|09:00||Welcome & introduction|
Panel: How big can the CLO market get?
The CLO market had a great 2017, and it looks like 2018 will be another very strong year, but neither the US or European loan markets are keeping pace. How much larger can the CLO market grow?
Presentation: Making the case for CBOs
The oldest corporate structured credit products weren't CLOs, they were CBOs. After a long break that market has been making a quiet comeback over the last few years. Should CLO investors should take another look at bond-backed alternatives?
Panel: Living with the loan market
A new loan refi wave has made weighted average life tests the latest nightmare for CLO managers, joining spread tests and ever rising prices. How should mangers solve these new problems, and what implications are there for long term CLO performance?
Panel: Money talks
A group of the largest allocators and institutional investors in credit discuss their approach to structured credit in 2018. How are they preparing for interest rate rises? Are broader market corrections changing the risk/reward case for fixed income products? How tight can CLOs get before they lose their attraction to LPs?
Panel: Expected life in the age of the perpetual reset
The modern CLO market has become one where CLOs have become almost perpetual, with resets now commonplace. What are the implications for long term investors? How can you judge which CLOs will reset, and when? Is calling a CLO now a part of history?
Panel: Would you buy it?
The most popular panel in the CLO market returns as four fresh investors are faced with four new (theoretical) CLO case studies. Will they buy or will they pass?
Panel: Can you hedge a CLO?
Often debated, never decided, four experts discuss if it is possible to hedge a portfolio of CLO investments, and offer their varying approaches to doing so.
Panel: The middle market becomes mainstream
When the CLO 2.0 market took off after the crisis its middle market CLO counterpart lagged far behind. 2017 saw that change with a host of US MM CLOs pricing. Will the US market continue to grow, and what of the nascent rebirth of European MM CLOs?
Panel: Filling a European CLO
Four European CLO managers are asked to build up a warehouse for a new CLO. Which of our assets will they select, and will they be tempted away from first lien loans by the bonds, second liens and mezz on offer.
|18:00||Networking drinks reception|