CLO Summit 2018

Monarch Beach Resort, Dana Point, CA
November 28, 2018 - November 30, 2018

14 days left

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 2018.

To request the full 2018 agenda and participant list


Current as of November 15, 2018

11:00AM

Exhibit Set-Up / 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

Co-Chair Welcoming Remarks

Paul Burke, Managing Director, Head of Agency & Trust Sales - North America, Citibank, N.A.

Lynda Lazzari, Managing Director, Deloitte & Touche LLP

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

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

1:30PM

Investing in CLOs for Family Offices & Pension Funds

Moderator

Aidan Canny, Managing Director, Global Head of Financial Institutions & Investment Managers, BNY Mellon

Panelists

Pim van Schie, Senior Portfolio Manager, Neuberger Berman Investment Advisers

Steven Park, Principal, Executive Director, Alexandria Capital, LLC

Joelle Berlat, Managing Director, Deloitte Tax LLP

Christopher Desmond, Associate, Dechert 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

Paul Livanos, Director, Virtus Partners, LLC

Panelists

John Borse, President and Founding Partner, Sky Road LLC

Tim Ruxton, Director, Cortland Part of Alter Domus Group

Nicolas Grenie, Managing Director, SS&C GlobeOp

Craig Boardman, Managing Director, WSO, IHS Markit

Marty Mulroe, President, Mariana Systems, LLC

Kevin MacDonald, Co-Chief Executive Officer & Founder, Black Mountain Systems

3:00PM

CLO Hedges & Alternative Structures

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

Sagar J. Patel, Associate, Seward & Kissel LLP

Panelists

Omer Ijaz, Managing Director, EJF Capital

Richard Tantone, Head of Bank Loan & HY Credit Financing, RBC

Paul St. Lawrence, Partner, Cleary Gottlieb Steen & Hamilton LLP

Gwen Collins, Managing General Partner, Alpha Governance Partners LLC

3:45PM

Document Erosion in the US Loan Market

Moderator

Michael Paladino, Head of US Leveraged Finance, Fitch Ratings

Panelists

Neha Khoda, VP & Leveraged Loan Strategy, Bank of America Merrill Lynch

David Frey, Managing Director and Portfolio Manager, HPS Investment Partners, LLC

Matt Maxwell, Portfolio Manager, Blackrock

Jessica Reiss, Head of Leveraged Loan Research, Covenant Review A Fitch Solutions Service

4:30PM

The Current State and Outlook for the CLO Market

Moderator

Amit Roy, Managing Director, Goldman Sachs

Panelists

John Fraser, Head, Investcorp Credit Management US

Elaine Mah, Senior Vice President, U.S. Bank

Al Remeza, Associate Managing Director, Moody’s Investors Service

Kevin Kendra, Managing Director, Fitch Ratings

Rishad Ahluwalia, Managing Director, Head of CLO Research, J.P. Morgan Securities plc

Richard Reilly, Jr., Partner, DLA Piper

Christopher Duerden, Partner, Dechert LLP

5:30PM

Networking Cocktail Reception

Join us and unwind with fellow industry professionals for refreshments & hors d’oeuvres.

7:30AM

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.

7:30AM

Continental Breakfast Opens

8:00AM

Co-Chair Welcoming Remarks

Paul Burke, Managing Director, Head of Agency & Trust Sales - North America, Citibank, N.A.

Lynda Lazzari, Managing Director, Deloitte & Touche LLP

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

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

8:15AM
Moderator

Jimmy Kobylinski, Senior Director, S&P Global Ratings

Panelists

Thomas Majewski, Managing Partner, Eagle Point Credit Management LLC

Eric Schneider, Portfolio Manager – Structured Credit, Omega Advisors

Edward Dale, Portfolio Manager and Managing Director, HPS Investment Partners, LLC

Paul Nikodem, Managing Director, Head of US Securitized Products Research, Nomura

Ken Brown, Managing Director, OFS Capital Management

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

Moderator

Eugene Ferrer, Partner, Paul Hastings LLP

Alex Jackson, Chief Investment Officer, Nassau Corporate Credit

Christopher Jackson, Senior Associate, Allen & Overy

9:00AM
Moderator

Chris Padgett, Senior Vice President, Moody’s Investors Service

Panelists

Ioana Barza, Head of Market Analysis, Thomson Reuters LPC

Farboud Tavangar, CIO, LCM Asset Management LLC

Dennis Gorczyca, Managing Director, Par-Four Investment Management, LLC

Moderator

Eric Hudson, Senior Managing Director, Structured Credit, Kroll Bond Rating Agency

Panelists

Serhan Secmen, Managing Director - Head of Structured Credit Portfolios, Napier Park Global Capital

Patrick Daugherty, President and Chief Investment Officer, Glacier Lake Capital Advisors

