2019 Credit Markets Deep Dive: Risk Management and Buy-Side Perspectives on the Evolving Structure and Risks of the Credit Markets


Date: Wednesday, April 10th 2019

Location: PwC, 300 Madison Avenue, New York, NY

Time: Registration & Cocktails 5:30 PM – Program Start 6:15 PM 


Please join our distinguished panel as we explore the current state of the credit markets, and the potential risks associated with a downturn. Topics will include:
  • High Yield and Leveraged Loans: Will higher leverage and weaker loan terms lead to increased defaults and lower recoveries in the next downturn?
  • Underwriting Standards and Credit Terms: Given excess demand relative to supply post the financial crisis, how far out has the line on credit quality moved? How will terms/conditions protect (or not) when we pass the inflection point in the credit cycle?
  • CLOs: Are CLOs investors in it for the long haul? The CLO "bid" has fueled leverage loan issuance. How will yield-hungry investors manage during an economic downturn and downgrades? Will they seek liquidity (by selling) if a large number of loans are downgraded?
  • Fixed Income ETFs and Retail Mutual Funds: Is there contagion risk? How did they each perform during the market volatility of December 2018?
  • Proliferation of Direct Lending: Risks associated with online platforms, and how have they disrupted small business lending? How does the form or vehicle in which the capital has been raised impact what we should expect for loss severity?
  • IG Fallen Angel Risks: A decade of low borrowing costs has fueled transactions and financial policy shifts that have expanded the 'BBB' rating category. Is a wave of BBB category rating downgrades possible? What would it mean for market liquidity and HY investors in a scenario of forced-selling?


William Ahmuty, Managing Director, Head of SPDR ETF Fixed Income Group, State Street Global Advisors
William Ahmuty is a Head of State Street Global Advisors SPDR ETF Fixed Income Group (FIG). Bill joined SPDR' ETF Institutional Sales and Capital Markets Team in 2014. Focused on fixed income ETFs, he is responsible for increasing connectivity with Institutional clients and  SSGA's broker-dealer partners in the fixed income space.
Bill has over 14 years of ETF trading experience and over 20 years of market experience. Prior to SSGA, Bill managed the institutional ETF trading desk at Societe Generale. He has also worked for Newedge managing the ETF sales and trading desk with a focus on commodity arbitrage and Morgan Stanley where he had a 14 year tenure which including working on the CME and CBOE and head trader on the institutional ETF desk.
Bill has an undergraduate degree from the University of Notre Dame and earned a Masters of Business Administration from the University of Chicago. Bill has Series 7, 63, 55 and 24.
Michael Altberg, Senior Director, S&P Global Ratings
Michael Altberg, Senior Director, manages S&P Global Rating's U.S. Telecom, Cable & Leisure teams, with coverage of over $1 trillion in debt and responsibilities for portfolio ratings performance, analytics and client management.
Michael is co-chair of S&P's North America Analytical Oversight Council, a committee tasked with monitoring ratings performance and analytical consistency across sectors. He has led S&P's research and external outreach on topics such as U.S. Tax Reform and 'BBB' transition risk, and has co-authored some of S&P's main criteria for rating nonfinancial corporate issuers.
He holds a B.S. from the University of Virginia and an M.B.A. from Yale University.
Anthony P. Canale, J.D., Global Head of Research, Covenant Review
Anthony P. Canale, J.D. is Covenant Review’s Global Head of Research. He graduated from Columbia University cum laude in 1994 and from the University of Texas at Austin Law School with honors in 1997. He began his career as corporate finance attorney with Latham & Watkins and represented both issuers and underwriters in high yield debt offerings. Following that, he joined Vinson & Elkins where he represented private equity firms in negotiating LBOs and related financing. Subsequently, he became an in-house attorney, serving as Senior Counsel for broadband provider Wayport, Inc. and following that, he served as General Counsel for the publicly traded company Debt Resolve. He joined Covenant Review in 2007. He served as Head of High Yield Research from 2012 through 2018, and was named Global Head of Research in May of 2017. As Global Head of Research, he oversees all of Covenant Review’s various research product offerings. In addition, he has written research on hundreds of high yield issuers, including extensive research on some of the most widely-followed names such as Windstream, Neiman Marcus, iHeartCommunications, Caesars, Bausch Health, and Claire’s Stores. He has been quoted and/or published in publications such as Barron's, Bloomberg, the New York Post, and The Wall Street Journal. He regularly lectures on covenant issues to investment professionals and other attorneys.
Andrew C. Dickey, J.D., CFA, Head of Alternatives - Investment Management and Deputy Chief Investment Officer, Massachusetts Mutual Life Insurance Company (MassMutual)
Mr. Andrew (Drew) C. Dickey, CFA, is the Deputy Chief Investment Officer for MassMutual with responsibilities including investment strategy, asset allocation and manager selection, with a focus upon alternative investments and investment structures.
Drew has previously been responsible for MassMutual's Retirement Income Group and its Financial Products Division and prior to those leadership positions, for Babson Capital's structured credit products business.
He has over 25 years of industry experience. Drew has been with companies of the MassMutual Financial Group since 1991.

