Douglas J. Lucas

Doug was head of CLO and CDO Research at UBS, 2002-2008, and voted #1 in Institutional Investor’s fixed income research poll. He published 125 issues of CDO Insight and was lead author of two books published by Frank Fabozzi and John Wiley. He had a ring side seat to the financial crisis as his trading floor lost $45 billion in 2007-8.

Prior positions include head of CDO research at JPMorgan, co-CEO of Salomon Swapco, and analyst at Moody’s Investors Service. While at Moody’s 1987-93, he authored the rating agency’s first default and rating transition studies, quantified the expected loss rating approach, and developed the rating methodologies for collateralized debt obligations and triple-A special purpose derivatives dealers.

After UBS, he was a Managing Director at Moody’s Investor Service, 2008-2018, where he published Moody’s Credit Outlook, the rating agency’s best-read publication. The twice-a-week global cross-sector magazine focused on the credit implications of recent news events.

He is known for doing some of the first quantitative work in default correlation. He also served two terms as Chairman of The Bond Market Association’s CDO Research Committee and has a BA magna cum laude in Economics from UCLA and an MBA with Honors from the University of Chicago Graduate School of Business.