CLO Summit 2017

Monarch Beach Resort, Dana Point, CA
December 3, 2017 - December 5, 2017

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Opal Group is proud to present our CLO Summit. The CLO Summit is an educational forum designed for investors, issuers, underwriters, rating agencies, lawyers and accountants. At this conference, they can learn the newest techniques to maximize returns and reduce risk exposure in this growing area of Asset-Backed Finance. An in-depth review of recent regulatory changes in addition to rating agency methodology, legal, tax and structural considerations will provide attendees with the tools necessary to stay one step ahead of their competitors.

The conference will serve as an opportunity where a meaningful dialogue can be opened to address concerns regarding this dynamic segment of the market. This event promises to be the "must attend" CLO event of 2017.

December 4, 2017

11:00am

Exhibit Setup / Registration Desk Opens

All confirmed pre-registered delegates must approach the Registration Desk to check in and pick up conference badges. Business Cards are required to retrieve badges.

1:25pm

Welcoming Remarks

Managing Director, Head of Citi Agency and Trust Sales, Citibank Agency & Trust

Managing Director, Deloitte

Managing Director-Structured Finance Americas, Moody's Investors Service

Managing Director-Structured Finance Surveillance, Moody's Investors Service

1:30pm

Investing in CLOs for Family Offices & Pension Funds

Moderator

COO, Cooper Family Office (SFO)

Panelist

Portfolio Manager, Neuberger Berman Fixed Income

Panelist

Director, Eagle Point Credit Management LLC

Panelist

Managing Director, Eaton Partners

Panelist

Principal, Executive Director, Alexandria Capital, LLC

Panelist

Tax Managing Director, Deloitte Tax LLP

2:15pm

How Technology is Streamlining the Loan Trading Process

  • Managing Credit portfolios can be a time consuming, manual process
  • Multiple systems with poor integration means a high operational overhead
  • New integrated solutions streamline the process from front office to settlements
Moderator

Director – CLO’s, Carlson Capital, L.P.

Panelist

Founder and CEO, Alphakinetic (A Virtus Partners Company)

Panelist

CEO, Sky Road LLC

Panelist

Chief Investment Officer, Black Mountain

Panelist

Executive Director, Business Development & Sales, IHS Markit

Panelist

Vice President of Sales and Development, Mariana Systems, LLC

3:00pm

CLO Hedges & Alternative Structures

  • Total return swaps, interest rate swaps and options
  • CLO warehouses
  • Leveraged loan exposure
Moderator

Counsel, Seward & Kissel LLP

Panelist

Director, Capital One

Panelist

Portfolio Manager, Structured Credit, 400 Capital

Panelist

Partner, Arnold & Porter Kaye Scholer LLP

3:45pm

Document Erosion in US Loan Market

Moderator

Managing Director, CFA, Managing Director, U.S. Head Corporate Ratings, Fitch Ratings

Panelist

Senior Portfolio Manager, GoldenTree

Panelist

Managing Director, Crescent Capital

Panelist

Managing Director - Portfolio Manager, Post Advisory Group

Panelist

Partner, Allen & Overy LLP

4:30pm

The Current State and  Outlook for the CLO Market

Moderator

Managing Director, Fitch Ratings

Panelist

Head of Investcorp Credit Management, Investcorp

Panelist

Director, CLO Syndications, BNP Paribas

Panelist

Partner, DLA Piper LLP (US)

Panelist

Vice President, Goldman Sachs

5:30pm

Networking Cocktail Reception

7:30am

Registration Desk Opens / Continental Breakfast

8:00am

Welcoming Remarks

Managing Director, Head of Citi Agency and Trust Sales, Citibank Agency & Trust

Managing Director, Deloitte

Managing Director-Structured Finance Americas, Moody's Investors Service

Managing Director US Structured Finance & Surveillance, Moody's Investors Service

8:15am

Investor Roundtable

Moderator

Managing Director, Fitch Ratings

Panelist

Partner, Director of Special Investments, Corbin Capital Partners

Panelist

President and Chief Investment Officer, Glacier Lake Capital Advisors

Panelist

Vice President, Eagle Point Credit Management LLC

Panelist

Managing Director, Libremax Capital

How to Construct a CLO:

