CLO Summit 2019

Monarch Beach Resort, Dana Point, CA
December 8, 2019 - December 10, 2019

86 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 2019.

To request our previous agenda, participant list and sponsors

Current as of September 12, 2019


Oliver Wriedt, Chief Executive Officer, DFG Investment Advisers

Peter S. Hirsh, Director, BlackRock

Dagmara Michalczuk, Portfolio Manager, Tetragon Financial Management

Tim Milton, Snr Credit Analyst/Trader, DFG Investment Advisers

Scott Snell, Portfolio Manager, Tetragon Financial Management

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


Golf Tournament – Monarch Beach Golf Links– preregistration required


Exhibit Set‐Up / Registration


Co‐Chair Welcoming Remarks


Investing in CLOs for Family Offices & Pension Funds


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

CLO Hedges & Alternative Structures


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

Document Erosion in the US Loan Market


The Current State and Outlook for the CLO Market


Networking Cocktail Reception




Continental Breakfast

  • Key Structural Features of the Deal
  • Legal Structural Features of the Deal
  • Mechanics of Portfolio Construction / Ramping up the Portfolio
  • Credit Investment Strategies
  • Economics vs. Environment: Will green portfolios perform as well?
  • Measuring ESG‐ness: What tools and metrics are available and what’s on the way?
  • Sustainable issuance of sustainable CLOs: Is the investor base deep enough?
  • Risk retention
  • Leveraged Loans
  • Liquidity
  • Legal Issues

Networking Refreshment Break

  • The latest and greatest in CLO structures and what new structural features to expect in 2020
  • CLO pricing and its impact on structure
  • The latest developments in features such as reinvestment, WAL tests, Cov‐Lite Loans and Repricings
  • The Current State and the latest developments in Mezz CLO investing
  • The Impact of regulatory Requirements
  • Relative value
  • 2020 Outlook: Issuance / spreads / structural innovations
  • 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 2020 & beyond

Networking Luncheon on the Pacific Lawn

  • Attracting investors to your platform
  • Supporting your platform: infrastructure options
  • Meeting today’s challenges
  • Which corporate sectors are most vulnerable to a turn in the credit cycle?
  • What portfolio strategies will perform best when corporate downgrades increase?
  • Are CLOs better or worse positioned today than they were ahead of the last recession?
  • Would a downturn have a silver lining for some 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
  • 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 2020
  • 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

Networking Refreshment Break

  • Looking back on 2019 and Forward to 2020
  • 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
  • 2020 and Beyond: What’s next in the CLO/CDO universe

Networking Cocktail Reception


Continental Breakfast / Registration


Co‐Chair Opening Remarks


Evaluating Leveraged Loan Market Performance and Direction


Middle Market & Technology


CLOS 2.0: Re‐Pricings, Refinancings & Resets


  • What are the differences between: Refinancing; Reset; Re‐Issue and Re‐Pricing?
  • Choosing the best option
  • The evolution of CLO refinancing activity
  • What are the main drivers/obstacles for refi’s?
  • Current refinancing activity this year and how does it compare to last year?
  • What other documentation changes you see in addition to reducing spreads?
  • What is the outlook for refinancings in 2020?

Crystal Balling the CLO Market ‐ what lies ahead

2020 new issuance predictions


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 2020 CLO Outlook for US & Euro CLOs (e.g., issuance, redemptions , key themes, etc.)

Conference Concludes

Monarch Beach Resort
1 Monarch Beach Resort, Dana Point, CA, USA

Hotels Rates
Monarch Beach Resort - Sold Out -
Ritz-Carlton, Laguna Niguel - Sold Out -
Surf & Sand Resort $329
Laguna Cliffs Marriott - Sold Out -
Rates are exclusive of tax.
Shuttle service will be provided between all overflow hotels.

• Rooms are available only to those participants who are registered conference attendees.
• Rooms will not be guaranteed without a credit card.
• Rooms are allocated on a first come first serve basis. Room types/rates are subject to availability.
• The name on the form will be the name of the guest room.

Registration Pricing

Standard Rate
Investor* $795
Issuer $1,295
Standard $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
  • Investor Roundtable
  • Evaluating Leveraged Loan Market Performance and Direction
  • Issuer Roundtable
  • How to Analyze Structural Features of a CLO
  • Relative Value in the CLO Market
  • CLO Managers Roundtable – State of the Art
  • CLOS 2.0
  • Best Practices-Operational Issues for Maintaining a CLO
  • Opportunities and Obstacles in the European CLO Market
  • CLO Hedges & Alternative Structures
  • Researcher’s Roundtable
  • The Current State and Outlook for the CLO Market
  • How to Construct a CLO: Building a Portfolio and Negotiating Documents
  • CLO Equity
  • CLO Markets in a Regulated Environment
  • CLO Mezz Tranches / Opportunities and Relative Value
  • Secondary CLO Market
  • Launching a CLO Platform
  • Manager Screening and Evaluation
  • Successful CLO Management
  • Accounting and Tax
  • Middle Market
  • And more!
  • Investment Banks
    • Trustee, Administrators
    • Law Firms
    • Rating Agencies
    • Family Offices
    • Consultants
    • Attorneys
    • Accounting Firms
    • Hedge Funds
    • Issuers
    • Service Providers
    • Pension Plans
    • Institutional Investors
    • Insurance Companies
    • Investment Managers