Moody's Talks - Securitization Spotlight
38 episodes - English - Latest episode: 9 days ago - ★★★★★ - 2 ratingsHosted by Aaron Johnson and Xhensila Pisha of the Structured Finance team, our new Securitization Spotlight podcast series brings you the insight you need to keep on top of corporate and consumer debt securitization markets. From the impact of an evolving regulatory landscape and the ongoing recovery from the pandemic, to the ongoing effects of lower-for-longer interest rates and investors’ growing focus on ESG considerations, Aaron, Xhen and their guests will deliver the analysis that matters.
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Episodes
Basel Endgame will smooth real estate cycles, create opportunities for non-bank lenders
April 10, 2024 17:34 - 13 minutes - 12.6 MBBasel 3.1 reforms will lead banks to apply high haircuts to unsustainably high property values and adjust mortgage risk weights to better differentiate between low-risk and high-risk loans. Speakers: Alexander Zeidler, VP-Sr Credit Officer at Moody's Ratings; Guillaume Lucien-Baugas, VP-Senior Analyst at Moody's Ratings Hosts: Aaron Johnson, VP-Senior Research Writer at Moody's Ratings; Danielle Reed, VP-Senior Research Writer at Moody's Ratings Related Research: Basel 3.1 will reduce ri...
Cyberattacks on mortgage servicers are a risk to structured finance transactions
March 28, 2024 20:41 - 11 minutes - 10.3 MBRecent cyberattacks on three mortgage servicers did not hurt rated residential mortgage-backed security performance, but show how disrupted operations can affect structured finance transactions. Speakers: Peter McNally, VP-Sr Credit Officer at Moody's Ratings; Frank Wissman, VP-Senior Analyst at Moody's Ratings Host: Aaron Johnson, VP-Senior Research Writer at Moody's Ratings
Potential for European solar panel loan ABS is growing, with familiar risks
February 29, 2024 09:35 - 11 minutes - 10.6 MBAs solar panels become more common in Europe, the first solar loan asset-backed security becomes more likely. But while the asset class is new, many associated risks are familiar to ABS investors. Speakers: Armin Krapf, VP-Sr Credit Officer at Moody's Investors Service; Pedro Sancholuz Ruda, VP-Sr Credit Officer at Moody's Investors Service Host: Aaron Johnson, Vice President – Research at Moody’s Investors Service
Commercial real estate borrowers adjust to high rates
January 26, 2024 15:50 - 24 minutes - 22.5 MBInterest rate hikes in the wake of the pandemic have driven an increase in commercial real estate delinquencies, but a variety of factors help mitigate many refinancing and other performance risks. Speakers: Alexander Zeidler, VP-Sr Credit Officer at Moody's Investors Service; Brian Snow, VP-Sr Credit Officer at Moody's Investors Service; Darrell Wheeler, VP-Sr Credit Officer at Moody's Investors Service Host: Aaron Johnson, Vice President – Research at Moody’s Investors Service
Global structured finance markets will continue to adapt to high rates and structural shifts in 2024
December 14, 2023 09:49 - 13 minutes - 12.4 MBHigh interest rates will weigh on collateral performance in 2024 as structured finance markets adjust to structural shifts, regulatory reforms and geopolitical polarization. Speaker: Annabel Schaafsma, Global Head of Structured Finance at Moody's Investors Service Host: Aaron Johnson, Vice President – Research at Moody’s Investors Service
Interest rates, home prices pose affordability challenges around the globe
October 31, 2023 17:13 - 21 minutes - 19.4 MBHome price growth has stalled in most major economies globally. However, despite rising wages, housing affordability is weakening after record or near-record house price appreciation in recent years. Speakers: Rodrigo Conde Puentes, VP-Senior Analyst; Darrell Wheeler, VP-Sr Credit Officer; Si Chen, Analyst Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service
Middle market borrower credit profiles weaken with economy, but effect on CLOs is limited
September 29, 2023 08:23 - 7 minutes - 6.74 MBVarious negative macroeconomic trends loom larger for middle market companies than for larger corporates, but the impact on middle market collateralized loan obligations is limited. Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service
SME ABS remains particularly vulnerable to economic turbulence
August 31, 2023 17:56 - 19 minutes - 17.6 MBAsset-backed securities exposed to small and medium-sized enterprises remain among the transactions most vulnerable to continued slow economic growth around the globe. How has economic weakness eroded collateral performance thus far and what do we expect for the rest of 2023? Guests: Sandie Zhang, Analyst – Structured Finance, Moody’s Investors Service; Monica Curti, Vice President – Structured Finance, Moody’s Investors Service; Daniel Gan, Analyst – Structured Finance, Moody’s Investors S...
