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.
Please note that Cadwalader's 200 Liberty Street office building is currently undergoing a major lobby renovation project that impacts street-level entry into the building. The only direct street-level access to our building will be via an ADA-compliant ramp at South End Avenue. All street-level visitors not requiring ADA access are asked to enter through 225 Liberty Street (directly across the street from 200 Liberty) and follow the prominently posted signs to Cadwalader. Visitors may also continue to access our building through the two pedestrian walkways from Liberty Park and from 225 Liberty Street. Thank you!

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Agenda

  • 26 June

Speakers

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Michael Hopson

Managing Director
Barclays
Mike Hopson is a Managing Director and Head of Middle Market CLOs at Barclays, based in New York.Mike joined Barclays in July 2018 to build-out the Middle Market CLO franchise.For 15 years prior to joining Barclays, Mike worked at Natixis Securities as a Managing Director and Co-Head of the Global CLO business.During that time, Natixis grew its Middle Market CLO business to become a major player, ranking #2 in the Middle Market CLO arranger league tables in 2017.
Prior to Natixis, Mike worked at CIBC World Markets originating and structuring securitization transactions across a broad range of asset classes.Mike started his finance career after business school at Citicorp Securities where he rotated through the bankruptcy workout, middle market lending and securitization teams.
Mike has a Masters of Science in Finance from the MIT Sloan School of Management and a Mechanical Engineering degree from Villanova University.


26 June

Christopher Duerden

Partner
Dechert
Christopher P. Duerden, a partner is Dechert's global finance practice, focuses his practice on securitization and
capital markets transactions.
Mr. Duerden has extensive experience with collateralized loan obligations, leveraged loan warehouse facilities and a
variety of asset backed securities transactions. In particular, he has focused on transactions involving the middle
market sector but also has significant experience with securitizations of trade receivables. He represents various
underwriters, collateral managers and borrower and lenders in respect of term and revolving warehouse facilities.
Prior to joining Dechert, Mr. Duerden worked at a large international law firm where he was an associate in the
banking and finance practice group.
Education
The University of North Carolina at Chapel Hill, B.A., 2001, Highest Distinction, Phi Beta Kappa
University of North Carolina School of Law, J.D., 2004, Merit Scholarship Recipient, Gressman-Pollitt Award Winner
for Best Overall Oral Advocate
Bar Admissions/Qualifications
North Carolina
Speaking Engagements
 Credit Fundamentals: CLO and Loan Document Trends - IMN's 8th Annual Investor's Conference on
CLOs and Leveraged Loans, New York, NY (May 20, 2019)
 The Current State and Outlook for the CLO Market - Opal Group's CLO Summit 2018, Dana Point, CA
(November 28, 2018)
Publications
 2019 Industry Outlook: Private Credit, BDCs and Everything in Between – (April 8, 2019)
 Japanese Risk Retention: JFSA Favors Diligence Over Disruption – (March 15, 2019)
 Japanese Risk Retention: Tidal Wave or Ripple in Still Waters? – (January 22, 2019)
 Good News for Securitisation: European Commission asks ESMA to consider expanding the use of the “No
Data” option in Disclosure Templates – (December 19, 2018)
 Credit facilities secured by private equity interests and assets held by debt funds – (February 21, 2018)
Finance

 DC Circuit Court Newsflash: “Transfer” means “Transfer” – (February 21, 2018)

26 June

Randy Schwimmer

Senior Managing Director Head of Origination & Capital Markets
Churchill Asset Management
Randy Schwimmer is Senior Managing Director and Head of Origination and Capital Markets at Churchill Asset Management LLC. Churchill is a credit asset management firm that provides senior debt to middle market companies. It is affiliated with Nuveen, the asset management division of TIAA and one of the largest global asset managers across multiple asset classes.
Mr. Schwimmer is also founder/publisher of The Lead Left, Churchill’s weekly newsletter. The Lead Left reviews deals and trends in the capital markets with a unique focus on the mid-market space and is read by thousands of influential industry participants.
Mr. Schwimmer brings 30 years of experience in middle market finance to Churchill, and is widely credited with developing loan syndications for middle market companies. He was a founding partner and Head of Capital Markets at Churchill Financial LLC, a middle market finance company acquired by The Carlyle Group. At Carlyle, he was a Managing Director responsible for all middle market loan capital markets activities, including loan structuring, syndications and distribution within the Carlyle GMS team.
Before then, Mr. Schwimmer was Managing Director and Head of Leveraged Finance Syndication for BNP Paribas. He spent 15 years at JP Morgan Chase in Corporate Banking and Loan Syndications, where he originated, structured, and syndicated leveraged loans.
Mr. Schwimmer graduated cum laude from Trinity College with a B.A. He earned his M.A. from the University of Chicago.

