After the Fall: Navigating the New Credit Market

7:30 a.m. – 8:15 a.m.
Registration and continental breakfast


8:15 a.m. – 8:30 a.m.
Welcome and opening remarks

Meredith Coffey
SVP of Research, Communication and Membership
LSTA

Conference Chair:
Bram Rosenfeld
Senior Market Analyst
Reuters LPC


8:30 a.m. – 9:30 a.m.
View from the top: A comprehensive review of the global loan market

	Where the markets have been, where they’re headed and what it means for you
	Primary paralysis and secondary freefall: Does the story have a happier ending in Europe, Asia?
	Tracking loan performance in the new era of higher volatility, lower Sharpe ratios
	High-grade heights: how loans, dynamics changed as the credit crunch moved upmarket

Ioana Barza
VP, Senior Market Analyst
Reuters LPC

9:30 a.m. – 10:15 a.m.
Perspectives from the Buy-side
Sponsored by CIFC

	The investor base today: how active are fast money players today versus pre-crunch? How significant are the new private equity based platforms that underwrite and hold loans?
	Are CLOs dead? Is there a replacement for the negative basis AAA trade? Is there a future role for a cash value based structure?
	What is most appealing to investors about the 2008 loan vintage? Will these new terms & conditions last? What is a likely catalyst of change, and when?
	Did poor underwriting infect some or all of the ‘06 and ’07 vintage loans? How are they likely to perform and what does it mean for lenders, investors?

Peter Gleysteen
CEO and Chairman
CIFC

Scott Baskind
Portfolio Manager
Invesco PLC

James P. Ferguson
Chief Executive Officer
Octagon Credit Investors

Paul Hatfield
Chief Investment Officer, Head of U.S. Operations
Alcentra

Michael Zupon
Managing Director
The Carlyle Group


10:15 a.m. – 10:45 a.m.
Morning break and refreshments

10:45 a.m. – 11:30 a.m.
The new dynamic of the secondary market ... What lies ahead?
Sponsored by BMO Capital Markets

	Where are the pockets of opportunity/risk in the secondary market?
	Credit technicals launched the secondary market downswing. Will fundamentals prolong it?
	Tracking volatility over the past year, how has LCDS changed the game?

Moderator:
Surjit Rajpal
Executive MD, Head – Loan Products Group
BMO Capital Markets

Alan M. Alsheimer Jr.
VP, Loan Derivatives Trading
Goldman Sachs

Jay McDermott
Co-Head of U.S. Credit Trading
RBS Greenwich Capital

Jennifer Schultz Cohen
Principal/Bank Loan Trader
Oak Hill Partners, L.P.

Andrew N. Sveen
Vice President
Eaton Vance



11:30 a.m. – 12:15 p.m.
Mid-Cap LBOs: Values, structures, opportunities
Sponsored by Churchill Financial LLC

	How have middle market deals fared during the credit crunch? How do pricing and structures differ relative to large-caps?
	Who are the active players (the ones left standing, and new entrants) in mid-cap financing?
	How do PE sponsors drive value from smaller companies? How has financing for mid-caps changed in this environment?
	What are the prospects for the middle market for the rest of 2008 and beyond?

Moderator:
Randy Schwimmer
Senior Managing Director, Head of Capital Markets
Churchill Financial LLC

Joseph M. Conte
Managing Director
Lazard Middle Market LLC

Kevin P. Mohan
Managing Director
Summit Partners

Devon M. Russell
Senior Managing Director
Madison Capital Funding LLC


12:15 p.m. – 1:35 p.m.
Luncheon Keynote Address:
A port in the storm – Does ABL transcend the cycle?

	Is ABL helping to fill the gap for cash flow deals? How have the rules changed?
	How big can an ABL be? How much capacity is there?
	Does ABL still provide relative value bargains for issuers, opportunities for investors?

Barry L. Bobrow
Managing Director
Wachovia Capital Markets, LLC

Arnie Dratt
CEO
Hilco Trading Co., Inc.

