Project Finance Bank Loans: Default and Recovery Rates for 1983-2020 (APAC)
APAC Edition
Hear our senior analysts present the findings of our 12th annual Project Finance Bank Loan Default Study. This 60-minute session includes a Q&A session. The annual report will be circulated to registrants before the webinar.
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Agenda10:00 - 10:20HKT
Presentation
• Performance of project finance bank loans during the pandemic-fueled default cycle in 2020
• Key findings for the power, infrastructure, and oil and gas industry sectors
• Credit performance of infrastructure projects in emerging markets and developing economies
• Comparisons with Moody’s-rated infrastructure debt -
SpeakersRay Tay Senior Vice President / Manager, Project and Infrastructure Finance Moody's Ratings
Kathrin Heitmann Vice President-Senior Credit Officer, Global Project and Infrastructure Finance Moody’s Ratings
Kevin Kelhoffer Vice President, Leveraged Finance Research and Analytics Moody's Investors Service
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Kathrin Heitmann is a Vice President-Senior Credit Officer at Moody’s Global Project and Infrastructure Finance Team based in New York. Kathrin is covering a diverse portfolio of project finance and municipal infrastructure issuers in the power, water, airport and port sectors including Public-Private-Partnerships (P3). Kathrin also leads our default research on project finance bank loans.
Before joining the Infrastructure and Project Finance team, Kathrin was one of the lead analysts responsible for the portfolio of regional and local governments and government related issuers in Canada. In addition, prior to May 2014, Kathrin was a lead analyst in Moody’s EMEA Corporate Finance Group in Frankfurt, Germany, covering a diverse set of heavy industrial corporations across Europe. She joined Moody’s in 2007.
Kathrin is a certified Financial Risk Manager and a CFA Charter holder. She studied business administration at UAM University in Madrid, Spain and holds a master’s degree (Diplom-Kauffrau) in business administration from Johann Wolfgang Goethe University in Frankfurt, Germany.
Ray Tay is a Senior Vice President / Manager in Moody’s Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Kathrin Heitmann is a Vice President-Senior Credit Officer at Moody’s Global Project and Infrastructure Finance Team based in New York. Kathrin is covering a diverse portfolio of project finance and municipal infrastructure issuers in the power, water, airport and port sectors including Public-Private-Partnerships (P3). Kathrin also leads our default research on project finance bank loans.
Before joining the Infrastructure and Project Finance team, Kathrin was one of the lead analysts responsible for the portfolio of regional and local governments and government related issuers in Canada. In addition, prior to May 2014, Kathrin was a lead analyst in Moody’s EMEA Corporate Finance Group in Frankfurt, Germany, covering a diverse set of heavy industrial corporations across Europe. She joined Moody’s in 2007.
Kathrin is a certified Financial Risk Manager and a CFA Charter holder. She studied business administration at UAM University in Madrid, Spain and holds a master’s degree (Diplom-Kauffrau) in business administration from Johann Wolfgang Goethe University in Frankfurt, Germany.
Kevin Kelhoffer is responsible for managing data consortia and reporting and analytics to help support Moody’s Investors Services.
Prior to joining Moody’s Mr. Kelhoffer worked in credit risk management at Morgan Stanley and Citi and was a Director of Standard and Poor’s Recovery Analysis and Facility Risk Rating groups where he also managed loan loss data consortia, reporting and analytics.
Before S&P, Mr. Kelhoffer was part of Chase Manhattan’s credit risk portfolio group where he developed tools and analytics used in loan pricing, credit derivatives and credit portfolio reviews. Mr. Kelhoffer has written numerous articles and papers on loan and bond recovery. His work has appeared or been referenced in The Financial Times, The Basel Committee on Banking Supervision Working Papers, Standard & Poor’s Credit Week, Journal of Lending & Credit Risk Management, and in the book Time-Dependent Recovery Rates of Defaulted Debt. Mr. Kelhoffer received an MBA in Finance from Fordham University and a BBA in Business and Economics from Temple University.
Ray Tay is a Senior Vice President / Manager in Moody’s Project and Infrastructure Finance Group. Based in Singapore, Ray covers project finance, transport, utilities and other infrastructure credits in Southeast Asia and India. Ray also authors research and conducts outreach focused on topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets. Ray is also a member of Moody’s APAC ESG Working Group.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group, focusing on regulatory economics in each of its principal local operating subsidiaries.
Ray holds a Bachelor’s in Economics with honors from the National University of Singapore.
Kathrin Heitmann is a Vice President-Senior Credit Officer at Moody’s Global Project and Infrastructure Finance Team based in New York. Kathrin is covering a diverse portfolio of project finance and municipal infrastructure issuers in the power, water, airport and port sectors including Public-Private-Partnerships (P3). Kathrin also leads our default research on project finance bank loans.
Before joining the Infrastructure and Project Finance team, Kathrin was one of the lead analysts responsible for the portfolio of regional and local governments and government related issuers in Canada. In addition, prior to May 2014, Kathrin was a lead analyst in Moody’s EMEA Corporate Finance Group in Frankfurt, Germany, covering a diverse set of heavy industrial corporations across Europe. She joined Moody’s in 2007.
Kathrin is a certified Financial Risk Manager and a CFA Charter holder. She studied business administration at UAM University in Madrid, Spain and holds a master’s degree (Diplom-Kauffrau) in business administration from Johann Wolfgang Goethe University in Frankfurt, Germany.
Kevin Kelhoffer is responsible for managing data consortia and reporting and analytics to help support Moody’s Investors Services.
Prior to joining Moody’s Mr. Kelhoffer worked in credit risk management at Morgan Stanley and Citi and was a Director of Standard and Poor’s Recovery Analysis and Facility Risk Rating groups where he also managed loan loss data consortia, reporting and analytics.
Before S&P, Mr. Kelhoffer was part of Chase Manhattan’s credit risk portfolio group where he developed tools and analytics used in loan pricing, credit derivatives and credit portfolio reviews. Mr. Kelhoffer has written numerous articles and papers on loan and bond recovery. His work has appeared or been referenced in The Financial Times, The Basel Committee on Banking Supervision Working Papers, Standard & Poor’s Credit Week, Journal of Lending & Credit Risk Management, and in the book Time-Dependent Recovery Rates of Defaulted Debt. Mr. Kelhoffer received an MBA in Finance from Fordham University and a BBA in Business and Economics from Temple University.