26 June

Elliot Ganz

General Counsel and Chief of Staff
LSTA
Elliot Ganz is the General Counsel and Chief of Staff of the LSTA.In that capacity he manages all aspects of the LSTA’s legal affairs, manages its staff, coordinates its strategic initiatives, and co-heads its Public Policy Group.

Mr. Ganz began his long association with loan trading and securitization at Citibank, N.A., where, from 1986 through 1991, he supervised the commercial and real estate Loan Syndications and Trading units of the Investment Bank.He also supervised the securitization and the par and distressed loan trading businesses at ING Barings Securities from 1991 through 1996, and the entire U.S. loan and securitization platforms at Canadian Imperial Bank of Commerce from 1996 until he joined the LSTA, in May 2005.

Mr. Ganz began his legal career in 1980 as an associate at the law firm of Lord Day & Lord where he focused on film and media finance and moved to Chase Manhattan Bank in 1983 where he concentrated on secured lending.

Mr. Ganz received his J.D. in 1980 from the New York University School of Law where he served as Research Editor of the Annual Survey of American Law.

Mr. Ganz was the first chairman of the Legal Advisory Committee of the LSTA and has served as a member of its board of directors.He served as a member of the Steering Committee of the Joint Market Practices Forum on Credit Derivatives that produced the “Statement of Principles and Recommendations Regarding the Handling of Material Nonpublic Information by Credit Market Participants” and was the principal draftsman of the LSTA’s “Statement of Principles for the Use, Communication and Distribution of Confidential Information in the Loan Market.”Mr. Ganz was elected as a Fellow of the American College of Commercial Finance Lawyers in April 2011, was admitted to the U.S. Supreme Court bar in April 2012 and served from 2012 through 2014 as a member of the Advisory Committee on Financing Chapter 11 of the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11.

26 June

Kevin Sunday

Managing Director
Wells Fargo Securities
Mr. Sunday is Co-Head of Corporate Debt Finance for Wells Fargo Securities.In this role, Mr. Sunday is responsible for originating, structuring and distributing collateralized loan obligations on behalf of both broadly syndicated and middle market loan managers.Mr. Sunday also has responsibility for originating, underwriting and syndicating asset backed credit facilities for this client base as well.Prior to joining Wells Fargo in 2003, Mr. Sunday worked as an associate for Prudential Investment Management, Inc.

Mr. Sunday graduated from the University of Delaware with a BS in Finance and holds an MBA from Georgetown University.

26 June

James Fogarty

Partner
White & Case
Jim Fogarty is a partner in our Capital Markets group, specializing in structured finance. In high demand for his deep legal knowledge and instinctive client service approach, his diverse practice is rooted in complex structured transactions. His primary focus is on:
  • Collateralized Loan Obligations (CLOs), with significant experience in cross-border transactions and a recent innovative middle market CLO platform;
  • Whole Business Securitizations, involving a broad range of asset classes, such as franchise licenses, intellectual property, corporate loans and rental cars; and
  • Regulatory Advice, with a focus on Volcker, Risk Retention and other regulatory concerns arising from the Dodd-Frank Act
Jim has also represented clients in workouts of securitizations, cross-border receivables transactions and commercial fleet securitizations. His clients include leading financial institutions, asset managers and corporate clients.

26 June

Seth Painter

Managing Director
Antares Capital
Mr. Painter is a managing director of Structured Products of Antares Capital. Prior to joining Antares Capital, Mr. Painter was an executive director at J.P. Morgan Securities LLC, where he worked in the Global Primary CLO Business. Previously, Mr. Painter was a vice president at GreensLedge Capital Markets.
Mr. Painter received a B.B.A. in Finance and International Business from James Madison University. He has 13 years of industry experience and joined Antares Capital in August 2017.

26 June

David Preston

Managing Director
Wells Fargo Securities
David Preston, CFA, is a managing director in the Structured Products Research group at Wells Fargo Securities. He covers CLOs and Commercial Asset-Backed Securities. Before joining Wells Fargo, he served as a fixed income strategist with Raymond James & Associates. In addition, Dave served in the U.S. Army as an infantry officer. He earned a BA in English from The Citadel, The Military College of South Carolina, and an MBA from Tulane University.