Building a Portfolio and Negotiating Documents

  • Key Structural Features of the Deal
  • Legal Structural Features of the Deal
  • Mechanics of Portfolio Construction / Ramping up the Portfolio
  • Credit Investment Strategies
Moderator

Managing Director-Structured Finance Surveillance, Moody's Investors Service

Panelist

Senior Director, NYL Investors

Panelist

Partner, Chapman and Cutler LLP

Panelist

Special Counsel, Milbank

9:00am

Evaluating Leveraged Loan Market Performance and Direction

Moderator

Managing Director, Fitch Ratings

Panelist

Head of Market Analysis, Thomson Reuters

Panelist

Vice President, Credit Funds, Fortress

Panelist

Managing Director, Corporate Ratings, S&P Global Ratings

Panelist

Senior VP/Manager, Moody's Investor Service

Panelist

Fixed Income Trader, Wellington Management

CLO Equity

Moderator

Managing Director, Head of CLO Business, MUFG Securities

Panelist

Managing Director & Head of Structured Products, CIFC Asset Management

Panelist

Portfolio Manager – Structured Credit, Omega Advisors

Panelist

Principal and Portfolio Manager, Eagle Point Credit Management LLC

Panelist

Senior Managing Director, Medley

Panelist

Associate - Structured Credit, Napier Park Global Capital

9:45am

Issuer Roundtable

Moderator

Executive Director, Mizuho Securities USA Inc.

Panelist

Managing Director, Managing Director, Co-Head of CLOs and Leveraged Loans, Marathon Asset Management

Panelist

Senior Vice President, Pinebridge Investments LLC

Panelist

Chief Executive Officer, MJX Asset Management LLC

Panelist

Founding Partner and Senior Portfolio Manager, GoldenTree Asset Management, LP

Panelist

Managing Director, MidOcean Credit Partners

CLO Markets in a Regulated Environment

  • Risk retention
  • Leveraged Loans
  • Liquidity
  • Legal Issues
Moderator

Partner, Dechert LLP

Panelist

Chief Investment Officer, Nassau Corporate Credit

Panelist

Partner, Morgan, Lewis & Bockius LLP

Panelist

Partner, Paul Hastings LLP

Panelist

VP-Senior Analyst, Moody's Investors Service

Panelist

Partner, Schulte Roth & Zabel LLP

10:30am

Networking Refreshment Break

10:45am

How to Analyze Structural Features of a CLO

  • The latest and greatest in CLO structures and what new structural  features to expect in 2018
  • CLO pricing and its impact on structure
  • The latest developments in features such as reinvestment, WAL tests, Cov-Lite Loans and Repricings
Moderator

Partner, Clifford Chance US LLP

Panelist

Director, THL Credit Advisors LLC.

Panelist

VP-Sr Credit Officer, Moody's Investors Service

Panelist

Partner, Allen & Overy LLP

Panelist

Head of CLO Structuring, RBC Capital Markets

Panelist

Assistant Vice President, ABS, Morningstar Credit Ratings, LLC

CLO Mezz Tranches/Opportunities and Relative Value

  • The Current State and the latest developments in Mezz CLO investing
  • The Impact of regulatory requirements
  • Realative Value
  • 2018 Outlook: Issuance / spreads / structural innovations
Moderator

Partner, KPMG LLP

Panelist

Senior Portfolio Manager, TIG Advisors LLC

Panelist

CLO Portfolio Manager, PineBridge Investments

Panelist

Vice President & Portfolio Manager, Eaton Vance Management

Panelist

Vice President, Eagle Point Credit Management LLC

Panelist

Portfolio Manager, Axonic Capital

Panelist

Managing Director and Head of CLO and CRE Trading, Morgan Stanley

Panelist

Head of Structured Credit Trading & Origination, Amherst Pierpont

11:30am

CLOs 2018 – 2025 State of the Art Discussion with Industry Pros

Moderator

Partner, Latham & Watkins LLP

Panelist

Co – CEO, CIFC Asset Management

Panelist

Managing Director, Kayne Anderson Capital Advisors

Panelist

Senior Managing Director, Black Diamond Capital Management

Panelist

Senior Managing Director and Co-Head, Leveraged Debt Group, Columbia Threadneedle Investments

Panelist

Portfolio Analyst, Ares Management, L.P.

