15
May
Panel: Navigating Middle Market CLOs – a lasting trend or niche play?
Middle market CLOs saw significant volume in 2023, despite corporate credit markets facing growing interest rates and slowing growth. In the first half of 2023, BSL CLO issuance was down 37%, whilst middle market CLO issuance was up 103% over the same period. Emerging as a dynamic and increasingly significant segment of the structured finance arena, this panel will bring together middle market CLO investors and managers to share insights into origination strategies, risk assessment and investor appetite. Speakers will discuss the unique considerations and opportunities that define middle market CLOs:
- What distinctive differences are there in Middle Market CLOs compared to the BSL market?
- How different are the new generation of private credit CLOs to traditional middle market deals?
- What is demand like from institutional and retail investors?
- Will we ever see another European middle market CLO?
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SpeakersChristopher Terry Managing Director of AB Private Credit Investors ALLIANCEBERNSTEIN
Jonathan Horowitz Managing Director & Head of Structured Liabilities FORTRESS INVESTMENT GROUP
Alan George Managing Director, Head of Structured Products GOLUB CAPITALNick Robinson Partner PAUL HASTINGS
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Christopher Terry joined AllianceBernstein in 2017 and is a Managing Director of AB Private Credit Investors, where he currently leads the structured products initiatives for the team. Based in New York, he is focused on structuring, negotiating, and executing structured credit transactions including private credit CLOs, RRL ABS, warehouse facilities, and other long term portfolio finance solutions. Previously, he was an Associate at Garrison Investment Group, where he managed treasury for portfolio investments within the structured finance and real estate platforms. Prior to that, Mr. Terry served as a Credit Analyst and CLO Analyst at Monroe Capital. He began his career at LaSalle Bank as an Account Manager within the Global Trust Services Group. Mr. Terry holds a BA in Economics from the University of Michigan.
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
Alan George is a Managing Director and Head of Structured Products of Golub Capital, a market-leading, award-winning direct lender and experienced credit asset manager. As of October 1, 2023, Golub Capital had over $60 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q3 2023 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2018, 2021, 2022) and Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020).
Mr. George joined Golub Capital in 2008 and is a Managing Director and the Head of Structured Products. He is responsible for structuring and executing collateralized loan obligations, lines of credit and other structured debt financings for the Firm. He also helps oversee Golub Capital’s investment portfolio of third party securitization liabilities. Prior to joining Golub Capital, Mr. George worked at LaSalle Bank, where he specialized in real estate-focused collateralized debt obligations.
Mr. George earned his BS degree in Finance from the University of Pittsburgh.
Nick Robinson is a partner in the Structured Credit practice of Paul Hastings and is based in the firm’s New York office. He has almost 20 years of experience, and his practice has been dedicated to collateralized loan obligations (CLOs) and other structured products during most of this time.
Mr. Robinson concentrates his practice on representing underwriters, asset managers, administrative agents, and debt and equity investors in CLOs, with a focus on the middle market and private credit sectors. He also specializes in representing lenders, borrowers and asset managers in structured loan facilities, CLO warehouse facilities, risk retention financings, and a variety of other asset-backed securities transactions.
Mr. Robinson is frequently consulted on regulatory matters, in particular as to U.S. and EU risk retention compliance, the Volcker Rule, and other regulatory compliance issues related to CLOs. His practice has also covered a broader range of capital markets matters, including debt private placements, leveraged finance, and transportation finance.
Mr. Robinson is the co-author of several articles on pressing issues in the CLO market, including developments in the U.S. risk retention rules, is a frequent speaker at industry conferences, and is often quoted in the financial press on topics related to CLOs.
RECOGNITIONS
- Chambers USA, Nationwide Capital Markets: Securitization: CLOs (2022)
- The Legal 500 US, Recommended for Structured Finance: Securitization
EDUCATION
- Boston College Law School, J.D., 2005
- New York University, B.A. (cum laude), 1997