15
May
Panel: The US CLO outlook – transatlantic trends and perspectives
After a surprisingly strong year for new CLOs in 2023 forecasts are mixed for 2024. Some believe that US primary market activity will be patchy, with investors less willing to deploy capital following broader market volatility in rates and concerns about liquidity. But others point to continuing strong performance of existing CLOs as increasing attractive. This panel delves into the landscape of the US CLO market exploring the latest trends, regulatory shifts and the nuanced distinctions between US and European CLO markets. Panellists will discuss:
- How will the primary market perform for the rest of the year? Will issuance return to 2021 levels or stay subdued?
- What are the key distinctions between the US and European CLO markets including deal structures, investor base and regulatory landscapes?
- How will new regulations for both banks and insurance firms impact CLO structuring and management in the US? How can managers align CLO structures with new regulatory frameworks?
- Is the 2022 reset wave played out? What vintages should we expect to reset or refinance next?
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SpeakersMatthew Layton Partner PEARL DIVER CAPITAL
Serhan Secmen Global Head of CLO Business NAPIER PARK
Lauren Basmadjian Partner, Global Head of Liquid Credit THE CARLYLE GROUP
Edwin Wilches Managing Director and Co-Head of Securitized Products PGIM FIXED INCOME
Sid Chhabra Managing Director, Head of Securitized Credit and CLO Management RBC BLUEBAY ASSET MANAGEMENT
John Bringardner Executive Editor DEBTWIRE
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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.
Serhan Secmen is a Partner and Portfolio Manager of the CLO Investments Strategy 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 joining Citi Capital Advisors in August 2008, Serhan was a CLO trader at Lehman Brothers. Prior to his post at Lehman Brothers, he spent several years in Texas as a project manager focusing on special project financing. During his tenure at Napier Park, Serhan has assisted in the development of multiple propriety analytics systems and has been influential in the various strategies and methodologies for analyzing CLOs and other structured products. Since 2006, Serhan has also been involved in various industry forums and networks, including the investor roundtables for Moody's, S&P, and Fitch Ratings. He frequently appears as a speaker at multiple industry conferences and panels. Serhan holds an MBA degree from Wharton School of Business, an MS degree from Texas A&M University, and a BS degree from Bogazici University in Turkey.
Lauren Basmadjian is Partner, Global Head of Liquid Credit within Carlyle’s Global Credit platform and CEO of CCIF, Carlyle’s Closed End Fund focused on investing on equity and junior debt tranches of CLOs . She is based in New York and sits on the firm's Liquid and Private Investment Committees.
Ms. Basmadjian joined the Carlyle Group in 2020 after 19 years at Octagon Credit Investors, where she was a Senior Portfolio Manager and member of the Investment Committee. Prior to becoming a Portfolio Manager, Ms. Basmadjian managed Octagon's workout efforts and oversaw the leisure & entertainment, retail, consumer products, business services, food & beverage, and technology industries.
She graduated Cum Laude from the Stern School of Business at New York University with a B.S. in Finance and Economics.
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.
Sid is Head of Securitized Credit and CLO Management and a BlueBay Senior Portfolio Manager within the team. Sid joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in June 2018 and has over 20 years of credit, securitized credit and CLO experience, having been involved in the credit and securitized credit markets from the earliest stages of issuance. He was most recently a London-based Managing Director, responsible for securitized credit and CLOs, at Anchorage Capital Europe, a USD15 billion alternative investment manager. Prior to Anchorage, Sid was part of the Securitized Credit/CDO Group, EMEA, at JPMorgan where he was involved in originating, structuring and investing in securitized credit products. Sid holds a BTech from the Indian Institute of Technology, Madras (IITM) and an MS from the London School of Economics.