Private Credit Growth and its Systemic Implications
The growth of private credit diversifies and expands funding sources available to smaller enterprises, a positive for credit. But the migration of speculative-grade lending from banks to less regulated non-bank financial institutions and alternative asset managers also results in less underwriting and credit performance transparency. Does continued growth of private credit outside regulatory purview increase systemic risks?
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Agenda10:05 - 11:00EDT
Panel Discussion
- Size of the private credit market and drivers of growth
- The expanding participation of private equity and asset management firms in private direct lending
- Contrasts between the rated institutional loan market, CLO market, and private direct lending
- Credit and systemic implications of continued expansion of private credit
11:00EDTEnd
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SpeakersAndrea Usai Associate Managing Director, North America Banks and Finance Companies Moody's Investors Service
Mark Wasden Senior Vice President, North America Finance Companies Moody's Investors Service
Chris Padgett Associate Managing Director, Leveraged Finance Moody's Investors Service
Michael Smith Partner and Co-Head Ares Credit Group
Jonathan Lamm Chief Operating Officer and Chief Financial Officer Owl Rock Capital Corporation
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Andrea is responsible for managing a Moody’s team of analysts based in New York and Toronto covering North America banks and finance companies.
Andrea joined Moody’s in 2011 and prior to his current role, he was based in London covering a portfolio of European Global Investment Banks (GIBs), non-GIBs and securities firms, including UK, French and Swedish banks. During his time at Moody’s, he worked on rated firms domiciled in different European countries, both from London and Paris. In addition, he spent six months in Hong Kong where he worked on Asian banks and securities firms. Prior to joining Moody’s, Andrea spent eight years at the UK Financial Services Authority (FSA) in various roles in supervision of banking and non-banking financial institutions. His experience at the UK financial regulator also included an industry secondment to Fidelity International in the UK, and an international secondment to the Autorité de Contrôle Prudentiel (ACP) Banque de France, the Paris-based French banking regulator.
Prior to working at the FSA, Andrea spent three years at Bloomberg Financial Markets in London as an analyst in the Global Data Department, and seven years with Banca Intesa in Italy where he worked as a private banker and as a corporate banker. Andrea holds a degree in Finance and Economics from the University of Cagliari(Italy) and an MSc in International Banking and Finance from London Metropolitan University. Andrea is a native Italian speaker and is fluent in English, French and Spanish.
Mr. Smith is a Partner and Co-Head of the Global Credit Group of Ares Management Corporation. He serves on the Ares Executive Management Committee. Additionally, he serves as an Officer and Co-President of Ares Capital Corporation (Nasdaq: ARCC). He is a member of the Ares Credit Group's U.S. Direct Lending and Commercial Finance Investment Committees, the Ares Private Equity Group's Special Opportunities Investment Committee, and the Ares Infrastructure and Power Group Funds Investment Committee. Prior to joining Ares in 2004, Mr. Smith was a Partner at RBC Capital Partners, a division of Royal Bank of Canada, which led the firm's middle market financing and principal investment business. Previously, Mr. Smith worked at Indosuez Capital in their Merchant Banking Group, Kenter, Glastris & Company, and at Salomon Brothers Inc, in their Debt Capital Markets Group and Financial Institutions Group. Mr. Smith serves on the Board of Directors of the University of Notre Dame's Wilson Sheehan Lab for Economic Opportunity (LEO), which helps service providers apply scientific evaluation methods to better understand and share effective poverty interventions. Mr. Smith received a B.S. in Business Administration from the University of Notre Dame and a Masters in Management from Northwestern University's Kellogg Graduate School of Management.
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.
Mark Wasden is a Senior Vice President in the Financial Institutions Group. Based in New York, Mark oversees the ratings of a portfolio of US commercial finance companies, including commercial aircraft leasing companies, business development companies (BDCs), non bank commercial real estate lenders, and equipment leasing companies.
Prior to joining Moody’s in 2004, Mark was a director in Bank One’s large corporate banking division in Chicago, where he covered finance companies as a senior underwriter. During his 15-year career in commercial banking, Mark held positions in relationship management, credit management, and professional development.
Mark holds a Masters of Business Administration from the University of Michigan anda Bachelor of Science in Economics from Brigham Young University
Andrea is responsible for managing a Moody’s team of analysts based in New York and Toronto covering North America banks and finance companies.
