Latest Securitization Podcast Episodes
Private credit CLOs becoming more likely in Europe as market grows
Moody's Talks - Securitization Spotlight - April 26, 2024 12:54 - 13 minutes ★★★★★ - 2 ratingsShould European non-bank direct lenders turn to collateralized loan obligation financing, transaction collateral will likely reflect the wide range of borrowers to which private credit lenders cater. Speakers: Sean Marion, MD-EMEA Structured Finance at Moody's Ratings; Shan Lai, VP-Senior Analy...
Basel Endgame will smooth real estate cycles, create opportunities for non-bank lenders
Moody's Talks - Securitization Spotlight - April 10, 2024 17:34 - 13 minutes ★★★★★ - 2 ratingsBasel 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 ...
Cyberattacks on mortgage servicers are a risk to structured finance transactions
Moody's Talks - Securitization Spotlight - March 28, 2024 20:41 - 11 minutes ★★★★★ - 2 ratingsRecent 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 a...
Potential for European solar panel loan ABS is growing, with familiar risks
Moody's Talks - Securitization Spotlight - February 29, 2024 09:35 - 11 minutes ★★★★★ - 2 ratingsAs 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...
Commercial real estate borrowers adjust to high rates
Moody's Talks - Securitization Spotlight - January 26, 2024 15:50 - 24 minutes ★★★★★ - 2 ratingsInterest 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...
Global structured finance markets will continue to adapt to high rates and structural shifts in 2024
Moody's Talks - Securitization Spotlight - December 14, 2023 09:49 - 13 minutes ★★★★★ - 2 ratingsHigh 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 Pre...
Interest rates, home prices pose affordability challenges around the globe
Moody's Talks - Securitization Spotlight - October 31, 2023 17:13 - 21 minutes ★★★★★ - 2 ratingsHome 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 C...
Middle market borrower credit profiles weaken with economy, but effect on CLOs is limited
Moody's Talks - Securitization Spotlight - September 29, 2023 08:23 - 7 minutes ★★★★★ - 2 ratingsVarious 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
Moody's Talks - Securitization Spotlight - August 31, 2023 17:56 - 19 minutes ★★★★★ - 2 ratingsAsset-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 Zha...
Multifamily real estate performing well, but faces some obstacles
Moody's Talks - Securitization Spotlight - July 28, 2023 10:38 - 19 minutes ★★★★★ - 2 ratingsMultifamily 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...
CLOs turn to SOFR at end of slow march away from Libor
Moody's Talks - Securitization Spotlight - June 30, 2023 16:24 - 12 minutes ★★★★★ - 2 ratingsWith 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 ...
Middle-market CLOs, BDCs and closed-end funds present different credit risks
Moody's Talks - Securitization Spotlight - June 28, 2023 10:41 - 22 minutes ★★★★★ - 2 ratingsMoody’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 Pre...
UCRC securitizations evolving with utility sector as climate change intensifies
Moody's Talks - Securitization Spotlight - May 31, 2023 15:42 - 20 minutes ★★★★★ - 2 ratingsAs 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...
China’s post-COVID reopening is positive for domestic mortgage borrowers, some Asia-Pacific banks
Moody's Talks - Securitization Spotlight - May 10, 2023 15:45 - 10 minutes ★★★★★ - 2 ratingsJerome 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 Di...
Structured finance exposure to recent banking stresses includes collateral and counterparties
Moody's Talks - Securitization Spotlight - April 27, 2023 17:03 - 10 minutes ★★★★★ - 2 ratingsStructured 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 – Struc...
Auto sector transformation, economic turbulence weakening ABS performance
Moody's Talks - Securitization Spotlight - March 30, 2023 17:58 - 13 minutes ★★★★★ - 2 ratingsAs 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 el...
European SME ABS remains highly vulnerable as economies weaken
Moody's Talks - Securitization Spotlight - February 24, 2023 12:38 - 13 minutes ★★★★★ - 2 ratingsEuropean 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...
Refi and other risks rise for CRE properties
Moody's Talks - Securitization Spotlight - January 30, 2023 16:11 - 18 minutes ★★★★★ - 2 ratingsRising 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 – R...
Global structured finance markets brace for performance deterioration in 2023
Moody's Talks - Securitization Spotlight - December 15, 2022 12:19 - 19 minutes ★★★★★ - 2 ratingsWith 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 – Gl...
RMBS performance holds up as housing markets cool
Moody's Talks - Securitization Spotlight - December 01, 2022 18:57 - 21 minutes ★★★★★ - 2 ratingsInterest 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 pri...
US and European CLO markets continue to converge in key ways in wake of pandemic
Moody's Talks - Securitization Spotlight - October 27, 2022 15:02 - 12 minutes ★★★★★ - 2 ratingsCollateralized 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 manag...
Banks and covered bonds both benefit from framework harmony
Moody's Talks - Securitization Spotlight - September 29, 2022 12:33 - 21 minutes ★★★★★ - 2 ratingsThe 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...
ABS performance normalizing as auto price growth hits the brakes
Moody's Talks - Securitization Spotlight - July 29, 2022 14:36 - 14 minutes ★★★★★ - 2 ratingsThe 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 pe...
CMBS performance healthy as CRE markets evolve
Moody's Talks - Securitization Spotlight - July 01, 2022 08:50 - 14 minutes ★★★★★ - 2 ratingsDescription: 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 ...
ESG factors key to EMEA structured investors
Moody's Talks - Securitization Spotlight - May 27, 2022 12:50 - 16 minutes ★★★★★ - 2 ratingsInvestors 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 i...
Securitizations’ vulnerability to inflation and rising rates varies by market
Moody's Talks - Securitization Spotlight - April 29, 2022 14:41 - 20 minutes ★★★★★ - 2 ratingsMadhavi 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 fina...
EMEA structured finance risks rise on Russian invasion; court ruling heightens risk for US consumer deals
Moody's Talks - Securitization Spotlight - March 31, 2022 16:59 - 13 minutes ★★★★★ - 2 ratingsAntonio 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 abo...
US BSL and CRE CLOs search for new domiciles; CRE CLO market matures
Moody's Talks - Securitization Spotlight - February 24, 2022 08:45 - 13 minutes ★★★★★ - 2 ratingsLana 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 co...
Corporate ABS benefit from US economic turnaround
Moody's Talks - Securitization Spotlight - January 27, 2022 08:45 - 16 minutes ★★★★★ - 2 ratingsCorporate 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, per...
Structured finance performance remains strong as global economies recover
Moody's Talks - Securitization Spotlight - December 16, 2021 18:31 - 16 minutes ★★★★★ - 2 ratingsIn 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...
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