Erin Lyons: Global Head of Business Strategy, CreditSights

Chris Snow, CFA: Global Head of Research, CreditSights

Winnie Cisar: Global Head of Strategy, CreditSights

Zachary Griffiths, CFA: Head of IG & Macro Strategy, CreditSights

• 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.

Chris Snow, CFA: Global Head of Research, CreditSights

Andy DeVries, CFA: Head of Investment Grade & Utilities, CreditSights

Zachary Griffiths, CFA: Head of IG & Macro Strategy, CreditSights

Pat Luby: Head of Municipal Strategy, CreditSights

• The 2024 election cycle has implications for Biden’s 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.

Jesse Rosenthal: Head of Banks, CreditSights

Simon Adamson: Head of Financials, CreditSights

Josh Esterov, CFA: Head of Insurance, CreditSights

Peter Simon, CFA: Head of Brokers and Regional Banks, CreditSights

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.

Winnie Cisar: Global Head of Strategy, CreditSights

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 ‘higher for longer’ regime.

Kai Gilkes, Ph. D.: Head of Quantitative Strategy, CreditSights

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 Products 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.

Eric Axon, CFA: Co-Head of High Yield, CreditSights

James Dunn: Head of Consumer Goods, Leisure, CreditSights

Chas Johnston, CFA: Head of Energy, CreditSights

Roger King: Head of Airlines, CreditSights

Wen Li, CFA: Head of Metals & Mining, CreditSights

• 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.

Davis Hebert, CFA: Head of Telecom/Media, CreditSights

Jordan Chalfin, CFA: Head of Technology, CreditSights

Andy Li, CFA: Senior Analyst, Technology, CreditSights

Hunter Martin, CFA: Head of Media/Cable, CreditSights

Erick Vega, CFA: Senior Analyst, Telecom Infrastructure, CreditSights

• 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.

Matt Woodruff, CFA: Head of Aerospace & Defense/ Transports, CreditSights

Andrew Brady: Head of Chemicals, CreditSights

Lauren Holland: Head of Paper & Packaging, CreditSights

Chas Johnston, CFA: Head of Energy, CreditSights

Wen Li, CFA: Head of Metals & Mining, CreditSights 

• 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.

James Goldstein, CFA: Head of Retail, CreditSights

David Bussey, CFA: Senior Analyst, Leisure, CreditSights

James Dunn: Head of Consumer Goods, Leisure, CreditSights

Todd Duvick, CFA: Head of Autos, CreditSights

• Looking For the Cracks: A relatively robust landscape for consumer spending is not without pockets of weakness. What’s 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 “leisure-for-life” 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… EVs are an interesting case study.

• That’ll Cost You: Some relief on commodity costs, but labor cost growth persists, and it increasingly feels like “Year of the Union” 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? Picking the winners/losers in credits.

Matt Zloto: Global Head of Leveraged Finance, CreditSights

We provide an update on the new developments at CreditSights and a roadmap for our LevFin products.

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’ll discuss topical issues such as maturity walls, M&A activity, and relative value.

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?

Davis Hebert, CFA: Head of Telecom/Media, CreditSights

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.

Matt Zloto: Global Head of Leveraged Finance, CreditSights

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.