Corporate Press Release
Credit Suisse Hosts Credit Client Conference: Investor Sentiment Cautious Going Into Year End
New York, October 10, 2012 On October 3 – 5, Credit Suisse hosted the 2012 Global Credit Conference in Miami, Florida and found that overall, investor sentiment seemed cautious going into the end of the year.
In a new survey conducted by the Credit Strategy team at the conference, which was attended by around 650 issuers and investors, 48% of investors identified the Fiscal Cliff as their biggest macro concern for Q4 2012. 21% said corporate earnings were the biggest concern, while only 7% responded with the regulatory environment and 5% with China.
The conference brought together experts to discuss the future of the industry and debate issues including the regulatory environment and ongoing uncertainty in Europe. Keynote speakers included: Credit Suisse CEO Brady Dougan, The Rt Hon Sir John Major KG CH and The Honorable Paul A. Volcker.
Phil DeSantis, Co-Head of Global Credit Products, said, “This conference underscores our ongoing commitment to clients and leverages thought-leaders from across the Bank in an effort to help clients navigate today’s challenging environment.”
Eraj Shirvani, Co-Head of Global Credit Products, added, “We are very proud of our client franchise and are dedicated to remaining integral to clients, independent of market environment.”
In addition, the survey found that 46% of investors had strong outlooks for Q4 HY cash return, with returns of +1 to +3 %, while only 24% had strong outlooks for 2013 HY cash return, defining strong as returns of +6 to +8%. For the 2013 HY cash return outlook, almost half of respondents expected returns of +4 to +6% and 22% of investors responded that returns would be weak (between +2 - +4%.) When asked what the largest impact on the secondary markets will be in the next 12 months, half of the respondents identified that dealer inventory will have the largest impact, while 22% said ETFs. In addition, 60% of investors cited a lack of US growth as their biggest concern regarding QE3, while no investors reported that liquidity was a concern about QE3.
The conference included the following panel discussions on noteworthy industry topics, among others:
• European Credit: Banks, Insurers, Peripheral, Corporates
• Credit ETFs: Growth, Impact and Outlook
• US Credit Strategy Panel
• Emerging Market Corporates: Market Trends and best Ideas
• US Distressed Loan Panel
• Market Structure: The Evolving Landscape