OUR TEAM
Management
Steve Miller
Chief Executive Officer
Anthony P. Canale, J.D.
Global Head of Research
Manish Aggarwal
Managing Director
Jennifer Dunbar
Office Manager
Since 2016, Steve has served as CEO of Fulcrum Financial Data, the
parent company of Covenant Review. Steve is an experienced entrepreneur,
board member and hands-on manager. He has been involved in creating news and
data tools for leveraged finance players since 1990. His first job in the space
was as a reporter covering syndicated loans for the Gold Sheets. In the years since,
Steve has played a vital role in several successful ventures in the financial information
and technology arena, including:
- Co-founder and CEO of Portfolio Management Data (predecessor to LCD); Acquired by Standard & Poor's in 2000
- Founding investor in, and board chair of, Black Mountain Systems; Acquired by Stone Point Capital in 2015
- Founding investor in, and advisor to, LoanX; Acquired by IHS Markit in 2003
- Team leader of Gold Sheets group at Loan Pricing Corp.; Acquired by Reuters Corp. in 1993
Anthony P. Canale, J.D. is Covenant Review’s Global Head of Research. He graduated from Columbia University
cum laude in 1994 and from the University of Texas at Austin Law School with honors in 1997. He began his
career as corporate finance attorney with Latham & Watkins and represented both issuers and underwriters
in high yield debt offerings. Following that, he joined Vinson & Elkins where he represented private equity
firms in negotiating LBOs and related financing. Subsequently, he became an in-house attorney, serving as
Senior Counsel for broadband provider Wayport, Inc. and following that, he served as General Counsel for the
publicly traded company Debt Resolve. He joined Covenant Review in 2007. He served as Head of High Yield
Research from 2012 through 2018, and was named Global Head of Research in May of 2017. As Global Head of
Research, he oversees all of Covenant Review’s various research product offerings. In addition, he has
written research on hundreds of high yield issuers, including extensive research on some of the most
widely-followed names such as Windstream, Neiman Marcus, iHeartCommunications, Caesars, Bausch Health,
and Claire’s Stores. He has been quoted and/or published in publications such as Barron's, Bloomberg,
the New York Post, and The Wall Street Journal. He regularly lectures on covenant issues to investment
professionals and other attorneys.
Manish joined Covenant Review in 2017 and runs the U.S. sales team and new product development.
Prior to joining Covenant Review, he was a partner at Gold Ridge Asset Management, a US-based
private equity firm. Manish co-founded Xtract Research (part of Acuris) in 2005, where he was
responsible for overseeing general business development
Research
Lisa Byrns, J.D.
Senior Covenant Analyst
Alexander Diaz-Matos, J.D.
Head of Investment Grade Research
Ian Feng, J.D.
Senior Covenant Analyst
Justin Forlenza
Senior Covenant Analyst
Lisa Byrns graduated from Wellesley College in 1982 with Wellesley Scholar Honors and
Cornell Law School cum laude in 1987. Lisa practiced at Simpson Thacher & Bartlett
for seven years where she represented primarily agents, arrangers and lenders in a wide
variety of syndicated and structured financings. Prior to joining Covenant Review, she was
a senior attorney at Berger Legal LLC, a Connecticut-based boutique law firm and a pioneer in
the alternative-delivery model of sophisticated legal services. She joined Covenant Review in 2018.
Ian Feng graduated from University of Texas in Austin in 2006 and
the New York University School of Law cum laude in 2009. Prior
to joining Covenant Review, Ian practiced law at Latham & Watkins
LLP and Gibson, Dunn & Crutcher LLP, focusing primarily on corporate
and sponsor-backed finance transactions representing both arrangers and
financial institutions and sponsors and corporate borrowers. Ian has
extensive experience representing agent banks, arrangers, and other
financial institutions, as well as sponsor and corporate borrowers in a
variety of acquisition / LBO financings and project finance transactions.
