EMEA structured finance risks rise on Russian invasion; court ruling heightens risk for US consumer deals

Moody's Talks - Securitization Spotlight

#Business #News #Moody's Corporation #Securitization #SFG #Structured Finance

51:57

On the Season 2 debut of Lost Cultures: Living Legacies , we travel to Bermuda, an Atlantic island whose history spans centuries and continents. Once uninhabited, Bermuda became a vital stop in transatlantic trade, a maritime stronghold, and a cultural crossroads shaped by African, European, Caribbean, and Native American influences. Guests Dr. Kristy Warren and Dr. Edward Harris trace its transformation from an uninhabited island to a strategic outpost shaped by shipwrecks, colonization, the transatlantic slave trade, and the rise and fall of empires. Plus, former Director of Tourism Gary Phillips shares the story of the Gombey tradition, a vibrant performance art rooted in resistance, migration, and cultural fusion. Together, they reveal how Bermuda’s layered past continues to shape its people, culture, and identity today. Learn more about your ad choices. Visit podcastchoices.com/adchoices…

3 роки тому 13:10

MP3•Головна епізоду

Related content on Moodys.com (some content only available to registered users or subscribers):

44 епізодів

EMEA structured finance risks rise on Russian invasion; court ruling heightens risk for US consumer deals

Moody's Talks - Securitization Spotlight

published 3 роки тому

Поширити

MP3•Головна епізоду

Related content on Moodys.com (some content only available to registered users or subscribers):

44 епізодів

#Business #News #Moody's Corporation #Securitization #SFG #Structured Finance

Все серии

1
Macro normalization will aid structured finance collateral in 2025 11:26

22 weeks тому11:26

11:26

Both consumer and corporate structured finance obligors will benefit from falling interest rates and moderate economic growth, although high costs will keep straining some borrowers’ finances. In this episode, we’ll discuss other factors contributing to the Moody’s Ratings outlook for the sector in the year ahead. Host: Aaron Johnson, Vice President – Research Writer Guest : Annabel Schaafsma, Managing Director, Global Structured Finance…

1
ABS is among beneficiaries of music industry’s fight against AI use 13:22

34 weeks тому13:22

13:22

As regulators bolster copyright protections amid widening artificial intelligence use in the music industry, music royalty ABS issuers and other copyright holders will benefit from the protections. Speaker : Giyora Eiger, VP-Sr Credit Officer at Moody's Ratings Host : Aaron Johnson, VP-Senior Research Writer at Moody's Ratings Related Research : Music Royalty ABS and Music Companies – US: Protecting voices and copyrights from AI misuse will aid ABS and music companies…

1
Consumer ABS and RMBS performance will continue to weaken moderately for remainder of H2 21:45

43 weeks тому21:45

21:45

High rates and inflation will continue threatening consumers’ ability to pay their debts in some regions in the coming months, but solid job growth will temper the negative effect on performance. Speakers : Nick Monzillo, VP-Senior Analyst at Moody's Ratings; Gaby Trinkaus, Senior VP/Manager at Moody's Ratings; Gracie Zhou, VP-Senior Analyst at Moody's Ratings Host : Aaron Johnson, VP-Senior Research Writer at Moody's Ratings…

1
AI-assisted underwriting has benefits and risks for structured finance transactions 11:33

47 weeks тому11:33

11:33

The use of artificial intelligence in collateral underwriting comes with both benefits and risks to structured finance transactions, while jurisdictions take different approaches to AI regulation. Speakers : Peter McNally, VP-Sr Credit Officer at Moody's Ratings; Johann Grieneisen, VP-Senior Analyst at Moody's Ratings Host : Aaron Johnson, VP-Senior Research Writer at Moody's Ratings Related Research : Artificial Intelligence - Structured Finance: AI used in asset origination brings benefits, risks and regulatory scrutiny…

