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Agenda14:05BST
Prospects of the leveraged finance market in a fast-evolving environment
- The prospects of the leveraged finance market in 2022: supply and demand dynamics
- The impact of changing expectations in interest rates
- Credit and market implications of high geopolitical risks and unprecedented inflation
- Exploring the ESG agenda of leveraged finance issuers and investors
14:55BST -
SpeakersAleem Akhtar CLO Arranger BNP Paribas
Arvinder Chowdhary Portfolio Manager, European Leveraged Finance PGIM Fixed Income
Ben Thompson Head of EMEA Leveraged Finance Capital Markets JP Morgan
Elena Rinaldi Portfolio Manager TwentyFour Asset Management
Maria Andrisani Head of Capital Markets Europe Bain Capital
Paul Tapper Head of Portfolio Management Rothschild & Co Credit Management
Sandra Veseli Managing Director, Head of EU and Country Manager Germany Moody's Investors Service
Mario Santangelo Associate Managing Director, Corporate Finance Moody's Investors Service
Volker Gulde Senior Vice President/Manager, Structured Finance Moody's Investors Service
Selina Wong VP - Senior Analyst Moody's Investors Service
Lisa Gundy Vice President – Senior Covenant Officer, Corporate Finance Moody's Ratings
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Sandra Veseli is a Managing Director and Head of the EU for Moody’s Investors Service, currently based in Frankfurt. She is also the Country Manager for Germany. Sandra is responsible for coordinating the strategic, operational and business engagement with internal and external stakeholders across the region.
Before joining the regional management team, Sandra was a Managing Director in the Corporate Finance Group in London, leading the UK corporate and the global 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.
Mario Santangelo is an Associate Managing Director in the Corporate Finance Group at Moody’s Investors Service. He is responsible for corporate ratings assigned to issuers in the Middle East and Africa and related credit research. His coverage spans across industries including Mining, Oil & Gas, Telecom and Real Estate. Mario manages a team of senior analysts based in Dubai.
Mario has been with Moody’s since 2014, prior to moving to Dubai he was based in London where he was the head of Moody’s European Real Estate team. Mario has extensive experience in a number of other sectors including transportation (shipping and airlines) and leisure as well as leveraged buy outs.
Prior to joining Moody’s, Mario worked for 13 years at Goldman Sachs where he was an Executive Director and a senior credit officer. Mario held senior positions as a credit officer across a number of industries in addition to various risk management responsibilities with a focus on physical and derivatives trading of commodities.
Between 2008 and 2010 Mario covered corporate clients in the Middle East and between 2006 and 2008 he worked as a credit officer in Goldman Sachs’ leverage finance team.
Mario graduated in 2001 from Bocconi University, Milan
Arvinder Chowdhary, CFA, is a Principal and Portfolio Manager on the European Leveraged Finance Team at PGIM Fixed Income, based in London. Mr. Chowdhary is primarily responsible for managing bank loans and high yield bonds across multiple mandates. Prior to joining the Firm in 2014, he worked as a research analyst/portfolio manager within European high yield at Western Asset Management in London. Previously, Mr. Chowdhary worked as Director, Fixed Income Research at Citigroup Asset Management where he worked in London and New York. He commenced his career in 1994 at CRISIL, the Indian subsidiary of Standard & Poor's. Mr. Chowdhary received a BE from University of Delhi, an MBA from XLRI Business School and an MS in Financial Engineering from University of Michigan.
Experience
Mrs. Andrisani joined Bain Capital Private Equity in 2016 where she leads the European Capital Markets practice. Prior to joining Bain Capital Private Equity, Mrs. Andrisani worked at J.P. Morgan in a variety of positions within the Investment Banking division. Most recently she was a Vice President in the European leveraged finance origination with responsibility for underwriting and distributing high yield bonds and leveraged loans for European financial sponsors and levered corporates. Prior to this, she worked in the Equity Capital Markets division covering Iberia and Greece and in the TMT M&A Advisory team covering clients in the telecom and media industries.
Education
Mrs. Andrisani earned an MSc summa cum laude and a BSc in Finance at Bocconi University in Milan (Italy).
