15
May
Opening panel: The CLO outlook – focusing on European perspectives
The last 18 months proved a challenging backdrop for CLO issuance. Rapid rate hikes and global economic turbulence have made the arbitrage tough. Europe has witnessed a dip in loan issuance prompting investors to seek new ways to attain yield. With reduced M&A activity and ongoing risks in capital flow and supply chains, CLO managers must strategize to safeguard returns. Despite all these headwinds the European CLO market kept up a reasonable pace of issuance across 2023. Looking ahead the market is at a tipping point for transformation. This panel will review:
- How have European CLO managers and investors adapted their approach to cope with the challenging environment of swift rate increases and macro-economic turbulence on CLO issuance and investment strategies?
- How can managers and investors mitigate risks and identify opportunities within the CLO market? What will the impact of Basel III be on CLO investments and capital adequacy, leverage and risk-weighted assets?
- What alternative approaches are managers adopting to improve CLO arbitrage? Will CLO issuance return to higher levels in Europe?
- What is the potential impact of the upcoming maturity wall on the CLO market? What forward-looking strategies can panellists share to proactively navigate the transition?
FC
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SpeakersDushy Puvan Managing Director, Head of EMEA CLOs BNP PARIBAS
Aaron Scott Partner DECHERT
Florent Chagnard Managing Director, EMEA CLO Primary Head CITIFCCamille McLeod-Salmon Portfolio Manager FIDELITY INVESTMENTSMatthew McCabe Managing Director OAKTREE CAPITAL
Gauthier Reymondier Partner BAIN CAPITAL CREDIT
Chris Porter Head of Private Markets, EMEA S&P GLOBAL RATINGS
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Dushy Puvan joined BNP Paribas in May 2014 to build the EMEA CLO business and is a CLO specialist with over 20 years experience of structured finance across asset classes. He has a focus on SME, corporate loan and leveraged loan assets, arranging cash and synthetic structures for banks and FIs. He was part of the first wave of CLO 2.0s in Europe. Dushy worked previously for Lloyds Bank (formerly Lloyds TSB) executing a range of balance sheet management solutions transactions for both regulatory capital relief and funding.
Dushy holds a PhD in Theoretical Chemistry from the University of Cambridge.
Aaron Scott advises on structured finance and securitization matters, with a particular focus on collateralized loan obligations (CLOs). Based in Dechert’s London office, Mr. Scott represents leading arrangers and managers on European CLO transactions. In addition, he advises on the EU regulatory aspects of U.S. CLOs, including risk retention and transparency requirements.
Prior to joining Oaktree in 2016, Mr. McCabe spent over four and half years in Commerzbank in a structured credit portfolio role where, in addition to managing legacy structured positions, he worked on opportunistic new credit origination. Previous experience included five and a half years in the RBS securitization business structuring ABS, CMBS and CLOs. Mr. McCabe began his professional life as a lawyer. He received an M.A. and an LL.B. from Trinity College Dublin. He is fluent in Italian.
Mr. Reymondier joined Bain Capital in 2008. He is a Partner based in Bain Capital’s London office. He is Head of European Liquid and Structured Credit and a Portfolio Manager, specifically Bain Capital Credit’s European CLOs and separate accounts. Previously, Mr. Reymondier was a Manager at Bain & Company supporting private equity funds in Europe and worked at Schroder Salomon Smith Barney.
Mr. Reymondier received a B.A. from HEC Paris.
Chris is Head of Private Markets, EMEA at S&P Global Ratings, covering all aspects of the private debt space end to end, looking after relationships with Private Equity firms, Multistrategy Funds, Direct Lending Funds, Debt Origination and Debt Syndicate Teams in Arranging Banks plus their CLO Arranging Teams, as well as CLO Managers.
Prior to S&P Global Ratings he spent over 20 years in the syndicated loan market, working across many of its’ different asset classes. His career started in NatWest on the project group that subsequently transformed into Europe’s first dedicated secondary loan sales team. His next role was on the primary sales desk, distributing corporate, structured and financial institution loans to European investors.
After primary sales, Chris was posted to Hong Kong, where he was responsible for the pricing, structuring and origination of syndicated debt in South and South East Asia. The main focus of his role was to bring debut issuers from Thailand and India to the international loan market.
On his return to Europe, he became the Head of European Loan Trading for NatWest, taking the team through the integration with The Royal Bank of Scotland, transforming the desk from a back-to-back operation into a full trading book, working mainly in the leverage and corporate markets. At the same time, he joined the Board of the LMA, a post he was to hold for ten years.
During his time on the Board, he co-chaired the Valuation & Trading Practices Committee and chaired a number of working parties, as well as writing the first set of Transferability Guidelines for the LMA. He also held the post of Vice-Chairman of the LMA for two years.
After RBS, Chris moved to Bank of Scotland, where he created and headed the Loan Sales and Trading Team.