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What did we learn during the summit?
- ESG considerations are rapidly becoming more important
- Issuance volume remains strong and sentiment is positive going into Q2
- Some sectors will need time to recover from the pandemic’s aftermath
- While M&A slowed in certain sectors, it’s likely to pick up again and it may be higher in some areas
Is liquidity masking credit quality?
INTERACTIVE GRAPHIC
Development of the rated universe's credit quality
On-demand
Missed a session? Catch up on all of them below.
On-Demand
Leveraged Finance - Leverage versus Liquidity
In this session we covered leverage versus liquidity, European recovery data, and discussed the COVID-19 pandemic's aftermath as well as the increasing importance of ESG with guest speakers.
On-Demand
European CLOs
What impact has the pandemic had on European CLOs? What does the rising importance of ESG mean for CLO managers and investors?
On-Demand
Software & Technology
European technology: A resilient industry and growing credit universe
On-Demand
Chemicals
Strong EBITDA growth, receding virus impact support positive outlook
On-Demand
Packaging
Track record of stable performance expected to continue
On-Demand
Pharma & Healthcare
M&A, COVID-19 and other social risks to drive credit quality
On-Demand
Telecom, Cable & Media
Accelerating digitalization driving investments in technology
On-Demand
Airlines & Travel
Recovery prospects for European travel
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Michelle is co-portfolio manager within the structured credit team at Investec Bank Limited with a particular focus on CLOs. Michelle joined Investec Bank in 2003 and has covered various aspects of the structured credit market from both structuring to investing. She entered banking after completing her accounting articles at PwC in the Financial Services sector.
Aly Hirji, Managing Director, is Head of European Leveraged Loans and CLOs and a senior portfolio manager in the European Fundamental Credit team within BlackRock’s Alternatives division, focusing primarily on the high yield leveraged loan asset class and related products, including CLOs.
Prior to joining BlackRock in 2014, Mr. Hirji was a partner and portfolio manager at New Amsterdam Capital, a European credit manager focused on leveraged credit. He was responsible for managing CLOs, leveraged loan and high yield funds, managed accounts and trading. He joined the firm as its first investment- related employee in 2004 as a credit analyst and contributed to growing out the firm and its assets under management. He began his career at JP Morgan in 1999 working in leveraged finance origination, debt capital markets and financial sponsor coverage.
Mr. Hirji earned a BSc degree, with honors in economics from the University of Bristol in 1999.
Yasmine is a Managing Director, and head of the Transaction Executions and Risk Management team in EMEA, within the Investment Banking Division of Goldman Sachs. Prior to joining Goldman Sachs in 2007, Yasmine spent 10 years as a banking and Finance lawyer in New Zealand and London.
Senior Managing Director, joined CVC in 2012. Phil is a member of the Capital Markets team and is based in London. Prior to joining CVC, he worked in Goldman Sachs International's European Leveraged Finance team. Phil holds a BSc degree in Mathematics with Economics from University College London.
Ruchi has 23 years of credit and equity research experience. She has been with Western Asset Management for the last 11 years focusing on European High Yield. Prior to Western Asset, she has worked with other fund managers, credit rating agency and investment banks.
Mr. Watson is a member of the Primary CLO business at JP Morgan, focused on deal strategy and management for Europe, and has almost twenty years of structured finance experience in both structuring and trading contexts. Before joining JP Morgan, Mr. Watson was with the Financial Analytics & Structured Transactions team at Bear Stearns in New York working on the RMBS trading desk, then the CLO and ABS CDO structuring desks, before moving to London in a similar capacity in early 2008. Upon JP Morgan’s acquisition of Bear Stearns in that year, Mr Watson initially worked as a desk analyst on the European CLO trading desk, and was seconded temporarily to JPM’s New York office to help re-launch the US CLO business in 2010. Following that, he returned to London to trade European ABS CDOs. He then transitioned back to the European Primary CLO business when the European CLO market re-opened in 2013.
Mr. Watson has a BA magna cum laude from Cornell University, and an MBA with honours in finance, accounting, and economics from the University of Chicago.
Michael Curtis is the Head of Private Credit Strategies at Fidelity International.
Michael joined Fidelity in March 2021 bringing a team of 10 people, a long term loan track record and CLO AUM, with a strategic goal to develop a broad set of capabilities across private credit. Michael has over 20 years experience in the credit markets as a credit portfolio manager and investor across strategies including syndicated loans, high yield bonds, direct lending, structured credit and real estate.
Prior to joining Fidelity, Michael was the CIO at MeDirect Bank from 2018 to 2021 where he led the bank’s balance sheet investment activity across asset classes and created a third party CLO management platform. From 2015 to 2017 Michael was the MD & Co-Head of European loans at ICG and was a member of the Investment Committee and Global Strategy Committee. Michael started his career in 1999 with CIBC world Markets and has also held senior portfolio management positions at Alpstar Capital & 3i Debt Management.
Michael holds a BSc Economics degree from UCL.