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On October 23, 2007, Jack Malvey, Lehman Brothers Global Fixed Income Strategist, presented at FIASI's monthly speaker series. He assessed the aftermath of the 2007 "Credit Wildfires" and the likelihood of a cyclical second wind or road to recession.

His powerpoint presentation is now available for download.

Carol Levenson, CFA, Director of Research and co-founder of Gimme Credit
September 17, 2009

If you missed the recent monthly meeting addressing the creation and running of an independent fixed income research firm, you may listen to the presentation below.


Andrew Kalotay, president of Andrew Kalotay Associates, is a leading authority on debt management. He has written widely on the valuation of bonds, interest rate derivatives, and mortgage-backed securities. His innovations include refunding efficiency (a widely used tool for managing callable debt) and the Ratchet Bond (a surrogate for conventional callable bonds).

Before founding AKA in 1990, Dr. Kalotay was with Salomon Brothers in the Bond Portfolio Analysis Group. Prior to that he was at Bell Laboratories and AT&T.

On the academic side, he directed the first Financial Engineering program in the U.S. at Polytechnic University, from 1995 to 1997. Previously he taught at Wharton, Columbia and Fordham University. Apart from his academic publications in finance, operations research and statistics, he was the "Topics in Fixed Income" columnist in Financial Engineering News.

Dr. Kalotay holds a B.Sc. and M.Sc. from Queen's University and a Ph.D. from the University of Toronto, all in mathematics. He was inducted into the Fixed Income Analyst Society's "Hall of Fame" in 1997 and he is a Charter Member of Risk Who's Who.

John Lonski is Managing Director and Chief Economist of Moody's Capital Markets Research Group. His comments on credit market conditions and the business cycle appear daily in Moody's CreditTrends and weekly in the Weekly Credit Outlook publication of Moodys.com.

A member of Blue Chip panel of economic forecasters, Mr. Lonski participates in a number of other forecasting surveys among which are the monthly pollings conducted by the Wall Street Journal, Bloomberg News, and Reuters, as well as the Philadelphia Federal Reserve's semiannual Survey of Professional Forecasters. In 2009, John ranked second among the more than 50 forecasters participating in Bloomberg's monthly survey of forecasters.

Prior to joining Moody's in February 1985, John was employed by the National Economic Research Associates (NERA). John holds a B.S. degree from Rensselaer Polytechnic Institute and, except for the dissertation, completed all of the requirements for a Ph.D. in economics from Michigan State University.

John has appeared many times on CNBC, Bloomberg Television and Radio, Fox Business News, Business News Network, the Wall Street Journal Radio Network, and National Public Radio. He also is regularly cited in Bloomberg News, Dow Jones, Reuters, the Wall Street Journal, Barron's, the Financial Times, the New York Times, while also contributing a quarterly "op ed" piece for Japan's Nikkei Veritas.

joyce_changJoyce Chang is Managing Director and Head of Emerging Markets and Global Credit Research at JPMorgan. She also oversees the Global Index Research group. The 170 research analysts and economists in her groups are based in 12 countries and are responsible for coverage of developed and emerging markets countries and corporates, covering macroeconomic, FX, rates and sovereign and company forecasts as well as global index products.

Prior to joining JPMorgan, Joyce was a Managing Director at Merrill Lynch and Salomon Brothers. Ms. Chang has also worked for the United States Agency for International Development in the Philippines, Jordan and India. She has been the #1 ranked emerging markets sovereign strategist by Institutional Investor since 1998.

She is a member of the Council on Foreign Relations and the Inter-American Dialogue and serves on the Board of Directors of Trickle Up and Girls Inc.

She has been featured in various publications, including Newsweek, the Wall Street Journal, Crain's New York Business and was named one of the top 50 Outstanding Asian Americans in Business for 2010 by the Asian American Business Development Center.

She received her B.A. from Columbia and MPA from the Woodrow Wilson School at Princeton University.

Diane Vazza is the Head of Global Fixed Income Research at Standard & Poor’s. Her analyses, forecasts and research on global credit markets have earned her an international audience and she is widely quoted in the financial media, including the Wall Street Journal, Financial Times, New York Times, CNBC, Bloomberg and Thomson Reuters.

