CLO Symposium 2021

room The Landmark London
  • British Summer Time (BST)

  • 08:00

    Registration & Breakfast

  • 09:00

    Welcome & market snapshot

    Sayed  Kadiri
    Sayed Kadiri
    Editor , Creditflux
    Tanvi Gupta
    Tanvi Gupta
    Head of Data Journalism, Creditflux
    Dan  Alderson
    Dan Alderson
    Deputy Editor , Creditflux
  • 09:15

    Panel: European market outlook

    The European CLO market also performed well during the crisis, and investors have been rewarded the asset class this year. But as always with the European market things are little more complicated than in the US. Old problems of sourcing collateral have been magnified by a lack of issuance and portfolio overlap is creeping up. Our panel of European CLO experts will explore the state of the market, and whether a new wave of European loan issuance can finally solve the diversity and sourcing problem.

    Chris Porter
    Chris Porter
    Head of Private Equity, Loan & CLO Business Development, EMEA, S&P Global Ratings
    Dimitris Papadopoulos
    Dimitris Papadopoulos
    Papadopoulos, Credit Suisse
  • 10:00

    Presentation: Libor update

  • 10:15

    Panel: Allocating to CLOs

    A lot has changed since last year when we last asked LPs what they thought of structured credit, and CLOs. We ask our panel of expert allocators if structured credit in general, and CLOs in particular, still fit into their portfolios. How are they dealing with the complexities of the asset class where the most detailed nuance can mean the difference between interest payments being made or diverted? And has their approach to manager selection been changed by their experience this year?

  • 11:00

    Break

  • 11:30

    Fireside chat - Steve Vaccaro, CEO & CIO, CIFC

    Sayed  Kadiri
    Sayed Kadiri
    Editor , Creditflux
  • 12:00

    Panel: ESG Issues

    The days when CLO managers could hide from ESG are now long gone on both sides of the Atlantic, and this panel will discuss the current state of play, from frameworks and criteria to verification and reporting. How well are CLO managers comping with the new challenges of creating ESG compliant portfolios? And what more can the industry do to create a simpler, more standardized approach for managers and investors.

    Michael Hombach
    Michael Hombach
    Portfolio Manager, Lupus alpha Asset Management
    Michelle D'Souza
    Michelle D'Souza
    Reporter, Creditflux
  • 12:30

    Masterclass: Infrastructure CLOs

    The new kid on the block for CLOs investors is the infrastructure CLO. The first deal since the global financial crisis priced in 2017 but issuance has been glacial since then. That’s all changing, with three transactions pricing in Q1 this year, and growing interest from investors. This masterclass explains what CLO investors need to know before they jump in.

  • 13:00

    Lunch

  • 14:00

    Panel: US market outlook

    Pandemic or not, the US CLO market is in rude health, with strong issuance and robust fundamentals. We bring together five of the best-known faces in the market to discuss how CLOs coped with a tumultuous 2020, what’s driving the surge in volumes in 2021, and what the prospects are like for the future.

    Hugh  Minch
    Hugh Minch
    Reporter, Creditflux
  • 14:45

    Fireside chat - Mort Haque, Partner & Portfolio Manager, Goldentree

    Sayed  Kadiri
    Sayed Kadiri
    Editor , Creditflux
  • 15:15

    Panel: Midmarket CLOs

    Midmarket CLOs seem to be performing well, but given the opacity of their underlying assets it can be hard to tell. What’s the real status of the US middle-market, and what are realistic default expectations for middle-market CLOs? Are stronger covenants than broadly-syndicated deals having the impact managers hoped? And what are the prospects for future issuance?

  • 15:45

    Break

  • 16:15

    Panel: Making reorg equity work for CLOs

    With new language and amendments the CLO market has mostly fixed the problems of owning equity from reorganisations. But tricky questions remain on how much reorg equity they should own, and how they can maximize the value of those positions. This panel brings together investors and managers to ask both how important this new tool for CLO managers is, and how well it is being used.

    Andrew Petitjean
    Andrew Petitjean
    Portfolio Manager, Brigade Capital Management
    Hugh  Minch
    Hugh Minch
    Reporter, Creditflux
  • 16:30

    Fireside chat: Dispatches from the CLO trenches

    Two of the top lawyers in the market sit down with Creditflux to discuss what they’ve been seeing recently. What new features are making it to the table, and what are investors pushing back on in the docs this month?

  • 16:45

    Panel: Would you buy it?

    Four top CLO investors walk us through their investment process as they consider four CLO investment case studies in this now traditional end to the CLO Symposium. How have the last few months changed their approach to investing? And are those changes are short term response to a crisis, or a permanent alteration in how investors should think about the risks and returns of CLO investments?

  • 17:30

    Networking reception