Panelist

President, Ivy Hill Asset Management

Secondary CLO Market

  • Current trends & market drivers – BWIC & trade volumes, liquidity & spreads
  • Finding relative value in secondary CLOs -uncovering opportunities
  • Analyzing secondary CLOs – metrics & observations
  • Market reaction to risk retention rulings, Volcker & Non-Volcker compliant deals
  • Longer term concerns
  • Outlook for 2018 & beyond
Moderator

VP-Senior Analyst, Moody's Investor Service

Panelist

Managing Director, Structured Products Portfolio Manager, Credit Suisse Asset
Management

Panelist

Managing Director and Senior Analyst, Ares Management, L.P.

Panelist

Managing Director, DFG Investment Advisers

Panelist

Vice President, Secondary CLO, Goldman Sachs

12:15pm

Networking Luncheon

Sponsored by:

BNY Mellon

1:30pm

Relative Value in the CLO Market

Moderator

Senior Director, CLO Ratings, S&P Global Ratings

Panelist

Portfolio Manager, Shenkman Capital Management

Panelist

Portfolio Manager, Shenkman Capital Management

Panelist

Vice President and Head of CLO Strategy, Morgan Stanley

Panelist

Managing Director, Head of US Securitized Products Research, Nomura

Panelist

Director, New York Life Investors

Panelist

VP, Goldman Sachs

Launching a CLO Platform

  • Attracting investors to your platform
  • Supporting your platform: infrastructure options
  • Meeting today’s challenges
Moderator

Director, Advisory, Credit Risk, KPMG LLP

Panelist

Senior Portfolio Manager, ZAIS Group, LLC

Panelist

Director, Cortland Capital Market Services

Panelist

Senior Director – Sales Manager, Moody’s Analytics

Panelist

Partner, Milbank

2:15pm

Valuation, Analysis & Communication: Recent Markets and Challenges of Valuation from both Intrinsic or Current Price Determination

Moderator

PhD, CFA, Executive Chairman, CIO & Co-Founder, NewOak

Panelist

Managing Director, Valuation & Financial, Stout Risius Ross, Inc.

Panelist

Brian Bouchard, Principal, Economic & Valuation Services, KPMG

Manager Screening and Evaluation – Comparing CLO Managers

  • How important in Equity Return as a measure of Manager Performance for Debt investors
  • AAA spread as a sign of market perception of the manager?
  • “Good Times” vs “Stressful Times” managers
  • Collateral Quality tests
  • MV Metrics
  • Manager Size
  • PM Changes
  • Tools
  • Buy and Hold vs Active traders
  • Sub Advisors
Moderator

Senior Director, Structured Analytics and Valuation, Moody's Analytics

Panelist

Director, DFG Investment Advisers

Panelist

Managing Director, Portfolio Manager, HPS Investment Partners

Panelist

CLO Analyst, Wellington Management

Panelist

Vice President, Nomura Securities International, Inc.

3:00pm

CLOS 2.0 

Re-Pricings, Refinancings & Resets

  • Current refinancing activity this year and how does it compare to last year?
  • What are the main drivers/obstacles for refi’s?
  • What other documentation changes you see in addition to reducing spreads?
  • What is the outlook for refinancings in 2018?
    Risk Retention
  • How has risk retention impacted the issuance of CLOs 2.0?
  • What are some of the recent challenges in constructing and maintaining a CLO
Moderator

Director, CLO Ratings, S&P Global Ratings

Panelist

Vice President - Leveraged Loans, 40|86 Advisors

Panelist

Senior VP/Manager, Moody's Investors Service

Panelist

Head of Capital Markets & Banking, Redding Ridge Asset Management

Panelist

Vice President, CLO trading, Morgan Stanley

Panelist

Managing Director, Mizuho Securities USA Inc.

