CLO MARKET MAKERS

Leading Collateralized Loan Obligation Underwriters

The listing below shows contact information for the senior- tive on the trading side.
most bankers and traders in the collateralized loan obligation Heads of CLO banking oversee deal origination and struc-
market. turing. Unlike their colleagues in other areas of the structured-
Many of the investment banks and brokerage firms included finance industry, they often handle deal distribution as well.
are the same ones that have appeared atop Asset-Backed Alert’s Head CLO traders are responsible for buying and selling securi-
underwriter league tables. They also include broker-dealers ties on the secondary market, both for their employers and for
Leading CLOlarge
that don’t maintain Market Makers
underwriting operations, but are ac- clients.

Head CLO Banking Head CLO Trading Skinny

Amherst Erez Biala Erez Biala With secondary-market trading slow across the
Pierpont 646-776-7826 646-776-7826 board, the firm has been arranging refinancings of
ebiala@apsec.com ebiala@apsec.com existing deals. Erez Biala, who arrived in 2016 from
Jefferies, hopes to build a full-fledged origination
business. Sales staff includes former Guggenheim
trader Joe Guzzi.
Auriga USA Paul Pasqua After backing away, returned to secondary-market
646-998-6453 trading with the March hiring of Paul Pasqua. He
paul.pasqua@aurigausallc.com had been working at StormHarbour Securities,
where origination business evaporated.
Baird David Barrish Continued to build up busy secondary-market
646-557-3237 trading operation this month with the addition of
dbarrish@rwbaird.com sales specialist Darryl Smith, who just shut down a
rival unit at ED&F Man. The move gives Baird two
CLO sales specialists, augmenting a broader
structured-product sales team.
Bank of Wynne Comer Alex Murdzhev Leap in volume led to a number-two league-table
America 646-855-7771 646-855-9680 ranking in 2017, reversing a drop in 2016. And that
wynne.comer@baml.com aleksandar.murdzhev@baml.com doesn’t include a heap of refinancing work. Wynne
Ed Tang Comer leads origination, with Ed Tang heading
646-855-8562 syndication and Charles Hand overseeing activities
edward.c.tang@baml.com in growing European market. Alex Murdzhev
Charles Hand moved up to head trading after the 2015 promotion
44-207-996-7964 of David Trepanier in the structured-product unit.
charles.hand@baml.com
Barclays Jonathan Kitei Sam Oher U.S. staff buildup has paid off, with above-market
212-412-2035 212-526-0998 growth complementing status as a go-to
jonathan.kitei@barcap.com samuel.oher@barclays.com underwriter in Europe. In just the last month, hired
Adrian Radulescu Michael Clarke CLO co-head John Clements from Citigroup and
212-412-1310 44-207-773-5339 mid-size loan pioneer Mike Hopson from Natixis.
adrian.radulescu@barclays.com michael.clarke@barclays.com Also brought in Sam Oher from Nomura in August
Sebastien Illat to oversee trading, while adding Stefan Kullberg
44-207-773-3821 from RBC in January.
sebastien.illat@barclays.com

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May 18, 2018 Asset-Backed 2
ALERT