Robert Klein, President & Chief Investment Officer, Clarion Structured Credit

Dan Ko, Principal and Portfolio Manager, Eagle Point Credit Management LLC

Michael Pang, Portfolio Manager, Tetragon Financial Management LP

Leonard Chung, Vice President, Goldman Sachs

9:45AM
Moderator

Amit Roy, Managing Director, Goldman Sachs

Panelists

Dan Sherry, Senior Vice President, Pinebridge Investments LLC

Jason Friedman, Managing Director, Member of the Executive and Investment Committee, Marathon Asset Management

Hans Christensen, Chief Executive Officer, MJX Asset Management LLC

Paul Travers, Portfolio Manager, Onex Credit Partners LLC

Andrew Gordon, Chief Executive Officer, Octagon Credit Investors, LLC

Rizwan Akhter, CLO Portfolio Manager, York Capital Management

Matt Andrews, Managing Director, Head of Capital Markets, Senior Portfolio Manager, CIFC Asset Management LLC

Jim Wiant, Managing Director, MidOcean Credit Partners

• Risk retention
• Leveraged Loans
• Liquidity
• Legal Issues

Moderator

Peter Hallenbeck, Vice President-Senior Credit Officer, Moody’s Investors Service

Panelists

Dan Wohlberg, Vice President, Eagle Point Credit Management LLC

Edmond Seferi, Partner, Morgan, Lewis & Bockius LLP

Eddy Piedra, Vice President - Leveraged Loans, 40|86 Advisors

Arthur Rublin, Of Counsel, DLA Piper

Nicole Skalla, Partner, Paul Hastings LLP

Lawrence Berkovich, Partner, Allen & Overy

Paul St. Lawrence, Partner, Cleary Gottlieb Steen & Hamilton LLP

10:30AM

Networking Refreshment Break

10:45AM

• The latest and greatest in CLO structures and what new structural features to expect in 2019
• CLO pricing and its impact on structure
• The latest developments in features such as reinvestment, WAL tests, Cov-Lite Loans and Repricings

Moderator

Robert Villani, Partner, Clifford Chance

Panelists

Nate Weber, Executive Director, Nomura Securities International Inc.

Bhargav Jani, Senior Director-Financial Engineer, Moody’s Analytics

Derek Miller, Managing Director, Fitch Ratings

Jeffrey Burton, Associate Director, S&P Global Ratings

John Nagykery, Vice President, ABS, Morningstar Credit Ratings

• The Current State and the latest developments in Mezz CLO investing
• The Impact of regulatory Requirements
• Relative value
• 2019 Outlook: Issuance / spreads / structural innovations

Moderator

Steve Kahn. Managing Director, Mizuho Securities USA Inc.

Panelists

Batur Bicer, Managing Director, Napier Park Global Capital

Michael Kinahan, Vice President & Portfolio Manager, Eaton Vance Management

Leon Mogunov, Associate Managing Director, Moody’s Investors Service

John Wu, Managing Director, Seix Investment Advisors LLC

Adam Goldberg, VP, MidOcean Credit Partners

Shivraj Bhushan, Executive Director, JP Morgan Worldwide Securities Services

David Moffitt, Managing Director, LibreMax Capital, LLC

11:30AM
Moderator

Vicki Marmorstein, Partner, Latham & Watkins LLP

Panelists

Farboud Tavangar, CIO, LCM Asset Management LLC

Robert Cohen, Director, Global Developed Credit, Doubleline Capital

John Eanes, Managing Director, Kayne Anderson Capital Advisors

Frank Longobardi, Portfolio Manager, Alcentra

Lanny Epperson Jr., Senior Managing Director, Black Diamond Capital Management

Kevin Braddish, President, Ivy Hill Asset Management

• 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 2019 & beyond

Panelists

Chi Lee, Portfolio Manager, Structured Credit, 400 Capital

Michael Pellerito, Managing Director, Solve Advisors Inc.

Reggie Fernandez, Executive Director, Natixis

Kamal Ramnani, Vice President, Secondary CLO, Goldman Sachs

Pouya Minazad, CLO Trader, Brean Capital

Hong Zhao, Senior Trader, Asset Back Products, Societe Generale

Bryan Gonnella, CLO Trader, Guggenheim Securities, LLC

12:15PM

Networking Luncheon on the Pacific Lawn

1:30PM
Moderator

Kylie Duff, Executive Director, Morgan Stanley

Panelists

Collin Chan, CLO Strategist, Global Research, Bank of America Merrill Lynch

Matt Shepard, Senior Vice President, Portfolio Manager, Shenkman Capital Management, Inc.

