Vehicles & Products Derived from the Asset Class Andy Gordon, Octagon Kevin Petrovcik, Invesco Mitali Sohoni, Citigroup Ways To Invest Separate Managed Accounts Comingled Funds Retail Funds and ETFs CLOs Total Return Swaps - TRS Separate Managed Accounts Description Customized Fund between an Investor and Manager Typically...
The Secondary Market For Corporate Loans Theodore Basta, LSTA James Vanek, Apollo Secondary Loan Market Basics Secondary Loan Market Basics What is a “Secondary” Market? How & Why is it Used? How is the Secondary Loan Market Different From Other Security Markets? What Type of Loans Trade (actively) in the Secondary...
The Life of a Trade Basic Closing Mechanics Life of a Par Trade Trade Date (T+0) T+1: Trade confirmation circulated T+2: Trade confirmation signed T+3: Assignment agreement drafted T+6: Funding memo draft T+7: Assignment is signed and dated by the agent. Trade closes. Key Par Trading Documents Trade...
The Loan Syndications and Trading Association R. Bram Smith Executive Director Introduction to the Loan Market March 12 & 13, 2014 The LSTA’s Mission The Loan Syndications and Trading Association promotes a fair, orderly, efficient, and growing corporate loan market and provides leadership in advancing and balancing the interests of all market participants 2...
March 12, 2014 Loan Market Discussion Steve Miller Managing Director S&P Capital IQ LCD Team steven_miller@spcapitaliq.com Loan Primer 3 Overview • Senior, secured instruments • Unique risk / return opportunity: Short duration Relatively wide credit premia (Quasi) Floating rate Collateral protection 4 Facilities • Pro rata (bank) tranches Revolving credits Amortizing term loans • Institutional...
March 12, 2014 These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse AG or its Affiliates (hereafter “Credit Suisse”). Basic Loan Structures and Second Lien Loans John Toronto, Managing Director Vipul Dhadda, Vice President Agenda I. Purpose of a Loan...
Introduction to the Loan Market Teach In Frank Pizzo Wells Fargo Securities Head of Loan Syndications & High Yield March 12, 2014 Introduction to the Loan Market 1 What is a Syndicated Loan? Loan syndication most often occurs in situations where a borrower requires a large sum of capital that may either be too...