1
Credit-risk transfer transactions’ prominence grows as regulations evolve 18:16

51 weeks тому18:16

18:16

As the regulatory environment continues to evolve, US and European banks have sought regulatory capital relief by offloading the credit risk of loans they make via special types of transactions. Guests : Warren Kornfeld, Senior Vice President at Moody's Ratings; Nick Monzillo, VP-Senior Analyst at Moody's Ratings; Frank Cerveny, VP-Senior Research Analyst at Moody's Ratings Host : Aaron Johnson, VP-Senior Research Writer at Moody's Ratings Related reports : Auto ABS - US: Credit-linked notes include risks not seen in typical auto ABS; issuance is rising Banks and Structured Finance – US: Risk transfer gives banks protection, but more capital is better; ABS implications vary Banks and Structured Finance – Europe: Output floor proposal could erode benefits of SRT for regulatory capital and risk management purposes…

1
Private credit CLOs becoming more likely in Europe as market grows 13:55

1 year тому13:55

13:55

Should 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 Analyst at Moody's Ratings Host : Aaron Johnson, VP-Senior Research Writer at Moody's Ratings Related research: Robust structures will mitigate heightened collateral risks in private credit CLOs Escalating private credit competition will increase risk and scrutiny…

1
Basel Endgame will smooth real estate cycles, create opportunities for non-bank lenders 13:38

1 year тому13:38

13:38

Basel 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 risk of boom and bust property cycles, boost private credit market Rising interest rates will weaken commercial property values and raise refinancing risk Explanatory comment – Haircuts smooth CRE values through the property market cycle…

1
Cyberattacks on mortgage servicers are a risk to structured finance transactions 11:08

1 year тому11:08

11:08

Recent 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…

1
Potential for European solar panel loan ABS is growing, with familiar risks 11:27

1 year тому11:27

11:27

As 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…

1
Commercial real estate borrowers adjust to high rates 24:29

1 year тому24:29

24:29

Interest 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…

1
Global structured finance markets will continue to adapt to high rates and structural shifts in 2024 13:23

1 year тому13:23

13:23

High 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…

1
Interest rates, home prices pose affordability challenges around the globe 21:14

2 years тому21:14

21:14

Home 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…

1
Middle market borrower credit profiles weaken with economy, but effect on CLOs is limited 7:09

2 years тому7:09

7:09

Various 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

1
SME ABS remains particularly vulnerable to economic turbulence 19:00

2 years тому19:00

19:00

Asset-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 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).…

1
Multifamily real estate performing well, but faces some obstacles 19:59

2 years тому19:59

19:59

Multifamily 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 on Moodys.com (some content only available to registered users or subscribers). Related Links: CRE fortunes vary by lender and property type, with office facing multiple risks Credit quality erosion to continue as refinancing becomes more difficult Sector Update – Q2 2023: Physical office occupancy recovering, but values are down Moody's DQT - Office and hotel conduit/fusion DQT increase sharply in June 2023…

Moody's Talks - Securitization Spotlight

1
CLOs turn to SOFR at end of slow march away from Libor 12:27

2 years тому12:27

12:27

With 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: Middle-market CLOs, BDCs and closed-end funds: structures lead to divergent credit risks…

Moody's Talks - Securitization Spotlight

1
Middle-market CLOs, BDCs and closed-end funds present different credit risks 22:15

2 years тому22:15

22:15

Moody’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 – Senior Research Writer, Moody’s Investors Service…

Moody's Talks - Securitization Spotlight

1
UCRC securitizations evolving with utility sector as climate change intensifies 20:31

2 years тому20:31

20:31

As 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 Matthew Kuchtyak, Vice President – Sustainable Finance Group. 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: As extreme weather events and net-zero efforts rise, ABS will lower utility credit risk Inflation-tied social risk remains low for UCRC ABS despite its rise for utilities Second Party Opinion – SCE Recovery Funding LLC's Series 2023-A Assigned SQS2 Sustainability Quality Score 2023 Outlook - Despite weak economy, strong demand for assets will uphold deal credit quality and performance…