Ian joined Covenant Review in 2015.
Alexander graduated from Oberlin College in 1999, obtained a law degree from the
University of Pennsylvania Law School in 2002, and received an L.L.M.
(master of laws) from the University of Amsterdam in 2003. Alexander
has analyzed a wide array of corporate bonds since beginning working with
Covenant Review in 2006. He is principally focused on investment grade issuers
with perceived event risk and analyzing the critical variances that may result
in covenant arbitrage opportunities among their bonds.
Justin Forlenza graduated from Cornell University in 2003 and from Fordham Law School magna cum laude in 2007.
Justin has practiced law at Weil, Gotshal & Manges LLP and most recently at Cravath, Swaine & Moore LLP.
Justin has extensive experience with leveraged finance transactions, including the negotiation and execution of
credit agreements and bond indentures, issues relating to secured transactions under Articles 8 and 9 of the UCC,
LBO financings, and the analysis of complex stressed and distressed capital structures.
Justin was with Covenant Review from 2012 until 2018 and rejoined Covenant Review in August of 2019.
Manisha Gayaparsad
Senior Covenant Analyst
Alastair Gillespie
Senior Covenant Analyst
Jane Gray
Head of European Research
Ross Hallock, J.D.
Head of U.S. High Yield Research
Manisha is a dual qualified solicitor in English and South African law.
Manisha graduated from the University of Cape Town, South Africa
in 2003 with her Bachelor of Laws degree and from Rhodes University,
South Africa in 2001 with an honours degree in Political Studies
focusing on democratic theory. Prior to joining Covenant Review,
Manisha practiced law at Baker McKenzie LLP in London and Clifford
Chance LLP in London, where she specialised in banking and finance representing
agents, lenders, sponsors and borrowers with a focus on leverage and corporate acquisition
finance, private placements and restructuring. Manisha joined Covenant Review in 2016.
Alastair Gillespie joined Covenant Review in 2020 from the London office of Milbank LLP,
and is a graduate of Yale University and the McGill University Faculty of Law. Alastair
is a New York securities lawyer with a decade of experience representing issuers and
underwriters in the London and New York high yield and leveraged finance markets, and
has completed secondments to the Merchant Banking Division of Goldman Sachs and the
legal department of J.P. Morgan. Prior to his legal career Alastair served as an advisor
to the Deputy Prime Minister of Canada. He is also the author of The Confederation Series,
a history of five founders of modern Canada, for which he received the Senate of Canada
Sesquicentennial Medal in 2017.
Jane is a dual-qualified solicitor with more than 15 years of experience in the European leveraged finance market, having worked on leveraged finance documentation through multiple credit cycles, including on the first "cov-lite” loan in Europe. Jane practised law at Dentons and Lovells, and as an in-house lawyer at Credit Mutuel - CIC specialising in European syndicated loans and direct lending. Before joining Covenant Review in 2015 to build its European research products, Jane was Head of Legal at DebtXplained, building both their loan and high yield bond platforms. Jane now serves as the Head of European Research, covering the high yield bond and leveraged loan markets in Europe, and providing covenant analysis to the investor community on the largest top-tier sponsor deals coming to market. She represents Covenant Review on the Board of the High Yield Division of the Association for Financial Markets in Europe and as a member of the Loan Market Association.
Ross Hallock graduated from Dartmouth College summa cum
laude in 1997 and Harvard Law School cum laude in 2000. He has practiced
law at Gibson Dunn and Simpson Thacher & Bartlett LLP. He has represented
both borrowers and providers of capital in a wide range of financing transactions,
including bank loans, high yield offerings, investment grade offerings, and mezzanine
financings. He has considerable experience in financings involving private equity sponsors.
Ross began working with Covenant Review in 2012.
Shoshanna Harrow, J.D.
Senior Covenant Analyst
Kirsten Heenan
Senior Covenant Analyst
Scott Josefsberg, J.D.