The Wells Fargo CLO Research team has been ranked #1 in Institutional Investor’s All-America Fixed-Income Research survey in 2013, 2014, 2015, 2016, 2017 and 2018.

The Wells Fargo CLO Research team was also ranked #1 Most Helpful CLO Team in the 2015, 2016, 2017 and 2018 by Greenwich Associates Fixed Income Investors Survey.

Wells Fargo CLO Research was also awarded Creditflux’s Scroll of Excellence for Best CLO Research Team in 2015 and 2016, and was named Best CLO Research Team by Creditflux in 2017.

26 June

David Moore

Chief Financial Officer
MidCap Financial Services
Mr. Moore is a co-founder and Chief Financial Officer of MidCap Financial, a leading independent commercial finance company.MidCap is focused on middle market lending across all industries and specializes in $10 million to $200 million loans.MidCap currently has over $19 billion of commitments under management across seven distinct senior credit product lines.MidCap is headquartered in Bethesda, MD, with offices in Chicago, Los Angeles, New York, Atlanta, and Dublin. Additional information can be found on MidCap’s website: www.midcapfinancial.com.

Before co-founding MidCap, Mr. Moore served for five years as Managing Director/Leader of Merrill Lynch Capital’s nationally focused asset-based healthcare finance business, generating and closing 127 transactions totalling $2.11 billion in new business volume.

Prior to joining Merrill Lynch Capital, Mr. Moore was Senior Vice President/Segment Leader at GE Capital Healthcare Financial Services, where he was responsible for managing national Core Asset-Based Lending activities.GE’s healthcare asset-based portfolio comprised approximately $1 billion in fundings to approximately 200 clients.Prior to this assignment, Mr. Moore managed all portfolio activities for GE Healthcare Financial Services and its predecessors, overseeing a $3.1 billion portfolio of leveraged, real estate, and asset-based loans.


Before entering the commercial finance industry in 1999, Mr. Moore spent eleven years in commercial banking with Crestar Bank, Citibank (both in Washington, DC), and First Bank of New Orleans, where he was President and CEO for three years.

Mr. Moore holds a B.S. in Management from Tulane University and an M.B.A. from Loyola University.He also serves on the board of the Youth Leadership Foundation, which provides academic and character-building programs for youth in the Washington, DC metro area and is a member of the Business School Council for the Dean of Tulane University’s A.B. Freeman School of Business.

26 June

VC

Victoria Chant

Director
Citi
Victoria Chant is a Director in Citi’s TRS & Credit Financing team residing within Global Spread Products group where she is primarily responsible for providing financing solutions to investors in the credit markets. Ms. Chant joined Citi as an associate in 2005. Prior to joining Citi, she spent time at The Bank of Nova Scotia.

Ms. Chant has transaction experience across multiple geographies, structures and asset classes. Structures have included total return swap transactions, CLO warehouses and credit facilities across various asset classes including single name, concentrated and diversified portfolios of US and European syndicated loans, middle market loans and distressed debt.

Ms. Chant graduated with a Bachelor of Mathematics from the University of Waterloo with concentrations in pure mathematics and finance. She is a CFA charterholder.

26 June

Oliver Dunsche

Head of portfolio financing origination and distribution
BNP Paribas
Oliver Dunsche is responsible for credit financing origination and distribution within the Asset Finance & Securitization team. Oliver spent three years at HSBC in the structured finance business, helping grow their illiquid and non-traded credit financing book. Prior to HSBC, Oliver was Head of Credit Structuring at Barclays. Oliver also spent time on the correlation structuring desk at Deutsche Bank and began his career as a HY and IG credit trader at Morgan Stanley. Prior to his banking career, Oliver was a consultant in the risk management practice of Oliver, Wyman & Company in both New York and Singapore.
Oliver holds an MBA and B.Sc. from the Wharton School at the University of Pennsylvania.

26 June

Nathan Spanheimer

Partner
Cadwalader
Nathan Spanheimer is a partner in the firm's Capital Markets Group. He represents investment banks and other institutional lenders and underwriters in secured commercial lending transactions (both syndicated and bilateral) and CLOs. Nathan has also represented both borrowers and lenders in leveraged finance credit facilities, bankruptcy exit facilities and hedge fund financings.
He received his J.D., with distinction, from The University of Iowa College of Law, and his B.S. in Economics from Duke University. Nathan is admitted to the North Carolina Bar.

