Douglas Lucas
Douglas Lucas is the creator and publisher at Stories.Finance, where finance professionals share their stories, and director of Balanchine Patrons, a fundraising organizations helping to stage George Balanchine's seldom-performed ballets. Lucas is an expert in fixed income and structured product credit risk with over 30 years of experience in the financial industry. He is also known for being one of the pioneers in the field of quantitative work in default correlation. Previously, he was Group Managing Director at Moody’s Investors Services, where he created Moody’s CLO rating methodology, including the WARF and diversity score measures of portfolio credit risk. He also managed and published Moody’s Credit Outlook, Moody’s most-read publication, a twice-a-week global cross-sector newsletter that explained the credit implications of recent news events. He was also responsible for 18% of Moody’s total research readership and the company’s cross-sector fixed income research. Head of CDO Research at UBS, where he was consistently voted onto Institutional Investor’s Fixed-Income Research Team for CLO and CDO research.
Douglas Lucas Professional Experience / Academic History
Professional Experience
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Creator and Publisher
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Group Managing Director and Director of Global Research
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Head of CDO Research
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Head of CDO Research
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Co-CEO of Salomon Swapco
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Analyst. Structured Finance Group
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Financial Analyst
Academic History
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M.B.A., Finance and Accounting
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B.A., Economics
Lucas managed Moody's most-read publication, publishing 590+ issues of Moody's Credit Outlook, the company's flagship publication.
Earlier in his career, he was an analyst at Moody's Investor Service, Structured Finance Group, performing research into historical default rates and rating changes.
He rated various structured issuers including collaterized bond and loan obligations and triple-A special-purpose derivatives dealers.
He also rated US security firms and mutual fund managers, and performed assessments of derivative risk at financial institutions.
As Head of CDO Research, he wrote 125 issues of CDO Insight, where he produced monthly performance reports on CDOs.
He also contributed to Mortgage Strategist, and started Monday Morning Comment, a weekly cross-section publication.
He also organized and hosted well-attended annual CDO conferences in New York and London.
EARLY CAREER
Lucas was Head of CDO Research at JP Morgan, where he published the CDO Handbook, one of the most authoritative papers in the CDO industry.
He was Co-CEO of Salomon Swapco, responsible for regulatory and working capital management, rating agency relations, and marketing.
At Salomon Swapco, he was also responsible for board relations and transactions structuring for the triple-A special purpose derivatives dealer.
Before that, he was a CDO and CRO for TMG Financial Products and Ambac Indemnity and a Financial Analyst for Drexel Burnham Lambert.
He also served two terms as Chairman of The Bond Market Association’s CDO Research Committee.