New developments in index and bespoke tranches

The draft 2020 agenda is now released, featuring our usual focus on bespoke tranches and index tranches, along with more detailed explorations of the impact of net-short language in loan docs and the push to bring managed bespokes back.

  • 15:30


  • 16:00

    Panel: bespoke tranches

    It hasn’t been the easiest start to the year for the bespoke tranche market. Tightening spreads and flatlining volatility have made primary issuance challenging. Where are we on issuance, and what are the prospects for the rest of 2020? Are there changes in tenor or portfolio selection that can made to drive yield, and how safe are they? How is investor demand holding up, and what can the industry do to expand the base?

  • 16:45

    Fireside chat: net short language

    While discussion in the structured synthetic space may focus on relative value and arbitrage, a more fundamental battle has been developing in the single name space as activist investors push for net-short language provisions. How common is this becoming, what kind of terms have we seen in recent examples, and what are the potential practical impacts on the CDS that underlie the entire market.

  • 17:15


  • 17:45

    Fireside chat: making managed bespokes work

    We know we’ve said this before, but it really does look as if managed bespokes are going to come back this year. How close are we to getting some deals done? What are the remaining structural challenges? And how does relative value compare with competitive products like static bespokes and CLOs?

  • 18:15

    Panel: index tranches

    Index tranches are the biggest success story in synthetic credit, with soaring volumes and tightening spreads. But underneath the surface correlation has been churning and creating dislocations rich with reward for index tranche traders. Where are we now on dispersion and correlation? What are the best trading strategies to take advantage of the current market? And as the global economy slows how worried should index tranche investors be about idiosyncratic risk?

  • 19:00

    Networking drinks reception

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