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草莓流氓视频 Annual Conference:
2024 Outlook

Monday, December 4th
New York, NY

Join the Waitlist

Monday, December 4th
, New York City

We are excited to host our annual conference on Monday, December 4th. Join us in-person to hear our outlook for 2024, including macro themes, strategy, industry trends, and more. 草莓流氓视频 analysts, Covenant Review lawyers, and LevFin Insights journalists will also share their expertise and views on the leveraged finance markets.

This year’s conference offers two sessions. Space is limited, so please sign up for the session that’s most relevant to your role.

Investment Grade Session:聽
8:00 a.m. – 3:15 p.m. EST

  • Strategy
  • Macro themes
  • Trends in the IG market

Leveraged Finance Session:
1:00 – 6:55 p.m. EST

  • Special Situations
  • Primary market outlook and trends
  • Private credit
  • A sector snapshot

We are at capacity for the conference. To join the waitlist, complete the form opposite.

If you have any questions, please get in touch with our events team.


Investment Grade Session:

8:50 a.m. - Introduction

Erin Lyons: Global Head of Business Strategy, 草莓流氓视频
Chris Snow, CFA: Global Head of Research, 草莓流氓视频

9:00 a.m. - U.S. IG and Crossover Outlook: Hurry Up and Wait

Winnie Cisar: Global Head of Strategy, 草莓流氓视频
Zachary Griffiths, CFA: Head of IG & Macro Strategy, 草莓流氓视频

  • With cash locked up at the front-end, duration proving painful to portfolios and investors (still) waiting for a recession, corporate credit posted another year of mixed performance in 2023.
  • The U.S. Strategy team will provide their outlook for the U.S. IG and crossover markets in 2024, informed by lessons learned in recent years, expectations for the Fed, and economic forecasts. Topics include the current and future state of corporate balance sheets, the outlook for demand from retail, institutional and global investors, and top investment recommendations to start the year.

9:45 a.m. - Election 2024: Survival of the Oldest

Chris Snow, CFA: Global Head of Research, 草莓流氓视频
Andy DeVries, CFA: Head of Investment Grade & Utilities, 草莓流氓视频
Zachary Griffiths, CFA: Head of IG & Macro Strategy, 草莓流氓视频
Pat Luby: Head of Municipal Strategy, 草莓流氓视频

  • The 2024 election cycle has implications for Biden鈥檚 signature Inflation Reduction Act and the clean energy economy.
  • A world of higher rates brings U.S. fiscal health to the fore as a potential campaign issue and ultimately as a key input to policy in the next legislative cycle.
  • The Tax Cut and Jobs Act has several expiring features in 2025, which has implications for the economy and for investors in Muni Credit.

10:25 a.m. - Global Financials: All About EVE

Jesse Rosenthal: Head of Banks, 草莓流氓视频
Simon Adamson: Head of Financials, 草莓流氓视频
Josh Esterov, CFA: Head of Insurance, 草莓流氓视频
Peter Simon, CFA: Head of Brokers and Regional Banks, 草莓流氓视频

The fastest rate hiking cycle in generations spotlighted the embedded interest rate risk (and opportunity) across Global Financials, even as credit risk remains salient amid the recession watch. We go across the rate and credit-sensitive financials sectors to assess both the current and go-forward environment for banks and insurance investors, touching on topics ranging from Commercial Real Estate to the all-important rate backdrop.

11:05 a.m. - Reality Bites: New Issue Supply Amid Elevated Rates

Winnie Cisar: Global Head of Strategy, 草莓流氓视频
Megan Neuburger: Managing Director – Head of U.S. & Canada Corporate Ratings, Fitch Ratings
Maureen O’Connor: Global Head of High Grade Debt Syndicate, Wells Fargo
Rich Testa: Head of IG Finance, MUFG

  • As issuers across the rating spectrum face materially higher borrowing costs and maturities pile up, the primary market should provide good opportunities to deploy capital at meaningfully higher yields in 2024.
  • Topics include expectations for new issue supply from capital markets and syndicate teams, the outlook for discretionary issuance, and the potential for a rise in M&A as corporates adjust to the 鈥榟igher for longer鈥 regime.

11:45 a.m. - Outlook for Defaults in 2024: The Quant Perspective

Kai Gilkes, Ph. D.: Head of Quantitative Strategy, 草莓流氓视频

After a modest increase in default rates in 2023 that was driven largely by idiosyncratic events, what will the trajectory of default rates look like in 2024? We use Risk 草莓流氓视频 2.0, our newly launched platform for default risk and credit quality assessment, to help predict the evolution of default rates over the next 12 to 18 months.

12:45 p.m. - Crossover Trades: Best Ideas Across the IG/HY Divide

Eric Axon, CFA: Co-Head of High Yield, 草莓流氓视频
James Dunn: Head of Consumer Goods, Leisure, 草莓流氓视频
Chas Johnston, CFA: Head of Energy, 草莓流氓视频
Roger King: Head of Airlines, 草莓流氓视频
Wen Li, CFA: Head of Metals & Mining, 草莓流氓视频

  • We detail our best trade ideas across the IG/HY crossover space, with key contributions from energy, leisure, consumer, airlines, and metals & mining.
  • Trade topics include rising star candidates, best ideas in core HY, and cuspy BBBs where downgrades can be avoided.