CLO MARKET
Leading CLO MAKERS
Market Makers
Head CLO Banking Head CLO Trading Skinny
BNP Paribas Adnan Zuberi Omar Chaudhry Maintains a stable presence just a step below the
212-841-3877 212-471-8252 most active banks. Standing has been aided by
adnan.a.zuberi@us.bnpparibas.com omar.chaudhry@us.bnpparibas.com generous warehouse financing and structuring
Dushy Puvan Mehdi Kashani flexibility, including conversions of dollar-
44-207-595-8500 44-207-595-1819 denominated paper to Japanese yen. Mandates
dushy.puvan@uk.bnpparibas.com mehdi.kashani@uk.bnpparibas.com have included deals from GSO Blackstone and
Partners Group in Europe.
Brean Capital Richard Barry Like its peers, has felt the effects of slow
212-702-6585 secondary-market trading. Has kept active,
rbarry@breancapital.com however, and was buoyed by recent volatility.
Pouya Minazad Richard Barry set up the operation in 2015 with
212-702-6527 focus on mezzanine and equity trades, drawing on
pminazad@breancapital.com a deep contact list.
Brownstone Marc Steinberg Has gradually claimed trading business following
Investment 212-905-0546 the 2016 hiring of Eric Steinberg, formerly of ED&F
msteinberg@brownstone.com Man, Guggenheim and Morgan Stanley. Additions
on the sales side also have helped.
Cantor Ervin Pilku Focused on secondary-market trading for now, but
Fitzgerald 212-829-5259 has been seeking an origination head. That
epilku@cantor.com addition would supplement a broader structured-
product push under the leadership of former
Deutsche Bank executive Anshu Jain.
Citigroup Jim Hughes Brian Bejile Maintaining usual status as the market’s busiest
212-723-1120 212-723-1024 underwriter. But outsiders see it as vulnerable
jim.hughes@citi.com brian.bejile@citi.com without former origination co-head John Clements,
Eric Velay Vitaliy Kozak who left after Jim Hughes was promoted to lead
44-207-986-1227 44-207-986-3702 the group a layer above him. Citi earlier lost Todd
eric.velay@citi.com vitaliy.kozak@citi.com Fritchman, who worked on deals backed by mid-
Laura Coady size loans. On the trading side, focuses on equity
44-207-986-1304 and lower-mezzanine securities.
laura.coady@citi.com
Credit Suisse Brad Larson Brian Hochhauser Slipped out of the top-five underwriters of new
212-325-9207 212-325-3563 deals, but has kept active in the refinancing
brad.larson@credit-suisse.com brian.hochhauser@credit- business. After a string of exits dating back to
Arun Cronin suisse.com 2015, tumult continued on the secondary-market
44-207-888-3449 desk with this month’s ouster of Carlos Garza and
arun.cronin@credit-suisse.com installation of longtime associate Brian Hochhauser
in his place. European desk shut down last year.
Deutsche Francis McCullough Sebastien Cottrell Still trying to regain former top-10 status, with
Bank 212-250-2530 212-250-7553 2017 growth trailing market levels. Head trader
francis.mccullough@db.com sebastien.cottrell@db.com Francis McCullough moved from London to New
Anna Farbiszewska York last year. Team remains largely intact despite
212-250-7553 threats of broad staff cuts in the U.S. Like others,
anna.farbiszewska@db.com has fielded ample refinancing work. And trading
Matthew Matson desk remains among the most active, with an
212-250-7553 emphasis on mezzanine securities.
matthew.matson@db.com
John Parker
44-207-547-3157
john.parker@db.com
Goldman Amit Roy Kamal Ramnani Has climbed farther into the top-10 underwriters
Sachs 212-357-2019 212-357-0077 this year. Trading head Sameer Maru stepped
amit.roy@gs.com kamal.ramnani@gs.com aside in April, with his more market-facing
colleague, Kamal Ramnani, promoted to oversee
the desk. Leadership on the banking side is
unchanged.

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May 18, 2018 Asset-Backed 3
ALERT

CLO MARKET
Leading MAKERS Makers
CLO Market
Head CLO Banking Head CLO Trading Skinny
GreensLedge Ken Wormser Jim Kane Business fell off slightly last year, despite market
Capital 212-796-6551 212-792-5271 growth. The dip was offset by refinancing work,
kwormser@greensledge.com jkane@greensledge.com although the firm hasn’t been a leader on that front
Brian Zeitlin David Powar either. It is a major force on the trading side,
212-792-5272 212-796-6552 however. In challenging larger banks in the U.S.
bzeitlin@greensledge.com dpowar@greensledge.com and Europe, has aimed to distinguish itself with
Paul Levy investor contacts in Japan and Korea.
44-203-440-3034
plevy@greensledgeuk.com
Jean-Manuel Costa
44-203-440-3031
jmcosta@greensledgeuk.com
Guggenheim Mario Verna Bryan Gonnella Ended a drought on the underwriting side last year,
212-293-3970 212-518-9544 with assignments from issuers including
mario.verna bryan.gonnella ArrowMark Partners, Highland Capital and New
@guggenheimpartners.com @guggenheimpartners.com York Life. Dealflow remains sporadic, but is
supplemented by other work. Lost head trader
Nirjhar Jain to hedge fund manager LibreMax
Capital in November, and promoted Bryan Gonnella
from within.
Hunt Financial Jiwon Park Joined the secondary-market trading business with
914-701-1028 the August hiring of Jiwon Park from KeyBank.
jiwon.park@huntfinsecurities.com Added Paul Tedeschi from Spring Hill Capital in
Paul Tedeschi November. The effort is part of a broad push into
914-701-1028 structured-product trading and origination.
paul.tedeschi@huntfinsecurities.com
J.P. Morgan Sean Griffin Shivraj Bhushan Business as usual for top-five origination team,
212-834-5532 212-834-2424 thanks in part to busy leveraged-loan syndication
sean.p.griffin@jpmorgan.com shivraj.s.bhushan@jpmorgan.com business. But trading desk was shaken up by
Matt Carpenter Kristen Erickson’s February move to TPG. Her
44-207-134-0709 duties now belong to Shivraj Bhushan in New York
matthew.carpenter@jpmorgan.com and Matt Carpenter in London. Remains a major
buyer of new senior paper, the focus of its trading
activity.
Janney Clay Brasher Fortified sales staff with the March addition of
Montgomery 212-888-2931 Anthony Veltri from ED&F Man. He concentrates on
Scott cbrasher@janney.com equity buyers, while Jeff Bertoni and Ross Heller
place mezzanine bonds. Priority remains trading,
with no plans to expand into origination.
Jefferies Jason Schechter Jason Schechter More or less keeping pace with the market, sitting
212-336-7176 212-336-7176 just outside the top-10 underwriters. Has an
jschechter@jefferies.com jschechter@jefferies.com outsized presence in longer-term refinancings that
reset deal terms. But efforts in Europe have been
sluggish, with London managing director Sharif
Anbar-Colas leaving in London.
KGS-Alpha Richard Rizzo Already a force on the secondary market, KGS-
646-560-7048 Alpha is attracting attention for what it might do
rrizzo@kgsalpha.com after a pending takeover by BMO. Early
expectations are a further expansion under Richard
Rizzo, who once led CLO trading at Deutsche Bank.

