Creditflux CLO Symposium 2023
Our flagship event returns in May 2023
The Landmark, 222 Marylebone Road, London
03
May
Panel: US CLO market outlook
Like the European market, the US CLO market had a slow end to 2022 and an even slower start to 2023. With spreads staying stubbornly high what lies in store for the primary market over the rest of the year, and how will existing CLOs perform?
- What’s the problem, and how will we fix it?
- How will the manager landscape change this year?
- Will electronic trading of loans and CLOs finally take off?
- From ETFs to BDCs, is this the time for retail investors to look at CLOs?
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SpeakersSushila Nayak Partner ORRICK
Rizwan Akhter Managing Director & CLO Portfolio Manager GENERATE ADVISORS
Matthew Layton Partner PEARL DIVER CAPITAL
Adrian Marshall Chief Executive Officer/Co-Chief Investment Officer ELMWOOD ASSET MANAGEMENT
Edwin Wilches Managing Director and Co-Head of Securitized Products PGIM FIXED INCOME
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Sushila Nayak is co-head of the firm’s Structured Finance Group, based in London. Dual-qualified in New York and England, Sushila represents arrangers, borrowers, collateral managers, and investors in a broad range of securitisation, structured finance, and corporate finance transactions. Her experience includes CLOs, whole business securitisations, financings backed by a variety of asset classes (including aircraft, trade receivables and esoteric assets), as well as corporate bonds, syndicated loans, and private debt transactions.
Rizwan Akhter joined Kennedy Lewis in 2021 as part of the Kennedy Lewis controlled strategicpartnership (“Generate Advisors”) with York Capital Management Global Advisors, LLC (“York”).He is a Managing Director and Portfolio Manager responsible for the CLOs managed byGenerate Advisors. Prior to joining York in 2014, Mr. Akhter was a Portfolio Manager at DiMaioAhmad Capital where he managed a number of funds and investment portfolios specializing inleveraged loans, high yield bonds and structured credit, and at Credit Suisse in fixed incomeand investment banking primarily as a Structured Trader within the credit derivativesbusiness. Prior to that, Mr. Akhter worked at General Re Financial Products in fixed incomederivatives structuring and at Morgan Stanley & Co., Inc. as an investment banker.Mr. Akhter earned a BA in Economics from Columbia College and an MBA from ColumbiaBusiness School.
Matthew has 20 years’ experience of buy-side credit experience in CLOs and leveraged finance. Matthew joined Pearl Diver in 2009, he heads Pearl Diver’s EMEA business, is a voting member of the investment committee and is co-head of the credit division. Prior to joining Pearl Diver, Matthew was a Credit Analyst with Alcentra where he covered Publishing, Media, Leisure and Gaming, Restaurants and Environmental Services. His experience covers analysing and investing in CLOs, investment origination, fundamental company level credit analysis and corporate restructurings. Matthew holds a BSc in Economics from the University of Wales, Swansea.
Adrian has 23 years of industry experience. Prior to founding Elmwood Adrian served as the co-head of BlackRock’s US managed CLO business and lead portfolio manager for BlackRock’s US leveraged loan platform. While acting in this capacity Mr. Marshall oversaw a team managing over $18 bn in assets held across CLO, retail and separate account investment vehicles. Adrian transitioned into the lead portfolio management role for BlackRock’s US CLOs in 2009. Adrian spent his entire career at BlackRock prior to joining Elmwood.
Edwin Wilches, CFA, is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products team. Mr. Wilches is also a portfolio manager for dedicated CLO Tranche portfolios as well other dedicated securitized products funds. Mr. Wilches oversees securitized product security selection across the firm’s multi-sector, investment grade, high yield, LDI, money market and general account strategies. He plays an active leadership role in PGIM’s Racial Equity Initiative via participation in multiple workstreams, and is a member of the Latinx Executive Leadership Team for both PGIM and PGIM Fixed Income. Mr. Wilches is an active member in multiple trade associations across the US and European markets seeking to represent our client’s best interests and to help promote a functioning market structure. Prior to assuming his current responsibilities, Mr. Wilches was responsible for managing and trading the Firm's investments in CLO tranches, supporting the Dryden CLO platform's business development and investor relations efforts, and analyzing off-the-run alternative fixed income opportunities. Earlier, Mr. Wilches was a member of PGIM Fixed Income’s CDO analyst team, Business and Product Development Team and Fixed Income Operations team. Mr. Wilches joined the Firm in 2003. He received a BA in Economics from Rutgers University and an MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.