Overview

Join us for an insightful event focused on the latest developments in Leveraged Finance and Collateralized Loans Obligations (CLOs).

Designed for CLO investors, managers, and arrangers, this event will cover the current macro landscape, credit risk, recent regulatory changes, and the outlook for the market in the years ahead.

You’ll also have the chance to hear from our panel of expert speakers including leading CLO managers, investors, and arrangers who will share their insights on navigating the complex world of CLOs and managing risk in a rapidly changing market. The day will conclude with networking drinks for you to meet with peers and reflect on the day.

We look forward to seeing you at the event.

 

Agenda

14:00 – 14:30

Registration and Refreshments 

14:30 – 14:35

Welcome Address

Alex Clifford-Turner, Head of EMEA Market Specialists, Bloomberg

14:35 – 14:55

Credit and Leveraged Finance Outlook

Mahesh Bhimalingam, Chief Head of BI Credit Analyst, Bloomberg

14:55 – 15:40

Panel 1: As the macro landscape keeps pressuring credit fundamentals, discover how CLO managers have been proactively adjusting their portfolio

  • Where do managers see value? (Must Buy & Must Avoid). Which sectors are going to feel the biggest pressure?
  • Loans vs HY: as tighter yield environment might help bonds over loans, do managers see more allocation to bonds in CLOs warehouses this year?
  • What minimum level of arbitrage is required  for CLOs to print?
  • Consolidation: as 2022 has seen increasing managers urge to merge, will size matter in 2023 as well?

Dominic Courtman, Senior Portfolio Manager, Investcorp
Silvia Nacmias, High Yield & Leveraged Loans Syndicate, BNP Paribas
Tyler Wallace, MD and Portfolio Manager, Fair Oaks Capital
Till Schweizer, EU CLO Senior Portfolio Manager, Partners Group

Moderator: Todd Cooper, CLO Business Manager, Bloomberg

15.40 – 15:55

Coffee Break

15:55 – 16:25

Bloomberg Presents:

  • Bloomberg Essential tools for CLOs: latest updates
  • BVAL pricing for CLOs

Pablo Castro, EMEA & APAC Structured Finance Product Manager, Bloomberg

16:35 – 17:10

Panel 2: Where do CLO investors find the most value in the capital structure?

  • Despite existing stress in the system, EU CLOs seem unlikely to get hit. Is this still the case?
  • 40% of CLOs will exit their reinvestment period by year end. Will this have an impact on the loans market?
  • Focus on AAA (LDI driven) and BB, most cautions on Equity. Is this still the case?
  • ESG status check: one common goal, several paths, which methodology would you follow?

Laura Coady, European Head of Securitized Markets, Jefferies
Simon Gold, Senior Trader,  Chenavari
Matthew Layton, Partner, Pearl Diver
Michelle Manuel, Co-Portfolio Manager, Investec

Moderator:
Lisa Lee, Reporter, Bloomberg

17:10 – 18:30

Drinks Reception

Speaker

Photo of Dominic Courtman

Dominic Courtman

Managing Director, Deputy CIO and Senior Portfolio Manager
Investcorp

Dominic Courtman joined ICM EU in 2018 and is a Deputy CIO and Senior Portfolio Manager with responsibility for the portfolio management of ICM EU’s AUM in Europe. Prior to joining ICM EU, Dominic spent 13 years as a Portfolio Manager within the Credit Management business of Rothschild & Co investing into both large-cap and mid-cap leveraged loan, high yield bonds and junior debt. Before Rothschild, Dominic worked in both Private Equity and Corporate Finance.  Dominic is a Fellow of the Institute of Chartered Accounts of England and Wales.

Photo of Laura Coady

Laura Coady

European Head of Securitized Markets
Jefferies

Laura joined Jefferies to run the Securitised Markets Group September 2020. She has since built up the Jefferies European CLO franchise into a market leading franchise. Prior to joining Jefferies she spent 14years at Citi where most recently she ran the European Primary CLO business.

Photo of Mahesh Bhimalingam

Mahesh Bhimalingam

Global Head of Credit Strategy and Chief European Credit Strategist
Bloomberg Intelligence

Mahesh Bhimalingam is the Global Head of Credit Strategy and Chief European Credit Strategist for Bloomberg Intelligence since 2019. He covers European Credit markets, across all shades of Investment Grade, High Yield, Sterling, iTraxx, Leveraged Loans, Cocos and Green Credit while also managing the global credit strategy team covering US, Europe, Middle East, Asia and Securitized credit. Based in London, Mahesh has 25 years of experience covering Global Credit and Fixed Income across Developed and Emerging Markets.