Ben joined J.P. Morgan’s London-based EMEA Leveraged Finance Debt Capital Markets (LFDCM) team in 2011 as a Managing Director, and has been the Head of EMEA LFDCM since 2020. Prior to his roles in Europe, he was a member of J.P. Morgan’s New York-based Syndicated & Leveraged Finance (SLF) team for 16 years, serving most recently as a Managing Director and member of the firm’s U.S. Primary Loan Sales Desk and SLF Capital Markets team. Ben started his career in J.P. Morgan’s Telecom Media and Technology Investment Banking Coverage group. He has been with the firm for over twenty-nine years.
Lisa Gundy is a Vice President in the Covenant Office at Moody’s Investor Service in London, leading the covenant analysis coverage across EMEA. She joined Moody’s in 2013, bringing over 10 years of financial services experience.Prior to joining Moody’s, Lisa worked at Bank of America Merrill Lynch and Credit Suisse, having started her career at Deloitte & Touche.Lisa holds a BA (Hons) in History from Manchester University and is a practicing lawyer.
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).
Elena joined TwentyFour in 2015 as an analyst in the ABS team. Her primary responsibilities at the beginning involved assisting in the management and day-to-day activities of the team, focusing on underwriting and modelling of ABS/CMBS/RMBS and CLOs. Over the years, she has developed strong expertise in CLOs and CMBS. She’s currently a portfolio manager in the ABS team and a member of the ESG Committee, where she leads on all sustainability matters related to ABS.
Elena has a 1st class MSc with honours in Finance and holds a BSc. in Management and Business Administration from the University of Bologna.
Before joining TwentyFour, Elena worked for one year as a Financial Analyst at Oakmore Investment Partners and Aqovia. She is a CFA Charterholder and a member of the CFA Society UK.
Aleem is a Director in BNP Paribas’s Securitized Products Group with twelve years experience in European structured credit. His primary responsibilities are structuring and execution of European CLOs. Prior to joining BNP Paribas in 2018, Aleem worked for S&P Global where his key focus was the credit analysis of European and US CLOs.
Aleem has a first class MSc in Financial Engineering from Imperial College, London and a first class MSc degree in Economics from University of Essex.
Paul Tapper is Head of Portfolio Management at Rothschild & Co Credit Management (‘R&Co CM’) and joined in 2015. Paul is directly responsible for the Contego CLOs as well as funds that buy CLO liabilities and has 27 years of lending experience. Prior to joining Rothschild & Co, Paul helped establish the WestLB Silver Birch CLO in 2005 and the Societe General Egret Funding CLO 1 in 2006 and managed various portfolios of Leverage Loans. His career at WestLB also covered arranging and syndicating emerging markets debt transactions and being responsible for a portfolio of workout and restructuring transactions.
Paul holds a BSc (Hons) degree in Economics from Salford University. He is also a Qualified Chartered Accountant.
Sandra Veseli is a Managing Director and Head of the EU for Moody’s Investors Service, currently based in Frankfurt. She is also the Country Manager for Germany. Sandra is responsible for coordinating the strategic, operational and business engagement with internal and external stakeholders across the region.
Before joining the regional management team, Sandra was a Managing Director in the Corporate Finance Group in London, leading the UK corporate and the global 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.
Aleem is a Director in BNP Paribas’s Securitized Products Group with twelve years experience in European structured credit. His primary responsibilities are structuring and execution of European CLOs. Prior to joining BNP Paribas in 2018, Aleem worked for S&P Global where his key focus was the credit analysis of European and US CLOs.
Aleem has a first class MSc in Financial Engineering from Imperial College, London and a first class MSc degree in Economics from University of Essex.
Arvinder Chowdhary, CFA, is a Principal and Portfolio Manager on the European Leveraged Finance Team at PGIM Fixed Income, based in London. Mr. Chowdhary is primarily responsible for managing bank loans and high yield bonds across multiple mandates. Prior to joining the Firm in 2014, he worked as a research analyst/portfolio manager within European high yield at Western Asset Management in London. Previously, Mr. Chowdhary worked as Director, Fixed Income Research at Citigroup Asset Management where he worked in London and New York. He commenced his career in 1994 at CRISIL, the Indian subsidiary of Standard & Poor's. Mr. Chowdhary received a BE from University of Delhi, an MBA from XLRI Business School and an MS in Financial Engineering from University of Michigan.
