SFNet's 16^th Annual Asset-Based Capital Conference (ABCC) will once again return February 6 to 7, 2024 at Encore at the Wynn in Las Vegas, NV, and will provide thought-provoking discussions on the economy, geopolitics, talent retention, credit quality, industry dynamics and more. This year’s theme is "Doing What We Do Best."

The uncertainty of the current environment provides a unique opportunity for the asset-based lending industry to differentiate itself by doing what we do best: providing capital to companies that need it and minimizing credit losses by leveraging many years of experience. 

“Geopolitical concerns, maintaining strong credit quality, and the constant impacts of inflation and interest rates are all top issues to watch in 2024,” said ABCC Conference Chair, Barry Bobrow, who serves as managing director and head of Credit Markets for Regions Business Capital. “ABCC’s panels and networking events are designed to provide education and key insights on these topics and more. The Conference is a great opportunity to help attendees set their business strategy for the coming year. We look forward to welcoming everyone in February.”

 "We’ve had the highest rate of people registering early in the 16-year history of the Conference,” added SFNet CEO Richard Gumbrecht. “That’s a great testament to the value this one-of-a-kind event continues to deliver to our audience.”

This year’s Conference will kick off with Committee Meetings from 8:00 a.m. - 12:30 p.m., followed by networking and table-top exhibits from 12:00 p.m. - 5:00 p.m. The World According to David and Michael,held from 12:30 p.m. - 2:00 p.m., will feature an interview of Michael Skordeles and David Chmiel by Dimitri Karcazes of Goldberg Kohn. Michael Skordeles is senior vice president and head of U.S. Economics for Truist Wealth. David Chmiel, co-founder and managing director - Global Torchlight, is a highly regarded commentator and consultant on global politics and security who looks beyond the headlines at how geopolitical events impact business. Together they will set the stage for ABCC 2024 with a detailed discussion of the economic and geopolitical considerations that will be driving markets throughout 2024 and beyond.

Skordeles said he will provide his views on the good, the bad, and the ugly of the U.S. economy.

“While the U.S. will likely see sluggish growth in ’24, job losses are the key to a recession – and that’s not a certainty at this point (shorthand: a recession isn’t inevitable),” said Skordeles. “Consumers and businesses will continue to struggle with the reset to higher rates; while there will likely be some pain, it doesn’t have to be a calamity.”

Following a brief break will be the Behind the ABL - The Changing Face of Second Lien Debt panel from 2:45 p.m. - 3:45 p.m. The current economic challenges are leading many companies to explore private debt solutions to replace or complement their existing capital structures. Beyond traditional bank asset-based loans, there are a wide range of solutions available and a wide range of lenders competing for the available business. The current environment provides both threats and opportunities to this growing market segment. This panel includes several of the market leaders in the ABL junior debt market and will discuss current market conditions and outlook.

Bethani Oppenheimer, shareholder, Greenberg Traurig, will be the moderator.
Panelists will include Steve Migliero, chief operating officer, Pathlight Capital; Larry Klaff, senior managing director and head of Asset Based Lending, First Eagle Investments;
Cheryl Carner, senior managing director and head of Originations, SLR Credit Solutions
and John Ahn, managing partner, WhiteHawk Capital Partners.

From 4:00 p.m. - 5:00 p.m. will be the Banking at a Crossroads panel. This panel of professionals will analyze the current landscape and provide their insights on the near- and long-term outlook for the banking sector. The aftermath of the Covid pandemic and the impact of all the fiscal and monetary stimulus provided globally to combat its economic effects has most economists struggling for any precedent from which to make predictions and is presenting unique challenges to business plans across the world. The situation has been particularly challenging for the banking sector, where increasing funding costs, rising credit concerns, increasing regulatory requirements, and slowed capital-markets activities are headwinds that have put revenue, profitability, capital and liquidity under pressure.

Peter York, lecturer at Fisher College of Business, The Ohio State University, will serve as moderator. Panelists will include Chris Wolfe, managing director, Fitch Ratings; Kathy Dick, founder and chief executive officer, Salt of the Earth Consulting; and Peter Torrente, US Sector Leader – Banking & Capital Markets at KPMG LLP.

“In the age of compound volatility, the banking sector is navigating a myriad of near-term challenges while keeping their eyes trained on their longer-term goals,” Torrente explained. “The year ahead will be defined by geopolitical instability, an evolving regulatory environment, and an uncertain economic picture. Despite the challenges, the industry remains optimistic on the longer-term growth opportunities.”

“For U.S. banks, 2023 was nothing short of a ‘regime change’ following years of easy monetary policy,” added Wolfe. “The rapid reversal in monetary policy created March’s banking “strisis” – stress for most, crisis for a few. As the dust settles, banks are contending with slower economic growth, regulatory uncertainties, and increased competition from private credit markets. With that backdrop, banks are revising their playbooks to meet these challenges.”

The ABCC’s Opening Reception, sponsored by Holland & Knight, will be held from 5:15 p.m. - 7:00 p.m. on site.

On Wednesday, February 7 there will be All-Day Networking & Table-Top Exhibits from9:00 a.m. - 5:00 p.m. Be sure to stop by and say hello to exhibitors on your way to a panel.

