TUESDAY, FEBRUARY 5, 2019
12:00 P.M. - 6:00 P.M.
1:00 P.M. - 2:00 P.M.
How large is the asset-based lending market? How do asset-based loans compare to other asset classes in terms of defaults and losses? While these seem like straightforward questions, the answers present very challenging data issues. The answers, however, are of great interest to current and potential market participants. The asset-based market is challenging to analyze due to the private nature of the most of the borrowers and the highly structured transactions underlying the data. Thomson Reuters has been publishing data on the syndicated asset-based market since 2003. The CFA has also been approaching market data through two different studies; an ongoing quarterly survey being conducted by Westat, and a market sizing study being assisted by E&Y which will be completed in early 2019. This panel will discuss the dimensions and characteristics of the asset-based loan market using the available data, and also discuss the analytical challenges the third parties face in their analysis.
Peter York, Managing Director, Asset-Based Lending, J.P. Morgan Securities, LLC
Maria Dikeos, Head of Global Loans Contributions, Refinitiv
Matt Noll, Senior Manager, EY
Jonathan Wivagg, Senior Study Director, Westat, Inc.
2:00 P.M. - 3:00 P.M.
Trade, Tariffs, NAFTA, Brexit – and More
The world economic order is undergoing significant change, particularly with respect to trade policies and tariffs. These changes are of great consequence to many asset based borrowers, but determining the specific impact can be very challenging. Starting from a macro-economic perspective and ending with a review of many of the most impacted sectors of our economy, this panel of professionals will explore the causes and potential consequences of the changes to trade policies across the world.
Jeff Wacker, Managing Director - Head of ABL Origination, TD Bank
Winnie Cisar, Head of High Yield Strategies, Wells Fargo Securities
David Gookin, Executive Vice President, Diversified Industries – Metals & Mining, PNC Bank
James Marple, Director & Senior Economist, TD Bank
3:00 P.M. - 3:30 P.M.
3:30 P.M. - 4:30 P.M.
Retailing Beyond the Internet – Who Wins?
Changing consumer behavior continues to rapidly reshape the retail world. The significant number of high-profile bankruptcies over the past several years are symptoms of these changes, not causes. Retail market participants are constantly working to align their strategies to meet consumer expectations and build sustainable business models. What are the areas that are doing well and where is there continued risk? What is the market role of the "brand companies"? How should capital providers think about re-positioning their portfolios? These and other questions will be addressed by this panel of retail experts drawn from both the buyside and sell side of the credit markets.
Jaime Ward, Head of Retail Finance, Citizens Bank
Alexei Agratchev, CEO & Co-Founder, RetailNext
Carla Casella, Managing Director, J.P. Morgan Securities, LLC
Ramez Toubassy, President, Brands, Gordon Brothers
David Silverman, Senior Director US Retail Team, Fitch Ratings
4:30 pm - 5:30 pm
Glad To Be Here: A Lesson in Teamwork, Trust and Performance from John Foley, Former Lead Solo Pilot of the Blue Angels
Every organization depends upon the performance of its people and its teams. There are few examples where this is more dramatically demonstrated than with the Blue Angels, the US Navy’s elite flight demonstration squadron. Through his multi-media presentation, John Foley demonstrates a simple, systematic, yet exciting approach for developing the clarity, focus, commitment, and trust necessary to achieve ever-higher levels of performance. He shows how to create buy-in and commitment for a team’s vision and goals, leading to clarity that drives execution decisions. He also explains a process that he believes is the primary key to continuous improvement and exceptional growth.
This presentation sponsored by Wells Fargo as part of its ongoing commitment to supporting our military service members, veterans, and their families.
5:45 P.M. - 7:15 P.M.
WEDNESDAY, FEBRUARY 6, 2019
7:45 A.M. - 1:30 P.M.
8:00 A.M. - 8:45 A.M.
8:45 A.M. - 9:45 A.M.
Old Fashioned ABL
As the bank affiliated asset-based lenders have become larger and more integrated into their respective organizations they have often tended to move away from more traditional asset-based lending in search of growth more consistent with their broader organizational strategies. The needs of borrowers with more limited access to the banking market are increasingly being served by non-bank lenders. Many of these are practitioners of very traditional asset-based lending. This panel of market practitioners will explore the market opportunity for non-bank asset-based lenders, and the challenges they face for attracting capital as well as talent.
David Koshenina, Managing Director, Wells Fargo Capital Finance
Ryan Cascade, Partner and Head of Ares Commercial Finance
Terry Keating, President and CEO, Accord Financial, Inc.