26 June

Christopher Gilbert

Head of U.S. CLO Banking
Natixis
Mr. Gilbert is responsible for managing the CLO banking team at Natixis, overseeing deal execution, client development and maintaining relationships with clients that include CLO managers, direct lenders and investors. He focuses on both Middle Market and BSL CLO issuance.

Prior to joining Natixis in 2005, Mr. Gilbert worked for Goldman Sachs in corporate investment banking and credit roles.

Mr. Gilbert graduated from the College of William & Mary with a BBA in Accounting and holds an MBA from the Darden School of Business at the University of Virginia. He also holds a designation as a Chartered Financial Analyst.

26 June

TF

Todd Fritchman

Head of Middle Market Finance
Morgan Stanley
Mr. Fritchman is Head of Middle Market Finance for Morgan Stanley’s Securitized Products Group. He is responsible for the origination of private credit and middle market credit facilities and CLOs. Prior to joining Morgan Stanley in 2018, Mr. Fritchman worked for Citigroup Global Markets where he was responsible for Citi’s efforts in originating, structuring and syndicating both middle market CLOs and credit facilities and led Citi’s financing team in a $12 billion acquisition of a leading middle market lender. Prior to that at Citi, he led a number of initiatives for both private funds and 40 Act funds as well as other esoteric financings for a variety of asset classes. Mr. Fritchman graduated from Villanova with a BS in Finance.

26 June

Mark David

Managing Director
GreensLedge Capital Markets
Mark David is a Managing Director of GreensLedge. Prior to joining GreensLedge, he was associated with Natixis Capital Markets for five years, most recently as a Director in the US Structured Credit and Conduits Group. Mark’s primary focus is the origination, placement and structuring of Middle Market CLOs in addition to other structured loan facilities. From 2004 to 2006 Mark was with the North American Credit Structuring group at CIBC World Markets, focusing on the structuring of market value CDOs. Prior to attending business school, Mark spent five years in a variety of positions within the Derivatives and Fixed Income group at Citigroup. Mark has an MBA and a BA in Economics from the University of Western Ontario. Series 7, 63, and 79 licensed.

26 June

Josh Niedner

Co - Head
Vista Credit Partners
Joshua Niedner is Co-Head of Vista Credit Partners and is responsible for managing Vista’s credit platform and its various funds.
Prior to joining Vista, Mr. Niedner spent 14 years at Madison Capital Funding, where he was Managing Director, a member of the firm’s Investment Committee and Strategy Committee, and head of the investment management group and CLO platform. Mr. Niedner also previously served as Madison’s head of loan buying and as a Team Leader, managing all facets of direct lending deal processes including origination, underwriting, structuring, and portfolio management of leveraged loans across a diverse range of industries. Before his time with Madison, Mr. Niedner worked at Bank One (now J.P. Morgan) in various groups, including middle market syndications and private placements, sponsor finance, healthcare finance, commercial lending, and real estate finance. He has more than 20 years of credit investing experience.

26 June

Sengal Selassie

Co-CEO and Co-Founder
Brightwood
Sengal Selassie is Co-CEO and Co-Founder of Brightwood. Mr. Selassie has been involved in all phases of the firm’s development since its founding in March 2010. He is a member of the Executive Committee and serves on the Investment Committee of all Brightwood Managed Funds. Mr. Selassie currently participates on the boards of many of Brightwood’s portfolio companies and has managed capital for hundreds of limited partners, including a number of prominent public, private and corporate pension plans, endowments, family offices, and high net worth individuals. Prior to forming Brightwood, Mr. Selassie led Cowen Capital Partners, LLC (“Cowen Capital”), where he served as managing partner from 2006 through 2009. Mr. Selassie joined Cowen Capital from SG Capital Partners LLC (“SG Capital”), Cowen Capital’s predecessor fund where he worked from 1998 through 2006. At SG Capital he was a Managing Director and served as group head starting in 2002. Prior to SG Capital, Mr. Selassie worked in the Mergers & Acquisitions Group at Morgan Stanley where he helped media and telecommunications companies execute strategic transactions. He began his career in the Corporate Finance Group of the Investment Banking Division of Goldman Sachs in 1990. Mr. Selassie earned his M.B.A, and J.D. from Harvard University. He holds an A.B. in Economics, from Harvard College.