Multifamily real estate performing well, but faces some obstacles
July 28, 2023 10:38 - 19 minutes - 18.4 MBMultifamily commercial real estate has performed well of late in both the US and Europe, but will that continue amid high rates and increased scrutiny on buildings energy efficiency? Guests: Darrell Wheeler, Head of CMBS Research – Structured Finance, Moody’s Investors Service; Brian Snow, Vice President – Structured Finance, Moody’s Investors Service. Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service. To read more on this topic, visit Securitization Spotlight page...
CLOs turn to SOFR at end of slow march away from Libor
June 30, 2023 16:24 - 12 minutes - 11.5 MBWith Libor’s demise imminent, how prepared are US CLOs to move on from the long-time benchmark? Guest: Peter Hallenbeck, Vice President, Senior Officer Legal Review – Structured Finance Group, Moody’s Investors Service Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service To read more on this topic, visit Securitization Spotlight page on Moodys.com (some content only available to registered users or subscribers). Related Research: Private Credit – Cross Region: Middl...
Middle-market CLOs, BDCs and closed-end funds present different credit risks
June 28, 2023 10:41 - 22 minutes - 20.5 MBMoody’s analysts David Burger, Mark Wasden and Neal Epstein explain how differences in structure and asset risk give rise to divergent credit profiles among the three investment vehicles. Speakers: David Burger, VP – Senior Credit Officer, Moody’s Investors Service; Mark Wasden, Senior Vice President, Moody's Investors Service; Neal Epstein, VP – Senior Credit Officer, Moody's Investors Service Hosts: Aaron Johnson, VP – Senior Research Writer, Moody’s Investors Service; Danielle Reed, VP ...
UCRC securitizations evolving with utility sector as climate change intensifies
May 31, 2023 15:42 - 20 minutes - 18.9 MBAs climate change intensifies, how are utility companies using securitization to recover costs related to unforeseen developments like major storms and other natural disasters? And how is the market for these transactions evolving? Guests: Inga Smolyar, Vice President – Structured Finance Group, Moody’s Investors Service, Tracy Rice, Vice President – Structured Finance Group, Moody’s Investors Service, Natividad Martel, Vice President – Public Project and Infrastructure Finance Group, and ...
China’s post-COVID reopening is positive for domestic mortgage borrowers, some Asia-Pacific banks
May 10, 2023 15:45 - 10 minutes - 9.84 MBJerome Cheng and Tengfu Li discuss how China’s economic rebound will support residential mortgage-backed securities and a handful of Asia-Pacific banking systems with close ties to the country. Speakers: Tengfu Li, AVP – Analyst, Moody’s Investors Service; Jerome Cheng, Associate Managing Director, Moody’s Investors Service Hosts: Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Aaron Johnson, VP – Senior Research Writer, Moody’s Investors Service Related content ...
Structured finance exposure to recent banking stresses includes collateral and counterparties
April 27, 2023 17:03 - 10 minutes - 9.39 MBStructured finance transactions are exposed to recent banking stresses in the US and Europe at both the collateral and counterparty levels. But will that impact be material? And what kinds of protections do transaction structures provide? Guests: Edward Manchester, Senior Vice President – Structured Finance Group, Moody’s Investors Service, and Amy Tobey, Senior Vice President – Structured Finance Group, Moody’s Investors Service. Host: Aaron Johnson, Vice President – Research, Moody’s Inv...
Auto sector transformation, economic turbulence weakening ABS performance
March 30, 2023 17:58 - 13 minutes - 12.2 MBAs borrowing costs continue to rise and consumers’ purchasing power wanes, borrowers’ ability to make debt payments is weakening. What makes auto ABS among the securitization sectors most vulnerable to this deterioration in consumers’ finances? And what does the sector’s ongoing transition to electric power mean for transactions we rate? Guests: Maxwell Price, Analyst – Structured Finance Group, Moody’s Investors Service; and Robin Liu, Vice President – Structured Finance Group, Moody’s Inv...