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May 18, 2018 Asset-Backed 4
ALERT

CLO MARKET
Leading MAKERS Makers
CLO Market
Head CLO Banking Head CLO Trading Skinny
Marv Capital Alexey Dronov Raised profile with the 2016 hiring of equity-
212-244-7561 focused trader Alexey Dronov, formerly of Highland
adronov@marvcapital.com Capital. He works under Manish Awasthi and
Raparthi Virupaksha.
Mizuho Steve Kahn Jim Stehli Hasn’t led a new deal since 2015, but has been
212-205-7568 212-205-7568 helping clients refinance existing transactions. And
steven.kahn@us-mizuho-sc.com james.stehli@us.mizuho-sc.com with secondary-market trading also slow, recently
Hao Jiang Amit Khurana dismissed some personnel from what was an over-
212-205-7598 212-205-7568 manned sales team.
hao.jiang@us-mizuho-sc.com amit.khurana@us.mizuho-sc.com
Morgan Loris Nazarian Rebecca Dorrian Has continued to solidify its business after layoffs
Stanley 212-761-4756 212-761-2102 and leadership changes in 2016, ranking as one of
loris.nazarian@morganstanley.com rebecca.dorrian the busiest underwriters of new deals while
Rachel Russell @morganstanley.com handling heavy refinancing volume. Already has led
212-761-2832 deals of $1 billion or more this year for Blackstone,
rachel.russell@morganstanley.com Brigade Capital and CIFC. Also has reclaimed its
Orestis Millas place as one of the busier trading operations.
44-207-677-8119
oristis.millas@morganstanley.com
MUFG Asif Khan Sean Gibson Continued to pick up underwriting and refinancing
212-405-7360 212-405-7493 business last year, with a modest flow of
akhan@us.sc.mufg.jp sgibson@us.sc.mufg.jp assignments. Drummed up work, in part, by
hosting conferences in Asia that introduce U.S.
issuers to investors across the region. This year’s
stops were in Hong Kong, Shanghai and Tokyo.
Natixis Alex Zilberman Reggie Fernandez Dealflow has kept up with market growth despite
212-891-5870 212-891-1979 high-level staff departures in recent years. But the
alex.zilberman@us.natixis.com reginald.fernandez@us.natixis.com biggest challenge may have come this April, when
Mike Hopson left for Barclays. Outsiders think
issuers of bonds backed by mid-size loans might
follow him, relegating Alex Zilberman to work
mostly on issues secured by bigger accounts. Also
gone are syndication head Andy Phelps and Europe
chief Hernan Quipildor.
Nomura Nate Weber Anton Lokhov Given its status as perhaps the most active player
212-667-2284 212-667-2230 on the secondary market, the bank has felt the
nathaniel.weber@nomura.com anton.lokhov@nomura.com effects of a broad trading slowdown more than
Ben Ufer most. Already-slow underwriting business took
212-667-2406 another hit with the October exit of head structurer
benjamin.ufer@nomura.com Cary Ho for CVC Capital. Nate Weber has absorbed
his duties.
RBC Capital Russell Pemberton Tom Hasse New-issue supply has slowed, but pipeline is
212-618-7765 212-618-7723 robust and refinancing activity has been decent.
russell.pemberton@rbccm.com thomas.hasse2@rbc.com Previously attracted clients by offering risk-
retention financing, but this year lost that ability
with the defanging of the Dodd-Frank Act’s skin-in-
the-game rule. Cut loose head trader Florian Bita in
April and installed colleague Tom Hasse in his
place. Looking for another trader.

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May 18, 2018 Asset-Backed 5
ALERT

CLO MARKET
Leading CLO MAKERS
Market Makers
Head CLO Banking Head CLO Trading Skinny
Societe Harry Huang Hong Zhao Underwriting assignments remain
Generale 212-278-5978 212-278-5686 characteristically scarce, although there are deals
harry.huang@sgcib.com hong.zhao@sgcib.com in the pipeline. Weighing a move into Europe’s
growing market. Bogomil Ivanov, formerly of Seer
Capital and Deutsche Bank, joined structuring team
in October.
Wells Fargo Kevin Sunday Sergei Zagin Has trailed other large banks in refinancing
704-410-2384 704-410-3315 volume. But new-issue underwriting business
kevin.sunday@wellsfargo.com sergei.zagin@wellsfargo.com remains solid, with this year’s client list including
Jason Powers Cerberus Capital, Goldentree Asset Management
704-410-2490 and GSO Blackstone. Scope includes deals backed
jason.a.powers@wellsfargo.com by loans to both large and mid-size companies,
and warehouse-financing terms that emphasize
perceived loan quality over market value remain
popular with issuers. A routine buyer of senior
notes.

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05/18/18