Chris Saltaformaggio, Director, New York Life Investors

Kashyap Arora, Managing Director, DFG Investment Advisers

Justin Pauley, Senior Structured Credit Analyst, Brigade Capital Management

Jonathan Tower, Managing Partner, Arctaris Impact Fund

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

Moderator

Christine Ferris, Executive Director, J.P. Morgan

Panelists

Vincent Ingato, Senior Portfolio Manager, Zais Group, LLC

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

John Blaney, Portfolio Manager, Park Avenue Institutional Advisers LLC: A subsidiary of The Guardian Life Insurance Company

John Eanes, Managing Director, Kayne Anderson Capital Advisors

Mike Damaso, Partner, CBAM

Jeremy Phillips, Partner, PwC

2:15PM

Join a panel of senior Corporate Rating analysts as they discuss what might happen in their sectors when the next downturn arrives, and, with several CLO market participants, what the implications are for CLO transaction performance.

• How will the lack of “hard assets” affect recoveries for software companies?
• Who are the winners and losers from technological disruption of media companies?
• Is healthcare a defensive sector that will hold up well in the next downturn?
• Are CLOs better or worse positioned than they were before the last downturn?

Moderator

Stephen Anderberg, SF Sector Lead, S&P Global Ratings

Panelists

Naveen Sarma, Sector Lead for Media, S&P Global Ratings

Diane Shand, Senior Director, Sector Lead for Consumer Products, S&P Global Ratings

Arthur Wong, Sector Lead for Healthcare, S&P Global Ratings

David Preston, CLO Researcher, Wells Fargo

Marc Boatwright, Managing Director, AIG Investments

Jonathan Insull, Portfolio Manager, Crescent Capital Group

• 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

Paul Burke, Managing Director, Head of Agency & Trust Sales - North America, Citibank, N.A.

Panelists

Steve Vazquez, CLO Analyst, Wellington Management

Dan Spinner, Portfolio Manager, Eagle Point Credit Management LLC

Pratik Gupta, Executive Director, Nomura Securities International, Inc.

Logan Lowe, Partner, Prophet Capital

Peter Sallerson, Senior Director, Moody’s Analytics

Jake Pruner, Executive Director, Morgan Stanley

3:00PM

• 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 2019

Moderator

Steven Kolyer, Partner, Clifford Chance

Panelists

Nik Chillar, Principal, Crescit Capital

Michael Oliver, Vice President | New Business Development, U.S. Bank

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

Jill Clancy, Senior Manager, Structured Finance Advisory Services, EY

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

Paige Gaston-Thiery, Partner, Walkers

• 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

Deborah Festa, Partner, Milbank, Tweed, Hadley & McCloy

Panelists

Dan Hayward, Managing Director, Ares Management, L.P.

Scott D'Orsi, Managing Director, NewStar Capital

Gil Tollinchi, Managing Director, Pretium Partners

Lynn Hopton, Co-Founder, Managing Partner, HalseyPoint Asset Management

3:45PM

Networking Refreshment Break

4:00PM
Moderator

Timothy Walsh, Director, CLO Ratings, S&P Global Ratings

Panelists

Joe McCurdy, Senior Managing Director and Head of Origination, Guggenheim Partners

Daniel Strong, Executive Director, Structured Finance Group, SMBC Nikko Securities America Inc.

Michael Leitner, Managing Partner, Tennenbaum Capital Partners, LLC

Kevin McLeod, Managing Director, Cerberus Capital Management

Shiloh Bates, Managing Director, Flat Rock Global, LLC

Patrick Quill, Partner, Chapman and Cutler LLP

Ian Walker, Analyst, Covenant Review A Fitch Solutions Service

John Walsh, Managing Director, Capital One

Moderator

Daniel McBride, Structured Finance Manager, KPMG

Panelists

Jonathan Insull, Managing Director, Crescent Capital Group, LP

Olga Chernova, Portfolio Manager, Sancus Capital Management LP

Meriç Topbaş, Director, BNP Paribas

Neeraj Shah, Senior Manager, Advisory Services, EY

John Wu, Managing Director, Seix Investment Advisors LLC

Anthony Schexnayder, Head of Business Development, KopenTech, LLC

Konstantin Kulev, Director, MUFG

4:45PM

• Looking back on 2018 and Forward to 2019
• Global Demand for US CLOs
• Drawing distinctions between the US and European CLO markets
• Rating agency sovereign rating complexities
• Insight into China / Asia/ & Other 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
• 2019 and Beyond: What’s next in the CLO/CDO universe

Moderator

Sean Griffin, Executive Director, Co-head Global CLO Primary, JP Morgan Securities LLC

Panelists

Ratul Roy, Head of CLO and Euro ABS Research, Citigroup Inc.

Neil Servis, Chief Executive Officer, Serone Capital Management LLP

Claire Bridcut, Associate, Milbank, Tweed, Hadley & McCloy

Alex Zilberman, Global Head of CLO, Natixis

Jim Stehli, Managing Director, Head of CLOs, Mizuho Securities USA Inc.