Moody's Talks - Securitization Spotlight

1
China’s post-COVID reopening is positive for domestic mortgage borrowers, some Asia-Pacific banks 10:39

2 years тому10:39

10:39

Jerome 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 on Moodys.com (may only be available to registered users or subscribers): RMBS – China: Economic rebound, low rates and policy support are positive for mortgage borrowers Banks – Asia-Pacific: China's reopening will benefit only a few banking systems in Asia-Pacific…

Moody's Talks - Securitization Spotlight

1
Structured finance exposure to recent banking stresses includes collateral and counterparties 10:05

2 years тому10:05

10:05

Structured 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 Investors Service. To read more on this topic, visit Securitization Spotlight page on Moodys.com (some content only available to registered users or subscribers).…

Moody's Talks - Securitization Spotlight

1
Auto sector transformation, economic turbulence weakening ABS performance 13:07

2 years тому13:07

13:07

As 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 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). Auto-related ABS – US: Slower used auto price drops will ease asset risks; trends for BEV values are less certain Auto ABS – US: Worsening performance among non-prime borrowers will strain junior note protection UK Auto ABS – Europe: Auto sector transformation spreads to used car market, a credit negative for auto ABS…

Moody's Talks - Securitization Spotlight

1
European SME ABS remains highly vulnerable as economies weaken 13:45

2 years тому13:45

13:45

European 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: 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).…

Moody's Talks - Securitization Spotlight

1
Refi and other risks rise for CRE properties 18:19

2 years тому18:19

18:19

Rising 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 post-pandemic 2023 recovery for commercial real estate CMBS and CRE CLOs – US: 2023 Outlook - Higher rates and slower economy pose risks to new deal credit quality and existing deal performance…

Moody's Talks - Securitization Spotlight

1
Global structured finance markets brace for performance deterioration in 2023 19:11

2 years тому19:11

19:11

With 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.com (some content only available to registered users or subscribers).…

Moody's Talks - Securitization Spotlight

1
RMBS performance holds up as housing markets cool 21:17

2 years тому21:17

21:17

Interest 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, and Ilya Serov, Associate Managing Director – Structured Finance Group. Host: Aaron Johnson, Vice President – Research, Moody’s Investors Service. To read more on this topic, read these reports on Moodys.com (some content only available to registered users or subscribers). Rising interest rates and inflation are eroding housing affordability in many Asia-Pacific countries Housing – Europe: Risks grow across sectors along with likelihood of housing downturn RMBS – US: Sector update – Q3 2022: Prime jumbo issuance drops, performance stays healthy…

Moody's Talks - Securitization Spotlight

1
US and European CLO markets continue to converge in key ways in wake of pandemic 12:31

3 years тому12:31

12:31

Collateralized 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, 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).…

Moody's Talks - Securitization Spotlight

1
Banks and covered bonds both benefit from framework harmony 21:19

3 years тому21:19

21:19

The 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’s Investors Service, and Niclas Boheman, Vice President – 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).…

Moody's Talks - Securitization Spotlight

1
ABS performance normalizing as auto price growth hits the brakes 14:15

3 years тому14:15

14:15

The 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 Investors Service, and Greg O’Reilly, Vice President – 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).…

Moody's Talks - Securitization Spotlight

1
CMBS performance healthy as CRE markets evolve 14:43

3 years тому14:43

14:43

Description: 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, Moody’s Investors Service, and Brian Snow, Vice President – 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).…

Moody's Talks - Securitization Spotlight

1
ESG factors key to EMEA structured investors 16:37

3 years тому16:37

16:37

Investors 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 Investors Service, and Johann Grieneisen, Vice President – 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).…

Moody's Talks - Securitization Spotlight

1
Securitizations’ vulnerability to inflation and rising rates varies by market 20:22

3 years тому20:22

20:22

Madhavi 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: Vulnerability to inflation varies across portfolios, overall impact limited…

