2024 Global CLO Outlook
Join our analysts to discuss Moody's 2024 Global CLO outlook.
Please join our CLO analysts for a discussion on our expectations for the global CLO market in 2024. We talked about both our outlook for asset performance in the US and EMEA, as well as new issuance activity. In this webinar, we particularly focused on the following:
- Rising loan defaults due to continuing higher debt service for borrowers will weaken CLO performance
- Private Credit as a growing lending sources for corporate borrowers
- Increase in CLO amortization will put junior tranches at risk, and
- Refinancing activity will benefit from declining spreads
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SpeakersVolker Gulde Senior Vice President/Manager, Structured Finance Moody's Investors Service
Julie Ng Vice President - Senior Analyst, Structured Finance Group Moody's Investors Service
Lana Deharveng VP-SF Legal Review Moody's Investors Service
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Volker Gulde is a Senior Vice President/Manager with Moody’s Structured Finance Group in London. He co-manages the Structured Credit team.
Prior to joining Moody’s in December 2004, Volker worked at the law school of the University of Strathclyde in Glasgow, teaching German law and comparative law, as well as seminars on insolvency law. Before that, he practised law for two years with a commercial law firm in Germany, specialising in insolvency law, insolvency administration and corporate recovery and turnaround.
Volker holds a law degree from the University of Freiburg (Germany), a degree in business administration from the University of Mannheim (Germany), and a LL.M. from King’s College London. His PhD thesis at the University of Freiburg is a comparative study on reorganisation regimes under different insolvency laws. He is admitted to the roll of solicitors Frankfurt/Main, and to the roll of solicitors in England and Wales (not practising).
Julie Ng first joined Moody’s in 2007 where she was the lead analyst for structured finance programmes such as structured finance vehicles (SIVs) and credit derivative product companies (CDPCs) in EMEA. Based in London Julie now covers the ratings of Covered Bonds issuers in several markets such as Cyprus, Greece, and the UK.
Prior to joining Moody’s, Julie was a money market trader at MBIA Asset Management for structured finance and asset backed conduits. She also worked in an investment banking role in Asia before this specialising in M&A and equity capital markets.
Julie holds an MBA and a Bachelors degree in Mechanical Engineering from Imperial College London.
Lana Lee Deharveng is a Vice President-Senior Analyst in Moody’s Investors Service’s
US CLO and Structured Credit Primary Ratings team. Lana performs legal and credit
risk analysis on US CLOs and other structured credit products.
Prior to joining Moody’s in 2012, Lana was assistant general counsel at a residential
mortgage analytics firm. Prior to that, she practiced law at Thacher Proffit & Wood
LLP in the firm’s structured finance group and at Drinker Biddle & Reath LLP in their
corporate and securities group. Lana is a graduate of Barnard College, Columbia
University and Tulane Law School, and is a member of both the New York and New
Jersey Bars.