Moderator

Brock Brennan, Director, KPMG

Panelists

Justin Driscoll, CEO and Director, Gallatin Loan Management

Chris Padgett, Senior Vice President, Moody’s Investors Service

Damien Mount, PM, CIFC

Sam DeRosa-Farag, Independent Consultant

Melanie Hanlon, Managing Director, Napier Park Global Capital LLC

5:30PM

Networking Cocktail Reception

Join us and unwind with fellow industry professionals for refreshments & hors d’oeuvres.

8:00AM

Continental Breakfast

8:25AM

Co-Chair Opening Remarks

Paul Burke, Managing Director, Head of Agency & Trust Sales - North America, Citibank, N.A.

Lynda Lazzari, Managing Director, Deloitte & Touche LLP

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

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

8:30AM

Obstacles Faced by Smaller Managers

Panelists

Justin Driscoll, CEO and Director, Gallatin Loan Management

Ray Zucaro, CEO, RVX Asset Management

Kenneth Kroszner, Portfolio Manager Structured Products, Littlejohn & Co.

9:00AM

Middle Market & Technology

Moderator

Shivan Bhavnani, Senior Editor - Middle Market Leveraged Loans, S&P Global Market Intelligence

Panelists

Mark Verville, Managing Director, Black Mountain Systems

Shan Lai, VP-Senior Analyst, Moody’s Investors Service

Jeff Kramer, Principal, Mariana Systems, LLC

Jennifer Patrickakos, Managing Director, Head of Loan Operations, Brightwood Capital Advisors

Eiman Abdelmoneim, Director of Product Management, Sky Road LLC

9:45AM

Crystal Balling the CLO Market – what lies ahead

  • Post Risk Retention
  • 2019 new issuance predictions
Moderator

Medita Vucic, Director, BNY Mellon

Panelist

Philippe Jodin, Partner, Alegra Capital LTD

Asif Khan, Managing Director, Head of CLOs, MUFG

10:30AM

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 2019? 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

Scott Macdonald, Partner, Maples and Calder

Panelists

Seung Jae Keh, Vice President, U.S. Bank

Leon Mogunov, Associate Managing Director, Moody’s Investors Service

Craig Stein, Partner, Schulte Roth & Zabel LLP

Jeffrey Burton, Associate Director, S&P Global Ratings

Christopher Gilbert, Executive Director, Senior Structurer, Natixis

Jonathan M. Phair, Director, Senior Structurer, Bank of America Merrill Lynch

11:15AM

Researcher’s Roundtable

• How attractive are CLOs from a relative value perspective right now:
• Across the CLO capital stack?
• Compared to other asset classes?
• Does the market appropriately differentiate pricing based on the collateral manager?
• With weakening loan fundamentals / rising defaults anticipated:
• What are the implications to the CLO market?
• How can collateral manager style / strategy impact performance?
• Risk Retention: How is / will this impact the CLO market?
• Can we learn anything from Europe?
• What changes have you seen in the CLO buyer base over the past year?
• What is your 2019 CLO Outlook for US & Euro CLOs (e.g., issuance, redemptions , key themes, etc.)

Moderator

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

Panelists

James Egan, Executive Director, Morgan Stanley

Maggie Wang, Head of US CLO & CDO Research, Citi Global Market

Conor O'Toole, Director, Head of European Asset Backed Research, Deutsche Bank

12:00PM

Conference Concludes

12:30PM

Golf Tournament – Monarch Beach Golf Links – preregistration required

(See recommended hotels below)" data-x="33.48269999999999" data-y="-117.7163501">
1star
Monarch Beach Resort & Spa is SOLD OUT
(See recommended hotels below)
1 Monarch Beach Resort, Dana Point, CA, USA
949.234.3900

Hotels Rooms Rates
DoubleTree Suites by Hilton Hotel Doheny Beach
34402 Pacific Coast Highway
Dana Point, CA 92629

3 miles to Monarch Beach Resort
SOLD OUT
Surf & Sand Resort
1555 South Coast Highway
Laguna Beach, CA 92651
SOLD OUT
Monarch Beach Resort & Spa
1 Monarch Beach Resort Dana Point, CA 92629
SOLD OUT
Ritz Carlton
1 Ritz Carlton Dr. Dana Point CA 92629
SOLD OUT
Laguna Cliffs Marriott Resort & Spa
25135 Park Lantern Dana Point CA 92629
SOLD OUT

Due to record attendance, our room blocks are sold out. If you would like to be put on a wait list, please contact Devon Bilyk at dbilyk@opalgroup.net.

 

Kindly click on the following link for alternate lodging options in the area:
https://www.visitlagunabeach.com/hotels/

 

See you soon!

Registration Pricing

Early Bird Rate (exp 9/15) Standard Rate
Investor* - $795
Issuer - $1,295
Standard $1,995 $2,495

*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