Head of Special Situations Research
Avon Khowong, J.D.
Senior Covenant Analyst
Shoshanna was a Global Law Scholar at Georgetown University Law Center, where
she graduated magna cum laude in 2006. She began her legal career at Skadden, Arps,
Slate, Meagher & Flom LLP, practicing in London and Sydney, before joining the
London office of Milbank, Tweed, Hadley & McCloy LLP in 2012. As a securities law and corporate
finance specialist, Shoshanna has advised issuers, underwriters, and investment
funds on a variety of financing transactions, including 144A/Reg S debt and equity offerings,
private placements, and liability management transactions. Shoshanna joined Covenant Review in 2017.
Kirsten attended Duke University and Harvard Law School before starting her career in New York at Cahill Gordon.
She has experience in a wide variety of capital markets transactions,
particularly with respect to 144A / Reg S high yield debt financings, along with private placements and equity issuances.
Before joining Covenant Review, Kirsten was a European high yield specialist in the London offices of Cahill Gordon and Weil,
and also spent a year in the U.S. as a REITs specialist at Alston & Bird. Kirsten joined Covenant Review in 2019.
Scott Josefsberg graduated from St. John’s University School of Law
summa cum laude in 2005, where he was on the St. John’s Law Review.
Prior to joining Covenant Review, Scott was a corporate finance attorney
at Latham & Watkins LLP. At Latham, Scott primarily represented underwriters
and issuers in Rule 144A high yield offerings, registered offerings of equity
and investment grade debt, and debt exchange offers. He has considerable experience
in financings for leveraged buyouts. Scott began working with Covenant Review in 2013.
Avon Khowong graduated from Williams College cum laude in 2006 and New York University School of
Law in 2009. Prior to joining Covenant Review, Avon practiced law at Weil, Gotshal &
Manges LLP and Kramer Levin Naftalis & Frankel LLP, specializing in banking and finance.
Avon has extensive experience representing borrowers,
sponsors, agents, arrangers, and lenders in acquisition financings / leveraged buyouts,
first and second lien financings, multi- lender and syndicated financings, and project financings.
Avon joined Covenant Review in 2017.
Peggy Mevs, J.D.
Senior Covenant Analyst
Rebecca Quan
Senior Covenant Analyst
Jessica Reiss, J.D.
Head of Leveraged Loan Research
Ricky Sharma
Senior Covenant Analyst
Peggy Mevs graduated from Clark University and obtained both a master’s in foreign service and a
law degree from Georgetown University in 1984. Prior to joining Covenant Review, Peggy practiced
law as a banking and finance attorney at Crédit Lyonnais (now Crédit Agricole), Watson, Farley &
Williams, Jones Day, and GE Capital. Peggy is admitted to practice law in New York, Connecticut,
and the District of Columbia. She also was admitted as an Avocat to the Paris Bar and is trilingual
in English, French, and Spanish. Peggy joined Covenant Review in 2018.
Becky Quan graduated from Georgetown University cum laude in 2010 and from Cornell University Law School in 2013. Prior to joining
Covenant Review, Becky practiced law at Debevoise & Plimpton LLP and Cahill Gordon & Reindel LLP. She has extensive experience
representing corporate borrowers, sponsors, agents, arrangers, and other financial institutions in a variety of acquisition / LBO financings,
first and second lien financings, and syndicated financings. Becky joined Covenant Review in 2019.
Jessica Reiss graduated from Brandeis University magna cum laude in 1999 and
from University of Pennsylvania Law School in 2002. Jessica practiced law at
Shearman & Sterling LLP, Akin Gump Strauss Hauer & Feld LLP, and Goodwin
Procter LLP. She has extensive experience representing borrowers, lenders,
arrangers, agent banks, and sponsors on complex commercial syndicated
revolving and term loans; senior, junior and mezzanine financings;
leveraged buyouts; and offerings of debt securities. Prior to joining Covenant Review,
Jessica was the head of loan covenant research for Moody’s. Jessica joined Covenant Review in 2015.