Prior to joining Bloomberg in 2019, Mahesh worked as the Global Macro Strategist for Numen Capital, a multi-strategy hedge fund. Before that, he was Global Head of Emerging Market Credit Strategy and Head of European Credit Strategy at BNP for nearly 5 years leading large research teams.

Mahesh holds an MBA from IIM (Indian Institute of Management) Ahmedabad and a B.Tech Engineering degree from IIT (Indian Institute of Technology) Madras.

Photo of Matthew Layton

Matthew Layton

Partner
Pearl Diver
Matthew is a Partner at Pearl Diver Capital, Head of Europe, co-Head of Credit and a member of the investment committee. Matthew joined Pearl Diver Capital in 2009 and has 20 years of experience in structured credit, leveraged finance and high yield. As part of the senior management team, Matthew has helped grow the business into a leading global CLO investment house. Pearl Diver has also established themselves at the forefront of utilising data science in their approach to CLO investing. Prior to Pearl Diver, between 2003 and 2009, Matthew worked as a credit analyst for Alcentra where he covered a wide range of sectors including publishing, media, leisure, gaming, restaurant and waste management. Prior to Alcentra, Matthew was as an equity analyst for 2 years with Exeter Investment Group. Matthew is a member of the IMN Leveraged Finance Advisory Committee and is a regular speaker at industry events. As a CLO investor his experience covers portfolio management, origination, credit analysis of CLO loan portfolios, trading and structuring. As a loan analyst his experience includes investing in 1st and 2nd lien loans, mezzanine debt, high yield bonds, stressed debt and equity in levered private equity owned companies. He holds a BSc in Economics from the University of Wales, Swansea.
Photo of Michelle Manuel

Michelle Manuel

Co-Portfolio Manager
Investec Bank Limited 

Michelle is co-portfolio manager within the structured credit team at Investec Bank Limited with a particular focus on CLOs. Michelle joined Investec Bank in 2003 and has covered various aspects of the structured credit market from both structuring to investing . She entered banking after completing her accounting articles at PwC in the Financial Services sector.

Photo of Silvia Nacmias

Silvia Nacmias

High Yield & Leveraged Loans Syndicate
BNP Paribas

High Yield and Leveraged Loans Syndicate with extensive experience across sectors and geographies, including specific ESG initiatives for the asset class.  Prior to joining Syndicate, Silvia spent c.10 years in BNP Paribas M&A teams in Milan, Paris and London (Media & Telecom).

Photo of Simon Gold

Simon Gold

Senior Trader
Chenavari

Simon has 20 years experience trading European ABS and CLOs and is currently a senior trader at Chenavari based in London. Prior to joining Chenavari, Simon managed the Ardesia CLO fund with ISP Group in Zurich. This fund award was highly successful, winning Global Capital CLO mezz/equity investor of the year. Simon began his career at Bear Stearns on the ABS/CDO trading desk and was responsible for initially building their modelling of CLOs/CDOs and market making. Prior to joining ISP Group he spent 6 years as head of European CLO trading at Bank of America in London and managed one of the largest trading books in Europe for CLO/CDO product.

Photo of Tyler Wallace

Tyler Wallace

MD and Portfolio Manager
Fair Oaks Capital

Mr. Wallace is a Managing Director and Portfolio Manager at Fair Oaks Capital. At Fair Oaks he is responsible for corporate credit investments including the management of the Fair Oaks European Loan Funding CLO program. Prior to joining Fair Oaks, Mr. Wallace was Head of Corporate Credit at Mediterranean Bank Plc (MeDirect) where he built a corporate credit platform that invested in leveraged loans, high yield bonds and direct lending opportunities. Prior to joining Mediterranean Bank, Mr Wallace was a Senior Adviser to the Bank of England and an investment analyst and portfolio manager at Pamplona Capital and New Amsterdam Capital. Mr. Wallace holds a BS in Finance and a BS in International Studies from Indiana University and is a Chartered Financial Analyst (CFA) charterholder.

Photo of Till Schweizer

Till Schweizer

EU CLO Senior Portfolio Manager
Partners Group 

Till Schweizer is part of the Syndicated Debt business unit, based in London. He is a member of the Global Liquid Debt Investment Committee and is the Portfolio Manager of the Penta CLOs. He has been with Partners Group since 2007 and has 17 years of industry experience. Prior to joining Partners Group, he worked at UBS and Credit Suisse. He holds a master’s degree in banking and finance from the University of St. Gallen (HSG), Switzerland. He is also a CFA charterholder.

When & Where

Wednesday 17 May 2023

Bloomberg
3 Queen Victoria St
London
EC4N 4TQ

Map

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