Jacob has also held several strategy and distribution roles at Casey Quirk, Morgan Stanley, and City National Rochdale. Matt holds a BBA and MS degree from the University of Michigan. Prior to CBA, Julian esd with Deutsche Bank and Merrill Lynch covering the Asia Pacific region. Vidyasagar (Vid) Pulavarti Nicholas brings extensive experience in data strategy, data modernization and data governance, strategic change management, program management, and management consulting experience gained working with leading investment banks and financial services organizations. Albert received an MBA from Harvard Business School and a BA in Economics and Political Science from Columbia University. Leslie Mapondera is Partner, Credit at Apollo. Daniel graduated from MIT with a dual BS degree in Electrical Engineering and Management Science. Prior to joining the Firm, Nancy was Senior Managing Director at Countrywide Financial Corporation and President of Countrywide Alternative Asset Management. Michael Zicari This study limits the reporting of default rates to the 15-year time horizon. Loretta began her legal career in litigation, as an Associate at both Sullivan & Cromwell and Winston & Strawn. Stephanie Drescher is Partner and Chief Client and Product Development Officer at Apollo, and a member of the Firms Management Committee. On Nov. 16, 2015, we had withdrawn our ratings on the issuer at its request, less than a year after we first rated the company. At Sidley, he represented a variety of financial institutions in connection with all aspects of their businesses such as corporate transactions, securities offerings, regulatory and compliance, enforcement matters and employment matters. Randy Anderson On Oct. 17, 2019, Delaware-based automotive parts supplier Dura Automotive Systems LLC filed for Chapter 11. Prior to joining in 2016, Kristen spent 11 years at Credit Suisse, where her most recent role was COO of the Equity Derivatives Department covering Structured Products as well as Convertible Bonds in both the US and London. We believed the company was likely to miss its next interest payment on the facility due at end-June 2019, with default then imminent. Her beat encompassed mergers and acquisitions, initial public offerings, venture capital, private equity, restructuring and shareholder activism. Aaron Kless is Managing Director, Credit at Apollo, where he is responsible for non-sponsored middle market direct lending. Prior to joining in 2022, Anthony was with the Commonwealth Bank of Australia (CBA) where he was Executive General Manager of the Institutional Banks Global Markets and Credit Portfolio. Prior to joining in 2019, Seda was General Counsel, EMEA at Silver Lake. He also ran the Corporate, FIG and Government origination efforts in DCM, hybrid financing, Loan Syndication, Trust and Agency services, and a Private/Alternatives credit sleeve. Previously, he was an M&A and private funds associate in the New York offices of two international law firms. to 'SD' from 'CC' following the completion of the company's maturity extension on its 181.7 million unsecured notes to May 31, 2022, from May 31, 2019. Sections of the 1,224-km (760-mile) long pipelines, which run from Russia to Germany, lie at a depth of around 80-110 metres. Times. Heather graduated from Cornell University with a BS in Human Development and Family Studies and received her JD from Fordham University. He serves as the Chief Investment Officer for Apollo Investment Management, L.P., the President of Apollo Investment Corporation (NASDAQ: AINV), and holds leadership roles in the Firms Energy Credit and Aircraft Leasing businesses. Matthew Manin Benjamin Eppley Andy graduated with an MBA from Harvard Business School and graduated summa cum laude with a BS in Economics from the Wharton School of the University of Pennsylvania. On Nov. 29, 2019, S&P Global Ratings lowered its issuer credit rating on Chinese chemical products company Shandong Yuhuang Chemical Co. Ltd. to 'D' from 'CC' after the company failed to repay its RMB500 million onshore bond within a five-business-day imputed grace period. Anthony Civale is Co-Chief Operating Officer of Apollo and Lead Partner of Credit. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. Wealth Management. Zach Forman is Managing Director within the Global Wealth Management Solutions (GWMS) division in the Client and Product Solutions group at Apollo, where he is responsible for US Wealth Management Product Innovation, GWMS Sales and Strategic Wealth Management Partnerships. John joined Temasek in January 2017 as a Senior Managing Director. Partner, Credit in New York. Previously, he was an analyst in the Real Estate Investment Banking Group at Wachovia Securities, where he participated in advisory and financing assignments on behalf of private and public companies. Others are withdrawn because of a lack of cooperation, particularly when a company is experiencing financial difficulties and refuses to provide all the information needed to continue surveillance on the ratings, or at the entity's request. Roger Ferguson, Former TIAA CEO Note: Numbers in parentheses are weighted standard deviations, weighted by the issuer base. Such rating categories with smaller populations will experience high rating transition rates when even a small number of issuers are upgraded or downgraded. He also served on the boards of Demos, a New York-based think tank focused on social, political, and economic equity issues; the Golden State Opportunity Foundation, which works to provide financial security to low-income working people throughout California; and Just Homes, a faith-based affordable housing initiative based in Washington, DC. Given this track record, monitoring the trends of newly assigned ratings could prove useful in anticipating future default activity, based on the observation that years with high numbers of new 'B-' and lower ratings will likely be followed by increased default risk. Partner, Chief Operating Officer, Executive Office in New York. Joanna is a licensed attorney in New York and was a member of the Partnership for New York Citys 2018-2019 class of David Rockefeller Fellows. Patrick graduated with a BA in History from Wesleyan University and received his MBA from Columbia University. NEW YORK, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a Fund and, collectively, the Funds) have declared a monthly distribution for each Funds common shares as summarized below. Brad Livingston Executive Vice President of Insurance Operations, Athene, Insurance Operations (Athene) in West Des Moines. Managing Director, Credit in Hong Kong. In 1989, he became Morgan Stanleys first African-American Managing Director. John Suydam is Partner & Chief Legal Officer of Apollo. He began his career as a consultant with Ernst & Young. Partner, Chief Client & Product Development Officer, Client and Product Solutions in New York. Managing Director, Credit in Bethesda. Larry received his MBA from the Harvard Business School and graduated magna cum laude with a BS in Economics from the University of Pennsylvanias Wharton School of Business. Despite these increases, all regional quarterly default rates finished the year below their long-term averages--albeit marginally--except the emerging markets rate, which finished the year at 0.9%, above the long-term average of 0.75%. Historically, nonfinancial defaulters tend to have a much smoother and shorter path to default (see chart 12). She serves on the board of directors of Taos Ski Valley. Glenn Stevens Wilson serves on the board of directors of CSV Midstream Solutions, EP Energy, Jupiter Resources, Resource Energy, Wolfcamp DrillCo, and previously served as a director of American Petroleum Partners and Athlon Energy. Bill most recently served as Managing Director and Chairman of Investment Banking at Lazard, where he advised global corporations on corporate and financial matters, including leveraged buyouts and other M&A activity. Steven McElwain is Partner, Real Assets at Apollo. He leads an investment staff of more than 200 and oversees a portfolio valued at $318.1 billion as of February 28, 2022 . The new notes would include additional collateral that consists of certain intellectual property, including the Avianca brand, and stock representing the residual value after debt and other liabilities of the company's aircraft fleet, estimated at about $1 billion, which we believed could compensate creditors. This IFrame contains external resources. The analysis excludes public information ("pi") ratings and ratings based on the guarantee of another company or government entity. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges. We deem 'D', 'SD', and 'R' issuer ratings to be defaults for the purposes of this study. The rating was lowered after the issuer completed its offer to exchange its partial cash pay (6% cash and 8% PIK) senior unsecured notes due in 2024 (old debt) for new $259.2 million senior unsecured notes (100% PIK) due in 2023. A sharp depreciation of the currency and a spike in interest rates had led to a deeper, prolonged recession, higher inflation, and more stressed debt and financing dynamics. Of the 118 defaults in 2019, 94 were from companies rated as of the beginning of the year. Prior to joining in 2015, Mike was Managing Director and Senior Product Strategist for US Corporate Credit at Napier Park Global Capital. Despite a slight increase in the proportion of downgrades during the year, the number of large rating changes (which we define as those of more than six notches) declined in 2019. On Nov. 19, 2019, upon completion of the exchange offer for the first-lien term loan, S&P Global Ratings raised the issuer credit rating on the company to 'CCC' from 'SD'. Donna is a graduate of Kingston University with a Postgraduate Degree in Human Resources. Jon Fortt is co-anchor of CNBC's "Squawk Alley" (M-F, 11AM-12PM ET) broadcast live from the New York Stock Exchange. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. Partner, Real Estate in New York. Managing Director, Legal, Compliance & Tax in New York. Tyler Feld is Managing Director, Credit at Apollo, where he is responsible for credit underwriting and fundamental credit analysis in the Private Fixed Income Portfolio. Prior to joining in 2006, Robert was with GSC Group, where he focused on distressed for control assets. Three others (telecommunications, health care/chemicals, and high tech/computers/office equipment), in addition to consumer services and energy, had default rates in 2019 that exceeded their long-term averages. He is a Trustee Emeritus of Tufts University, a member of the Board of Advisors of the Fletcher School of Law & Diplomacy and serves on the Board of Trustees of the Monmouth Medical Center. In 2011, Raphael moved to Citigroup where he covered insurance companies and pension funds as a Director in Fixed Income Solutions Sales. Register now to access exclusive content, events, tools, and more. Prior to joining Athene, Grant was a senior executive of Barclays Capital. Prior to joining in 2019, Leslie was Head of Financial Institutions Portfolio at Qatar Investment Authority (QIA) and also served as Head of Investment Execution and Head of Mergers & Acquisitions. John Hillman is Partner, Private Equity at Apollo, where he is responsible for Insurance Alternative Product. Prior to joining Goldman Sachs, Gareth was with Lehman Brothers and before that, worked for Salomon Brothers and RBC Dominion Securities. CIO, New York States Common Retirement Fund. Previously, he was Senior Vice President in the Global Real Estate Group at Lehman Brothers. Prior to joining Apollo in 2019, Dylan spent 14 years at AMP Capital in London and New York, where he served as Partner and Head of Americas. In Europe, by contrast, the share of speculative-grade ratings remains in the minority. The rating was lowered after the issuer missed interest payments of 8.8 million on its 250 million senior unsecured notes and 5.8 million on its 333 million senior secured notes. Its institutional business serves more than 1,600 clients, including many of the worlds largest sovereign wealth funds and central banks. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. He holds a CPA (dormant) and Series 7 and 63 licenses. Others were let go before management realized that their work and experience may be necessary to build the new features Musk envisions, the report said citing people familiar with the moves. Veena Isaac Subsequently, on Aug. 6, 2019, we lowered the rating to 'B-', owing to greater-than-expected cash outflows, and then, on Nov. 22, we lowered the rating to 'CCC' upon the company's hiring of external advisers to evaluate opportunities for changes to its capital structure. Olga Kosters Sustainability is an integral part of our business and value system. He also held senior roles at YES (Yankees Entertainment and Sports) Network, GlobalCenter, Inc. and Tele-Communications, Inc., which later merged with AT&T to form AT&T Broadband. Adriaan van der Knapp These weights are based on each cohort's rating level's contribution to the 39-year total issuer base for each rating level. Broadly speaking, the average and median times to default for each rating category are longer when based on the initial rating than when based on subsequent ratings, particularly for speculative-grade ratings. Managing Director, Credit in New York. An industry veteran with over 20 years experience, Cory previously served as National Sales Advisor for Cole Capital, and worked as an external wholesaler with Transamerica Capital, Grubb & Ellis, and Franklin Square. Prior to joining the predecessor firm, Steven worked for Equitable Investment Services where he managed corporate bond portfolios, a small equity portfolio, and served as a member of the commercial loan committee. Each static pool can be interpreted as a buy-and-hold portfolio. Defaults are much less frequent for financial services companies than for nonfinancials, which can allow outliers to bias the averages. Prior to joining in 2015, James was Vice President and Head of Origination at Southfield Capital, and a member of the Investment Banking Division at Barclays Capital before that. Brooke Sorensen Mr. Rubenstein is the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS and Bloomberg Wealth with David Rubenstein on Bloomberg TV; and the author of The