Ricky Sharma joined Covenant Review in 2018 and is a senior covenant analyst at the firm. He graduated
from University College London in 2003 and BBP law school in 2005. Prior to joining Covenant Review,
Ricky both trained and practiced law at Clifford Chance LLP, focusing primarily on corporate and
sponsor-backed finance transactions representing financial institutions, sponsors, and corporate borrowers.
John Sirico, J.D.
Senior Covenant Analyst
Jason Suh, J.D.
Senior Covenant Analyst
Ian K. Walker, J.D.
Head of Legal Innovation
Scott M. Webster, LL.B.
Senior Covenant Analyst
John A. Sirico graduated from Boston College School of Management summa cum
laude as an accounting major in 1977 and Boston College Law School cum laude
in 1980 where he was also Managing Editor of the Boston College Law Review.
He practiced as a finance and M&A attorney for over 30 years at RBS, UBS, Paul
Hastings, GE Capital, and Wiggin & Dana. He has represented agents, arrangers,
and lenders in a broad range of domestic and cross-border syndicated bank credit
facilities (with both public and private debtors in virtually all sectors and industries)
for leveraged buyouts, recapitalizations, refinancings, DIPs, PORs, and other financings.
His experience further includes par and distressed trading, as well as work-outs, out-of-court
restructurings and bankruptcies, in addition to reviewing and analyzing covenants and terms for
bonds and other competing debt throughout the entire capital structure. John joined Covenant Review in 2014.
John A. Sirico graduated from Boston College School of Management summa cum
laude as an accounting major in 1977 and Boston College Law School cum laude
in 1980 where he was also Managing Editor of the Boston College Law Review.
He practiced as a finance and M&A attorney for over 30 years at RBS, UBS, Paul
Hastings, GE Capital, and Wiggin & Dana. He has represented agents, arrangers,
and lenders in a broad range of domestic and cross-border syndicated bank credit
facilities (with both public and private debtors in virtually all sectors and industries)
for leveraged buyouts, recapitalizations, refinancings, DIPs, PORs, and other financings.
His experience further includes par and distressed trading, as well as work-outs, out-of-court
restructurings and bankruptcies, in addition to reviewing and analyzing covenants and terms for
bonds and other competing debt throughout the entire capital structure. John joined Covenant Review in 2014.
Jason Suh graduated from Stanford University in 1998 and the University of
Pennsylvania Law School cum laude in 2006. Prior to joining Covenant Review,
he practiced law at Sullivan & Cromwell LLP and Latham & Watkins LLP, focusing
primarily on corporate finance transactions representing investment banks,
issuers, and investors. His corporate finance experience ranges from investment
grade and high yield debt offerings to public and private equity transactions, and
includes advising on capital restructuring considerations and implementing related
exchange or tender offers and consent solicitations. Jason began working with Covenant Review in 2014.
Ian K. Walker graduated from The University of the West Indies with first class
honors in 1984 and Howard University School of Law magna cum laude in 1994.
He has practiced law at Davis Polk & Wardwell LLP and as a solo practitioner.
He has represented both borrowers and lenders in leveraged finance transactions
as well as a variety of financing transactions, such as structured finance and
aircraft financings. He has extensive experience in the area of knowledge management
and training, including consultancy with leading legal content providers.
Ian began working with Covenant Review in 2015.
Scott Webster graduated from Curtin University of Technology in
1999 and The University of Western Australia Law School in 2004.
Most recently he was an associate in the Global Leveraged Finance
team at Milbank, Tweed, Hadley & McCloy LLP in New York, but he has
also practiced law in a number of other jurisdictions, including London,
Paris, and Sydney. Scott is currently licensed to practice law in New York and
England & Wales. He was also previously an Avocat with the
Paris Bar and is fluent in French. Scott began working with Covenant Review in New York in 2017.