Mac Fowle
Vice President, Leveraged Finance Group
J.P. Morgan Securities Inc.

Jeffrey McLane
Principal, Leveraged Finance
Banc of America Securities LLC

Steven Oman
Senior Vice President
Moody’s Investors Service

1:40 p.m. - 2:25 p.m.
After the Fall: How best practices can protect you in a volatile market
Sponsored by Winston & Strawn

	Case Studies: How are recent transactions weathering the market tumult? What are the outcomes, lessons learned?
	Fair and balanced: How do emerging trends in structuring and documenting transactions impact the buy-side, sell-side?
	How are best practices changing with respect to inter-creditor agreements, MAC language, change of control, flex, covenants?

Moderator:
David L. Batty
Partner
Winston & Strawn LLP

John A. Hatherly
President and Managing Partner
Wynnchurch Capital, Ltd.

Jeff J. Marwil
Partner Co-chair Restructuring and Insolvency Group
Winston & Strawn

Marvin J. Miller, Jr.
Partner
Winston & Strawn LLP

Stephen M. Riddell
Senior Research Analyst & Portfolio Manager
Gulf Stream Asset Management, LLC

Scott Yarbrough
Director, Leveraged Finance
Wachovia Securities

2:25 p.m. - 3:10 p.m.
Liquidity in a selective market
Sponsored by Moody's Investors Service

	Managing liquidity in today's environment
	Liquidity sources - where's the money?
	Liquidity providers' response to tight money
	Moody's Speculative Grade Liquidity Ratings: separating winners from losers

Moderator:
Steven Oman
Senior Vice President
Moody’s Investors Service

Christopher Jansen
Managing Partner
Stanfield Capital Partners LLC

Jacob Kotzubei
Partner
Platinum Equity, LLC

Glenn L. Stewart
Managing Director, Head of Syndicate, Syndicated Finance
Bank of America

3:10 p.m. - 3:30 p.m.
Afternoon break and refreshments

3:30 p.m. - 4:15 p.m.
CLO Outlook: Past, present, and future
Sponsored by Fitch Ratings, Inc.

	Opportunities in the CLO and Loan markets
	Investor demand for CLOs and funds: Is there any?
	What will the CLO/loan market look like in 3, 6, 12 months?

Moderator:
John Olert
Managing Director and Global Head of Structured Credit
Fitch Ratings, Inc.

Wynne Comer
Principal
Banc of America Securities

Kenneth Gacevich
Managing Director, U.S. Bank Loan Team
Babson Capital

Kevin Kendra
Managing Director
Fitch Ratings, Inc.

Vanitha Milberg
Director, Structured Products
Goldentree Asset Management

Matthew A. Miller
Managing Director,
Bank Loan Group
TCW

4:15 p.m. - 5:00 p.m.
The current credit cycle: What’s the Same; what’s Different
Sponsored by Standard & Poor's

	Tracking default, transition and recovery given today's leveraged debt credit profiles
	What's the same: liquidity reversal, downside of leverage
	What's new: debt holders, capital structure, CDS/LCDS

Moderator:
Steve Wilkinson
Director and Recovery Analyst
Standard & Poor's

Martin Fridson
Chief Executive Officer,
Chief Investment Officer
Fridson Investment Advisors

Jonathan Insull
Managing Director
Trust Company of the West

Peter J. Nolan
Managing Director
JPMorgan

Scott H. Page, CFA
Vice President, Head of Bank Loan Investment Group
Eaton Vance


5:00 p.m. - 5:15 p.m.
Concluding remarks

Bram Rosenfeld
Senior Market Analyst
Reuters LPC


5:15 p.m. - 7:00 p.m.
Cocktail reception
Meet and network with conference attendees including corporate treasurers, CFOs, institutional investors, senior bankers, attorneys, rating agency representatives and other key players in the commercial loan and high yield markets.