Partner, Credit in New York. Shundrawn serves as a member of the Board of Directors at Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer and as a trustee for the Financial Accounting Foundation. Partner, Private Equity in New York. 1983. In 2019, 78% of newly assigned issuer credit ratings globally were speculative grade. Prior to that, Matt was a Managing Director at Angelo Gordon and a Principal at Walton Street Capital. Moderator: Leslie Picker, CNBC Finance & Investing Reporter, Glenn Youngkin, Governor (R) Virginia The downgrade followed bondholders' acceptance of the company's exchange offer of 69.95% and 98.10% of the original 2019 and 2021 bonds, respectively, on May 21, 2019. He holds a Financial Industry Regulatory Authority (FINRA) Series 7 designation and previously served as a board member and audit committee Chairman of AIG Global Services enterprise group. In contrast, the average time to default among entities initially rated speculative grade was 5.2 years, with an associated standard deviation of 5.5 years. Prior to joining AISG, Troy served in a variety of senior roles for alternative asset managers including Coast Asset Management. Brooke graduated from Emory Universitys Goizueta Business School, with a BBA in Finance and Operations Management. Suresh Maramreddy is Managing Director, Real Assets at Apollo and is responsible for sourcing, underwriting, executing, and managing real estate investment transactions in India. Founder & Managing Partner, Chanos & Company. A ratio of 1% would indicate that the percentages of upgrades and downgrades were equal. Prior to joining CNBC in February 2001, Quick covered various beats for The Wall Street Journal, including retail, e-commerce and the Internet. On average, there is a negative correlation between the initial rating on a firm and its time to default, if a default occurs. Zanvi Patel in International Studies. Her prior work experience includes being a founding member of CreditEase Global Fintech Investment Fund with focus on enterprise financial technology across key financial verticals and managing positions in the Financial Institutions Group at Standard Chartered and Barclays and has worked extensively across Asia and the US. Ms. Berger is a member of the Board of Trustees of The Spence School in New York. Xuan Tran Of the 118 corporate defaults in 2019, the majority (78) were from companies in the U.S. and associated tax havens (Bermuda and the Cayman Islands). Mickey Brennan Earlier, on Sept. 11, 2019, we had lowered our issuer credit rating on the company to 'CCC' from 'B+' owing to increased risk of a distressed exchange. Mathisen was also host of the CNBC series "How I Made My Millions." Prior to joining Apollo in 2010, he was a member of the Investment Banking group at Morgan Stanley. Madhura Shah Tiffany Theriault is Managing Director, Real Assets at Apollo. To compute one-year rating transition rates by rating category, we compared the rating on each entity at the end of a particular year with the rating at the beginning of the same year. Jess graduated magna cum laude from Washington and Lee University with a BS degree in Business Administration and Accounting. The distributions are payable on November 1, 2022 to shareholders of record on October 13, 2022, with an ex-dividend date of October 12, 2022. Managing Director, Deputy Head of Sustainable Finance, Co-Founder, Chief Executive Officer, Chief Investment Officer, Athene, Partner, Co-Head of Institutional Client & Product Solutions, Partner, Credit & Co-Head of Opportunistic Credit, Executive Vice President of Pension Risk Transfer & Flow Reinsurance, Athene, Executive Vice President of Human Resources, Athene, Executive Vice President of Corporate Development, Athene, Managing Director, Chief Operating Officer, Executive Vice President & Chief Actuary, Athene, Partner, Chief Client & Product Development Officer, Executive Vice President & Chief Information Officer, Athene, Partner, Credit & Co-Head of Private Fixed Income, Executive Vice President & General Counsel, Athene, Executive Vice President & Head of Retail, Athene, Managing Director, Global Head of Investor Relations, Executive Vice President & Chief Financial Officer, Athene, President, Athene Holding Ltd. and Chief Executive Officer, Managing Director & Chief Compliance Officer, Partner, Global Head of the Financial Institutions Group, Data & Digital Transformation Operating Partner, Partner, Head of Asia-Pacific & Co-Head of Hybrid Value, Partner, Head of Sustainable Finance, Co-Head of Global Corporate Credit, Executive Vice President & Chief Risk Officer, Athene, Partner, Global Head of Talent Development, Partner, Global Head of Corporate Communications, Managing Director, Global Head of Leadership Development & Diversity, Executive Vice President of Insurance Operations, Athene. Partner, Legal, Compliance & Tax in New York. FSM Risk Rating: 