Diane has 30 years’ experience working in the capital markets, including rating agency, regulatory, trading, credit and banking experience at Drexel Burnham Lambert, Citibank and Chase Manhattan Bank. In 2006, Credit Magazine named Diane one of the top 50 women across the globe in credit and fixed income. She has traveled to over 100 countries. Diane holds a BA degree in both Classics (Latin and Ancient Greek) and French from Holy Cross College. She is past President (2004-2005) of the Fixed Income Analysts Society and is on the Board of Directors.

margaret cannellaFinance and Economics, Adjunct Professor
Heilbrunn Center for Graham and Dodd Investing
AB, 1973; MBA, Columbia Business School, 1976

Margaret Cannella is an Adjunct Professor at Columbia Business School, teaching seminars she developed entitled "From Feast to Famine and Back Again: the Credit Markets 2003 to 2013" and &"Credit Markets and Leveraged Buy-Outs: the Good, the Bad and the Ugly. " Margaret is also a board member of Advance Pierre Foods, owned by Oaktree Capital, and a trustee of the Wilshire and Schroder Mutual Funds. In 2009, Margaret retired from JPMorgan after more than thirty years in financial services in the United States, Europe and Asia-Pacific. At JPMorgan, she built U.S. Equity and Global Credit Research; both currently rank number one in the Institutional Investor Survey. She chaired the firm's capital markets strategy function and also represented the industry on SIFMA's committees dealing with regulations related to research and banking. In 2007, Margaret herself was named to the Fixed Income Analyst Hall of Fame in 2007 for her publications on the credit crisis. As a sell-side bond analyst from 1992 to 2004, Margaret was ranked number one or two in the Institutional Investor Survey for her coverage of retail and consumer products companies. Prior to joining JPMorgan in 1998, for ten years, Margaret was a Senior Analyst in the Leveraged Finance Division of Citibank and Citibank's Head of Global Research. Prior to that, Margaret was with Chase Manhattan Asia Limited in Hong Kong as an investment banker covering Southeast Asian financial institutions. Margaret is a graduate of Princeton University with an A.B. in East Asian Studies and a graduate of the Columbia Business School with an MBA in finance. She is active in the not-for-profit sector as a board member of Princeton-in-Asia and Global Communities, a microfinance organization with a focus on the Middle East and Eastern Europe.

HENRY SHILLING is a Senior Vice President with Moody's Investors Service. With Moody's since 1992, Henry is a member of the New York-based Global Managed Investments Group. He has responsibility for research, analysis and ratings of money market and bond mutual funds, various other pooled investment vehicles, pension funds, debt like instruments issued by closed-end funds as well as asset (fund) management companies. Earlier in his career he was a vice president with a firm specializing in tracking and evaluating the performance of mutual funds and an officer in the employee-benefit trust and asset management divisions of several large banks. Henry is the author of The International Guide to Securities Market Indices which was published in 1996 by International Publishing Corp., Chicago, Illinois. Also, a chapter entitled "Investing in Index Mutual Funds," which he authored, appears in Frank Fabozzi's Information Management Network's Perspectives on Equity Indexing: Updated and Expanded Second Edition. He earned a B.A. in economics from Lehman College, City University of New York in 1971.

Global Head of Liquidity Research, Regulatory & Accounting Products, Bloomberg LP

New York, NY

Stefano Pasquali oversees product development and research for Bloomberg's liquidity and systemic risk solution. His team designs and implements models that use Bloomberg's comprehensive market data library and machine-learning techniques to estimate liquidity and risk across different asset classes with particular focus in OTC markets.

Stefano has more than 15 years of experience examining and implementing innovative approaches to calculating risk and market impact. He regularly speaks at industry events about the complexity and challenges of liquidity evaluation ̶ particularly in the OTC marketplace. His approach to risk and liquidity evaluation is strongly influenced by his 20 years of experience working with big data, data mining, machine learning and data base management.

Stefano joined Bloomberg in 2009 as a quantitative analyst/specialist supporting Bloomberg Valuation Services (BVAL), an evaluated pricing product. In 2010 Stefano moved on to lead liquidity research for Bloomberg's Pricing Services, which conducts fixed income market liquidity research and calibrates financial models for measuring risk and market impact. Prior to joining Bloomberg, Stefano held senior positions at several European banks and asset management firms where he oversaw risk management, portfolio risk analysis, model development and risk management committees. Stefano built a risk management process for a global asset management firm with 100 Billion+ AUM involving projects from data acquisition and normalization to model development and portfolio management support.