European SME ABS remains highly vulnerable as economies weaken
February 24, 2023 12:38 - 13 minutes - 12.7 MBEuropean small and medium-sized enterprises, and in turn securitizations backed by their debt, remain among the most vulnerable borrowers as the COVID-19 pandemic has given way to Ukraine War-driven economic uncertainty over the past year. With the war still raging and economies weakening, where are some of the biggest risks in the sector? And what kind of mitigants do ABS structures provide? Guests: Monica Curti, Vice President – Structured Finance Group, Moody’s Investors Service. Host: ...
Refi and other risks rise for CRE properties
January 30, 2023 16:11 - 18 minutes - 16.9 MBRising rates and a deteriorating macroeconomic environment will make it more difficult for commercial real estate borrowers to refinance, but some will have more difficulty than others. Guests: Darrell Wheeler, Vice President – Moody’s Investors Service Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service To read more on this topic, visit these reports on Moodys.com (some content only available to registered users or subscribers). Higher interest rates will subdue p...
Global structured finance markets brace for performance deterioration in 2023
December 15, 2022 12:19 - 19 minutes - 17.7 MBWith the global economy on the verge of a downturn amid extraordinarily high levels of uncertainty, the performance of assets backing structured finance transactions will weaken in 2023. But erosion will not be distributed evenly across markets. Guests: Annabel Schaafsma, Managing Director – Global Structured Finance, Moody’s Investors Service Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service To read more on this topic, visit Securitization Spotlight page on Moodys...
RMBS performance holds up as housing markets cool
December 01, 2022 18:57 - 21 minutes - 19.6 MBInterest rate hikes in many regions have slowed home price growth, but even where prices have started to decline, affordability remains strained. What are the implications for mortgage-backed securities, particularly for transactions backed by mortgages originated in the past year, when home prices were peaking? Guests: Rodrigo Conde Puentes, Vice President – Structured Finance Group, Moody’s Investors Service, Sonny Weng, Vice President – Structured Finance Group, Moody’s Investors Service...
US and European CLO markets continue to converge in key ways in wake of pandemic
October 27, 2022 15:02 - 12 minutes - 11.6 MBCollateralized loan obligation portfolios and structures are always evolving, changing along with the credit environment. But since the pandemic set in, how have US and European deals continued to converge, and in what ways have they gone in their own directions? Meanwhile, how has the CLO manager landscape changed in each region? Guests: Shan Lai, Vice President – Structured Finance Group, Moody’s Investors Service, and Ian Perrin, Associate Management Director – Structured Finance Group, ...
Banks and covered bonds both benefit from framework harmony
September 29, 2022 12:33 - 21 minutes - 19.7 MBThe harmonization of covered bond laws across the EU will benefit bank issuers, transactions and investors alike. Meanwhile, with inflation heightening risks in many structured finance markets, covered bonds continue to benefit from the relatively strong credit quality of their bank issuers. How big of a deal is harmonization and what types of loans will it affect? Are there any holes in the new, unified framework? Guests: Alexander Zeidler, Vice President – Structured Finance Group, Moody’...
ABS performance normalizing as auto price growth hits the brakes
July 29, 2022 14:36 - 14 minutes - 13.2 MBThe performance of auto-related asset-backed securities we rate in the US and Europe will normalize in the coming months as auto prices flatten out and macroeconomic factors such as inflation weigh on consumers. How do both used and new auto price movements affect ABS? Will supply disruptions persist into 2023? And how much will rising interest rates affect transactions backed by auto loans and leases? Guests: Karen Ramallo, Associate Managing Director – Structured Finance Group, Moody’s In...
CMBS performance healthy as CRE markets evolve
July 01, 2022 08:50 - 14 minutes - 13.5 MBDescription: With loan-level delinquencies on the decline, the performance of CMBS in both the US and Europe is healthy. But some sectors are drawing extra attention in the wake of the pandemic. How much of the retail sector’s recent struggles are attributable to the pandemic and how much are a continuation of the ongoing trend away from bricks and mortar? Which property types are best positioned as inflation continues to rise? Guests: Matt Halpern, Vice President – Structured Finance Group...