Panelist

Executive Director, JP Morgan Worldwide Securities Services

Successful CLO Management Strategies and Structures in the Current Environment

  • How to handle and/or delegate tactical discretion between equity and debt
  • Whether to allow for a short component
  • Operational considerations in the current environment and how strategy/structure may influence operational costs
Moderator

Partner, Advisory,

Panelist

Managing Director- Co-Head, THL Credit SLS

Panelist

President, Prime II Management LLC

3:45pm

Networking Refreshment Break

4:00pm

Best Practices / Operational Issues for Maintaining a CLO

Moderator

Senior Manager, Risk, Ernst & Young LLP

Panelist

Senior Vice President, Maples Fiduciary

Panelist

Executive Director, Business Development & Sales, IHS Markit

Panelist

Managing Director, Black Mountain Systems

Panelists

Managing Director, MJX Asset Management LLC

AMRs – will they reshape the future of CLO refinancing & resets?

Moderator

Senior Manager, Ernst & Young LLP

Panelist

CIO, Sancus Capital Management LP

Panelist

Director, BNY Mellon

Panelist

Director, MUFG

Panelist

Counsel, Seward & Kissel LLP

4:45pm

Opportunities and Obstacles in the Global CLO Market

  • Looking back on 2017 and Forward to 2018
  • Drawing distinctions between the US and European CLO markets
  • How Europe is managing risk retention
  • Leveraged Loans: Supply and demand
  • Landscape of collateral managers: Moving from consolidation to diversification
  • European regulatory landscape—CRA3, CRR, AIFMD, EMIR and others
Moderator

Head of Global Business Development, RVX Asset Management, LLC

Panelist

Chief Executive Officer, Serone Capital Management LLP

Panelist

Executive Director / Co-Head of CLO New Issue, Morgan Stanley

Panelist

Head of CLO and Euro ABS Research, Citigroup Inc.

Panelist

Managing Director, Structured Finance Group, China Merchants Bank

Misconceptions about the loan market. Educating and understanding Cov-lite

Moderator

President, Prime II Management LLC

Panelist

Co-Founder & CIO, Highland Capital Management

Panelist

Managing Director, Senior Portfolio Manager, CIFC Asset Management

Panelist

VP & Credit Strategist,
BofA Merrill Lynch Global Research

5:30pm

Networking Cocktail Reception

8:00am

Continental Breakfast

8:40am

Opening Remarks

Managing Director, Head of Citi Agency and Trust Sales, Citibank Agency & Trust

Managing Director, Deloitte

Managing Director-Structured Finance Americas, Moody's Investors Service

Managing Director US Structured Finance & Surveillance, Moody's Investors Service

8:45am

Obstacles Faced by Smaller Managers

Moderator

Managing Director, Head of Citi Agency and Trust Sales, Citibank Agency & Trust

Panelist

Independent Consultant

Panelist

CEO, Gallatin Loan Management

Panelist

Director, Cortland Capital Market Services

Panelist

Portfolio Manager, Wellfleet Credit Partners

9:30am

Middle Market

Moderator

Senior Director, CLO Ratings, S&P Global Ratings

Panelist

Managing Director, Capital One

Panelist

Vice President, Tennenbaum Capital Partners, LLC

Panelist

President, Cerberus Capital Management

Panelist

Partner, Dechert LLP

10:15am

Real Estate Debt CLOs – A RE-EMERGENCE

  • Today’s Real Estate CLO Market
  • What are Real Estate CLOs?
  • How do CRE CLOs compare to corporate loan CLOs?
  • Key Structural Features and Advantages
  • CRE CLO Issuance Trends
  • Forecasts for Real Estate CLOs in 2018
Moderator

Partner, Clifford Chance

Panelist

Principal, Crescit Capital

Panelist

Vice President, New Business Development, U.S. Bank

Panelist

Managing Director, Head of CMBS Capital Markets in North America, J.P. Morgan

Panelist

Executive Vice President, Arbor Realty Trust Inc.