Before his career in finance, Stefano was a researcher in physics focusing on Theoretical and Computational Physics (in particular Monte Carlo Simulation, Solid State physics, Environment Science, Acoustic Optimization). Originally from Carrara, Italy, Stefano is a graduate of Parma University and holds master degree in Theoretical Physics, as well as research fellowships in Computational Physics at Parma University and Reading University (UK).

EA Photo2Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the Stern School of Business, New York University. He is the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. Prior to serving in his present position, Professor Altman chaired the Stern School's MBA Program for 12 years. Dr. Altman was named to the Max L. Heine endowed professorship at Stern in 1988 and his Emeritus status in September 2015.

Dr. Altman was born and raised in New York City and attended N.Y.C. public schools and the City College of New York, graduating with a BA degree in Economics in 1963. He then went on to pursue a MBA and Ph.D. in Finance from UCLA's School of Business, receiving the Doctorate in 1967, the same year he married his wife of almost 49 years, Elaine Karalus. In 1973, their son, Gregory, was born in Paris, France, where Professor Altman was serving as a Visiting Professor of Finance at Hautes Etudes Commerciales from 1971-early 1973. Dr. Altman returned to France in 1976 and taught a Ph.D. seminar at the University of Paris-Dauphine (Paris IX). Subsequent to his French University experiences, he has been a Visiting Professor in Rio de Janeiro (PUC), Madrid (CEMFI), Naples (Partenope), Sydney (UNSW, Macquarie), Perth (UWA), and Milan (Bocconi).

Dr. Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996 and "Honorary Doctorate" from Lund University (Sweden) in 2011 and the Warsaw School of Economics in 2015. He was an advisor to the Centrale dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of theFinancial Management Association (2003) and a FMA Fellow in 2004 and was amongst the inaugural inductees into the Turnaround Management Association's Hall of Fame in 2008. In 2005, Prof. Altman was named one of the "100 Most Influential People in Finance" by the Treasury & Risk Management magazine. 

Professor Altman was one of the founders (1977) and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of the publisher series, theJohn Wiley Frontiers in Finance Series. He was the Co-founder of the International network of Graduate Business Students Exchange Program, now known as PIM, started in 1973.

He is a member of the Academic Advisory Board and an Associate Editor of many academic journals including the Journal of Management and Financial Services (Warsaw), Journal of Credit Risk (London), International Journal of Banking, Accounting & Finance (UK), Revista Mexicana de Economia y Finanzas (Mexico), and Risk & Decision Analysis (Netherlands), as well as the co-founder and coordinator of the International Risk Management Conference (annually since 2008).

He has published or edited two-dozen books and over 150 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and theHandbook of Financial Markets and Institutions and the author of a number of recent books, including his most recent works on Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2006) and Managing Credit Risk (2nd ed. 2008). His work has appeared in many languages including Chinese, French, German, Italian, Japanese, Korean, Polish, Portuguese and Spanish. 

Dr. Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies and has lectured to executives in North America, South America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of a number of corporate, publishing, academic and financial institutions, including Paulson & Co., Franklin Mutual Advisors, Equinox Capital, Van Eck (Market Vectors), S&P Capital IQ, and a senior advisor to Classis Capital in Milan, Italy. He has been Chairman of the Academic Council of the Turnaround Management Association since 2002. 

Dr. Altman is Chairman Emeritus of the InterSchool Orchestras of New York, a founding member of the Board of Trustees of the Museum of American Finance, and a patron of the Pershing Square Signature Theatre Group


New York, NY, November 3, 2015: The Fixed Income Analysts Society, Inc. (FIASI), a not-for-profit professional society dedicated to the education of its membership and the fixed income community at large, is pleased to announce a series of events to coincide with the organization’s 40th anniversary.

Holiday Party – December 9
FIASI members and guests will celebrate 2015 and ring in the New Year with a gathering on December 9 in New York City. At this annual event, strategies for the year ahead are debated while new and old relationships are solidified in a festive and collegial setting.

Kick Off Celebration – January 2016
Our 40th anniversary Kick-Off event is expected to include a roundtable discussion with distinguished FIASI founders and Hall of Fame inductees. Discussion topics will span past, present and future developments affecting the fixed income markets. 

