The CFA Society VBA Netherlands Dutch Commission on Bonds invites you to:
Late Cycle Credit Investing
Threats and Opportunities
Much has been written about the stage of the credit cycle we are currently witnessing. Are we close to making the same mistakes as before the GFC or is it different this time? As recent as Q4 last year markets seemed to price in a more risky future but this year so far these fears seem to have disappeared again.
Are there differences between the US and the rest of the world? What is the role of China? Are covenants actually relevant in the loan market and does it make a difference for recovery rates?
Private equity is active as ever and a big user of the leveraged finance markets. If investments come under pressure how would this relationship evolve? In this seminar we aim to combine top-down insights from experts in the field with the day-to-day process of doing deals in the leveraged finance markets.
Speakers: Matt King, Global Head of Credit Products Strategy at Citigroup, Harry Sugiarto, CFA, Portfolio manager Multi-Asset Credit, ICG and Josh Farber, Credit Suisse.
14:00 Welcome and introduction by Rolf Vesters
14:05 Matt King, Citigroup, More dollars than sense
14:45 Harry Sugiarto, ICG, Leveraged finance
15.45 Josh Farber, Credit Suisse, Relative value in leveraged finance
16:30 Conclusions and closing
16:35 Networking drinks
17:45 End of program
Everyone is welcome to attend!
Matt King coined in 2000 the credit-equity “clock” – still a cornerstone of many investors’ asset allocation processes. In 2008, his piece Are the Brokers Broken? predicted the fall of Lehman and showed how its sources of repo funding were drying up. Since the financial crisis, he has focused increasingly on global debt dynamics and on the distortions created by central banks, with pieces like Buy the bubbles, sell the bath, How much debt is too much debt? and How long till the teflon wears off?
Prior to joining Citi in 2003, Matt was Head of European Credit Strategy at JPMorgan. He is a graduate of Emmanuel College, Cambridge, where he read Social and Political Sciences.
Harry Sugiarto, joined ICG in 2005 and is a Managing Director focussing on multi-asset credit strategies. He has managed the Total Credit strategy since inception in 2012, and developed the framework behind the strategy. His responsibilities include asset allocation, idea generation, maintaining banking and investor relationships. He is also a member of the European Liquid Loans and Bonds Investment Committee.
Between 2005 and 2010 Harry was a credit analyst at ICG, covering chemicals, industrials, and paper / packaging.
Prior to joining ICG, Harry spent three years at PRICOA Capital Group as an analyst in their European private placement debt business.
Harry has a degree in Economics from the University of Cambridge, and is a CFA Charterholder.
Josh Farber, joined the Credit Strategy team in 2017, having spent the prior 14 years as a trader and PM on both the buy side and sell side. He covers European credit - from IG and derivatives, through HY, loans, and distressed. Previously he was head of European index trading at Credit Suisse, and a portfolio manager at Bluecrest Capital Management. He graduated from Cornell University in 2002 with a Bachelors of Science.