He holds a B.A. from Swarthmore College and a J.D. and an M.B.A. from the University of Chicago. Drew is also a member of the CFA Institute.
Reade Ryan, Managing Director, Risk and Quantitative Analysis Group, BlackRock
Reade Ryan, Managing Director, is a member of BlackRock's Risk and Quantitative Analysis group. He joined BlackRock in 2013 as the lead risk manager for the Leverage Finance group. Prior to joining BlackRock, he was a quantitative strategist in the Fixed Income unit in Goldman Sachs Asset Management. There he led a team that developed risk and pricing models as well as portfolio construction and trading tools for the portfolio managers and traders in GSAM. He had been with Goldman Sachs since 2006.
From 2002 to 2006, Mr. Ryan was the senior quantitative analyst and risk manager for the convertible-bond and equity-volatility desks at Amaranth Advisors. Before Amaranth he was an assistant professor at the Anderson School of Management at UCLA.
Mr. Ryan earned his bachelor's degree in mathematics at Columbia College in 1991 and a PhD in applied mathematics from New York University in 1997.
Daniel H. Smith, Senior Managing Director, GSO Capital Partners
Daniel H. Smith is a Senior Managing Director in GSO Capital Partners and oversees GSO's Customized Credit Strategies unit, which includes various commingled credit funds, permanent capital vehicles, CLOs, closed end funds and leveraged and unleveraged separately managed accounts (SMAs). Additional responsibilities include serving as Chairman and Chief Executive Officer of the four public investment companies managed by the unit.
Prior to joining GSO Capital in 2005, Mr. Smith was Managing Partner and Co-head of RBC Capital Market's Alternative Investments Unit at Royal Bank of Canada in New York. Mr. Smith joined RBC in 2001 from Indosuez Capital, a division of Crédit Agricole Indosuez, where he was a Co-Head and Managing Director overseeing the firm's debt investments business and merchant banking activities. He began his career in investment management in 1987 at Van Kampen American Capital (f/k/a Van Kampen Merritt), a mutual fund company in Chicago where he held a variety of positions managing portfolios of bonds and stocks including overseeing the firm's high-yield investment group.
Mr. Smith received a BS in Petroleum Engineering from the University of Southern California and a Masters in Management from the J.L. Kellogg Graduate School of Management at Northwestern University.
David Tesher, Managing Director, S&P Global Ratings
David Tesher is a Managing Director in S&P Ratings, and is the Chairperson for the North American Credit Conditions Committee. S&P's regional Credit Condition Committees (EMEA, Asia/Pacific, Latin America, and North America) serve as global risk-monitoring platforms for S&P Ratings. Collectively, these regional teams strive to identify and understand potential systemic risks that can impact ratings across S&P Global. In addition, David is also Head of U.S. Corporate Research within S&P Global Ratings. The U.S. Corporate Research Team is responsible for researching, writing, and publishing topical credit and cross-sector commentaries.
David initially joined S&P Global Ratings U.S. Structured Finance Group in 1995. Shortly thereafter, David formed S&P Global Ratings CDO Group, and was a Practice Leader responsible for managing the firm's U.S. Cash Flow CDO business prior to transitioning to the Corporate & Government Ratings Group in 2010.
Before joining S&P Global Ratings in 1995, David was a commercial lender and senior credit officer with National Westminister Bank USA, responsible for corporate lending and the monitoring of credit policy for the firm's corporate loan portfolio.
David holds a B.A. in business and economics from Lafayette College.
Thank you to our generous sponsors:

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