This keynote interview will provide a definitive analysis of the global asset-backed securities market landscape. Debtwire data reveals a resurgence in European ABS markets with placed issuance volumes excluding CLOs reaching €96.7bn in 2024, a 43% increase from 2023’s total and the highest level since the global financial crisis. With banks returning to securitisation as central bank funding is withdrawn and a wave of new originators coming to market, the growth potential is the strongest in years, but structural headwinds and geopolitical risks remain. Drawing on market experience, the discussion will unpack the dynamics shaping securitisation markets globally.

This panel will explore the intersection of Basel III reforms and structured finance and the potential for a sea change in securitisation regulation across Europe in the near future. Industry experts will dissect the challenges and opportunities facing CLO and ABS markets as the prudential framework evolves and policymakers look to securitisation to revitalise capital markets. Panellists will discuss:

• How will the Basel III final rules impact capital requirements for structured credit products and underlying assets? 

• What adaptations can firms implement to optimise capital efficiency under the new regulatory frameworks and what arbitrage opportunities or competitive challenges do variations in implementation across jurisdictions create?

• With policymakers in the UK and EU reviewing the Securitisation Regulation and prudential capital requirements, what changes are needed to boost securitisation issuance and investment, and which are likely to be implemented?

• What long-term market structural changes are likely to emerge from the current wave of global regulatory reform?

Significant Risk Transfer (SRT) volumes have been rising steadily in past years with double digit growth recorded year-on-year. This surge underscores a critical transformation in risk management approaches and highlights the importance of the mechanism as a sophisticated risk management tool for banks navigating economic uncertainty. Previously a peripheral strategy, but now central to modern bank capital management, panellists will discuss the growing prevalence and importance of SRTs as a risk management tool in structured finance:

• How does the European Commission define SRTs? How have regulators adopted advice following Basel III consultation period?

• How does the increase in SRT volumes reflect broader market evolutions? 

• What structuring techniques are banks implementing to maximise capital relief whilst maintain comprehensive risk management frameworks?

• How are US banks implementing regulatory frameworks for SRTs? What have they learnt from European banks shouldering a heavier Basel III compliance requirement?

This fireside chat will map the emerging frontiers and secular changes in the commercial mortgage-backed securities (CMBS) market as global real estate begins to emerge from its slump. European CMBS issuance grew strongly year-on-year in 2024, including the region’s first data centre securitisation, but remains very low in absolute terms at €3.5bn equivalent, and is reliant on a handful of sponsors. Meanwhile valuations and transaction volumes in asset classes such as office and retail remain suppressed despite the turning of the rates cycle, raising doubts over whether loans extended by servicers during the downturn will be repaid in full. Discussion topics include:

• How are remote work trends, the shift to e-commerce and urban migration patterns affecting underlying asset valuations?

• What weaknesses in CMBS 2.0 structures has the current downturn exposed and what improvements need to be made in future transactions?

• What emerging sectors beyond traditional office, retail and logistics are showing promising CMBS potential?

Join us for an in-depth discussion of the 2025 CLO landscape, featuring a CLO investor who will provide critical insights into their strategy, emerging trends and opportunities. This session will provide a comprehensive analysis of the market dynamics seen so far in 2025, the evolving CLO landscape and an actionable blueprint to optimise portfolios. 

As CLO markets demonstrate strong momentum across multiple regions, understanding the interplay between major markets is increasingly crucial. With structural innovations and new product types emerging globally, this session explores how different regions are influencing and learning from each other. With innovations in ETF structures and private credit CLOs emerging on both sides of the Atlantic, our expert panel will explore:

• How are innovations spreading across global CLO markets? What roles are ETF structures and private credit CLOs playing in different regions?

• What regional factors are driving divergent issuance patterns across global markets in 2025? How do variations in loan market depth, investor preferences and regulatory frameworks influence market development across Asia-Pacific, Europe and the US? 

• How is the proliferation of new managers impacting the CLO market? What are the drivers and implications for the lack of CLO manager consolidation? 

• With spread compression being a global phenomenon in 2024, how are managers in different regions approaching arbitrage opportunities? What regional variations exist in portfolio management strategies and how are global players leveraging cross-border opportunities?

As liability management exercises (LMEs) continue to reshape the leveraged loan landscape, with significant repercussions for CLO managers and investors who face unique challenges and opportunities in managing their exposure to these transactions. With rising frequency of sponsor-led LMEs and complex restructuring solutions, understanding their impact on CLO portfolios has become crucial. Our expert panel will explore:

• How are CLO managers adapting their portfolio strategies to account for the increasing prevalence of LMEs? What implications do these exercises have for CLO documentation, particularly around par value tests and rating factor calculations?

