Global credit funds & CLO's
March 2024 | Issue 262
Published in London & New York.
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March 2024 | Issue 262
Event
CLO Symposium 2024
The Creditflux CLO Symposium returns to the Landmark London on 15 May 2024
community.ionanalytics.com/creditflux-clo-symposium-2024
Registration & breakfast
8:30
Chair’s opening remarks and presentation
Tom Davidson, managing editor, Creditflux
9:05
Keynote interview
Navigating the future of CLOs —
trends, strategies and opportunities
This interview will provide a comprehensive overview of the current landscape and offer insights into emerging trends, innovative strategies and untapped opportunities.
Speakers: Jane Lee, Blackstone
9:20
Opening panel
The CLO outlook — focusing on European perspectives
The past 18 months proved a challenging backdrop for CLO issuance. Rapid rate hikes and global economic turbulence have made the arbitrage tough. Europe has witnessed a dip in loan issuance prompting investors to seek new ways to attain yield. With reduced M&A activity and ongoing risks in capital flow and supply chains, CLO managers must find ways to safeguard returns.
Speakers: Camille McLeod-Salmon, Fidelity; Tom Majewski, Eagle Point Credit Management; Matthew McCabe, Oaktree Capital
9:35
Panel
Cannibalising CLO collateral?
Private credit’s impact on the market
In recent years, institutional investors have shifted their attention away from the broadly syndicated market, and towards private credit, in their hunt for yield. But will the value of liquidity in larger, broadly syndicated markets return as economic conditions continue to deteriorate? How will investors decide where to allocate funds?
Speakers: Roxana Mirica, Apax Partners; Gina Germano, Hayfin; David Althenhofen, Accunia
10:15
Networking coffee
11:00
Panel
CLO managers’ views —
managing distress and restructurings
As the market approaches 25/26 loan maturities and refinancing walls draw closer, CLO managers face critical decisions in managing distressed portfolios to avoid par destruction. This panel brings together industry leaders to share their views on navigating troubled names amid a shifting economic landscape.
Speakers: Joseph Carden, Cerberus Business Finance; Young Choi, Rockford Tower Capital Management; Adrian Marshall, Elmwood Asset Management; Sushila Nayak, Orrick
11:30
Panel
Navigating middle market CLOs —
a lasting trend or niche play?
Middle market CLOs saw significant volume in 2023, despite corporate credit markets facing rising interest rates and slowing growth. In the first half of 2023, BSL CLO issuance was down 37%, while middle market CLO issuance was up 103%. This panel will bring together middle market CLO investors and managers to share insights into origination strategies, risk assessment and investor appetite.
Speakers: Alan George, Golub Capital; Matthew Laurino, Blue Owl Capital; Jonathan Horowitz, Fortress
12:10
Fireside chat
Insights from a CLO expert
A unique opportunity to gain first-hand insights, perspectives and experiences from a seasoned professional.
Speakers: Shiloh Bates, chief investment officer, Flat Rock Global
12:50
Lunch
13:05
Panel
The US CLO outlook —
transatlantic trends and perspectives
After a surprisingly strong year for new CLOs in 2023, some believe that US primary market activity will be patchy in 2024, with investors less willing to deploy capital. This panel delves into the landscape of the US CLO market, exploring the latest trends and regulatory shifts.
Speakers: Matthew Layton, Pearl Diver Capital; Serhan Secmen, Napier Park; Edwin Wilches, PGIM Fixed Income
14:05
Panel
LPs’ views — family offices have entered the chat
Challenging markets and limited loan volumes have led LPs to diversify investment pools. Meanwhile, new structured credit funds are experiencing tough fundraising conditions, while the entry of more family offices to the market could impact future dynamics.
14:45
Fireside chat
CLO documentation
— snooze, drag, inconsistencies and nuances
Experts intimately familiar with CLO documentation shed light on critical strategies, potential inconsistencies and nuanced adjustments that occur in pre- and post-investment periods.
15:25
Networking coffee
15:55
Panel
Higher for longer rates — would you buy it?
In a ‘higher for longer’ rate environment, top CLO investors talk through their processes as they consider CLO investment case studies. From risk assessment to yield expectations, what are the key questions every CLO investor should ask before they buy?
Speakers: Alan Kelly, Apollo Credit Management; Colin Behar, USS
16:25
Panel
CLO secondary market — thriving or surviving?
The secondary market has been evolving in response to a multitude of economic and regulatory factors. This panel assembles industry experts to dissect the current state of the CLO secondary market, from liquidity trends to investor appetite.
Speakers: Justin Pauley, Brigade; Steve Tubb, Jefferies; Medhi Kashani, Arini; Peter Polanskyj, Obra Capital
17:00
Chair’s closing remarks and networking drinks
17:40
Creditflux CLO Manager Awards
19:00
Sponsors
Exhibitors
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