Debtwire US Private Credit Forum 2023
The must-attend event for the US middle market returns!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
14
Jun
CLOs under pressure
The outlook for the US CLO market remains rocky at the beginning of 2023, with ongoing headwinds impacting CLO formation and performance, a rising level of low-rated CLO assets in 2022, and a risk of credit rating downgrades. Despite this, industry experts have remarked that mid-market deals and broadly syndicated CLO activity remains. Given these conditions, our panel of CLO managers will discuss the resilience of the sector and what they have been doing to navigate the current market dislocations.
- Given the current market downturn and deteriorating credit conditions, what will the long-term impact be for CLOs?
- How has CLO formation fared in the past 12 months? Are we seeing opportunities for new CLO formation given the current rate environment?
- How are CLO managers reacting to the current downturn, and what strategies have they employed? Will we see increased consolidation?
- Which segments of the CLO market are defying the odds?
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SpeakersDerek Miller Managing Director- Structured Credit- North America FITCH RATINGS
Wynne Comer Chief Operating Officer AGL Credit ManagementIan Gilbertson CLO Portfolio Manager INVESCO
Eric Glyck Head of CLO Structuring OCTAGON CREDIT INVESTORS
Justin Pauley Partner, Head of CLO Capital Markets BRIGADE CAPITAL
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Derek Miller is a managing director at Fitch Ratings. He currently heads the U.S. Structured Credit group responsible for collateralized loan obligations (CLOs) and other structured credit ratings. The Structured Credit group assigns new issue CLO ratings, maintains the accuracy of existing ratings, performs CLO asset manager assessments, and publishes research on transaction characteristics and performance.
Prior to this position Derek had oversight of new issue ratings for U.S. CLOs and assessments of U.S. CLO asset managers. Previously, he also held various positions within the Structured Credit group of Fitch Ratings, with a focus on new issue and surveillance ratings for CLOs, credit-linked notes, and other cash funded CDOs. Derek joined Fitch Ratings in 2001. He received a B.S. in finance from Indiana University.
Wynne Comer is the Chief Operating Officer and has nearly thirty years of experience in the structured credit markets.
Prior to AGL, from 2007 to 2019, Comer served as Global Head of the CLO Primary business at Bank of America Merrill Lynch where she led a team in New York and London to originate, structure, market and syndicate CLOs and other securitized credit products. The team distributed the products to a diverse range of institutional investors in the U.S., Asia and Europe. Prior to joining Bank of America Merrill Lynch in 2007, Comer spent 14 years at Citigroup in a wide range of roles, including Global Structured Products, Global Structured Bonds and Public Finance. Comer started her career in Tokyo with three years as an analyst in the International Project Finance Group at Sanwa Bank, the predecessor firm of Mitsubishi UFJ.
Comer has a BA in Economics from Cornell University and a MBA from the Amos Tuck School at Dartmouth College. She was recently a Board Member of the Loan Syndications and Trading Association and the President’s Council of Cornell Women.
Ian Gilbertson is a Portfolio Manager and CLO Trader for Invesco’s Global Senior Loan group. He is Co-Lead Portfolio Manager for Invesco’s US CLO franchise. In this role, he is responsible for structuring and management of CLO (collateralized loan obligation) funds, as well as trading and investing in CLO securities of third party managers. Mr. Gilbertson joined Invesco in 2008 as a credit analyst for the Senior Secured Management group and was promoted to junior portfolio manager in 2016. In 2019, he took on portfolio management responsibilities for CLOs, as well as management of Invesco’s CLO note strategies. Prior to joining the firm, Mr. Gilbertson worked in market data at Fidelity Investments. Mr. Gilbertson earned a BBA degree in finance and accounting from the Stephen M. Ross School of Business at the University of Michigan.
Mr. Glyck is the Head of CLO Structuring at Octagon and is responsible for overseeing the execution of new-issue CLOs, as well as resets and refinancings of existing Octagon CLOs. Prior to joining Octagon in 2021, Mr. Glyck was Global Head of CLO Structuring at Barclays, where he managed the new-issue CLO businesses in both US and Europe (Top 3 volume in both regions). Prior to Barclays, Mr. Glyck worked as Senior Deal Captain on the New-Issue CLO desk at Goldman Sachs. Mr. Glyck received a Bachelors in Business Administration from the Ross School of Business at the University of Michigan.
Mr. Pauley is the Head of CLO Capital Markets. Prior to joining Brigade in 2012, Mr. Pauley led RBS’s CDO/CLO strategy platform. As a CLO strategist, Mr. Pauley focused on relative value, structural characteristics and collateral quality. In that capacity, Mr. Pauley published monthly reports on the CLO sector and provided the trading desk with analysis and information systems. Additionally, Mr. Pauley worked for Wells Fargo Securities and held various positions that included CDO Research Analyst. Mr. Pauley is the author of Unlocking Financial Data (O’Reilly Media, 2017). Mr. Pauley received a BS in Computer Science from Winthrop University.