This virtual update on the state of the global CLO market will look back at the winners and losers of 2020, explore market sentiment at the start of 2021 and maybe even make a few predictions for the rest of the year. The content will cover both US and European CLOs, delivering Creditflux's trademark deep expertise in these sectors, along with analysis and commentary from our editors.
10:00Welcome Remarks & Snapshot Data
Creditflux’s editor Sayed Kadiri and head of journalism Tanvi Gupta review issuance and performance in 2020, and discuss how 2021 is shaping up.Tanvi Gupta
Head of Data Journalism, Creditflux (moderator)
10:15US CLO Market Update
2020 was a tumultuous year for the US CLO market, ranging from the collapse of secondary liquidity and a raft of test breaches in the first half of the year to record equity returns and strong issuance in the second half. Our lineup of experts will explore what 2020 taught them about the CLO market, and what they think 2021 has in store. From staple topics like issuance and relative value to newer concerns like ESG this panel will look deep into the key concerns of the CLO market for the year ahead.Maureen D’Alleva
Head of Performing Credit, Angelo GordonJohn Murphy
Partner, DLA PiperHugh Minch
Reporter, Creditflux (moderator)
11:15European CLO Market Update
The European CLO market ended 2020 on a high note with a raft of new issuance at tight spreads. CLO performance looked good as well, with generally little exposure to COVID impacted sectors. But 2021 looks likely to present a number of tricky challenges, including the impact of Brexit and a growing focus on ESG issues. The panel of some of the best-known names in the market will discuss both the current state of the European CLO market and the challenges that lie ahead.AnneMarie Flynn
Head of Structured Investments, AIB
Take some time to chat, no presentations, no agenda - just a chat around a theme that you simply have an interest in.
• US relative value
• European relative value
• US collateral & performance
• European collateral & performance
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Sayed joined Creditflux in 2010, covering the emergence of the global 2.0 CLO market from its inception. Since January 2017 he has served as the editor, responsible for its online news and print publications, which cover CLOs, structured credit and direct lending news and analysis.
Dan Alderson is deputy editor of Creditflux, an Acuris company, where he is particularly focused on global credit trading (including single name CDS, indices, options, tranches, bespoke products, cross-asset solutions, relative value, QIS, cash credit). He also began his career at financial journalism at Creditflux, before leaving in 2011 to become IFIS editor at EuroWeek. After EuroWeek he became loans and derivatives editor for GlobalCapital. He joined Creditflux's sister publication Debtwire as Loans editor at Debtwire CEEMEA before rejoining Creditflux as deputy editor in 2018.
Dan has a BA (hons) from the University of London.
Amit Roy is a Managing Director in the Investment Banking division at Goldman Sachs and heads the US CLO New Issue business for the firm. He joined Goldman Sachs in 2001 and has been directly involved in structuring and placing over $90bn of securities backed by bank loans, high yield bonds, investment grade securities, private placements and emerging market securities.
Amit holds an MBA, with honors, from the Wharton School of Business at the University of Pennsylvania and S.B. degrees in Economics and Computer Science from the Massachusetts Institute of Technology.
Peter focuses on the CLO market at Moody’s Analytics via the further development of the Structured Finance Portal’s CLO section and related research. Mr. Sallerson began his finance career in 1986 in the Corporate Finance Department at Nomura Securities, where he executed numerous debt, equity and derivative transactions as well as a variety of domestic and international structured financings. At Bear Stearns from 1993-2007 (Senior Managing Director), Mr. Sallerson structured ABS for a variety of collateral. As a co-founder of the CBO/CLO group, his focus shifted to those asset classes along with CSOs and other non-generic structures. From 2007- 2010, Mr. Sallerson consulted on several projects in the structured finance markets. He ran Mitsubishi UFJ Securities (USA)’s CLO effort and advising its parent (BTMU) on its CLO investment activities from late 2010 until 2013. Mr. Sallerson graduated Phi Beta Kappa and Magna Cum Laude with a B.A. in Economics from Middlebury College and his M.B.A. is with honors from the University of Chicago Graduate School of Business.
Peter Gleysteen is the Founder, CEO & CIO of AGL Credit Management. Gleysteen’s prior two employers were JPMorgan Chase and CIFC Asset Management.
At JPMorgan Chase, and antecedent entities Chemical Bank and Chase Manhattan, Gleysteen was the lead banker on many of the largest LBO, M&A and Re-Structuring financings in the 1980s and 1990s, ran global loan syndications as Group Head Global Syndicated Finance, was responsible for the global corporate loan portfolio as Group Head Global Capital Management, and served as Chief Credit Officer of JPMorgan Chase & Co. Gleysteen was integral to the evolution of the bank loan asset class from inception including making the first “B-Loan” in 1989 and conceiving and instituting the “Market Flex” pricing convention in 1997. Gleysteen joined Chemical Bank in 1975.
Gleysteen founded CIFC and managed it as CEO from inception in 2005 to 2014. CIFC was sold and he then served as Vice-Chairman and special advisor until 2016. Gleysteen began forming AGL Credit Management in 2018 and launched it in 2019.
Gleysteen has a BA in History from Trinity College and a MBA, Executive Program, from the University of Chicago. He is a member of the Council on Foreign Relations and a board member of Mystic Seaport Museum.
Tom Davidson is assistant editor for Creditflux, the leading global leading information source for credit funds and CLOs. He focuses on event content and special features. After joining Creditflux in 2005 he moved to New York in 2012 to setup the Creditflux US office. He graduated from Cambridge University with an MSci in Natural Sciences.
Mr. Baker is a member of the Primary CLO business at JP Morgan, focused on CLO Origination for Europe. Before joining JP Morgan, Mr. Baker was with the Structured Credit Group at Apollo in London, investing in CLOs and capital relief/SRT transactions and was involved in the issuance of Apollo’s managed CLOs. Mr. Baker has been a banking structured credit professional for more than 20 years; his prior positions included a Technical Specialist position at the UK FSA and Head of Structured Finance Solutions for EMEA and Americas for Standard Chartered Bank. In addition, Mr. Baker was in New York for over 12 years where he co-managed Lehman Brothers' CLO Banking Group as well as held various positions with Natixis and CIBC in CLO banking and structured finance. Mr. Baker holds a BASc with First Class Honours in Computer Engineering from the University of Waterloo, an MBA from the Ivey Business School at Western University, and is a CFA charter holder.
Lucy Panter has portfolio management responsibilities for European performing investments. Ms. Panter serves on various firm committees including the compliance committee, ESG committee and the Diversity & Inclusion Council. Prior to joining OHA, Ms. Panter was a partner and portfolio manager at GoldenTree Asset Management, where she was head of European Research. She focused on making investments in the consumer, retail and leisure sectors. Ms. Panter was also responsible for managing the firm’s European CLOs. Previously, she worked at PSAM and Goldman Sachs. She currently serves on the board of the European Leveraged Finance Association and John’s Hopkins USA Foundation and serves as Governor of Drapers’ Maryland Primary School. Ms. Panter earned an M.A. from the Johns Hopkins School of Advanced International Relations and a B.A. from University College London.
Michelle D'Souza is a reporter at Creditflux, where she covers private credit, with a focus on direct lending and credit funds.