Panelist

Senior Vice President - Commercial Real Estate Finance, Moody's Investors Service

11:00am

Researcher’s Roundtable

  • How attractive are CLOs from a relative value perspective right now:
    o Across the CLO capital stack?
    o Compared to other asset classes?
  • Does the market appropriately differentiate pricing based on the collateral manager?
  • With weakening loan fundamentals / rising defaults anticipated:
    o What are the implications to the CLO market?
    o How can collateral manager style / strategy impact performance?
  • Risk Retention:
    o How is / will this impact the CLO market?
    o Can we learn anything from Europe?
  • What changes have you seen in the CLO buyer base over the past year?
  • What is your 2018 CLO Outlook for US & Euro CLOs (e.g., issuance, redemptions , key themes, etc.)
Moderator

Senior Director, Structured Finance Research, S&P Global Ratings

Panelist

Vice President, Morgan Stanley

Panelist

CLO Strategist, BofA Merrill Lynch Global Research

Panelist

Head of CLO and Euro ABS Research, Citigroup Inc.

12:00pm

Conference Concludes

12:30pm

Golf Tournament – Monarch Beach Golf Links – pre-registration required

1star
Monarch Beach Resort and Laguna Cliffs Marriott are SOLD OUT. Please book below at the other recommended hotels
Monarch Beach Resort, Dana Point, CA, United States


DoubleTree Suites Doheny Beach SOLD OUT
Please see any of the Recommended Hotels below:
Montage Laguna Beach
30801 South Coast Hwy Laguna Beach, CA 92651
Tel: 949-715-6000
http://www.montagehotels.com/lagunabeach
Distance: 9 minutes / 4.6 miles
The Ranch at Laguna Beach
31106 S. Coast Highway Laguna Beach, CA, 92651
Tel: 800-223-3309
https://www.theranchlb.com/
Distance: 9 minutes / 4.3 miles
Surf & Sand Resort
1555 S Coast Hwy Laguna Beach, CA 92651
Tel: 949-497-4477
http://www.surfandsandresort.com
Distance: 10 minutes / 5.7 miles
*Rates are exclusive of tax
  • Rooms are available only to those participants who are registered conference attendees.
  • The name on the form will be the name of the guest room.
  • Rooms are allocated on a first come first serve basis. Room types/rates are subject to availability.
  • Rooms will not be guaranteed without a credit card.

Registration Pricing

Standard Rate
Investor* $795
Issuer $1,295
Standard $1,995

*Subject to Opal Group’s verification and approval. Only individuals who are solely investing on their own behalf can be verified for a complimentary pass. Solution Providers or Fund Providers to 3rd parties will not be able to receive complimentary access. As investment portfolios/strategies are constantly changing, we reserve the right to re- verify past delegates for future complimentary passes.

Sponsorship, Exhibition & Speaking Opportunities 212.532.9898 info@opalgroup.net
  • THE AAA CONUNDRUM, WHAT WOULD BREAK THE IMPASSE?
  • THE CURRENT STATE AND OUTLOOK FOR THE CLO MARKET
  • INVESTOR ROUNDTABLE
  • HOW TO CONSTRUCT A CLO: BUILDING A PORTFOLIO AND NEGOTIATING DOCUMENTS
  • EVALUATING LEVERAGED LOAN MARKET PERFORMANCE AND DIRECTION
  • CLO EQUITY
  • ISSUER ROUNDTABLE
  • CLO MARKETS IN A REGULATED ENVIRONMENT
  • HOW TO ANALYZE STRUCTURAL FEATURES OF A CLO
  • CLO MEZZ TRANCHES / OPPORTUNITIES AND RELATIVE VALUE
  • VALUATION, ANALYSIS & COMMUNICATION
  • SECONDARY CLO MARKET
  • RELATIVE VALUE IN THE CLO MARKET
  • LAUNCHING A CLO PLATFORM
  • CLO MANAGERS ROUNDTABLE – STATE OF THE ART
  • MANAGER SCREENING AND EVALUATION
  • CLOS 2.0
  • SUCCESSFUL CLO MANAGEMENT
  • BEST PRACTICES-OPERATIONAL ISSUES FOR MAINTAINING A CLO
  • ACCOUNTING AND TAX
  • OPPORTUNITIES AND OBSTACLES IN THE EUROPEAN CLO MARKET
  • MIDDLE MARKET
  • CLO HEDGES & ALTERNATIVE STRUCTURES RESEARCHER’S ROUNDTABLE