When There’s No More Libor
Credit Implications for Structured Finance, Financial Institutions, and Leverage Lending
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Agenda10:25 - 10:55EST
Libor details to deal with for financial institutions and the lending market
Credit implications for financial institutions and the loan market from the Libor transition appear likely to be generally limited, but the process of moving away from the benchmark rates is taking meaningful effort and comes with risks. We will assess the status of transition initiatives and questions about credit, including:
- Are financial institutions’ transition plans progressing as planned? What are the key challenges expected in coming weeks?
- How much will the new benchmarks matter for borrowers’ interest costs?
- Libor and loans have a long history: How prepared are loan documents for a world without the benchmark?
10:55 - 11:30ESTReviewing the impacts for securitization credit quality, from basis risk to swap exposures
With Libor use ending for new US transactions, and only “synthetic” options remaining for sterling and Yen Libor rates, 2022 will bring into clearer focus the credit impacts from the changes and other upcoming milestones. We will discuss lessons learned from the transition stages passed or being tackled now in European and Asian markets, as well as what’s ahead for transactions globally, including topics such as:
- The credit implications for new deals as the ongoing transition away from Libor creates basis risk between some securitizations’ tranches and underlying assets
- Which asset classes and deal types are most exposed to potentially material negative credit effects, and which Libor-exposed segments are more insulated from a credit perspective
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SpeakersOlivier Panis Senior Vice President, Financial Institutions Moody's Ratings
Jinwen Chen Vice President - Senior Credit Officer, Structured Finance Moody's Investors Service
Jody Shenn Vice President - Senior Analyst, Structured Finance Group Moody's Investors Service
Jonathan Polansky Managing Director - Americas Structured Finance Surveillance Moody's Investors Service
Derek Gluckman Vice President – Senior Covenant Officer Moody’s Ratings
Meredith Coffey Executive Vice President - Research & Public Policy LSTA
Peter Hallenbeck Vice President - Structured Finance Senior Officer Legal Review Moody's Investors Service
Tony Parry Senior Vice President - Structured Finance Moody's Investors Service
John Puchalla Associate Managing Director, Corporate Finance Moody's Investors Service
Masako Oshima Senior Vice President - Structured Finance Moody's Investors Service
Soumya Vasudevan Vice President-Senior Analyst, Structured Finance Moody's Investors Service
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Meredith Coffey is Executive Vice President of the Loan Syndications and Trading Association (LSTA), and runs Research Department and co-heads the LSTA’s public policy initiatives, which help facilitate continued availability of credit and the efficiency of the loan market. In addition, Ms. Coffey heads efforts to analyze current and anticipated loan market developments, helping the LSTA build strategy and improve market efficiency, and providing commentary through weekly newsletters, periodic conferences and webcasts. Ms. Coffey is on the Alternative Reference Rates Committee (ARRC), which is working to transition from LIBOR to a successor rate; she co-chairs the ARRC’s Business Loans Working Group and the Loans Operations Sub-Group. She and the analyst team also engage market participants, press and regulators on issues and developments in the global loan market. Ms. Coffey has published analysis on the syndicated loan market in numerous books and periodicals, presents frequently, and has testified several times before Congress on issues pertaining to the loan and CLO markets. Prior to joining the LSTA, Ms. Coffey was Senior Vice President and Director of Analysis focusing on the loan and adjacent markets for Thomson Reuters LPC, working in and running loan research for 15 years. Ms. Coffey has a B.A. in Economics from Swarthmore College and a graduate degree in Economics from New York University.
Jonathan Polansky is a Managing Director and head of Moody’s Structured Finance Surveillance Ratings for the US covering ABS, CDOs, CMBS, and RMBS. Jon previously managed this as a global function. He left Moody’s in 1999 to co-head the Structured
Products Group at Triton Partners LLC and was responsible for portfolio management, transaction structuring, and ratings compliance. Jon rejoined Moody’s CDO group in 2003 and also served as the head of the Asset Backed Commercial Paper Group.
Prior to joining Moody’s, Jon worked analyzing bank loan portfolios for Thomson Reuters LPC. He also worked at Yasuda Trust and Banking Company and at the Bank of New York as a middle market lending officer. Jon graduated from the University of
Rochester/Simon School of Management with a Masters of Business Administration and SUNY Binghamton with an undergraduate degree in Economics.
