Institute Chairman Mike Milken moderates our annual discussion on the state of the credit markets, joining a panel of seasoned investors. The future model of the $10-trillion housing finance market is unclear as Congress debates plans to wind down Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC). What are the tradeoffs involved in denationalization, and what opportunities would it present for investors? Washington is also taking increased interest in the role of so-called non-bank-banks, which provide capital access for small and medium businesses. What’s the outlook for business-development companies and vehicles such as collateralized loan obligations in view of the Dodd-Frank financial overhaul? Is corporate debt overvalued, having reached the largest share of the U.S. bond market ever? The high-yield market–which has doubled in size over the past five years and is now at $2 trillion–has provided remarkable returns since the crisis, but do we face a reckoning? And are U.S. investors turning to Europe’s fast-growing high-yield market for opportunities? What niche areas of the credit markets are investors exploring in the search for yield?
Also see: Canyon Capital Has Strong February With Gains On I-Bank Liquidation
Speakers:
Mark Attanasio, Co-Founder and Managing Partner, Crescent Capital Group LP
Richard Cantor, Chief Risk Officer, Moody’s Corporation; Chief Credit Officer, Moody’s Investors Service
Joshua Friedman , Co-Founder, Co-Chairman and Co-CEO, Canyon Partners, LLC
Marc Rowan , Co-Founder and Senior Managing Director, Apollo Global Management LLC (NYSE:APO)
Steven Tananbaum , Managing Partner and Chief Investment Officer, GoldenTree Asset Management LP
David Warren, CEO, DW Investment Management, LP; Chief Investment Officer, Brevan Howard Credit Funds
Moderator:
Michael Milken, Chairman, Milken Institute
