which it is believed will be relevant to your market segment. For more information about this type of interest based advertising, and about how to turn this feature off please visit www.youronlinechoices.co.uk. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Some of the cookies used by our Sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising directed at your market segment) on our behalf.

To see a list of the cookies and similar technologies used on this Site and instructions on how to turn them on and off click here. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.

Email tracking: So that we can better understand our users' needs, we track responses to our emails - for example, to see which links are the most popular in newsletters, and to log and follow up responses to our marketing messages. To do this, we use pixel GIFs, also known as "pixel tags" - these are small image files that are placed within the body of our email messages. They enable us to tell if a message has been opened and to track click-throughs on links within the message.
Any other purposes for which Euromoney wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.

Consents and opt-outs

You can give your consent to or opt out of particular uses of your data as indicated above by:

  • Indicating at the point on the relevant Site where personal data is collected;
  • Informing us by email, post or phone; or
  • Updating your preferences on the applicable Site;

For turning cookies and similar technologies on and off, see the information in paragraph 5 above.

Disclosures

Information collected at one Site may be shared between Euromoney Institutional Investor plc, Institutional Investor Inc. and other group companies for the purposes listed above.

Your personal data may also be sold to other companies in the form of lists and directories, but only after permission from you in accordance with the provisions above.

We may also disclose your personal data to other third parties, including, without limitation, professional advisers, or governmental or State institutions or regulatory authorities, where necessary in order to exercise or defend legal rights or where required by law.

We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.

Public forums, message boards and blogs

Some of our Sites make message boards, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.

Transfers outside the EEA

Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Euromoney Institutional Investor plc may transfer your personal data, for the purposes listed above, to other group companies, service providers or other third parties which may be located in countries outside the European Economic Area, whose laws may not give the level of protection to personal data as within the UK. This will include transfers to Institutional Investor Inc. in the US (and Institutional Investor Inc. will collect some data directly from you, in relation to the Sites which it operates) and to third parties who provide us with email and marketing services. Where we conduct any transfers we will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement.

Confidentiality and Security of Your Personal Data

We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.

We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:

  • unauthorised access
  • improper use or disclosure
  • unauthorised modification
  • unlawful destruction or accidental loss

All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.

We also give you the option of using a secure transmission method to send us personal data identifiers, such as credit card details and bank account number.

How to Access, Update and Erase your Personal Information

If you wish to know whether we are keeping personal data about you, or if you have an enquiry about our privacy policy or your personal data held by us, in relation to any of the Sites, you can contact the Data Protection Officer via:

  • Postal mail to this address: Data Protection Officer, Euromoney Institutional Investor plc, Nestor House, Playhouse Yard, London EC4V 5EX, UK
  • Telephone: +44 (0)20 7779 8600
  • Email: dataprotectionofficer@euromoneyplc.com

Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.

Euromoney allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:

  • erased
  • rectified or amended
  • completed

Changes to this Privacy Statement

We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.

This Privacy Statement was last updated in April 2012.

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