John Puchalla is an Associate Managing Director in the New York office of Moody’s Investors Service. 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
Jody Shenn is a Vice President – Senior Analyst in the Structured Finance Group at Moody’s Investors Service. Mr. Shenn specializes in producing research across a range of both consumer and commercial asset securitization sectors. Prior to joining Moody’s in 2015, Mr. Shenn spent nine years covering residential mortgages, securitization and other fixed-income market topics as a journalist at Bloomberg News. Prior to that, Mr. Shenn worked as a reporter and/or editor at publications including American Banker, The Wall Street Journal and The Southampton Press. He is a graduate of Cornell University in Ithaca, New York
Olivier Panis is a Senior Vice President in the EMEA Financial Institutions Group based in Paris, covering a portfolio of European Global Investment Banks (GIBs) and other banks in France and Benelux.
Olivier joined Moody’s in Dubai in 2013 where he assumed responsibility for a portfolio of financial institutions in the Gulf Cooperation Countries (GCC) and North Africa. Prior to joining Moody’s in 2013, he was heading the Portfolio Management team for Corporate Banking Emerging Markets at Barclays. He started his career as a financial analyst at the French Ministry of Finance in Paris. Olivier Panis holds a MSc in Economics from the Université PARIS I (Sorbonne).
Derek Gluckman is a Vice President – Senior Covenant Officer in Moody’s Corporate Finance Group. Derek specializes in covenant analysis and research, with particular focus on leveraged loans.
Prior to joining Moody’s, Derek was a managing associate in the banking and finance practice group at Orrick, Herrington & Sutcliffe, LLP and was previously an associate in the leveraged finance and transportation finance practice groups at Milbank, Tweed, Hadley & McCloy LLP. His practice focused primarily on representing agents and lenders in commercial banking transactions.
Derek holds a J.D. from New York University School of Law and a B.S. from Washington University in St. Louis.
Peter Hallenbeck is a Vice President-Senior Analyst in Moody’s Structured Finance
Group, where he has worked since 2006. He is currently a lawyer in the group
responsible for providing ratings for primary CLO transactions. He has worked on
a variety of Structured Credit transactions, including CLOs, risk retention
financings, Trup CDOs, structured notes, synthetic CDOs, re-securitizations, and
other esoteric transactions. He has published numerous articles related to
structured finance.
Mr. Hallenbeck holds a B.A. in French from Davidson College and a J.D. from
Vanderbilt University.
Anthony Parry, Senior Vice President / Manager, leads a team of structured finance
credit analysts located across various European offices in the assignment of new
ratings to EMEA ABS and RMBS transactions. Anthony has published and spoken
extensively on Moody’s behalf since joining the company over ten years ago. Prior
to his current role, Anthony spent over seven years as a senior analyst in the
Moody’s EMEA RMBS team and a period dedicated to methodology development
for all asset classes within structured finance.
Prior to joining Moody’s, he spent several years in risk and modelling roles in the
life and general insurance industry. Anthony holds an undergraduate degree in
Mathematics from The University of Manchester and is a part-qualified Actuary.
Masako Oshima is a Senior Vice President in the Structured Finance Group focusing on surveillance of Residential Mortgage-Backed Securities in the U.S. market at Moody’s Investors Service. Prior to her current role starting in August 2021, Masako was responsible for surveillance of Residential Mortgage Backed Securities and Consumer ABS in EMEA region for 7 years. Masako first joined Moody’s in 2007 as VP-Senior Credit Officer in the Structured Finance Group, where she performed rating and monitoring of ABCP programs in the EMEA region. Prior to joining Moody’s, Masako worked in the London, New York, Chicago, Tokyo Offices of JPMorgan Chase and its predecessor organizations in a series of risk management functions covering a broad range of capital market products including securitization transactions funded in ABCP conduits. Before re-joining Moody’s in 2014, Masako was head of Structured Finance Stress Testing at the Royal Bank of Scotland Group, responsible for the stress testing of the global structured finance portfolio. Masako is a CFA charter holder and holds MBA from Thunderbird School of Global Management in Phoenix, AZ and BA from Sophia University, Tokyo, Japan.
