RMA NY Presents

Leverage Finance in the Current Environment:

Origination, Investment, Risk Management

Date: Wednesday, February 15, 2023 

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

Networking Reception: 5:15pm - 6:15pm

Panel Discussion: 6:15pm - 7:30pm

Higher borrowing costs, inflation and reduced access to capital markets will challenge public and private markets alike in 2023 – but the impact will not be equal or proportionate. Please join our distinguished panelists as we try to assess the potential ramifications of these volatile and difficult market conditions. Our discussion will cover:

• How will the higher for longer interest rate environment impact borrowers across the spectrum as their existing cost of funding rises, as well as their future ability to refinance and raise new capital?

   

• How are the rising pressures on revenue and profit margins impacting the ability to service existing debt?

   

• Higher for longer challenges not only borrower but lenders as well, particularly in the direct lending market. Investors will likely focus more on immediate cash flow generation over future profits.  How will this impact market liquidity as well as the M&A outlook?

   

• It’s likely that the default cycle will mimic the recession – a short and shallow recession would reduce the share of defaults and restructurings versus long and deep. What is the capacity of the market and advisors to support a significant spike in defaults in the private credit space? How will recoveries be impacted by a significantly higher cost of funding for post-petition debt? How will the weakened state of lender protections in credit agreements play out?

   

• While we wait to see what the default cycle will look like, liquidity is the here and now risk. For both public and private credit, what are the secondary market dynamics for investors (lenders and sponsors) who need to exit positions?

 Speakers:

Steven Miller, Team Leader, LevFin Intelligence Group, Fitch Solutions

Steven Miller is an executive at Fitch Solutions. He joined Fitch in July 2018 when it acquired Fulcrum Financial Data LLC, at which he was CEO since April 2016. Steve is an experienced entrepreneur, board member and hands-on manager who has played a vital role in several successful ventures in the financial information and technology arena, including: Co-founder and CEO of Portfolio Management Data (predecessor to LCD), acquired by Standard & Poor's in 2000; Founding investor in, and board chair of, Black Mountain Systems, acquired by Stone Point Capital in 2015; Founding investor in, and advisor to, LoanX, acquired by IHS Markitin2003; Team leader of Gold Sheets group at Loan Pricing Corp., acquired by Reuters Corp. in 1993.

Jeff Walwyn, Co-Head of Underwriting - Diversified Lending, Owl Rock Capital Corporation

Mr. Jeff Walwyn serves as Co-Head of Underwriting – Diversified Lending at Owl Rock Capital Corporation. Previously, he served as Managing Director at Owl Rock Capital Partners. Prior to joining Owl Rock in 2017, Mr. Walwyn was a Managing Director at Guggenheim Partners, from 2015 to 2017, where he focused on evaluating credit investments. Prior to that, Mr. Walwyn was a Principal at Apollo Global Management in the Credit Group in New York from 2011 to 2014. Prior to those roles, he held positions in credit underwriting at Gulf Stream Asset Management and in Investment Banking at JPMorgan. Mr. Walwyn received a B.A. in Applied Economics and Management, Summa Cum Laude, from Cornell University and an M.B.A. with honors from the Fuqua School of Business at Duke University.

Kayla Laird, CFA, Global Credit - Structured Products, Bank of America

Mrs. Laird co-developed and currently leads the underwriting platform for Private Credit Leverage facilities. Her team manages the evaluation of private credit investments and ongoing performance of over 1,000 middle market portfolio companies across the US and EMEA. Prior to joining the Global Credit team, Kayla performed credit underwriting for chemical and industrial clients at Bank of America. Kayla graduated with honors from Wake Forest University School of Business.

Edwin Wilches, Managing Director, Co-Head of Securitized Products, PGIM Fixed Income

Edwin Wilches, CFA, is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products team.  Mr. Wilches is also a portfolio manager for dedicated CLO Tranche portfolios as well other dedicated securitized products funds.  Mr. Wilches also oversees securitized product security selection across the firm’s multi-sector, investment grade, high yield, LDI, money market and general account strategies.  He also plays an active leadership role in PGIM’s Racial Equity Initiative via participation in multiple workstreams, and is a member of the Latinx Executive Leadership Team for both PGIM and PGIM Fixed Income. Mr. Wilches is an active member in multiple trade associations across the US and European markets seeking to represent our client’s best interests and to help promote a functioning market structure.  Prior to assuming his current responsibilities, Mr. Wilches was responsible for managing and trading the Firm's investments in CLO tranches, supporting the Dryden CLO platform's business development and investor relations efforts, and analyzing off-the-run alternative fixed income opportunities. Earlier, Mr. Wilches was also member of PGIM Fixed Income’s CDO analyst team, Business and Product Development Team and Fixed Income Operations team. Mr. Wilches joined the Firm in 2003. He received a BA in Economics from Rutgers University and an MBA from New York University. He holds the Chartered Financial Analyst (CFA) designation.

Moderator:

Ruth Yang, Global Head of Thought Leadership, S&P Global Ratings 

Ruth is the Global Head of Thought Leadership for S&P Global Ratings. In her role, she oversees the Credit Research & Insights research team that is responsible for risk assessments, rating transition analysis and credit market forecasts. She has over 25 years of experience in the leveraged finance markets including with Fitch Solutions as their Managing Director for Leveraged Finance Intelligence where she was responsible for developing their leveraged finance offerings and more than 15 years with Leveraged Commentary & Data where she managed leveraged finance content and operations globally.

Ruth has an A.B. with honors from Harvard University.

Thank you to S&P Global Ratings for our Platinum Sponsor for all programming in 2023. 

Registration:

Mark your calendar and register early. Come join us for this professional development effort and also network in-person with risk management colleagues. Click HERE to register. 

Fees:

New York Chapter Members: $55

Non-Members: $85

Join/Re-Join and Attend: $120 (Membership valid through 8/31/2023)

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• Substantially reduced fees to attend the monthly programs led by risk professional leaders.
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