American Story: Conversations with Master Historians, a book published by Simon & Schuster in October 2019, How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers, a book published by Simon & Schuster in September 2020, and The American Experiment: Dialogues on a Dream, a book published by Simon & Schuster in September 2021. The Kynikos Capital Partners, Kynikos Global Capital Partners Ursus, Kriticos, and Kynikos Opportunity funds seek to profit from the unusually high alphas found on the long and short side of the U.S. and non-U.S. equity markets. Hong Kong Authorisation: The Company and certain of its Funds are authorised by the Securities and Futures Commission in The speculative-grade default rate rose in the U.S. (to 3.1%), Europe (2.2%), and emerging markets (1.8%) but fell in other developed countries (1.3%). Tracey Gamble is Managing Director, Real Assets in the Real Estate Private Equity Group at Apollo, where she is primarily responsible for asset management of the Firms US real estate investments and is also involved in the diligence and execution of acquisitions. Andrew Berg is Managing Director, Credit at Apollo, where he is responsible for growth strategies within the opportunistic business specifically focused on the Hybrid Value Fund, Infrastructure Equity and Debt, and various Asia growth initiatives. He began his career as an investment banking analyst at JP Morgan. In emerging markets, the speculative-grade default rate rose to 1.8% (from 1.4%), and in the other developed region, it fell to 1.3% (from 3.3%) (see table 7 and chart 21). And throughout most of the year, the U.S. accounted for the vast majority of this debt. James joined Apollo in 2015 as the Deputy General Counsel for Credit. Albert Kim is Managing Director, Real Assets at Apollo, where he is a member of Apollo Global Real Estate's North America investment team. Default Rate To 10%, March 19, 2020, U.S. Recovery Study: Distressed Exchanges Have Boosted Recent Bond Recoveries, Dec. 12, 2019. Before that, he served as Associate Counsel to the President at the White House, as a litigator at Williams & Connolly LLP, and as a law clerk on the Third Circuit U.S. Court of Appeals. Prior to joining in 2013, Robert was Director in the Investment Banking Division of Barclays Bank, and Senior Vice President in the Finance Group at Lehman Brothers before that. She is also a graduate of AAJAs Executive Leadership Program. Samuele Cappelletti Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013, and he was inducted into the Fixed Income Analysts Society Hall of Fame in 2019. Previously, Mark served in various credit and management-related roles with National City Bank and Fifth Third Bank. After the initial public offering, shares are sold on the open market through a stock exchange. Transition rates compare issuer credit ratings at the beginning of a period with ratings at the end of the period. He is also a member of the Management Committee and serves on the board of directors of Athene Holdings, Athora, Tranquilidade, BKB Bank and Catalina Holdings. Trends in the one-year Gini ratio emerge during periods of both high and low default rates, which reflects the natural relationship between the two extremes. Prior to joining the Firm in 2022, Anastasia was Partner in the Real Estate & Construction Services group at BDO USA, and Managing Director in the Real Estate practice at Deloitte & Touche before that. Michele graduated from Bocconi University where he earned both his BA in Financial Institutions and Markets and his MSc in Finance. Other sectors, such as the consumer services sector, have had more frequent default cycles, both during and between economic cycles. Parametric partners with advisors, institutions, and consultants to build portfolios focused on whats important to them and their clients. Millions of people rely on us to manage their money and invest for their future; together they entrust us with $598/572/492 billion. Prior to joining in 2016, Brad was with GE Energy Financial Services, where he was Vice President responsible for originating, executing and managing strategic, global infrastructure investments in power, renewables, and oil & gas assets across the capital structure. Our senior leadership team has been with the firm for an average of 25 years. Trump has another rally tonight in another vital battleground, Ohio, while Biden will retreat to safer political ground in Maryland. Prior to joining Apollo, Dave founded 21C Impact, an advisory firm dedicated to delivering a differentiated impact on business results with a focus on ESG and corporate sustainability initiatives. Mr. Huang joined Apollo in 2022 as a Managing Director. She graduated summa cum laude from the University of Pennsylvania with a BS in Economics and a BAS in Systems