Soumya Vasudevan is a Vice President – Senior Analyst in the U.S. Structured Finance group at Moody’s Investors Service focusing on the surveillance of residential mortgage backed securities. She has also been involved in the development and publication of various methodologies and has authored multiple articles and reports. Prior to joining Moody’s Investors Service in late 2010, Soumya worked as an Analyst in Global Investment Research at Goldman Sachs covering companies in the medical devices market. Soumya holds a Master’s degree in Financial Engineering from Baruch College, NYC, an M.B.A from Symbiosis Institute of Business Management, India and a Bachelor’s degree in Electrical Engineering from University of Madras, India.
Jinwen Chen is a Vice President - Senior Credit Officer in the U.S. Structured Finance group at Moody’s Investors Service responsible for surveillance of securities backed by consumer assets such as student loans and consumer loans. Prior to joining Moody’s Investors Service in early 2012, Jinwen worked as a senior financial engineer at Moody’s Analytics covering Student Loan ABS, and as a commodity market data analyst at SunGard.
Jinwen holds a Master’s degree in Quantitative Finance from Rutgers Business School and a Bachelor’s degree in Economics (majored in Finance) from the Central University of Finance and Economics.
Olivier Panis is a Senior Vice President in the EMEA Financial Institutions Group based in Paris, covering a portfolio of European Global Investment Banks (GIBs) and other banks in France and Benelux.
Olivier joined Moody’s in Dubai in 2013 where he assumed responsibility for a portfolio of financial institutions in the Gulf Cooperation Countries (GCC) and North Africa. Prior to joining Moody’s in 2013, he was heading the Portfolio Management team for Corporate Banking Emerging Markets at Barclays. He started his career as a financial analyst at the French Ministry of Finance in Paris. Olivier Panis holds a MSc in Economics from the Université PARIS I (Sorbonne).
Jinwen Chen is a Vice President - Senior Credit Officer in the U.S. Structured Finance group at Moody’s Investors Service responsible for surveillance of securities backed by consumer assets such as student loans and consumer loans. Prior to joining Moody’s Investors Service in early 2012, Jinwen worked as a senior financial engineer at Moody’s Analytics covering Student Loan ABS, and as a commodity market data analyst at SunGard.
Jinwen holds a Master’s degree in Quantitative Finance from Rutgers Business School and a Bachelor’s degree in Economics (majored in Finance) from the Central University of Finance and Economics.
Jody Shenn is a Vice President – Senior Analyst in the Structured Finance Group at Moody’s Investors Service. Mr. Shenn specializes in producing research across a range of both consumer and commercial asset securitization sectors. Prior to joining Moody’s in 2015, Mr. Shenn spent nine years covering residential mortgages, securitization and other fixed-income market topics as a journalist at Bloomberg News. Prior to that, Mr. Shenn worked as a reporter and/or editor at publications including American Banker, The Wall Street Journal and The Southampton Press. He is a graduate of Cornell University in Ithaca, New York
Jonathan Polansky is a Managing Director and head of Moody’s Structured Finance Surveillance Ratings for the US covering ABS, CDOs, CMBS, and RMBS. Jon previously managed this as a global function. He left Moody’s in 1999 to co-head the Structured
Products Group at Triton Partners LLC and was responsible for portfolio management, transaction structuring, and ratings compliance. Jon rejoined Moody’s CDO group in 2003 and also served as the head of the Asset Backed Commercial Paper Group.
Prior to joining Moody’s, Jon worked analyzing bank loan portfolios for Thomson Reuters LPC. He also worked at Yasuda Trust and Banking Company and at the Bank of New York as a middle market lending officer. Jon graduated from the University of
Rochester/Simon School of Management with a Masters of Business Administration and SUNY Binghamton with an undergraduate degree in Economics.
Derek Gluckman is a Vice President – Senior Covenant Officer in Moody’s Corporate Finance Group. Derek specializes in covenant analysis and research, with particular focus on leveraged loans.
Prior to joining Moody’s, Derek was a managing associate in the banking and finance practice group at Orrick, Herrington & Sutcliffe, LLP and was previously an associate in the leveraged finance and transportation finance practice groups at Milbank, Tweed, Hadley & McCloy LLP. His practice focused primarily on representing agents and lenders in commercial banking transactions.
