Creditflux CLO Investor Summit 2024
A staple in the CLO calendar!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
18
Jun
Panel: State of the CLO market
According to Creditflux data, the first two months of 2024 have been record-setting for the US CLO market, with a total of USD 43.9bn in issuance. A surge of new CLO issuance and triple A spreads coming in dramatically, as well as increased bank activity has meant that participants expect 2024 to be an active year for the market. Will the rest of the year continue along this trajectory, or are there macroeconomic and regulatory risks that might impact the CLO market? Our panel of expert managers will take stock of the market and discuss:
• What will CLO issuance, including senior spreads and loan prices look like in 2024? What are the expectations for downgrades?
• Will banks continue to be active in the space?
• How will projected interest rate decreases impact relative value?
• What is the outlook for the year ahead, and how is the CLO landscape evolving?
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SpeakersMatt Bloomfield Partner and Portfolio Manager PALMER SQUARE
Jonathan Horowitz Managing Director & Head of Structured Liabilities FORTRESS INVESTMENT GROUP
Gretchen Lam Chief Executive Officer OCTAGON CREDIT INVESTORS
Gunther Stein Head and Chief Investment Officer of US Performing Credit SOUND POINT CAPITAL MANAGEMENT
Amir Vardi Managing Director, Portfolio Manager CREDIT SUISSE ASSET MANAGEMENT
Thomas Davidson Managing Editor CREDITFLUX
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Matt is the head Portfolio Manager for the Firm’s US CLO management platform, serves as President of Palmer Square Capital BDC Inc., a publicly traded business development company (“BDC”) and has lead responsibilities for all of Palmer Square’s private and public lending product offerings. He is a member of both the US and European CLO investment committees, as well as a member of the Firm’s BDC investment committee.
Prior to joining Palmer Square, Matt worked at Golub Capital, most recently as an Associate Portfolio Manager within the Broadly Syndicated Loan Group where he focused on investing in leveraged loans via CLOs and separately managed accounts. Prior to joining Golub Capital, Matt worked at Giuliani Capital Advisors in Chicago as an Analyst and subsequently Associate in the Investment Banking Group where he focused on special situations and restructuring mandates.
Matt earned an MBA in Finance from Northwestern University’s Kellogg School of Management, as well as a BS and BGS in Business Administration and Economics, respectively, from the University of Kansas.
Mr. Horowitz is a Managing Director in the Fortress Credit Funds Business and the Head of Structured Liabilities
Prior to joining Fortress in 2022, Mr. Horowitz was a Managing Director and portfolio manager in the Chief Investment Office of J.P. Morgan where we was responsible for $45bn of CLOs and consumer ABS
Prior to joining J.P. Morgan, Mr. Horowitz was a Managing Director in the CDO business at Morgan Stanley as Head of U.S. CDO Capital Markets and co-head of U.S. CDO Structuring and Origination
Mr. Horowitz received a B.S. in Industrial Engineering from Stanford University and an M.B.A. from the Stanford Graduate School of Business
Ms. Lam is Octagon’s Chief Executive Officer, a member of Octagon’s Investment Committee, and a member of the Firm’s Board of Managers. Ms. Lam also serves on the Firm’s Executive Committee and is a member of the Firm’s ESG Committee. Prior to assuming the Chief Executive Officer position in 2024, Ms. Lam served as a Senior Portfolio Manager across various CLOs, separately managed accounts, and commingled funds. She also oversaw the Firm’s Structured Credit (CLO debt and equity) investment strategies.
Ms. Lam joined Octagon in 1999; prior to becoming a Portfolio Manager in 2013, she oversaw Octagon’s investments in the software, business services, finance & insurance, paper & packaging, gaming & lodging, homebuilding, and real estate industries. She was also responsible for the Structured Credit exposure held in Octagon’s CLO vehicles.
She earned a B.S. in Investments from Babson College, where she graduated Summa Cum Laude. Ms. Lam received her CFA Charter in 2006.
Mr. Stein joined Sound Point in 2023 and is currently Head and Chief Investment Officer of the U.S. Performing Credit platform. Additionally, Mr. Stein serves on Sound Point’s Management Committee as well as many of the firm’s investment and risk committees. Mr. Stein is a veteran CIO and portfolio manager with over 30 years of credit investing experience. Prior to joining Sound Point, Mr. Stein served as Chairman, CEO, and CIO of Symphony Asset Management, a San Francisco-based alternative asset manager that was active across the credit investing spectrum. Mr. Stein joined Symphony Asset Management in 1999 and as CEO, grew Symphony’s AUM from approximately $7 billion in 2009 to $19.5 billion when he departed in 2018. Prior to Symphony Asset Management, Mr. Stein was a Vice President and Portfolio Manager at Wells Fargo.
Mr. Stein earned a B.A. in Economics from University of California at Berkeley and an M.B.A. from The University of Texas at Austin.
Amir Vardi is a Managing Director of Credit Suisse in the Asset Management Division, based in New York. Mr. Vardi is the Head of Structured Credit and a Portfolio Manager for the Credit Investments Group. His responsibilities includes managing portfolios of structured products as well as overseeing the CLO issuance activities for the group.
Mr. Vardi began his career in leveraged finance research - portfolio strategy at Credit Suisse First Boston, which he joined in 2004. Subsequent to his work in that group, Mr. Vardi was a founding member of the Leveraged Finance Strategy and Portfolio Products team at Credit Suisse.
Mr. Vardi received his BS and BA from the Wharton School of the University of Pennsylvania where he graduated summa cum laude from a dual-degree program.