Engineering. He frequently appears in the media and has published numerous journal articles and reviews on economics and policy analysis, including in the Journal of International Economics, Journal of International Money and Finance, and The Econometric Journal. Isabelle Gold is Managing Director & Senior Compliance Officer at Apollo. Prior to joining in 2011, David was a credit analyst on the Credit Sales and Trading team at Macquarie Capital, where he focused on Healthcare, Cable/Satellite, and Infrastructure. For example, the leisure and media sector has a much higher proportion of speculative-grade ratings than the financial institutions or insurance sectors (see chart 20). Prior to joining in 2021, Gemma was the Americas Head of Executive Talent Acquisition at BlackRock. Steve Martinez Raphael received his Master in Finance and Operations Management from HHL Leipzig Graduate School of Management and his Bachelor in Economics and Finance from Berlin School of Economics. In each case, she primarily advised U.S. registered investment companies, their investment advisers and boards of directors on various matters under the Investment Company Act of 1940. Tiffany Gallo Prior to joining AISG, Laura was the West Coast Director, Human Resources for Conde Nast Publications. Partner, Credit in London. Mary Callahan Erdoes is Chief Executive Officer of J.P. Morgan's Asset & Wealth Management division, a global leader in investment management and private banking, with $2.8 trillion in client assets. He is also a member of the Firms Management Committee. He began his career in commercial lending, eventually serving as Vice Ppresident of an Iowa-based bank managing their commercial and agricultural lending activities. Managing Director, Finance in New York. Managing Director, Global Technology in New York. Erika graduated from Babson College and earned her MPA from Columbia University. The company also announced an exchange offer proposal on its $550 million senior unsecured notes due May 2020 that, in our view, would not constitute a distressed exchange because the offer considers a par-value exchange with a higher interest rate and collateral promising equal or more value than the original notes, despite an extended maturity. This marked the company's second bankruptcy filing in two years, with the previous filing in April 2017 and subsequent emergence in August 2017. Randy I. Anderson, Ph.D., CRE is Partner, Real Assets at Apollo, where he serves as Portfolio Manager of Apollo Diversified Real Estate Fund. Prior to CNBC, Eisen was co-anchor of Bloomberg Surveillance as well as a correspondent for Bloomberg Television, where she covered global macroeconomics, policy and business. Managing Director, Real Estate in New York. Orlando Bravo is the Founder and Managing Partner of Thoma Bravo. Subsequently, on Sept. 5, 2019, we lowered the rating to 'CCC+', and on Nov. 22, 2019, we lowered the rating to 'CC'. Lawrence has spent nearly 20 years in various operations leadership positions at Goldman, Sachs managing global functional organizations in Securities, Derivatives, Bank Debt, Mortgage Origination and Securitization and other Alternative Investments based in New York, India and Japan. Prior to joining Apollo in 2019, Andrew was with BlackRock serving in various roles including Co-Head of the Alternative Solutions Group, Head of EMEA Corporate Strategy and Corporate Development, and Managing Director in the Americas corporate strategy and corporate development team. Steven Faas is Partner, Private Equity and Operating Partner of Technology at Apollo. Partner, Private Equity in Mumbai. Robert is a Certified Public Accountant and earned an MS in Finance from Saint Josephs University and a BS in Accounting from the University of Delaware. Mr. Peltz is Honorary Co-Chairman of the Board of Trustees and Chairman of the Board of Governors of the Simon Wiesenthal Center. Working his way to the top of the company, Governor Youngkin played a key role in building Carlyle into one of the leading investment firms in the world. Over the 39 years this study covers, 70.7% of financial entities were initially rated investment grade, compared with only 30% of nonfinancial companies. Daniel Flynn Tetsuji Okamoto is Partner, Private Equity and Head of Japan at Apollo. Before that, he was Managing Principal at Aon Hewitt, leading the International Consulting practice. He is a graduate of the Wharton School at the University of Pennsylvania with a BS in Economics and he received his MBA from Harvard Business School. Prior to joining in 2021, James was Managing Director in the Alternative Asset Management division of Blackstone. Partner, Head of Infrastructure, Infrastructure in El Segundo. In addition, he was a founder of the Financial Institutions Solutions team.