The ABCC Capital Markets Extravaganza 2024 kicks off at 9:30 a.m.With interest rates and inflation on the rise throughout the year and concerns over potential economic downturn, 2023 was still a challenging year despite somewhat of a recovery from 2022. Private debt continued to surge throughout the year but was also impacted by the overall economic headwinds. The asset-based market performed well throughout the year, but deal flow fell along with overall M&A activity. As we enter 2024 the direction of the economy weighs heavily on all market participants, providing both threats and opportunities. This panel of capital markets professionals will provide their views on where that leaves the industry for 2024 and beyond.

“The syndicated bank loan and high yield debt markets faced challenges in 2023, but broadly speaking, there are expectations of a stronger showing in 2024,” said moderator and ABCC Conference Chair Barry Bobrow. “We look forward to analyzing the causes of both in this year’s ABCC Capital Markets Panel.”

Panelists will include Kavian Boots, managing director, US Bank; John Murchison, managing director, Wells Fargo Capital Finance; Brad Mascott, managing director, Citizens Capital Markets; and Kelly Thompson, founder and editor, KBRA DLD.

The Legal Issues Panel: Critical Issues Continue to Evolve will take place from10:45 a.m. - 12:00 p.m. A panel of legal professionals, who represent both borrowers and lenders, will explore the current transaction environment that has put continued pressure on numerous issues critical to lenders, including negative covenant baskets, liability management, and limited condition agreements, and the current state of play.

“ABL lenders have encountered real-world difficulties arising from the alteration or elimination of traditional ABL protections over the last several years in order to preserve sponsor relationships and deal flow,” said moderator Tim Johnston, partner, Haynes & Boone. “This includes term loan concepts creeping into ABL documentation.  We will discuss, among other matters, the complications posed by these changes in a distressed environment and whether there will be a reluctance on the part of ABL lenders to agree to these types of provisions going forward.”

Panelists will consist of JW Perry, head of Sponsor Finance Practice, Davis Polk; Jennifer Ezring, partner, Latham & Watkins LLP; Wade Kennedy, partner, Holland & Knight; and Harrison Roberts, managing partner, Parker, Hudson, Rainer & Dobbs LLP.

The Rosen Report – Live will then take place from 12:00 – 2:00 p.m. Former Wall Street executive and hedge fund founder Eric Rosen runs his family office, which invests in liquid markets, real estate, venture, private equity, and hard money lending. Rosen is also devoting much of his considerable energy and unique perspectives to his successful newsletter The Rosen Report. The twice-a-week publication allows him to engage with his readership, which includes a broad community of financial professionals and entrepreneurs from across the world. In addition to a uniquely curated sample of articles across markets, economics, world affairs, and politics, The Rosen Report regularly covers Rosen’s passion for fishing, travel, culinary experiences and real estate. Eric also sits on several boards and is heavily engaged in mentorship activities. For ABCC 2024 he will engage in a wide-ranging discussion with Barry Bobrow, president of SFNet, that will follow a similar order to the newsletter just published a few hours earlier.

“At the ABCC event we’re taking The Rosen Report to a new level – live,” said Rosen.  Following The Rosen Report will be a break from 2:00 p.m. - 4:30 p.m. before the final panel of the day, Restructurings: Lots of Lessons to Be Learned. The current economic and market trends are pointing to an increase in restructuring activity. Recent cases have revealed some new trends and market dynamics impacting the secured lending community.  The panel will consider these trends and current market dynamics, their impact in future restructurings, and other valuable insights.

Ian Fredericks, president, Retail Group, Hilco Global, will serve as moderator.  Holly Etlin, partner & managing director, AlixPartners; Surbhi Gupta, managing director, Houlihan Lokey; Leslie Plaskon, partner, Sidley Austin LLP; Shapleigh Smith, managing director, Citibank, N.A.; and Suzzanne Uhland, partner, Latham & Watkins, will round out the panelists.

The evening will conclude with the ever-popular Joint Reception with TMA's Distressed Investing Conference from 5:45 p.m. - 8:00 p.m. at The Encore at Wynn.

ABCC takes place the week leading up to Super Bowl LVIII, set to be held in Las Vegas on February 11. Register soon to access our special room rate at The Encore at Wynn. This special offer expires on January 5. You will find the booking details, as well as info on a discount with United Airlines, in your registration confirmation. The ABCC Program Book deadline is January 15.

On-Demand Sessions

For those looking for additional content, this year there will be two on-demand sessions offered this year for ABCC:

The ABCC European ABL Panel 2024 Update

The UK and Europe are important parts of the overall asset-based market, both for cross border transactions and for stand-alone facilities. This panel will provide an overview of the European asset based lending market in 2023 and expectations for 2024.

Jeremy Harrison, managing director - Sales & Origination, ABN AMRO Commercial Finance, will serve as moderator.

Navigating Congress, Divided Government and the Presidential Election

Against the backdrop of a deeply divided electorate, narrow congressional majorities, a presidential election, and the balance of power in Congress at stake, this panel will discuss what to expect in trade, financial services, and competition policy.

Lon Goldstein, president, Goldstein Policy Solutions will serve as moderator.