4 - Moderately Low Risk. John moved into his last role as Co-Chairman of Global M&A in 2015. Anastasia resides in Connecticut with her husband and 3-year-old daughter Ella. Christopher Hojlo NEW YORK, Oct. 03, 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. He joined Apollo in 2009 and has played a key role in building and internalizing the Risk infrastructure, in standing up the variable annuity business of Apollo. In addition, Mui reported on major international stories, including the Greek financial crisis and Brexit, as well as national disasters such as the BP oil spill and Hurricane Katrina. Prior to joining in 2015, Martin was with Genworth Financial, most recently served as Executive Vice President & Chief Financial Officer, and also served as Genworths Acting President & Chief Executive Officer. He is a CFA Charterholder. We use rating modifiers (plus and minus signs) to calculate upgrade and downgrade percentages, as well as the magnitude of rating changes, throughout this study. Interviewer: Joe Kernen, CNBC Squawk Box Co-Anchor. Robert Ruberton Partner, Private Equity in New York. Prior to joining Apollo in 2020, Andrew was Principal at AMP Capital and served on the board of directors of Everstream, Expedient and Millennium Garages. Prior to joining the Firm, Matthew was Managing Director at Claren Road Asset Management. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. Antoine also serves on the Board of Governors of The Thirst Project, a charitable organization that builds freshwater wells in developing nations. In 2019 Ms. Burton received the Industry Innovation Award for Its Gini coefficient--which is a summary statistic of the Lorenz curve--would thus be zero. Robert Givone is Partner and Co-Headof Opportunistic Credit at Apollo. Prior to joining in 2012, David spent eight years at Stone Tower Capital where he was a portfolio manager and a member of the Fixed Income Investment Committee as well as a senior analyst leading Stone Towers investments in the cable, telecommunications and broadcasting sectors. Gary also serves as President and CEO of Merx, a portfolio company of Apollo Investment Corporation, and has more than 25 years of aviation finance experience. As has been the case for an extended period, the leisure time/media sector has by far the highest proportion of speculative-grade ratings, with 83% of its issuers in this rating category in 2019. As an example, the standard deviation applied to the seven-year weighted average global Gini ratio in table 2 (5.35%) was calculated from the time series of all available seven-year Gini ratios by cohort. Gaurav Pant The sale comes after a failed bid this year to restart production at the site and as Exxon culls poor performing businesses. PIMCO Funds: Global Investors Series plc is an umbrella type open-ended investment company with variable capital and is incorporated with limited liability under the laws of Ireland with registered number 276928. However, even when we limit the pool of new issuers to those that have never been rated before, speculative-grade issuers still account for 74% of the total. Orlando Bravo, Thoma Bravo Founder & Managing Partner The company had been experiencing production shortfalls, which, combined with a challenging commodity price environment and a capital market that was highly constrained for energy companies, ultimately led to the bankruptcy filing. Vishal Sheth Managing Director, Credit in London. MOSCOW (Reuters) -Russia's largest lender, Sberbank, is suing global commodities trader Glencore for around 117 million euros ($116 million) over unpaid oil supplies, the bank said on Monday and court records from the database of Moscow's Arbitration Court showed. Before joining in 2015, Robert was Senior Research Analyst within the Distressed Credit Opportunity Group at Davidson Kempner. Aaron graduated with distinction from Pennsylvania State University with a BS degree in Finance and a minor in Real Estate. Adeyemo also served as a Senior Advisor at the Center for Strategic and International Studies and at BlackRock. Itai is a member of the board for American Express Global Business Travel and Qdoba Restaurants and previously served on the boards of directors of McGraw Hill, Smart & Final, Smart Foodservice, The Fresh Market and Jacuzzi Brands. Earlier, on Oct. 31, 2019, we had lowered our issuer credit rating on the company to 'CC' from 'CCC+' after the company announced a proposed exchange offer for its unsecured notes due 2022, offering to exchange the existing 2022 notes for a mix of new senior secured and senior unsecured notes of longer tenor. He is a member of the Board of Associates of the Robert Day School of Economics and Finance at Claremont McKenna College. Partner, Strategy in New York. The regions covered in this study are: Static pool methodology. Prior to joining in 2011, Bogdan was with Credit Suisse in the Investment Banking Division. Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Previously, he was CEO of Jinghui Capital, Executive Director of Tianli Holdings Group, Managing Director of Barclays Capital, and Executive Managing Director of Och-Ziff Asia Real Estate. Veena is a member of the Equity Secondaries Investment Committee. For example, 389 defaults were recorded in the five-year pool that began in January 2015, of which 382 were rated speculative grade on Jan. 1, 2015. Managing Director, Credit in New York. Michael Perloff is Managing Director, Human Capital at Apollo, where he is responsible for compensation, benefits, carried interest plans, payroll, and budget / forecasting. Julia Roberts is Managing Director, Client and Product Solutions at Apollo, where she is responsible for fundraising and managing investor relationships for the Firms FIG platforms and businesses, and previously was a product specialist for the Firms private equity and natural resources businesses. Many other sectors had default rates slightly above their long-term averages as well (see table 19). With the default rate remaining low, risk tolerance among lenders has generally increased, and the share of newly assigned issuer credit ratings that are speculative grade has been rising. In 2011, Raphael moved to Citigroup where he covered insurance companies and pension funds as a Director in Fixed Income Solutions Sales. Mr. Peltz serves as the non-executive Chairman of The Wendys Company. 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%. She has also held positions at Bain & Company, DHL Worldwide and Verisign, driving growth through various consumer transformation, customer strategy and customer acquisition programs. Ying Ying Chew Vittorio has 25 years of industry experience across a variety of senior investment, advisory and capital formation roles with QIC, SteelRiver Infrastructure, Babcock & Brown and DEPFA Bank. Nick W Kraemer, FRM, New York(1) 212-438-1698; Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai, Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai, Canada, APAC, United States of America, APAC, EMEA, Latin America. She oversees the Client and Product Solutions Group (CPS), which includes Institutional Client & Product Solutions (ICPS) and Global Wealth Management Solutions (GWMS), which seeks to expand Apollos investment offerings to an increasingly broad base of individual investors through a variety of global wealth management channels. Billy graduated with high honors from Carnegie Mellon University with a Finance concentration. 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. There were no downgrades among the eight 'AAA' rated companies in 2019. 2001 2008. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Managing Director, Real Estate in New York. Tetsuji Okamoto is Partner, Private Equity and Head of Japan at Apollo. On July 23, 2019, S&P Global Ratings lowered its issuer credit rating on City of Commerce, Calif.-based food products retailer 99 Cents Only Stores LLC to 'SD' from 'CC' as the company executed an exchange of its second-lien term loan and secured notes facilities (both unrated) for its common and preferred equity. Previously he was on the board of Directors of Checkfree, Sagent, Defi, REIS, Marketcore, and Level 8. Prior to joining MetLife, and an investment banker at Donaldson, Lufkin & Jenrette before that. Earlier, on Jan. 14, 2019, we had raised our issuer credit rating on the company to 'CCC' from 'SD' to reflect the risk of a conventional default, based on the risk of losing access to a revolving credit facility. Benjamin graduated from Yale University with a BA in English. Managing Director, Client and Product Solutions in New York. Mr. Peltz was recognized by The National Association of Corporate Directors in 2010, 2011 and 2012 as among the most influential people in the global corporate governance arena. Partner, Head of Asia-Pacific & Co-Head of Hybrid Value, Hybrid Value in Singapore. Bradley Liff is Managing Director, Corporate Credit at Apollo and is responsible for retail investments across performing and opportunistic credit. Regina Piscazzi is Managing Director, Finance at Apollo, which she joined in 2017 as Head of Internal Audit. In contrast, table 21 reports transition-to-default rates using the static pool methodology, which calculates movements to default from the beginning of each static pool year. Previously, Danielle was with AIG Global Investment Group in the Private Equity Funds Group where she invested balance sheet and pension money into private equity. He is the chair of the 300 Club and co-chair of the Milken Global Capital Markets Committee. She also earned a masters in journalism from Columbia University, graduating with honors, and an MBA from New York Universitys Stern School of Business, with a concentration in finance. On Oct. 15, 2019, S&P Global Ratings lowered its issuer