CLO investor outlook
From electronic trading in the secondary market to growing tranche downgrades, these are “interesting times” for investors in the CLO market. This session will gather together a diverse group of traders and investors to discuss anything and everything that’s on their mind. There are no shortage of issues to choose from, but some of the topics that might make the list include:
- What will issuance look like in 2023?
- How worried should investors be about CLO tranche downgrades?
- Where’s the best relative value at the moment?
- Is electronic trading the future of the CLO secondary market?
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SpeakersAl Remeza Associate Managing Director MOODY'S INVESTORS SERVICE
Batur Bicer Managing Director NAPIER PARK
Shawn Lim Vice President VIBRANT CAPITAL PARTNERS
Som Mukherjee Senior Partner & Head of Investments LAKEMORE PARTNERS
Chris Saltaformaggio Senior Director NYL INVESTORS
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Al Remeza is an Associate Managing Director and head of the US CLO and Structured Credit new ratings team with Moody's Investors Service.
Prior to joining Moody’s, he was a Senior Consultant at one of Mercer’s financial advisory consulting groups. His clients were financial institutions such as major investment banks, reinsurance and insurance companies, energy and commodities trading firms, quasi-government agencies, and numerous other Fortune 500 firms. His other experiences include working for Credit Suisse First Boston and Alliance Capital. He earned an MA in Economics, a BS in Economics, and a BS in Engineering and did his doctoral work in finance while at the Wharton School of the University of Pennsylvania.
Batur Bicer is a Portfolio Manager focusing on investment strategies related to structured credit products in both cash and synthetic markets at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to CCA, Batur served two years as Vice President at Goldman Sachs as a Credit Strategist covering primarily credit derivative products where he was responsible for recommending trade ideas and providing quantitative solutions for both internal and external clients. Prior to Goldman Sachs, Batur worked as a Credit Strategy Research Analyst for five years at Barclays Capital where he published weekly reports on the structured credit market. Batur has also been involved in various industry forums and networks, including the investor roundtables for different ratings agencies. He frequently appears as a speaker at multiple industry conferences and panels. Batur has a PhD degree in Operations Research and Financial Engineering from Princeton University and a BS from Bogazici University.
Mr. Lim is responsible for analyzing investment opportunities and assisting in driving investment decisions for the Structured Credit Investment Team. He has 11 years of experience analyzing and conducting research on structured credit investments including CLOs. Previously, Mr. Lim worked in the Structured Products Group at Oak Hill Advisors for almost two years, as part of a team that managed $2bn+ in CLO debt and equity investments. Prior to Oak Hill, he worked on the Securitized Products Research Team at Nomura Securities for six years, publishing research on CLOs and non-agency RMBS. Mr. Lim has an M.A. in Mathematics of Finance from Columbia University and a B.S. in Economics from Singapore Management University.
Som is the Head of Investments and a member of the Investment Committee at Lakemore. His responsibilities include investment selection, structuring and portfolio management of the firm’s various credit platforms. He has 20 years of experience in investment management during which he managed asset classes that included Specialist Credit and other Alternative Investments including Real estate and Private equity as part of large institutional portfolios. Som started his career with GE Capital in 2002 as a member of the risk management team for their long-term pensions and insurance portfolios investing in leveraged loans and structured credit. In 2005, he joined Lehman Brothers as part of their structured credit team focusing on credit hedging and CLO tranche strategies. In 2007, he joined NCB Capital as a senior portfolio manager for the structured credit portfolio managing around US$ 1 bn in US CLO tranche investments. He subsequently joined Safanad with the senior Lakemore team and managed the firm’s principal investment portfolio investing in Credit and Equity strategies, Private Equity and Real Estate. Som has a Bachelors in Statistics (Hons) from Indian Statistical Institute.
Mr. Saltaformaggio is a Senior Director responsible for CLO tranche investing throughout the capital stack on behalf of Institutional and Separately Managed Accounts. He also has experience investing in Asset Backed Securities as well as Short Term Interest Rate Securities. Mr. Saltaformaggio joined New York Life Investments in 2004 as an Assistant Trader and Portfolio Analyst in the High Yield Credit Group. Prior to joining New York Life Investments, Mr. Saltaformaggio was an Associate at New York Life Insurance Company in the Variable Annuity business. Mr. Saltaformaggio received a B.A. in Economics from Seton Hall University and an M.B.A from Fordham University.