Chris Arnold, Senior Managing Director, Crystal Financial LLC
Gaurang Vyas, Founder and Managing Partner, Rise Line Business Credit
9:45 A.M. - 10:45 A.M.
How Litigation Can Shape Your Next Credit Agreement
The term sheets and credit agreements at the core of secured lending transactions are constantly evolving based on the risk environment, market conditions, and often from lessons learned during workouts, restructurings and litigation. Aggressive and dynamic market conditions in recent years have resulted in several significant court cases, the outcomes of which have impacted how new transactions are viewed and structured. This panel, consisting of experienced attorneys from both a borrower and creditor standpoint, will explore several of these recent cases – from the JCrew "trap door" transaction, and NYDJ Apparel's attempted amendment, among others – and discuss their impact on structuring discussions and future documentation.
Ian Feng, Attorney, Covenant Review, LLC
Seth Jacobson, Banking Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Michelle Kilkenney, Debt Finance Partner, Kirkland & Ellis
James Mazza, Restructuring Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Mark McKane, Litigation Partner, Kirkland & Ellis
10:45 A.M. - 11:15 A.M.
11:15 A.M. - 12:15 P.M.
Food Glorious Food
The changing demands of the American consumer today is imposing tremendous change on the food supply chain, which is resulting in changes to the way food is grown, produced, labeled, and distributed. These changes, which are accelerating, are generating winners and losers all across the food complex, both domestically and internationally. They are also driving substantial capital investment and M&A. This panel of food industry specialists will explore the changing consumer demands and how they are driving change in the entire food supply chain.
Erica Kuhlmann, Market Executive & Managing Director, Food, Consumer and Agribusiness Group, BMO Harris
Matt Chlystek, Managing Director, Moelis & Company
Michael Johns, Managing Director, BMO Harris
12:15 P.M. - 1:45 P.M.
Lunch Session: A Conversation with Jordon Kruse of Oaktree Capital
Our special guest at the luncheon session will be Jordon Kruse, who will discuss Oaktree’s view of the current investment opportunities for Private Equity and debt. Mr. Kruse is a managing director and co-portfolio manager of the Special Situations Group. He is responsible for management of the strategy and all of its investing activities. Prior to joining Oaktree in 2001, Mr. Kruse was an attorney at the law firm of Kirkland & Ellis where his practice focused on mergers and acquisitions, corporate finance and private equity. He currently serves on the Board of Directors of Dayton Superior, and has previously served as a director of numerous former investments in a broad range of industries.
Jim Marasco, Head of Originations, Wells Fargo Capital Finance
1:45 P.M. - 4:30 P.M.
CFA WICF Networking Event and Poker Party
Enjoy some stress-free structured networking, Vegas style! This afternoon break on the Brahms Patio allows you to make some business calls, answer e-mails or, better yet, be “all in” for an informative and fun gaming lesson. Featuring a blackjack table, instructors will be on-hand to teach you the ins-and-outs of the games. After the lessons, instructors will switch to game mode and you can challenge your colleagues using faux chips. This is the only time you are guaranteed to gamble in Vegas and not risk losing your shirt. Who knows - you may even pick-up some helpful tips to help you at the real tables later on in the evening!
4:30 P.M. - 5:30 P.M.
ABCC Capital Markets Update
Just when we thought markets couldn’t get more aggressive, in 2018 they did. The strong US economy, substantial bank appetite for new loans and record liquidity in the debt markets generally have resulted in increasingly borrower friendly markets with respect to pricing and terms. This high liquidity exists in both the regulated banks and private debt markets. The past year also featured two high-profile retailer bankruptcies, Toys R Us and Sears Holdings. This panel of debt market professionals will explore the impact of the liquidity and the restructurings of 2018 and look forward into 2019 for their projections on how the debt markets will perform in 2019 and beyond.
Barry Bobrow, Managing Director, Wells Fargo Capital Finance
Meredith Coffey, EVP of Research & Analysis, Loan Syndications & Trading Association
Bill Hughes, Managing Director, Head of Loan Syndicate, Citibank
Janet Jarrett, Group Head of Asset Based Lending, Suntrust Robinson Humphrey
Darryl Kuriger, Managing Director, Bank of America Merrill Lynch
Rusty Parks, Managing Director, Guggenheim Partners
5:45 P.M. - 7:15 P.M.
Closing Reception with TMA Distressed Investing Conference