2026 Global CLO Outlook
Low rates buttress performance amid risks from competition
Join us for our annual outlook webinar, where we will explore key themes shaping CLOs and leveraged loans in 2026. Our analysts will provide essential insights into issuance and performance trends and how these will influence the CLO landscape in 2026.
- Refinancings: What dynamics in 2026 will drive or hamper CLO and leveraged loan refinancings?
- Asset performance: What are our expectations for loan defaults and recoveries, downgrades, and CLO Caa holdings?
- Declining interest rates and spreads: How will lower rates and loan spreads affect CLO issuance, performance, and trading?
- BSL and private credit: How will the interplay between BSL and private credit as competitors or collaborators affect CLO asset credit quality?
Speakers
Lana Deharveng
VP-Senior Credit Officer, Structured Finance Group
Moody's Ratings
Beka Bakuradze
AVP-Analyst, Structured Finance Group
Moody's Ratings
Ian Perrin
Associate Managing Director, Structured Finance
Moody's Ratings
John Puchalla
Associate Managing Director, Corporate Finance
Moody's Ratings
Al Remeza
Associate Managing Director, SFG/CLOs & Structured Credit
Moody's Ratings
Sam Spackman
VP-Senior Analyst
Moody's Ratings
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Lana Deharveng is a Vice President-Senior Credit Officer in Moody’s Structured Finance Group and performs legal and credit risk analysis for US primary CLO transactions and structured notes. Prior to joining Moody’s, 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 its corporate and securities group.
Lana holds a B.A. from Columbia University, Barnard College, and a J.D. from Tulane Law School. Lana is a member of both the New York and New Jersey Bars.
Beka Bakuradze is an Assistant Vice President in Moody’s Structured Finance team in Frankfurt. Beka joined Moody’s in 2014. He is the lead analyst primarily responsible for the ratings of European Leveraged Loan CLOs. He has also worked as a lead analyst on granular ABS SME transactions and Asset Backed Commercial Paper (ABCP).
Beka holds a MSc in International Economics and Finance from the Otto-von-Guericke University Magdeburg and MA in Economics from the International School of Economics (ISET) at Tbilisi State University.
Ian is an Associate Managing Director within the Structured Finance Group with primary responsibilities of managing the team in charge of monitoring Corporate Securitization transactions which include CLOs, ABS SMEs, ABCP, Repacks and CMBS.
Ian joined Moody’s in August 2001 and was lead analyst on rating various types of CDOs and Consumer ABS structures until April 2013 when he moved to his current role.
Prior to joining Moody’s, Ian worked at CDC Marches (now Natixis) as a Risk/Result Analyst.
Ian holds a Master’s Degree in Structured Finance from Université de Paris I (Pantheon-Sorbonne) and a Global Executive MBA from TRIUM (HEC Paris / NYU Stern / LSE).
John Puchalla is an Associate Managing Director in the New York office of Moody’s Ratings. He is responsible for the Consumer Products & Gaming team within Moody's US Corporate Finance Group. Prior to his current assignment, John managed Moody’s High Yield Team. Previously, John was as a full-time Rating Committee Chair, managed the Credit Estimates team and led research on defaults and liquidity. John has covered a variety of corporate sectors at Moody’s including consumer products, media and entertainment, broadcasting and cable, publishers and amusement parks. John originally joined Moody’s in 1997 as a member of the Economics Analysis group evaluating trends in global corporate credit quality and credit markets until transferring to the Corporate Finance Group in 2002. Prior to joining Moody’s, John held various positions at Nasdaq and MNC Financial. John holds a M.B.A. in finance, economics and international business from New York University, a B.S. in finance from Penn State University, and is a CFA charter holder
Al Remeza is an Associate Managing Director and Head of the CLO and Structured Credit new rating team with Moody's Ratings. He is also the managing editor for Moody’s CLO Interest newsletter.
Prior to joining Moody’s, he was a Senior Consultant at one of Mercer’s financial advisory consulting groups. His clients were financial institutions such as major investment banks, reinsurance, and insurance companies, energy and commodities trading firms, quasi-government agencies, and numerous other Fortune 500 firms.
His other experiences include working for Credit Suisse First Boston and Alliance Capital. He earned an MA in Economics, a BS in Economics, and a BS in Engineering and did his doctoral work in finance while at the Wharton School of the University of Pennsylvania
Sam Spackman is a Vice President – Senior Analyst in the Moody’s Structured Credit Surveillance team, with a primary focus on CLOs. Before joining Moody’s in 2015, Mr. Spackman was the Head CLO Trader at Canaccord Genuity and Odeon Capital before that. Prior to trading CLOs, he spent 10 years purchasing and structuring CLOs at Katonah, Greywolf Capital and Rabobank. Mr. Spackman began his career in the Global Securitization Group at Citi in 1996, focusing on a variety of ABS securitized asset classes. Mr. Spackman has a BA from Vassar College.