Strengthening Bondholder Rights Through Shared Activism

Mission STATEMENT

The Credit Roundtable believes that enhancing bondholder protections benefits issuers, underwriters and investors alike by laying the foundation for a fair and efficient corporate bond market. Through education, outreach and advocacy, the group maintains a constant vigilance against slippage in covenant language and terms of corporate actions, and it does so with the oversight of antitrust counsel. 

History

The Credit Roundtable was formed in 2007 in association with the Fixed Income Forum to respond to a number of corporate actions that were adverse to bondholders. The result of these initial efforts is a document that is now widely known as the Covenant Whitepaper. This is a living document that sets forth model covenant provisions which may be tailored to the circumstances of particular issuers and particular market conditions. In the past decade, the Credit Roundtable has grown to 39 members with more than $4 trillion of fixed income assets under management.

The Credit Roundtables regularly organizes bondholder groups and special task forces to support its major initiatives around: 

  • Bondholder Covenant Protections 
  • New Issue Underwriting and Distribution 
  • Tender/Exchange and Consent 
  • Transparency and Market Liquidity 
The Credit Roundtable is making important contributions to our industry and the improvement in market function. We must continue to keep up the effort as the capital markets grow in size and complexity.

Dana Morton Emery — CEO, President and Director of Fixed Income at Dodge & Cox; Co-Founder of The Credit Roundtable


Benefits

Proven Track Record

The Credit Roundtable celebrated its 10-year anniversary in 2017. Over the past decade, it has grown its program to include monthly conference calls, in-person meetings with regulators and two annual meetings. The meetings, in affiliation with the Fixed Income Forum, are held in the Spring in Washington, DC, and in the Fall in Chicago.

Access

Members of the Credit Roundtable enjoy an ongoing dialogue with regulators and antitrust counsel. 

Networking

Credit Roundtable members include heads of credit research at a variety of buyside firms: traditional asset managers, fund managers, insurance companies and pension funds. Besides interacting on monthly calls and meetings, members work together on task forces and bondholder groups.

Advisory Board

Co-Leaders

Christopher L. Gootkind 
Director of Credit Research and Credit  Strategist 
Loomis, Sayles & Co. 

David Knutson
Head of Credit Research – Americas
Schroders 

Louis Zahorak
Senior Portfolio Manager, Fixed Income
California Public Employees’ Retirement System (CalPERS) 

Patrick Cassidy 
Senior Vice President, Credit Research
Charles Schwab Investment Management 

Dana Morton Emery
CEO, President and Director of Fixed Income 
Dodge & Cox 

Adam Rubinson 
Vice President 
Dodge & Cox 

Monica Erickson 
Portfolio Manager 
DoubleLine Capital, L.P. 

Marc Kremer 
VP- Research Analyst/Portfolio Manager 
Franklin Templeton Investments 

Christopher P. Swain 
Managing Director-Fixed Income 
Northwestern Mutual 

Leah Westfall 
Director & Head of Investment Grade Credit Research 
Northwestern Mutual 

Justin Gerbereux 
Director of Credit Research 
T. Rowe Price 

Michael McGonigle 
Director of Credit Research 
T. Rowe Price 

Stuart Hosansky 
Principal, Senior Analyst 
Vanguard Group 

Tara Innes
Founding Member, Credit Roundtable 

Contact

Questions?

For more information, please contact:

Cathy Scott

212 224 3083
cathy.scott@iimemberships.com