Ben joined J.P. Morgan’s London-based EMEA Leveraged Finance Debt Capital Markets (LFDCM) team in 2011 as a Managing Director, and has been the Head of EMEA LFDCM since 2020. Prior to his roles in Europe, he was a member of J.P. Morgan’s New York-based Syndicated & Leveraged Finance (SLF) team for 16 years, serving most recently as a Managing Director and member of the firm’s U.S. Primary Loan Sales Desk and SLF Capital Markets team. Ben started his career in J.P. Morgan’s Telecom Media and Technology Investment Banking Coverage group. He has been with the firm for over twenty-nine years.
Elena joined TwentyFour in 2015 as an analyst in the ABS team. Her primary responsibilities at the beginning involved assisting in the management and day-to-day activities of the team, focusing on underwriting and modelling of ABS/CMBS/RMBS and CLOs. Over the years, she has developed strong expertise in CLOs and CMBS. She’s currently a portfolio manager in the ABS team and a member of the ESG Committee, where she leads on all sustainability matters related to ABS.
Elena has a 1st class MSc with honours in Finance and holds a BSc. in Management and Business Administration from the University of Bologna.
Before joining TwentyFour, Elena worked for one year as a Financial Analyst at Oakmore Investment Partners and Aqovia. She is a CFA Charterholder and a member of the CFA Society UK.
Experience
Mrs. Andrisani joined Bain Capital Private Equity in 2016 where she leads the European Capital Markets practice. Prior to joining Bain Capital Private Equity, Mrs. Andrisani worked at J.P. Morgan in a variety of positions within the Investment Banking division. Most recently she was a Vice President in the European leveraged finance origination with responsibility for underwriting and distributing high yield bonds and leveraged loans for European financial sponsors and levered corporates. Prior to this, she worked in the Equity Capital Markets division covering Iberia and Greece and in the TMT M&A Advisory team covering clients in the telecom and media industries.
Education
Mrs. Andrisani earned an MSc summa cum laude and a BSc in Finance at Bocconi University in Milan (Italy).
Paul Tapper is Head of Portfolio Management at Rothschild & Co Credit Management (‘R&Co CM’) and joined in 2015. Paul is directly responsible for the Contego CLOs as well as funds that buy CLO liabilities and has 27 years of lending experience. Prior to joining Rothschild & Co, Paul helped establish the WestLB Silver Birch CLO in 2005 and the Societe General Egret Funding CLO 1 in 2006 and managed various portfolios of Leverage Loans. His career at WestLB also covered arranging and syndicating emerging markets debt transactions and being responsible for a portfolio of workout and restructuring transactions.
Paul holds a BSc (Hons) degree in Economics from Salford University. He is also a Qualified Chartered Accountant.
Sandra Veseli is a Managing Director and Head of the EU for Moody’s Investors Service, currently based in Frankfurt. She is also the Country Manager for Germany. Sandra is responsible for coordinating the strategic, operational and business engagement with internal and external stakeholders across the region.
Before joining the regional management team, Sandra was a Managing Director in the Corporate Finance Group in London, leading the UK corporate and the global 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.
Mario Santangelo is an Associate Managing Director in the Corporate Finance Group at Moody’s Investors Service. He is responsible for corporate ratings assigned to issuers in the Middle East and Africa and related credit research. His coverage spans across industries including Mining, Oil & Gas, Telecom and Real Estate. Mario manages a team of senior analysts based in Dubai.
Mario has been with Moody’s since 2014, prior to moving to Dubai he was based in London where he was the head of Moody’s European Real Estate team. Mario has extensive experience in a number of other sectors including transportation (shipping and airlines) and leisure as well as leveraged buy outs.
Prior to joining Moody’s, Mario worked for 13 years at Goldman Sachs where he was an Executive Director and a senior credit officer. Mario held senior positions as a credit officer across a number of industries in addition to various risk management responsibilities with a focus on physical and derivatives trading of commodities.
Between 2008 and 2010 Mario covered corporate clients in the Middle East and between 2006 and 2008 he worked as a credit officer in Goldman Sachs’ leverage finance team.
Mario graduated in 2001 from Bocconi University, Milan
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).
Lisa Gundy is a Vice President in the Covenant Office at Moody’s Investor Service in London, leading the covenant analysis coverage across EMEA. She joined Moody’s in 2013, bringing over 10 years of financial services experience.Prior to joining Moody’s, Lisa worked at Bank of America Merrill Lynch and Credit Suisse, having started her career at Deloitte & Touche.Lisa holds a BA (Hons) in History from Manchester University and is a practicing lawyer.