Fireside Chats – Throughout 2016
During 2016, FIASI aims to host a series of recorded discussions with Fixed Income pioneers on topics of particular interest to practitioners today.

Upgraded Website – November, 2015
The FIASI’s website has undergone an important facelift to enhance its functionality for members.  In addition to “its look and feel,” the site is now faster and more responsive, supports the posting of multimedia content, and will provide links to social media.  Also, access to the site via mobile devices is now fully supported.  The upgraded website can be found at www.fiasi.org.

For further information, please contact:  Henry Shilling, FIASI President  

Richard Wilson entered the senior securities business in 1960 after serving two years with the U.S. Army. He held senior analytical/marketing positions with F.S. Smithers, Drexel Harriman Ripley, and E.F. Hutton, among others. From 1975 to 1989 he was at White Weld & Co. and subsequently Merrill Lynch Capital Markets where he was first vice president and director of taxable fixed income research.


In 1989 Dick joined Fitch Investors Service Inc. (now Fitch Inc.). He held a number of senior positions at the firm including head of the regional management group in the firm's business development division, head of private placement rating marketing, director of research products and services, and advisor to the Fitch Investment Services Database. He retired from Fitch in January 2000.


A founding and life member of the Fixed Income Analysts Society, he served the Society in many capacities as an officer and committee chairman during its fledgling years. He has written extensively on corporate finance topics, including three books, and has spoken frequently before academic and professional groups. He has been published in Friends of Financial History and other periodicals.


He holds an MS from the Graduate School of Business of Columbia University (1958) and a BS in Economics with a concentration in corporate finance from the University of Pennsylvania's Wharton School of Finance and Commerce (1957).

Co-Sponsored by: Loomis, Sayles & Company and CreditSights

Time: Program:
1:30 pm - 2:00 pm  Registration
2:00 pm - 2:15 pm Welcome by WiFI Boston Conference Chair:
Diane Vazza, FIASI Board Member and past President, Head of Global Fixed Income Research, S&P Global Ratings
2:15 pm - 3:00 pm Credit Market Risk Panel
Moderator: Louise Purtle, Chief Strategist, CreditSights
Suzanne Smore, Managing Director, Counterparty Credit Risk, State Street Global Advisors
Diana Monteith, Vice President and Director of Convertibles & Special Situations, Loomis, Sayles & Company
Heather Hagerty, Global Sovereign Debt Analyst, Fidelity Management & Research Company
Regan Fradette, Director and Head of Global Investment Grade Financials, Liberty Mutual Asset Management
3:00 pm - 4:30 pm Keynote Speaker: 
Susan Hodgkinson, Founder and Owner of The Personal Brand Company, Author of The Leader’s Edge:
Using Personal Branding to Drive Performance and Profit
4:30 pm - 4:45 pm Undergraduate Women’s Investment Network (UWIN) Mentorship and Internship Program
Shannon O’Mara, Vice President and Associate Director of Credit Research, Loomis, Sayles & Company
4:45 pm - 5:30 pm Career Risk Panel
Moderator: Lauren Marder, Head of North American Buy-Side Sales, CreditSights
Barbara McKenna, CEO, Longfellow Investment Management
Janis McDonough, retired Chief Credit Officer of North America, Manulife/John Hancock
Stacey Marino, Financial Advisor, Morgan Stanley
5:30 pm - 7:00 pm Cocktails and Networking Reception


Register Now! Early Bird Special is $60 is OVER -- NOW the price is $100 each. 


The mission of the Undergraduate Women’s Investment Network (UWIN) is to attract and recruit women in investment management careers through mentorship and internship opportunities. It is targeted at female undergraduates in their sophomore and junior years who have an interest in business, finance, accounting, mathematics, economics or investments.

Since 1926, Loomis, Sayles & Company has helped fulfill the investment needs of institutional and mutual fund clients worldwide. The firm’s performance-driven investors integrate deep proprietary research and integrated risk analysis to make informed, judicious decisions. Using foresight and flexibility, Loomis Sayles looks far and wide for value – across traditional asset classes and alternative investments – to pursue attractive, sustainable returns for clients.

Corporate Sustaining Members

Moody's Credit Outlook

Moody's Credit Outlook report is available here. Published Monday and Thursday mornings, Moody's Credit Outlook provides you with the credit implications of current events.