2014 Outlook: Closed-End Fund Leverage
Wednesday, January 8, 2014, 11:00 AM ET
4:00 PM LONDON | 5:00 PM PARIS | 6:00 PM ATHENS | 11:00 PM HONG KONG
DURATION: 40 MINUTES FOLLOWED BY Q&A SESSION
LISTEN TO OUR EXPERT PRESENTERS LIVE FROM YOUR OWN DESK
Fitch Ratings maintains a Stable 2014 long-term rating outlook on $27.3 billion of notes and preferred shares issued by U.S. leveraged closed-end funds (CEFs) and rated by Fitch.
Funds enter the 2014 year with an average 39% effective leverage ratio for municipal CEFs and an average 27% effective leverage ratio for taxable CEFs. Portfolio managers gear the leverage subject to operating limits in place (both regulatory and investor mandated) and to past experience and future expectations for asset price volatility.
Approximately $26.4 billion of debt (or 66% of total) will need to be refinanced by taxable CEFs in 2014 due to high reliance on short-term bank funding. The amount is $18 billion (or 54% of total) for municipal CEFs, which rely more on term leverage.
Senior Director, Fund & Asset Manager Rating Group
Ian Rasmussen is the U.S. head of Fitch's Fund and Asset Manager Group, overseeing ratings assigned to money market funds, closed-end funds, local government investment pools and asset managers.
From 2003 to 2008, Ian worked in Fitch's credit policy group, where he supported the corporate, municipal, and structured finance rating groups and conducted research on credit default swaps and structured finance.
Ian earned a BS in finance from Southern Utah University and an MBA in finance from Fordham University Graduate School of Business.
Yuriy Layvand, CFA
Director, Fund & Asset Manager Rating Group
Yuriy Layvand is a director in Fitch Ratings' Fund and Asset Manager Group.
His primary areas of expertise are closed-end funds and money market funds.
Yuriy has primary analytical responsibilities on over 60 funds, helping develop and improve fund rating criteria and publish fund-specific as well as market-wide research. Before joining Fitch, Yuriy was a senior at Ernst & Young's asset management practice performing advisory and assurance services on hedge funds, private equity funds and asset managers.
Yuriy became a CFA charterholder in September of 2010, earned his MBA degree in Finance & Investments at Baruch College in May of 2008, and obtained his CPA license in the state of New York in May of 2005.
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Fitch Ratings webinar is organized by Capital Link, a New York-based Investor Relations and Financial Communications firm.
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This webinar will also be available on demand at any time after the live broadcast.
Who Should Attend?
Broker-Dealers - Certified Financial Planners - Certified Trust and Financial Advisors - Closed-End Funds Issuers - Financial Advisors - Financial Media - Financial Planners - Hedge Fund Managers - Institutional Investors - Investment Consultants - Pension Fund Managers - Prime Brokers - Private Bankers
About Capital Link, Inc.
Capital Link is a New York-based investor relations and financial communications firm, which, among other activities, maintains a strategic focus on closed-end funds and ETFs.
Capital Link has developed specific investor outreach programs and IR tools focused on CEFs and ETFs in order to enhance their profiles among analysts, investors, and financial media.
In pursuit of this objective, Capital Link maintains websites dedicated to CEFs (www.CEFForum.com) and ETFs (www.ETFForum.com) that track the news and developments of all U.S. listed CEFs and ETFs, providing investors with a free information resource on these topics. The 13th Annual Closed-End Funds & Global ETFs Forum (www.CapitalLinkForum.com), considered a premier industry annual event, will take place in New York City on April 24, 2014, bringing together investors, analysts, wealth management professionals, and CEF and ETF industry participants. Capital Link also offers the "Closed-End Funds & Global ETFs Webinar Series (www.CapitalLinkWebinars.com)," an online interactive platform that is on CEFs, ETFs, and other pertinent industry topics. Open to the public, these virtual events provide an in-depth look into the CEF & ETF industry, and ground issues and timely topics in the context of the global economy, fostering a better understanding among participants.
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