credit rating on Indian microirrigation company Jain Irrigation Systems Ltd. to 'SD' from 'CCC' after the company missed certain principal payments under its working capital facilities. Jeffrey Arek Prior to joining The Rockefeller University in August 2021, Ms. Volent served as Chief Investment Officer and Senior Vice President at Bowdoin College, a private, residential college in Brunswick, Maine, where she was responsible for the oversight and management of the Colleges endowment. The distributions are payable on November 1, 2022 to shareholders of record on October 13, 2022, with an ex Prior to joining Citigroup, Seda was a corporate associate at the New York and London offices of Cravath, Swaine & Moore LLP. Before that, he was Director with the PricewaterhouseCoopers Cyber Security Practice, helping multiple companies in many industries establish Cyber Security capabilities, and leading crisis/incident response engagements. Previously, she worked at Barclays as an analyst in the Investment Banking Real Estate Group. He serves as Chairman of the Board for Lumileds and is a member of the board of managers of Verallia. The latest financial penalties target South African entities, including one cell leader, Farhad Hoomer, accused of expressing the will and intent to attack the interests of the United States," the Treasury Department said in a statement. Partner, Private Equity in New York. Gary Albelli For example, of the 225 companies that defaulted within 12 months of having been rated, 208 (or 92.4%) were originally in the 'B' or 'CCC'/'C' categories. Most recently, Stephanie joined iCapitals Board of Observers. John graduated from Dartmouth with a BA in Economics and holds a CFA. Anthony Hermann Bradley holds a BS in Economics from Yale University. Philip Mintz is Partner, Real Assets of Apollo, and serves as Chief Investment Officer of the Firms US and Asia Real Estate Equity business. PIMCO Funds: PIMCO Government Money Market Fund. Managing Director, Finance in New York. At times, however, some of these subsidiaries might not yet have been covered by a parent's guarantee, or the relationship that combines the default risk of parent and subsidiary might have come to an end or might not have begun. Saudi sprinter, Yasmeen Al-Dabbagh holds on to her title as Saudi Arabia's fastest woman, as she wins the Gold Medal in the 100 meter sprint at the Saudi Games. Shahriar Azizpour is Managing Director, Credit at Apollo. PIMCO Corporate & Income Opportunity Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III. Justin Korval is Partner, Hybrid Value at Apollo and served on the Global Illiquid Credit Investment Committee. Gregory earned a Bachelors degree in Accounting and Finance from the University of Vermont and is a Certified Public Accountant. The Fund would also enter into one or more interest rate swap agreementson the same underlying instrument, but take the opposite position (i.e., inthis example, the Fund would make regular payments equal to a fixedinterest rate in return for receiving payments equal to a floating interestrate) with respect to a contract whereby the payment obligations do notcommence until a date following the commencement of the initial leg (theforward leg). With over 25 years of investment experience, Ed previously held senior positions at Fortress Management Group, Deutsche Bank Canada and TD Securities. John DeRosa is Managing Director, Finance at Apollo. Benjamin also oversees sourcing and arranging financings for Apollos European Principal Finance Funds and core-plus strategy. Vivender earned a BS and Masters of Computer Applications from universities in India. Prior to joining in 2011, Christopher was President of Distribution and Marketing for the Genworth Financial life insurance companies, where he oversaw a diverse, multi-channel sales and marketing organization. She is also a former board member and Chairman of the Investment Committee for VTCs parent company, Mission Square Retirement Corporation (formerly ICMA Retirement Corporation), a provider of retirement services with over $50 billion under management and administration. Over the past two decades, Citadel Securities has advocated for and created more open, transparent, competitive and resilient markets, both in the US and abroad. Allianz published the 13th edition of its Global Wealth Report, which puts the asset and debt situation of households in almost 60 countries under the microscope. She served on the Whitney Museum of Art Young Artists Council and as a member of the board of directors of the FPWA. Prior to joining Apollo in 2015, Maurice was Managing Director - Portfolio Manager for the Real Estate, Life Sciences and Asset Based groups at MidCap for over six years. Prior to joining Apollo in 2021, Vivender was with Goldman Sachs, where he worked most recently as Managing Director, Global Head of Digital in the Asset Management Division.