• What specific challenges do different types of LMEs present for CLO structures - from uptier exchanges to dropdown transactions? 

• How are CLO managers approaching the valuation and trading of loans subject to LMEs? What strategies are being employed to protect CLO noteholder interests while maintaining portfolio quality and compliance?

• What role do CLO documentation provisions play in determining manager flexibility when dealing with LMEs? 

Following a transformative year in European CLO markets marked by record issuance, spread compression, and new innovations in ETF and private credit CLOs, we bring together leading trading desk heads to share their real-time market insights and forward outlook. Expert traders will engage in an open discussion covering:

• How might the introduction of CLO ETFs and private credit CLOs impact secondary market dynamics? Will these products take off in Europe? What opportunities and challenges do these innovations present for trading strategies?

• Where are traders finding relative value across the capital stack given the current spread environment? How are trading patterns evolving in response to the strong primary market?

• How are traders positioning for potential market shifts in 2025 and beyond? 
• What potential implications does increased retail participation through ETF products have for market liquidity and price discovery?

The structured credit landscape presents compelling opportunities for loan portfolio managers. With the return of CLO arbitrage and increasing interconnections between structured products, this roundtable brings together experienced portfolio managers to explore the evolving dynamics. This panel will examine:

• How are portfolio managers capitalising on the resurgence of CLO equity arbitrage opportunities? What distinguishes the approaches of managers with captive equity sources versus those seeking external equity investment? How does this bifurcation impact investment strategies and performance?

• With the recent proliferation of new CLO managers entering the market, how should investors evaluate and differentiate between established and emerging platforms? 

• How are investors viewing opportunities across the CLO capital structure? What relative value considerations are driving investment decisions between debt and equity tranches? 

• What role do other structured credit products play in diversifying CLO-focused portfolios? How are managers balancing exposures across different types of structured products? 

As private credit continues its rapid expansion and institutionalisation, middle market CLOs have evolved from an alternative strategy to an established market segment. With 2024 seeing the first ever middle market CLO in Europe and rapid growth in the US space, this panel brings together leading practitioners to examine this maturing market. Our experts will explore:

• With traditional BSL CLO markets seeing record issuance in Europe, what competitive advantages do middle market CLOs offer? 

• How are institutional investors approaching allocation decisions between BSL CLOs, middle market CLOs or private credit CLOs? 

• What role do factors such as liquidity, yield and correlation play in these decisions?

• What innovations in middle market CLO structures are emerging to address investor needs? 

This fireside chat explores how institutional investors are adapting their allocation strategies for 2025. Our discussion will examine:

• How are LPs balancing their exposure across the expanding CLO ecosystem? What role should CLOs play in a diversified portfolio?

• With the successful integration of CLO ETFs in 2024, how are institutional investors viewing these more liquid alternatives? 

• What differentiating factors are most critical when selecting managers in an increasingly crowded market?

• What impact has the convergence of private credit and CLO markets had on allocation decisions? How are LPs approaching the trade-offs between liquidity, yield and complexity across these different structures?

Against a backdrop of volatile rates and evolving market dynamics, CLO managers and investors are continually adapting their strategies to optimise returns while maintaining appropriate liquidity profiles. This session brings together leading investors and CLO managers to examine how different approaches to portfolio construction, liability management and secondary market opportunities can enhance returns for limited partners. Panellists will discuss:

• How are managers balancing return optimisation with liquidity management in the current environment? What strategies are proving most effective for maximising returns to investors while maintaining sufficient portfolio flexibility?

• How are managers using features like refinancing options, reinvestment flexibility and call provisions to create additional value for investors? How do secondary market opportunities factor into these strategies?

• How are managers approaching portfolio construction and which strategies are being employed to capture upside while maintaining defensive positioning? 

• How might changes in interest rates, credit conditions and market structure affect return potential? 

In this interactive session, leading CLO investors will analyse three hypothetical but realistic scenarios, sharing their decision-making processes and revealing how they would approach complex investment situations. Each case study will prompt our panellists to think through their risk assessment frameworks, investment criteria and practical solutions in real-time. The session will explore:

• Case study 1: A management transition
  A well-performing CLO manager announces that three senior team members, including the lead portfolio manager, are departing. The existing portfolio shows strong metrics, but the transition plan is unclear.

• Case study 2: The large position dilemma
  An investor holds a significant position in CLO equity that is approaching its reinvestment end date. Recent market volatility has impacted liquidity. 

• Case study 3: Sector challenge
  A CLO has significant exposure to a challenging sector experiencing structural changes. Early warning signs are emerging in underlying collateral performance.