26 June

David Burger

Vice President-Senior Credit Officer
Moody's Investors Service
David Burger joined Moody’s Structured Finance Group in 2001 where he is currently a Vice President/Senior Credit Officer.David serves as either lead analyst, back-up analyst or rating committee member for Moody’s rated SME CLOs.He also works extensively with Moody’s credit estimate team on both research and rating related issues.

David has authored several Moody’s publications on SME CLOs.

Prior to joining Moody’s David held several positions at Citigroup, including in their asset management business.David holds a Ph.D. in economics from Columbia University and a B.A. in economics from Boston University.

26 June

BC

Brian Chase

Chief Financial Officer & Chief Operating Officer
Garrison Investment Group
Mr. Chase joined Garrison at its founding in April 2007 and is the Chief Financial Officer and Chief Operating Officer, responsible for overseeing and managing day-to-day operations of the firm. Mr. Chase is a member of the Firm's Management and Investment Committees. Prior to Garrison, Mr. Chase was Chief Financial Officer at the inception of the Distressed Securities business at The Blackstone Group where he was responsible for building and overseeing the fund infrastructure and operations since its launch in the summer of 2005. Prior to Blackstone, Mr. Chase was a controller at Fortress Investment Group within its credit business where he joined at its inception in 2002. Mr. Chase began his career in 1999 at PricewaterhouseCoopers LLP in their Capital Markets group specializing in hedge fund audits. Mr. Chase received a B.S. in Accounting from the State University of New York at Binghamton and is a Certified Public Accountant in the State of New York.

26 June

Daniel Wohlberg

Director
Director at Eagle Point Credit Management
Dan Wohlberg is a Director at Eagle Point Credit Management. He specializes in analyzing asset managers, evaluating opportunities in the primary and secondary CLO markets (with an emphasis on CLO documentation and structuring), developing Eagle Point strategic initiatives and monitoring Eagle Point’s investments. Dan has over a decade of experience investing in and advising others with respect to complex structured finance transactions and derivatives.

Prior to joining Eagle Point, Dan advised a broad array of market participants in structured finance transactions and other complex financings, often in a cross-border context, as well as in connection with derivatives while at leading financial service law firms in New York and North Carolina. Dan has also held positions advising banks, asset managers, investors and individuals regarding leveraged lending, bankruptcy, securities laws & regulation and public/OTC derivatives across numerous asset classes and jurisdictions.

Dan received his J.D., cum laude, from Brooklyn Law School, where he was an editor for the Brooklyn Journal of Corporate, Financial and Commercial Law, and his B.A., cum laude, from Stony Brook University. He is admitted to the bar in New York, New Jersey and North Carolina.

26 June

Gregg Jubin

Partner
Cadwalader
Gregg Jubin is a partner in the Capital Markets Group and Managing Partner of the Washington, D.C., office. He practices in both Washington and New York. Gregg has more than 20 years of experience in corporate and finance transactions, with particular emphasis in transactions involving hedge funds and private equity fund of funds, structured funds, collateralized debt obligations, derivatives, synthetic structured products, and other types of structured products. Gregg represents the managers of hedge funds and private equity fund of funds, collateral managers, investment banking firms, commercial banks, broker dealers, and other financial institutions.
Gregg's practice involves structuring and organizing onshore and offshore hedge funds (including commodity pools, fund of funds, and master/feeder funds), private equity fund of funds and other investment vehicles, developing, negotiating and documenting a wide variety of financial products, and providing advice to clients with respect to compliance with the Commodity Exchange Act, the Investment Company Act, the Investment Advisers Act, the Securities Act of 1933, and other federal and state securities and commodities laws and regulations. Gregg was recognized in the 2014 U.S. edition of Legal 500 as a "Key Individual."
He received his J.D., magna cum laude, from Syracuse University College of Law where he was a member of the Law Review and Moot Court Board.

26 June

Cameron Mitcham

Partner
Dechert
Cameron Mitcham, a partner in Dechert’s Global Finance Practice, advises on a broad range of financial and capital markets transactions with a focus on structured finance, funds finance and securitization. He represents investment banks, hedge funds, private equity firms, investors and other financial institutions in connection with a diverse range of asset classes (including trade receivables, credit cards, insurance, auto, student loans, leases and residential and commercial mortgage loans), incorporating a wide range of structures (including CLO/CDOs, ABCP conduits, RMBS, CMBS, covered bonds and whole business securitisations). Mr. Mitcham also advises on the restructuring of complex financial transactions.
Prior to joining Dechert, Mr. Mitcham was in the securitization and the derivatives and structured finance practices at another global law firm.