ESG factors key to EMEA structured investors
May 27, 2022 12:50 - 16 minutes - 15.2 MBInvestors across markets are increasingly taking ESG factors into consideration. The structured finance world is no stranger to these efforts and their impact on transaction credit quality. To what extent have investor preferences and regulations driven changes to the structured finance market in recent years? And how is The Netherlands an example of how flooding risk factors into real estate collateral considerations? Guests: Antonio Tena, Vice President – Structured Finance Group, Moody’s...
Securitizations’ vulnerability to inflation and rising rates varies by market
April 29, 2022 14:41 - 20 minutes - 18.7 MBMadhavi Bokil of our Credit Strategy and Research group joins host Aaron Johnson to lay out our inflation and interest rate forecasts. And then, Peter McNally, Frank Cerveny and Marie Lam of our Structured Finance group discuss the impact of inflation and rising interest rates on structured finance transactions around globe US: Collateral, structures determine extent to which rising rates will weaken transactions Asia: Interest rate shifts will produce uneven credit outcomes Europe: Vulne...
EMEA structured finance risks rise on Russian invasion; court ruling heightens risk for US consumer deals
March 31, 2022 16:59 - 13 minutes - 12.1 MBAntonio Tena of our Structured Finance group and Atsi Sheth from our Credit Strategy and Research team join host Aaron Johnson to discuss the impact of the Russian invasion of Ukraine on European structured finance. And then Yehudah Forster, an attorney in our Structured Finance group, talks about the impact of a recent court ruling on US consumer debt-backed securitizations. Related content on Moodys.com (some content only available to registered users or subscribers): Structured Finance...
US BSL and CRE CLOs search for new domiciles; CRE CLO market matures
February 24, 2022 08:45 - 13 minutes - 12.5 MBLana Deharveng and Deryk Meherik of our Structured Finance group join host Aaron Johnson to discuss the impact of US collateralized loan obligations finding new domiciles, both those backed by corporate debt and those backed by commercial real estate debt. Related content on Moodys.com (some content only available to registered users or subscribers): CLOs and CRE CLOs – US - SPV shift from Cayman Islands after EU adds it to AML blacklist will be credit neutral Cross-Sector - Corporate CL...
Corporate ABS benefit from US economic turnaround
January 27, 2022 08:45 - 16 minutes - 14.9 MBCorporate asset-backed securities (ABS), some of which were hit particularly hard by the pandemic, are now benefiting from the rapid economic rebound in the US. Growth in travel demand, particularly among consumers, will benefit several asset classes, including aircraft lease ABS. Meanwhile, persistently high used car prices will continue to boost rental car ABS credit quality and performance. Related content on Moodys.com (some content only available to registered users or subscribers): ...
Structured finance performance remains strong as global economies recover
December 16, 2021 18:31 - 16 minutes - 14.9 MBIn this episode, Ed Manchester of our Covered Bond team and Jim Ahern, the head of our Structured Finance group, join host Aaron Johnson to discuss our outlooks for covered bonds and structured finance in general for 2022. Related content on Moodys.com (some content only available to registered users or subscribers): Structured Finance – Global Strong asset performance will continue despite COVID-19 uncertainty Covered Bonds – Global 2022 Outlook - Stable issuers, strong assets and new r...
CLO issuance boom comes with documentation changes
October 28, 2021 07:45 - 10 minutes - 9.49 MBIn this month’s episode, Sam Spackman and Lana Deharveng of our Structured Finance team in NY join host Aaron Johnson to discuss the recent global CLO issuance boom and changes to deal documentation. Related content on Moodys.com (some content only available to registered users or subscribers): CLOs – Global: H2 2021 Manager Trends: Portfolio Metrics and Rated Volume CLO – Global: Record issuance volumes bring lower coupons and modifications to credit features for outstanding deals
Effect of COVID-19 varies across Asia-Pacific region
September 30, 2021 07:45 - 12 minutes - 11.9 MBIn this month’s episode , Alena Chen of our Structured Finance team in Sydney, and Gracie Zhou of our Structured Finance team in Shanghai, join hosts Aaron Johnson and George Liondis to discuss the effect of COVID-19 on the performance of securitizations. Related content: Structured Finance – China: Sector Update Q3 2021 - Performance stable as economy grows - An update of issuance and performance trends in the sector. Structured Finance – Asia-Pacific: Coronavirus resurgence poses asset ...
