New York

200 Liberty Street New York, NY 10281

26 June 2019

25+ Speakers

Leading figures in the MM CLO Sector

250 Seats

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SCI Middle Market CLO Seminar, 26 June 2019, New York

JOIN SCI FOR THE INDUSTRY’S FIRST EVENT DEDICATED EXCLUSIVELY TO MIDDLE MARKET CLOs

Middle market CLOs provide attractive return profiles, despite recent arbitrage pressures. This inaugural SCI Middle Market CLO seminar provides an opportunity for the market to meet and discuss structuring trends, managers performance, regulations and relative value across the sector. Powerful networking opportunities abound. Get updated on deals, regulations, emerging issuers and significant investors.

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$973.00 per person

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Exclusive Host

Agenda

  • 26 June

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$973.00 per person

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Cadwalader

REGISTRATION

09:30 AM 09:55 AM

Host's Opening Remarks

09:55 AM 10:00 AM

Workshop

10:00 AM 11:00 AM

MARKET OVERVIEW

11:00 AM 12:00 PM

An overview of the size of the middle market CLO sector in comparison to the broadly syndicated loan CLO sector; how deals have performed to date; pricing, supply/demand, and what the outlook is for the market’s development. This panel also explores the differences between broadly syndicated loan versus middle market CLOs, as well as structural innovations – such as combination notes and resets – that are being adopted by middle market CLOs.

Lunch & Networking

12:00 PM 01:00 PM

REGULATORY CONSIDERATIONS

01:00 PM 01:50 PM

Exploring the impact of risk retention on middle market CLOs, including how managers address skin-in-the-game issues, how smaller managers compete, and the role Japanese/anchor investors play. We also look at the effect of the SEC/Golub no-action letter and how the resulting proliferation of BDCs is likely to impact the market.

Networking Break

01:50 PM 02:30 PM

INVESTOR PERSPECTIVE

02:30 PM 03:20 PM

New investors and lenders continue to enter the US middle market. This panel explores how their involvement is being expressed via a variety of vehicles, including CLOs, and how they create alignment with borrowers. How are participants, such as insurance companies, optimising their investments in the space? How do investors differentiate between the upper, traditional and lower middle market segments?

Networking Break

03:20 PM 04:00 PM

PERFORMANCE AND RELATIVE VALUE

04:00 PM 04:50 PM

How are supply/demand dynamics impacting the pricing and terms of middle market loans, as well as the credit quality and make-up of portfolios? Is the proliferation of covenant-lite loans a concern? How are MM CLOs expected to perform in a deteriorating credit cycle? Where can relative value be found against this backdrop? Is the secondary market active?

STRUCTURING CONSIDERATIONS

04:50 PM 05:40 PM

A case study on how to structure middle market portfolio financings and the process of transitioning a warehouse facility into a CLO. What are the advantages of using securitisation warehouses and having them rated versus an unrated exposure?

Cocktail Reception

05:40 PM 07:15 PM