From Issuance to Workout: Opportunities and Risks in Times of Volatility

Earlier this week, the Reorg team hosted a live, in-person panel event in New York! The event, titled From Issuance to Workout: Opportunities and Risks in Times of Volatility, featured two panels covering the most topical items in the leveraged finance and distressed credit markets.

Following an introduction by Sarah Gefter, Reorg’s Managing Director – Americas Credit, the first panel took the stage.

This panel, moderated by Reorg’s SVP & Head of Research – HY, covered “Issuer Funding Trends in the Current Credit Climate” included the following experts:

• Chris Bonner | Head of Leveraged Capital Markets – Goldman Sachs
• Jane Lawrence | Portfolio Manager – Sound Point
• Michael Nechamkin | Chief Investment Officer – Octagon
• Brian Ziemer | Senior Vice President – Antares Capital

The conversation explored the following questions:

• What are the key factors causing a shift to unitranche issuance in the types of deals that are typically funded in the broadly syndicated loans and/or high-yield bond market?
• Is this a sustaining trend? If so, why? If not, what are key steps investors in BSL and/or bond markets are taking to claw back issuer business.
• And finally, what is the role syndicates are playing in the evolving financing structures, and how are they adapting?

The second panel covered “Distress in Times of Volatility” and was moderated by Adelene Lee, SVP & Managing Editor, Americas Core Credit, and included the following expert speakers:

• Ana Alfonso | Partner, Business Reorganization & Restructuring – Willkie Farr & Gallagher LLP
• Christopher Dunlop | Managing Director, Capital Markets – Houlihan Lokey
• Ari Lefkovits | Managing Director – Lazard
• Giac Picco | Managing Director – KKR
• Phil Saliba | Managing Director, Head of Restructuring Capital Markets – Deutsche Bank

Following a tumultuous year, the panel explored some of the most important questions restructuring professionals are facing in the current market:

• What impact has market volatility had on distressed companies’ options?
• Where are distressed debt funds deploying capital, and where are the sweet spots?
•  Is creditor-on-creditor violence set to continue? How has this changed market relationships and dynamics between lenders and borrowers? And are lenders more able to employ more restrictive covenant language?
• What are the long-term implications of bank bailouts on the market and distressed opportunities?

The content was followed by an open cocktail and networking reception, where the team was thrilled to connect more with our incredible roster of speakers, and clients from over 50 organizations!

Thank you to all of our event participants and attendees for making it an incredible evening of learning, connection, and fun!

If you’d like to stay in the loop on future Reorg events, please visit our Events & Webinars page. And if you’d like to learn more about Reorg, request a demo today.