Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee

Summary Minutes of June 13, 2019 Call

The Credit Ratings Subcommittee held a telephonic meeting on June 13, 2019.

The call convened at approximately 9:00 a.m. The following Subcommittee Members were on the call:

Amy McGarrity
Michael Heaney
Dan Allen
John Bagley
Tom Gira
Larry Harris
Scott Krohn
Kumar Venkataraman

The following other persons joined the call:

David Scalzetti, ICE Data Services (on behalf of Lynn Martin)

The following other persons joined the call for the first part of the call:

Kenton Tsoodle, Assistant Finance Director, Oklahoma City
Brendan Hanlon, Chief Financial Officer, City and County of Denver

The following other persons joined the call for the second part of the call:

Yale Baron, Partner, Anchorage Capital
John Passaglia, Managing Director, Anchorage Capital
Matt Natcharian, Head of Structured Credit, Barings
Lee Shaiman, Executive Director, Loan Syndications and Trading Association

The following other persons joined the call for the third part of the call:

Dan Gates, Managing Director, Moody’s Investors Service
Neil Acres, Managing Director, Moody’s Shared Services, UK
Jian Hu, Managing Director, Moody’s Investors Service

The following staff from the Office of Credit Ratings joined the call:

Jessica Kane
Annemarie Ettinger
Harriet Orol
Jay Roberts
Alexa Strear

The following staff from the Division of Trading and Markets joined the call:

Elizabeth Baird
David Dimitrious
Tom Eady
Ben Bernstein

The following staff from the Office of Municipal Securities joined the call:

Rebecca Olsen
Adam Wendell

The following staff from the Division of Investment Management joined the call:

Christian Broadbent

The following staff from the Division of Economic and Risk Analysis joined the call:

Diana Knyazeva

During the first part of the call, the Subcommittee discussed municipal bond issuer release of information to investors and nationally recognized statistical rating organizations. During the second and third parts of the call, the Subcommittee discussed the CLO market.

The call concluded at approximately 10:30 a.m.