Derek holds a J.D. from New York University School of Law and a B.S. from Washington University in St. Louis.
Meredith Coffey is Executive Vice President of the Loan Syndications and Trading Association (LSTA), and runs Research Department and co-heads the LSTA’s public policy initiatives, which help facilitate continued availability of credit and the efficiency of the loan market. In addition, Ms. Coffey heads efforts to analyze current and anticipated loan market developments, helping the LSTA build strategy and improve market efficiency, and providing commentary through weekly newsletters, periodic conferences and webcasts. Ms. Coffey is on the Alternative Reference Rates Committee (ARRC), which is working to transition from LIBOR to a successor rate; she co-chairs the ARRC’s Business Loans Working Group and the Loans Operations Sub-Group. She and the analyst team also engage market participants, press and regulators on issues and developments in the global loan market. Ms. Coffey has published analysis on the syndicated loan market in numerous books and periodicals, presents frequently, and has testified several times before Congress on issues pertaining to the loan and CLO markets. Prior to joining the LSTA, Ms. Coffey was Senior Vice President and Director of Analysis focusing on the loan and adjacent markets for Thomson Reuters LPC, working in and running loan research for 15 years. Ms. Coffey has a B.A. in Economics from Swarthmore College and a graduate degree in Economics from New York University.
Peter Hallenbeck is a Vice President-Senior Analyst in Moody’s Structured Finance
Group, where he has worked since 2006. He is currently a lawyer in the group
responsible for providing ratings for primary CLO transactions. He has worked on
a variety of Structured Credit transactions, including CLOs, risk retention
financings, Trup CDOs, structured notes, synthetic CDOs, re-securitizations, and
other esoteric transactions. He has published numerous articles related to
structured finance.
Mr. Hallenbeck holds a B.A. in French from Davidson College and a J.D. from
Vanderbilt University.
Anthony Parry, Senior Vice President / Manager, leads a team of structured finance
credit analysts located across various European offices in the assignment of new
ratings to EMEA ABS and RMBS transactions. Anthony has published and spoken
extensively on Moody’s behalf since joining the company over ten years ago. Prior
to his current role, Anthony spent over seven years as a senior analyst in the
Moody’s EMEA RMBS team and a period dedicated to methodology development
for all asset classes within structured finance.
Prior to joining Moody’s, he spent several years in risk and modelling roles in the
life and general insurance industry. Anthony holds an undergraduate degree in
Mathematics from The University of Manchester and is a part-qualified Actuary.
John Puchalla is an Associate Managing Director in the New York office of Moody’s Investors Service. 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
Masako Oshima is a Senior Vice President in the Structured Finance Group focusing on surveillance of Residential Mortgage-Backed Securities in the U.S. market at Moody’s Investors Service. Prior to her current role starting in August 2021, Masako was responsible for surveillance of Residential Mortgage Backed Securities and Consumer ABS in EMEA region for 7 years. Masako first joined Moody’s in 2007 as VP-Senior Credit Officer in the Structured Finance Group, where she performed rating and monitoring of ABCP programs in the EMEA region. Prior to joining Moody’s, Masako worked in the London, New York, Chicago, Tokyo Offices of JPMorgan Chase and its predecessor organizations in a series of risk management functions covering a broad range of capital market products including securitization transactions funded in ABCP conduits. Before re-joining Moody’s in 2014, Masako was head of Structured Finance Stress Testing at the Royal Bank of Scotland Group, responsible for the stress testing of the global structured finance portfolio. Masako is a CFA charter holder and holds MBA from Thunderbird School of Global Management in Phoenix, AZ and BA from Sophia University, Tokyo, Japan.
Soumya Vasudevan is a Vice President – Senior Analyst in the U.S. Structured Finance group at Moody’s Investors Service focusing on the surveillance of residential mortgage backed securities. She has also been involved in the development and publication of various methodologies and has authored multiple articles and reports. Prior to joining Moody’s Investors Service in late 2010, Soumya worked as an Analyst in Global Investment Research at Goldman Sachs covering companies in the medical devices market. Soumya holds a Master’s degree in Financial Engineering from Baruch College, NYC, an M.B.A from Symbiosis Institute of Business Management, India and a Bachelor’s degree in Electrical Engineering from University of Madras, India.