Day One9:15-10:30 - Current Market Conditions & US Market Overview
An Introduction to the Loan Asset Class & Evolution of the Primary & Secondary Leveraged Loan Markets
Players in the Market: Who is in the Market and Why?
Barry Bobrow, Wachovia
Tom Ewald, INVESCO
Jeff Ferrell, Citigroup
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10:30-11:00 - Vehicles & Products Derived from the Asset Class
CLOs & CDOs
LCDS
TRS
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11:00-11:15 - Break
11:15-12:00 - Basic Loan Structures & Second Lien Loans
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12:00-1:15 - Lunch
1:30-2:15 - Ratings Methodology
Ellen Lapson, Fitch Ratings - Click here to View Presentation Russell Solomon, Moody's - Click here to View Presentation Bill Chew, Standard & Poor's - Click here to View Presentation
2:15-3:00 - Overview of the Syndication Process & Primary Market Pricing
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3:15-3:30 - Break
3:30-4:15 - The Life of a Trade
What you Need to Know to Trade Distressed Loans
Par Loans Versus Distressed Loans
Secondary Market Pricing
4:15-4:45 - Basic Mechanics of Closing & Settling Loans
Donna Souza, Morgan Stanley
Ilaria Fleischer, Morgan Stanley
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4:45-5:30 - Review of the Credit Risk: Analytics and Performance
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Day Two
8:45-9:00 - Welcome
Primary Market
9:00-10:15 - Primary Market and Agent Transfer Practices, Credit Agreements and the LSTA Model Credit Agreement Provisions
Bridget Marsh, LSTA - Click here to View Presentation Geoff Peck, Citigroup & Rafael L. Petrone, Morrison & Foerster, LLP - Click here to View Presentation
10:15-11:00 - Guidance Note for Distribution of Confidential Information Memoranda; Confidentiality Legends; Splash Page; MNPI - Review of Private versus Public Information Barriers
Elliot Ganz, LSTA - Click here to View Presentation
11:00-11:15 - Break
Review of Par/Near Par Standard Documents & the Closing Process
11:15-12:45 - Par/Near Par Trade Confirmation and Standard Terms & Conditions, + 7 Par Settlement Timeline Bilateral Netting Agreement - Par/Near Par, Mltilateral Netting Agreement - Par/Near Par Sample Par/Near Par Participation Agreement Par Trades that Do Not Settle on Time - Buy-In and Sell-out
Scott Esbin, Esbin & Alter, LLP
Jamette Heard, Deutsche Bank
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12:45-1:45 - Lunch
1:45-3:00 - Distressed Trade Confirmation and Standard Terms & Conditions
Purchase and Sale Agreement for Distressed Trades
Kara Katz, Mandel Katz & Brosnan, LLP
Mike Kerrigan, Hunton & Williams
Joe Brosnan, Bank of Scotland
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3:00-3:15 - Break
3:15-3:45 - Distressed Participation Agreement
Moderator:
Panelists:
Linda Giannattasio, Citigroup
Norberto Quintana, Davis Polk & Wardwell
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3:45-4:15 - Calculation of Delayed Compensation
Claudia Borg, Bear Stearns
Michelle Piorkowski, Bear Stearns
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4:15-5:30 - Loan Credit Default Swaps and TRS
Jen Grady and Jonathan Kibbe, Richards Kibbe & Orbe LLP - Click here to View Presentation