Creditflux Symposium

8 May 2019


Landmark Hotel
London
  • 08:00

    Registration & breakfast

  • 09:00
  • 09:15

    State of the CLO market

    From the sudden disappearance of refis and resets to the impact of Japanese risk retention there's plenty to discuss in the CLO market, and we bring together five of the market's most influential leaders to do just that. From the return of the short-dated CLO to European reporting requirements we'll be asking them to opine on topics across the market and kick-off the discussion for the rest of the day. 

    Jane Lee
    Jane Lee
    Senior Managing Director, Blackstone | GSO
    Thomas Majewski
    Thomas Majewski
    Founder & Managing Partner, Eagle Point Credit Management
  • 10:00

    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?

  • 10:15

    European CLOs

    The record-breaking issuance of 2018 has transformed into a slow start to 2019. What's the problem, and what will fix it? European CLO specialists discuss thorny issues like AAA demand (or the lack of it), collateral supply and the impact of new regulations. 

  • 11:00

    Coffee

  • 11:30

    Trader talk

    Some of the markets best known CLO traders shoot the breeze with Creditflux. The topic? Everything and anything that’s on their minds.

  • 12:00

    Name-by-name, or, how bad might it get for CLO equity?

    Do you remember credit risk? It’s been a while since investors in loans (and therefore CLOs) had too much to worry about, but that is changing fast. We bring CLO managers and equity investors together to discuss the impact of idiosyncratic risk on CLO performance. What are the most troubling credits, how bad could it get, and will the pain by concentrated in a few deals or more widely spread?

  • 12:30

    Middle market CLOs

    From a niche to a staple, middle-market CLOs have had a remarkable run. How is investor demand looking this year? As the cycle begins to turn, how do credit risks in the underlying middle-market loans compare to their broadly-syndicated brethren? And given the structural differences in a middle market CLO, what does a manager need to do to now to prepare for a downturn?

  • 13:00

    Lunch

  • 14:00

    Heard it through the grapevine

    Veteran headhunter Dale Shorey from Waterman Stern shares some of the what he's been hearing in the CLO market recently, including the hottest job prospects, staffing levels and (if you ask him nicely) salaries.

  • 14:15

    ESG and CLOs

    It may be a hot buzz word for many institutional investors, but building a portfolio of ESG loans is not a simple task. What are the challenges for managers looking to make their CLOs compliant? And how does performance compare between ESG and non-ESG portfolios? 

  • 15:00

    Static CLOs

    It isn't easy to carve a unique niche in the busy CLO market but Palmer Square have done just that with its static CLO business. President, portfolio manager and founder Chris Long explains what makes a static CLO different, which investors it appeals to, and what the future holds for static deals.

  • 15:15

    The return of the CBO

    The rise of the CBO has become of the most dramatic resurrection stories in the market, as a product everyone thought long dead issued more than $4 billion of new deals in 2018. What are the key differences between a CBO and a CLO, and why are they proving attractive to investors again? And given how many European CLOs already include a bond bucket why haven't we seen any dedicated European CBOs yet?

  • 15:45

    Coffee

  • 16:15

    Bespokes

    Bespoke tranches had another strong year in 2018, but again failed to break out into the mainstream. Will 2019 be different? How has performance compared between bespokes and CLOs, and what are the key differences LP investors need to think about? What will it take for structured credit investors to really embrace synthetic credit again?

  • 16:45

    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. What are the key questions that every CLO investor should ask before they buy?

  • 17:30

    Networking reception

  • 19:00

    Manager Awards (separate ticket required)