26 June

Joe McCurdy

Senior Managing Director
Guggenheim Partners
Mr. McCurdy is a Senior Managing Director and Head of Origination in the Corporate Credit Group. He leads Guggenheim’s effort in sourcing and structuring directly negotiated transactions for both middle market private debt investments and larger underwritten co-arranger transactions. He is a member of the Investment Committee and a portfolio manager. Mr. McCurdy was previously Co-Head of Research and has been with Guggenheim Partners since 2004. In the course of his career, he has covered a range of industries including Telecom, Media, Technology, Gaming and Aerospace & Defence. Mr. McCurdy continues to be active in Guggenheim’s European Lending business based in Dublin, Ireland, an office he helped establish from 2007 to 2009. Mr. McCurdy received a B.A. in History from Williams College.
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26 June

Gregory Robbins

Managing Director, Co-Head of the Investor Partners Group
Golub Capital
Mr. Robbins joined Golub Capital in 2004 and is a Managing Director and Co-Head of the Investor Partners Group. Mr. Robbins is an officer of Golub Capital BDC, Inc. (NASDAQ: GBDC), Golub Capital Investment Corporation and Golub Capital BDC 3, Inc. Prior to joining Golub Capital, Mr. Robbins was a Vice President in the Merchant Banking Group at Indosuez Capital, where he originated, structured, executed and managed leveraged finance transactions for middle market private equity sponsors across multiple asset classes. Prior to this position, Mr. Robbins worked as an Associate at Saw Mill Capital, a middle market private equity firm. Mr. Robbins earned a BS degree magna cum laude in Economics, with a Finance concentration, from the Wharton School of the University of Pennsylvania.

26 June

Michael Xie

Senior Vice President, ABS
Morningstar Credit Ratings
Michael Xie is a senior vice president of asset-backed securities ratings for Morningstar Credit Ratings, LLC. He is responsible for rating collateralized loan obligations, risk retention term loans, middle market loan facilities, and other ABS securitization types.
Before joining Morningstar, Xie spent five years at CalPERS, where he was part of a team that focused on CLO investments and other structure products. Previously, he worked at UBS Securities and Moody’s Investors Service in structured product groups covering multiple asset sectors.
Xie earned a Ph.D. in Business Administration from the University of Pittsburgh and a bachelor’s degree from Peking University in China.

26 June

Alex Dennis

Director Financial Institutions Group
CapitalOne

26 June

Joshua Gatmaitan

vice president of asset-backed securities
Morningstar Credit Ratings
Joshua Gatmaitan is a vice president of asset-backed securities ratings for Morningstar Credit Ratings, LLC, where he is responsible for rating ABS and collateralized loan obligations.
Prior to joining Morningstar, Joshua evaluated direct lending and consumer ABS investment opportunities for a Connecticut-based asset management firm. Before that, he was a credit risk manager within Citigroup’s Institutional Clients Group, responsible, first, for credit portfolio management of the bank’s larger corporate consumer, healthcare, and telecommunications, media, and technology exposures in the ASEAN region, then for leveraged finance transaction reviews and new deal execution for the North America consumer, retail, and healthcare industry group. Previously, he assumed a variety of structured finance-related roles in capital markets and structuring at Institutional Credit Partners and in credit analysis at S&P Global. He began his career as a research analyst within AIG Global Investment’s alternative investments group.
Joshua holds a bachelor’s degree in economics and psychology from the Ateneo de Manila University in the Philippines, a master’s degree in international political economics from Fordham University, and a Master of Public Administration degree from Columbia University’s School of International and Public Affairs.

26 June

Jeffrey Stern

Co-Chair Structured Finance Practice
Winston & Strawn
With more than 20 years of experience in structured finance and derivatives, Jeffrey brings a deep commercial sensibility to his practice, and is a recognized leader in a wide range of both mature and developing asset classes, including CLOs, marketplace lending, residential and commercial PACE, Latin American cross-border finance and specialty finance.

