CDO Investors Conference

7:45 a.m. - 8:15 a.m.

Registration and Continental Breakfast

8:20 a.m. - 8:30 a.m.

Welcome

Randy Snook
Senior Managing Director, EVP
SIFMA

 

8:30 a.m. - 8:50 a.m.

Chairman's Welcome & CDO Market Overview

Speaker:

Jonathan Horowitz
Managing Director
Morgan Stanley

2007 Chairman, SIFMA CDO Committee

8:50 a.m. - 9:40 a.m.

The View from Research

Hear the research analyst perspective on a number of timely topics including: the timing of return of CLO market, prospects for synthetic CDOs and CPDO / CPPIs, SIV-lites and other market value deals, the future of ABS CDO market : i.e. how real is distressed money, and differentiating between commercial and residential ABS CDOs

Moderator:

Ratul Roy
Director
Head of CDO Research
Citigroup

 

Panelists:

Claude Laberge
Senior Vice President
Lehman Brothers

Douglas Lucas
Head of CDO Research
UBS

Vishwanath Tirupattur
Executive Director
Research
Morgan Stanley

David Yan, Ph.D., CFA
Director
Head of CDO Research
Credit Suisse

9:40 a.m. - 10:30 a.m.

The Future of the CDO Market

This panel will discuss recent turmoil in credit markets, lessons learned and the outlook for the future.  Panelists will address price discovery in cash CDOs due to the advent of derivative products, as well as as innovations such as CPDOs and CPPI - will they survive?  Other key themes will be the value of credit selection and prudent management, and balancing the fundamentals and technicals in this market

Moderator:

Gaurav Tejwani
Vice President
Structured Credit Strategy
Lehman Brothers

Panelists:

James Damron
Senior Manging Director
PPM America

Abhishek  Bhutra
Vice President
Old Lane LP

Hansol Kim
Director
Financial Security Assurance, Inc. 

 

Break

10:50 a.m. - 11:40 a.m.

Update on the Subprime Mortgage Market

Jay Hallik, Head of US ABS and ABS Correlation Trading at Morgan Stanley, will give an in-depth update on the state of the subprime mortgage market, the outlook for the future, and the continuing implications for CDO and other ABS market participants.

Speaker:

Jay Hallik
Executive Director
Head of US ABS and ABS Correlation Trading
Morgan Stanley

11:40 a.m. - 12:30 p.m.

The Rating Agency Perspective

Listen to senior rating agency representatives discuss the state of CDOs and that of ABS CDOs in particular. Is there something fundamentally wrong with the CDO rating process or were the rating agencies just as blind to the risk as other market participants? Are ABS CDOs being downgraded too fast or too slow? How will changes to CDO rating criteria help the market going forward?

Moderator:

Douglas Lucas
Head of CDO Research
UBS

Panelists:

Eric Kolchinsky
Managing Director
Moody's Investors Serveice

John Schiavetta
Managing Director
DerivativeFitch

David Tesher
Managing Director
Standard & Poor's

12:30 p.m. - 2:00 p.m.

Lunch and Luncheon Speaker

Gyan Sinha
Senior Managing Director
Bear Stearns & Co. Inc. 

2:00 p.m. - 2:50 p.m.

Liquidity, the Bank Loan Market, and the Consequences for CLOs

This panel will examine the loan and CLO markets in light of recent stress in the credit markets, and will help to answer questions such as: Have we seen the bottom?  When can we expect the bank loan market to once again enjoy widespread liquidity? Why did the Fed lowering interest rates have such a positive and immediate impact on the bank loan market?  How will the forward calendar and hung underwritten pipeline affect loan prices over the coming months?  How much more of a decline in loan prices is possible if fundamental problems started occurring?  What are the prospects for broad fundamental issues arising in the near future?   

Moderator:

Paul Gehrig
Managing Director
Wachovia Securities 

Panelists:

Hans Christensen
Chief Investment Officer
MJX Asset Management

Mike Clawson
Loan Trading
Wachovia

Richard Kurth
Managing Director
Silvermine Capital Management

James Lau
Principal
American Capital Strategies

Stephen D. Sautel
Managing Director
Guggenheim Partners

 

2:50 p.m. - 3:40 p.m.

Investors / Issuers Roundtable
This panel will examine a question asked of and by many participants: “where are we now?”. How did the market get to this point, and where it might be headed?

Moderator:

Ira Wagner
Senior Managing Director
Bear Stearns

Panelists:

Alex Cigolle
Chief Investment Officer of Strategos Capital Management LLC
Cohen and Company

Scott Gordon
Managing Director
AMBAC

Mike Rosenberg
Managing Director
Polygon Investment Partners 

Kevin Petrovcik
Managing Director
Invesco

 

3:40 p.m. - 4:00 p.m.

Break

4:00 p.m. - 4:50 p.m.

Traders and Secondary Market Issues

Hear a panel of CDO traders discuss a range of important issues for the secondary market, including: Where is the value today? What is fair value? When will ABS CDO be cheap enough to override fundamental issues? Which issues are overblown? Which issues deserve additional negative press? What type of buyer is best positioned to do well in the current environment?

Moderator:

Scott Williams
London Structured Trading
Wachovia Securities

Panelists:

Kevin Alexander
Managing Director,
Head of CDO Trading and Hybrid Structured Products
Natixis 

Ross Heller
Vice President
JP Morgan Securities 

Shalini Sriram
Trader
Morgan Stanley

4:50 p.m. - 5:00 p.m.

Conclusion/Thank you