ABS performance is strong despite pandemic stresses
July 29, 2021 17:10 - 15 minutes - 14.2 MBInside this episode: In this month’s episode, Nick Monzillo of our US Structured Finance team, and Tony Parry of our European Structured Finance team join hosts Aaron Johnson and Ruth Mantell to discuss the stronger-than-expected performance of asset-backed securities during the coronavirus pandemic. Related content: Consumer ABS – US Rising employment will help sustain solid collateral performance The strengthening employment picture and broadly strong economic recovery are positive for ...
Structured finance hot topics; New York emissions law will have minimal negative effect on CMBS
June 24, 2021 07:45 - 17 minutes - 16 MBIn this month’s episode, Jody Shenn of the Structured Finance team joins hosts Aaron Johnson and Ruth Mantell to discuss hot topics in the market. Then, Brian Snow from the Commercial Mortgage-Backed Securities (CMBS) team talks about the effects of New York’s new emissions law on CMBS. Inside this episode: Jody Shenn of the Structured Finance team discusses hot topics in the market (begins at 1:19 mins) Brian Snow from the Commercial Mortgage-Backed Securities (CMBS) team will talk ab...
Structured finance backs lending around the globe; SME ABS performance will depend on duration of SME support measures
May 27, 2021 12:12 - 17 minutes - 15.6 MBIn this month’s episode, Ifigenia Palimeri of our London Structured Finance team joins hosts Aaron Johnson and Xhensila Pisha to discuss the extent to which structured finance backs lending around the globe. And then, Chaitali Bharucha, from our New York Structured Finance team, and Monica Curti, from our Milan Structured Finance Team, will talk about the risks facing SME ABS as pandemic-driven support measures expire. Related content: Structured finance contributes materially to the fundi...
ESG risks vary across structured finance; CLOs turn to ESG-friendly investments
April 29, 2021 07:45 - 13 minutes - 12.3 MBIn this month’s episode, Peter McNally of our New York Structured Finance research team joins hosts Aaron Johnson and Tanguy Hespel to break down the extent to which asset classes globally face ESG-related risks. And then, Lana Deharveng, from our New York Structured Credit team, will talk about how CLOs are increasingly adopting ESG-focused investment criteria.
Libor transition looms larger for some asset classes than others
March 25, 2021 17:46 - 15 minutes - 14 MBIn this latest segment, Peter Hallenbeck of the Structured Credit team and Masako Oshima of the Consumer Assets team consider the effect that Libor transition will have on various structured finance asset classes. Plus, Aaron Johnson and Greg O’Reilly discuss the performance of structured finance collateral one year into the coronavirus pandemic. Related content: CLOs – EMEA: Sector Update – Q4 2020: New CLO structures closer to pre-pandemic levels, performance improved but risks remain C...
New rules for qualified mortgages will add riskier collateral to US RMBS
February 25, 2021 08:45 - 15 minutes - 14.2 MBIn this month’s featured segment, Yehudah Forster of the Residential Mortgage-backed Securities team breaks down potential changes to the qualified mortgage rules, and what they mean for the credit quality of future RMBS. Plus, Aaron Johnson and Xhen Pisha draw on our 2021 outlooks to highlight the structured finance asset classes on the bumpiest roads as the economy recovers from a tumultuous 2020. In this episode: Yehudah Forster of the Residential Mortgage-backed Securities team breaks ...
Securitization Spotlight Trailer
February 18, 2021 05:00 - 56 seconds - 888 KBHosted by Aaron Johnson and Xhensila Pisha of the Structured Finance team, our new Securitization Spotlight podcast series brings you the insight you need to keep on top of corporate and consumer debt securitization markets. From the impact of an evolving regulatory landscape and the ongoing recovery from the pandemic, to the ongoing effects of lower-for-longer interest rates and investors’ growing focus on ESG considerations, Aaron, Xhen and their guests will deliver the analysis that matte...