1:20 p.m. - AI and the Data Deluge: Understanding the Digital Infrastructure Theme

Davis Hebert, CFA: Head of Telecom/Media, 草莓流氓视频
Jordan Chalfin, CFA: Head of Technology, 草莓流氓视频
Andy Li, CFA: Senior Analyst, Technology, 草莓流氓视频
Hunter Martin, CFA: Head of Media/Cable, 草莓流氓视频
Erick Vega, CFA: Senior Analyst, Telecom Infrastructure, 草莓流氓视频

  • This panel will focus on the “killer app” of generative AI and how investors should position for massive ramp in computing power and data intensity for the better part of this decade.
  • Our well-rounded TMT team will focus on winners and losers across a variety of sectors, including data centers, hardware, chips, equipment, service providers, and media companies.

2:05 p.m. - Pulse of Industrials: Demand Trends, Supply Chains, and M&A

Matt Woodruff, CFA: Head of Aerospace & Defense/ Transports, 草莓流氓视频
Andrew Brady: Head of Chemicals, 草莓流氓视频
Lauren Holland: Head of Paper & Packaging, 草莓流氓视频
Chas Johnston, CFA: Head of Energy, 草莓流氓视频
Wen Li, CFA: Head of Metals & Mining, 颁谤别诲颈迟厂颈驳丑迟蝉听

  • Manufacturing sectors have suffered through weak demand and dysfunctional supply chains. Our analysts will provide insights on their sectors and credit picks into 2024.
  • Sectors discussed will include Energy, Chemicals, Metals & Mining, Paper & Packaging, Aerospace & Defense, and Transportation.

2:40 p.m. - U.S. Consumer: Eat the Rich or Eat the Risk?

James Goldstein, CFA: Head of Retail, 草莓流氓视频
David Bussey, CFA: Senior Analyst, Leisure, 草莓流氓视频
James Dunn: Head of Consumer Goods, Leisure, 草莓流氓视频
Todd Duvick, CFA: Head of Autos, 草莓流氓视频

  • Looking For the Cracks: A relatively robust landscape for consumer spending is not without pockets of weakness. What鈥檚 in store for 2024?
  • Does the Music Ever Stop? 2023 has seen extremely robust leisure and entertainment demand. Is Taylor Swift a secret stimulative fiscal policy tool? Are we structurally in a 鈥渓eisure-for-life鈥 world? Where does the goods vs. services mix ultimately shake out?
  • Inflation/Affordability: Rising cost pressure on non-discretionary goods is altering consumer behavior towards more value seeking behavior. On more discretionary/big ticket items, rapidly rising consumer financing costs bring additional pressure鈥 EVs are an interesting case study.
  • That鈥檒l Cost You: Some relief on commodity costs, but labor cost growth persists, and it increasingly feels like 鈥淵ear of the Union鈥 with successes at UAW, Longshore, Rails, Culinary Union, etc. along with big wins for minimum wage advocates (CA fast food, etc.). How do corporates navigate rising labor costs?
  • How to Play It?聽Picking the winners/losers in credits.

Leveraged Finance Session:

1:30 p.m. - Update on 草莓流氓视频

Matt Zloto: Global Head of Leveraged Finance, 草莓流氓视频

We provide an update on the new developments at 草莓流氓视频 and a roadmap for our LevFin products.

1:45 p.m. - 2024 LevFin Primary Market Outlook

Kerry Kantin: U.S. Bureau Chief, LevFin Insights
Jeff Fritsche: Managing Director – Leveraged Finance Capital Markets, Bank of America
Wayne Hosang: Managing Director & Portfolio Manager, Crescent Capital
Frank Ossino: Senior Managing Director, Newfleet Asset Management
Jessica Reiss, J.D.: Head of U.S. Loans Research, Covenant Review

Will 2024 provide a recovery in new-issue supply following a lackluster 2023? We鈥檒l discuss topical issues such as maturity walls, M&A activity, and relative value.

2:30 p.m. - Private Credit's Meteoric Rise

Andrew Hedlund: Managing Editor, LevFin Insights
Emily Knickel: Managing Director – Head of Principal Investing, Barclays
Logan Nicholson: Managing Director, Portfolio Manager – Diversified Direct Lending, Blue Owl Capital
Ian Walker, J.D.: Head of Legal Innovation, Covenant Review
Jim Wolf: Managing Director, Co-Head of Private Credit, Brigade Capital Management

Private credit continues to grow and steal market share from banks, particularly in new refinancings. What does this mean for below-investment grade capital markets as a whole, and what are the opportunities and risks presented by the explosive growth within the asset class?

3:25 p.m. - The Trials and Travails of Telecom

Davis Hebert, CFA: Head of Telecom/Media, 草莓流氓视频
Anthony Canale, J.D.: Global Head of Research, Covenant Review

It has been a tough year for Telecom. We discuss key developments and our outlook for the sector and select credits.

4:10 p.m. - The LME and Bankruptcy Landscape and Outlook

Matt Zloto: Global Head of Leveraged Finance, 草莓流氓视频
Hon. James M. Peck: Former U.S. Bankruptcy Judge, SDNY: Chair of Cross-Border and Mediation Practices, Morrison & Foerster LLP
Paul Sheaffer: Partner in the Restructuring and Special Situations Group, PJT Partners
Ty Wallach: Managing Director & Chief Investment Officer of Credit, Atlas Merchant Capital

Our panel will discuss their observations on and outlook for Liability Management, out of court workouts, and bankruptcy as we head into 2024.