Global CLOs Outlook
Asset and Structural Trends as Pandemic Recedes and Libor Fades
Current trends in CLOs and leveraged lending are set to continue, join Moody's senior analysts as they discuss the global outlook for CLOs in 2022.
- Leveraged loan structures will continue to weaken
- Structural mechanisms and low expected loan defaults will support strong CLO note performance
- ESG provisions will proliferate
- Libor replacement will introduce basis risk
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SpeakersChris Padgett Associate Managing Director, Leveraged Finance Moody's Investors Service
Jian Hu Managing Director, Structured Finance Moody's Investors Service
Thorsten Klotz Managing Director, Structured Finance Group Moody's Investors Service
Sandra Veseli Managing Director, Corporate Finance Moody's Investors Service
Ian Perrin Associate Managing Director, Structured Finance Group Moody's Investors Service
Al Remeza Associate Managing Director, SFG/CLOs & Structured Credit Moody's Investors Service
George Zittis Vice President-Senior Credit Officer, EMEA CLOs Moody's Investors Service
Dev Chatterjee Managing Director, Structured Finance Moody's Investors Service
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Christina Padgett is an Associate Managing Director in Moody’s Corporate Finance Group and leads the Leveraged Finance Research and Analytics team. She spends most of her time chairing speculative grade rating committees and producing credit research with a focus on the leveraged finance market and private equity.
Before joining Moody’s, Christina was a vice president at JPMorganChase in the Mergers and Acquisitions Group. Prior to her experience in investment banking, Christina finished the bank’s Credit Training program and worked in Europe Corporate Finance and Credit Audit. She received a Masters in International Political Economy from Columbia University, School of International and Public Affairs and a B.A. in History from William Smith College.
Jian Hu is currently Managing Director and Head of New Ratings for US Corporate Asset Securitization that includes CLOs, Commercial and Esoteric ABS, and other structured credit products at Moody’s Investors Service. From September 2008 to September 2016, he was Global Head of CLOs and Structured Credit Surveillance. He is also Moody’s global structured finance research coordinator. In addition, Jian is involved in various global research and outreach activities related to China.
Prior to September 2008, Jian was a Senior Vice President responsible for CLOs and Structured Credit research at Moody’s. From 2002 to 2007, he was Director of Global Structured Finance Default Research, where he led a research team that analyzed structured finance securities’ credit performance and published the findings regularly as Moody’s Special Comments as well as articles in the Journal of Fixed Income.
Prior to joining Moody’s in 2002, Jian was a senior financial economist in the credit finance department of Fannie Mae in Washington, DC, where he was the lead researcher on mortgage portfolio credit risk analytics. Jian previously also conducted academic research on the relationship between job market conditions and capital markets, and the research results were published in the Journal of Finance.
Jian holds a Ph.D. in Finance from the University of Minnesota’s Carlson School of Management in Minneapolis, and a Bachelor’s degree from Tsinghua University’s School of Economics and Management in Beijing.
Thorsten Klotz heads a team of Moody’s primary analysts in the EMEA region mainly reviewing Collateralised Debt Obligations (CDOs)(including Balance Sheet CLOs), granular ABS SME transactions and Asset Backed Commercial Paper(ABCP).Thorsten Klotz has been lead analyst on various transactions, including CDOs of ABS, Leveraged Loan CLOs and German SME loan securitisations.Before joining Moody’s in 2002, Thorsten Klotz was a Senior Derivatives Structurer at CDC IXIS Capital Markets where he was responsible for the development and pricing of interest rate and inflation linked structures. Prior to this role, he was working as a trader for callable bonds and equity linked structures at DZ BANK(former DG BANK).Thorsten Klotz holds a degree in managerial economics (University of Passau) withmain options in insurance & risk theory, finance and statistics.
Sandra Veseli is a Managing Director in the Corporate Finance Group at Moody’s Investors Service in London, leading the UK corporate and EMEA leveraged finance franchise.
Sandra joined Moody’s in 2013, bringing 20 years of banking experience. Prior to Moody’s, Sandra worked at Credit Suisse, where she was the Head of Rating Advisory for EMEA since 2010, after holding senior positions in the rating advisory teams at Morgan Stanley and Citi.
Sandra began her career at Dresdner Bank in Germany.
Sandra holds a Diploma from the Frankfurt Business School of Finance & Management.
Ian joined Moody’s in August 2001 and has been a lead analyst on rating various types of CDOs transactions as well as consumer ABS structures. In 2013, Ian moved to the surveillance side and is currently managing the EMEA StructuredCredit monitoring team.Prior to joining Moody’s, Ian was working at CDC Marches (now Natixis CIB)as a risk/result analyst. Ian holds a Masters Degree in Structured Finance fromUniversité de Paris I (Pantheon-Sorbonne).
Al Remeza is an Associate Managing Director and Head of the CLO and Structured Credit new rating team with Moody's Investors Service. 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
George Zittis is a Vice President – Senior Credit Officer in the Structured Credit Group at Moody’s Investors Service and he is based in London.
He joined Moody’s in 2005 and has since been primarily involved in the ratings of European Leveraged Loan CLOs. He has also worked as an analyst on Balance Sheet CLOs, granular ABS SME transactions and Asset Backed Commercial Paper (ABCP). His current responsibilities also include research and methodology development and implementation.
George holds a Bachelor of Science in Actuarial Science from the London School of Economics and Political Science and a Master of Science in Financial Mathematics from the Business School of Warwick University
Dev Chatterjee is a Managing Director and the head of the SFG Corporate surveillance and ABCP ratings teams at Moody’s Investors Service that include commercial and esoteric ABS, structured credits such as CLOs and asset-backed commercial paper.
Dev has been in his current role since October 2016.
Previously, Dev has held a number of management roles within the structured finance team at Moody’s. Most recently, he was the head of the ABS surveillance and ABCP ratings teams at Moody’s. He was also on the editorial board of ABS Spotlight, a monthly newsletter focusing on the U.S. ABS market. Dev has also headed the U.S.
RMBS surveillance team and was the managing editor of Resi Landscape, a newsletter focusing on the U.S. housing market. Dev has also managed the U.S. RMBS New Ratings team in the US and the structured finance team in Sydney. Dev has garnered extensive ABS, RMBS and Structured Credit experience and has guided the development and publication of many ratings methodologies.
Dev joined Moody’s in 2003. Before joining Moody’s, Dev worked as a consultant, most recently with GE Capital. He holds an MBA from Yale University and a BS in Civil Engineering from the Indian Institute of Technology.