Andrea joined Moody’s in 2011 and prior to his current role, he was based in London covering a portfolio of European Global Investment Banks (GIBs), non-GIBs and securities firms, including UK, French and Swedish banks. During his time at Moody’s, he worked on rated firms domiciled in different European countries, both from London and Paris. In addition, he spent six months in Hong Kong where he worked on Asian banks and securities firms. Prior to joining Moody’s, Andrea spent eight years at the UK Financial Services Authority (FSA) in various roles in supervision of banking and non-banking financial institutions. His experience at the UK financial regulator also included an industry secondment to Fidelity International in the UK, and an international secondment to the Autorité de Contrôle Prudentiel (ACP) Banque de France, the Paris-based French banking regulator.
Prior to working at the FSA, Andrea spent three years at Bloomberg Financial Markets in London as an analyst in the Global Data Department, and seven years with Banca Intesa in Italy where he worked as a private banker and as a corporate banker. Andrea holds a degree in Finance and Economics from the University of Cagliari(Italy) and an MSc in International Banking and Finance from London Metropolitan University. Andrea is a native Italian speaker and is fluent in English, French and Spanish.
Andrea is responsible for managing a Moody’s team of analysts based in New York and Toronto covering North America banks and finance companies.
Andrea joined Moody’s in 2011 and prior to his current role, he was based in London covering a portfolio of European Global Investment Banks (GIBs), non-GIBs and securities firms, including UK, French and Swedish banks. During his time at Moody’s, he worked on rated firms domiciled in different European countries, both from London and Paris. In addition, he spent six months in Hong Kong where he worked on Asian banks and securities firms. Prior to joining Moody’s, Andrea spent eight years at the UK Financial Services Authority (FSA) in various roles in supervision of banking and non-banking financial institutions. His experience at the UK financial regulator also included an industry secondment to Fidelity International in the UK, and an international secondment to the Autorité de Contrôle Prudentiel (ACP) Banque de France, the Paris-based French banking regulator.
Prior to working at the FSA, Andrea spent three years at Bloomberg Financial Markets in London as an analyst in the Global Data Department, and seven years with Banca Intesa in Italy where he worked as a private banker and as a corporate banker. Andrea holds a degree in Finance and Economics from the University of Cagliari(Italy) and an MSc in International Banking and Finance from London Metropolitan University. Andrea is a native Italian speaker and is fluent in English, French and Spanish.
Mark Wasden is a Senior Vice President in the Financial Institutions Group. Based in New York, Mark oversees the ratings of a portfolio of US commercial finance companies, including commercial aircraft leasing companies, business development companies (BDCs), non bank commercial real estate lenders, and equipment leasing companies.
Prior to joining Moody’s in 2004, Mark was a director in Bank One’s large corporate banking division in Chicago, where he covered finance companies as a senior underwriter. During his 15-year career in commercial banking, Mark held positions in relationship management, credit management, and professional development.
Mark holds a Masters of Business Administration from the University of Michigan anda Bachelor of Science in Economics from Brigham Young University
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.
Mr. Smith is a Partner and Co-Head of the Global Credit Group of Ares Management Corporation. He serves on the Ares Executive Management Committee. Additionally, he serves as an Officer and Co-President of Ares Capital Corporation (Nasdaq: ARCC). He is a member of the Ares Credit Group's U.S. Direct Lending and Commercial Finance Investment Committees, the Ares Private Equity Group's Special Opportunities Investment Committee, and the Ares Infrastructure and Power Group Funds Investment Committee. Prior to joining Ares in 2004, Mr. Smith was a Partner at RBC Capital Partners, a division of Royal Bank of Canada, which led the firm's middle market financing and principal investment business. Previously, Mr. Smith worked at Indosuez Capital in their Merchant Banking Group, Kenter, Glastris & Company, and at Salomon Brothers Inc, in their Debt Capital Markets Group and Financial Institutions Group. Mr. Smith serves on the Board of Directors of the University of Notre Dame's Wilson Sheehan Lab for Economic Opportunity (LEO), which helps service providers apply scientific evaluation methods to better understand and share effective poverty interventions. Mr. Smith received a B.S. in Business Administration from the University of Notre Dame and a Masters in Management from Northwestern University's Kellogg Graduate School of Management.