Services
Corporate & Finance, Derivatives & Structured Products, Structured Finance, Private Investment Funds, Transactions - Latin America & Caribbean, Energy Project Development , Permanent Capital Solutions, Finance, Latin America Structured Finance & Securitization
Admissions
New York
Clerkships
USDC - Eastern District of New York for the Honorable Edward R. Korman
Education
Columbia University, JD, 1990
Harvard University, BA, 1983

Jeffrey Stern, who serves as co-chair of the firm’s Structured Finance Practice, has completed asset-based financings, securitizations, structured credit transactions, and derivatives transactions involving an exceptionally wide range of asset types. His practice includes energy structured finance, derivatives documentation, CLOs and warehouse/leverage facilities, marketplace lending platforms, structured funds, cross-border trade receivables and commodity financings, structured insurance financings, and funding/advising specialty finance companies.
Jeffrey has played a leading role in developing and refining new and emerging forms of domestic and cross-border structured financings, derivative structures, asset-based lending, and structured credit facilities and alternate risk transfer transactions, representing investment and commercial banks, insurance companies, specialty finance companies, asset managers, and private funds, among others. Additionally, Jeffrey regularly represents clients in structuring and documenting deals involving unusual, complex, and/or distressed assets. He also has worked in Latin America for more than 15 years, focusing on cross-border financings and energy and infrastructure transactions.
In the emerging marketplace lending industry, Jeffrey provides corporate, finance, structuring, and regulatory advice to a number of established and formative marketplace lending platforms in the real estate, consumer loan, small business loan, health care and mid-market mining sectors.

26 June

Cadwalader

Lead Sponsor

Dechert LLP

Lead Sponsor

Morningstar Credit Ratings

White & Case LLP

REGISTRATION

09:30 AM 09:55 AM

Host's Opening Remarks

09:55 AM 10:00 AM

PRIVATE DEBT PANEL

10:00 AM 11:00 AM

This session explores the growth of the private debt market, including the rise of direct lenders and direct lending funds. Will middle market loans remain an attractive asset class? How do middle market loans perform compared to broadly syndicated loans? What should we expect in terms of the pipeline? How does the utilisation of CLOs compare with the utilisation of portfolio credit facilities versus subscription facilities for financing?

Panel includes:
Michael Hopson, Barclays
Randy Schwimmer, Churchill Asset Management
David Moore, MidCap Financial Services
Josh Niedner, Vista Credit Partners
Sengal Selassie, Brightwood
Gregory Robbins, Golub Capital



Speakers

MARKET OVERVIEW

11:00 AM 12:00 PM

An overview of current and future trends in the middle market CLO space, including the concept of joint ventures. How have deals performed to date and what is the outlook for pricing, as well as supply/demand? This panel also explores structural innovations – such as combination notes and resets – that are being adopted by middle market CLOs.

Panel includes:
Christopher Duerden, Dechert
Kevin Sunday, Wells Fargo Securities
Todd Fritchman, Morgan Stanley
Oliver Dunsche, BNP Paribas

Speakers

Lunch & Networking

12:00 PM 01:00 PM

REGULATORY CONSIDERATIONS

01:00 PM 01:50 PM

This panel explores 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. It will 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.

Panel includes:
Cameron Mitcham, Dechert
Elliot Ganz, LSTA
James Fogarty, White & Case 
Gregg Jubin, Cadwalader


Speakers

Networking Break

01:50 PM 02:30 PM

INVESTOR PANEL

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?

Panel includes:
Jeffrey Stern, Winston & Strawn
David Preston, Wells Fargo Securities
Alex Dennis, CapitalOne
Joshua Gatmaitan, Morningstar Credit Ratings

Speakers

Networking Break / whiskey Tasting Session

03:20 PM 04:00 PM

PERFORMANCE AND RELATIVE VALUE

04:00 PM 04:50 PM

This panel looks at how supply/demand dynamics are 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?

Panel includes:
Michael Xie, Morningstar Credit Ratings
Mark David, GreensLedge Capital Markets
David Burger, Moody's Investors Service
Daniel Wohlberg, Eagle Point Credit Management
Joe McCurdy, Guggenheim Partners


Speakers

STRUCTURING CONSIDERATIONS

04:50 PM 05:40 PM

This panel provides 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? What impact is applicable margin reset mechanisms having on the sector?

Panel includes:
Nathan Spanheimer, Cadwalader
Seth Painter, Antares Capital
Victoria Chant, Citi
Christopher Gilbert, Natixis
Brian Chase, Garrison Investment Group

Speakers

Cocktail Reception

05:40 PM 07:15 PM