Moody's Talks - Securitization Spotlight

1
EMEA structured finance risks rise on Russian invasion; court ruling heightens risk for US consumer deals 13:10

3 years тому13:10

13:10

Antonio 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 – Europe: Magnitude of negative impact of Russian invasion will vary across asset classes Credit Conditions – Global: Russia-Ukraine conflict adds new hazards to global credit and exacerbates existing risks Consumer ABS and RMBS – US: CFPB’s step forward in trust suit spurs risks across consumer securitizations…

Moody's Talks - Securitization Spotlight

1
US BSL and CRE CLOs search for new domiciles; CRE CLO market matures 13:39

3 years тому13:39

13:39

Lana 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 CLOs, Conduit CMBS and CRE CLOs Share Exposure to Corporates, but Differ in Collateral and Structure…

Moody's Talks - Securitization Spotlight

1
Corporate ABS benefit from US economic turnaround 16:15

3 years тому16:15

16:15

Corporate 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): Corporate ABS - US - 2022 Outlook…

Moody's Talks - Securitization Spotlight

1
Structured finance performance remains strong as global economies recover 16:15

3 years тому16:15

16:15

In 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 rules will support credit quality Structured Finance – Global: Approaching Libor transition milestones bring credit considerations into focus Structured Finance – Global Climate exposure, societal trends lead ESG credit risks for transactions…

Moody's Talks - Securitization Spotlight

1
CLO issuance boom comes with documentation changes 10:22

4 years тому10:22

10:22

In 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…

Moody's Talks - Securitization Spotlight

1
Effect of COVID-19 varies across Asia-Pacific region 12:59

4 years тому12:59

12:59

In 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 performance risks - Of the Asia-Pacific countries where coronavirus cases have surged, asset performance risks for structured finance deals are highest in India and much lower in Australia, Japan and Korea…

Moody's Talks - Securitization Spotlight

1
ABS performance is strong despite pandemic stresses 15:27

4 years тому15:27

15:27

Inside 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 US consumer ABS, speeding the pace at which incomes can take over from government aid. RMBS and ABS – EMEA Collateral outperforming previous expectations as economies improve As collateral has outperformed our initial expectations, we have revised most of our collateral forecasts to stable for the next 12-18 months.…

Moody's Talks - Securitization Spotlight

1
Structured finance hot topics; New York emissions law will have minimal negative effect on CMBS 17:27

4 years тому17:27

17:27

In 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 about the effects of New York’s a new emissions law on CMBS (begins at 8:40 mins) Related content: Structured Finance – Global: Heard from the Market: Investors and issuers see improving credit - Some key takeaways from our recent calls with structured finance market investors, researchers and other market participants. CMBS — US: Groundbreaking NYC climate law spurs minor credit risk for CRE loans - As emissions limits in NYC phase in over the coming decade, noncompliant properties will incur fines, but such costs will spur material credit risk for only a handful of US CMBS.…

Moody's Talks - Securitization Spotlight

1
Structured finance backs lending around the globe; SME ABS performance will depend on duration of SME support measures 17:00

4 years тому17:00

17:00

In 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 funding of the global economy SME ABS – Global Performance will weaken in some regions as support measures expire May Credit Outlook…

Moody's Talks - Securitization Spotlight

1
ESG risks vary across structured finance; CLOs turn to ESG-friendly investments 13:25

4 years тому13:25

13:25

In 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.…

Moody's Talks - Securitization Spotlight

1
Libor transition looms larger for some asset classes than others 15:19

4 years тому15:19

15:19

In 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 CLOs – US: Sector Update – Q4 2020: Market indicators rebound as investor optimism grows Structured Finance – China: Sector Update Q4 2020 - Performance stable, issuance up as economy recovers RMBS – EMEA : Sector Update – Q4 2020: Performance stays stable for year-end Credit Card ABS – US: Sector Update – Q4 2020: Credit card ABS performance was strong Auto ABS – US: Sector Update – Q4 2020: Performance improves as economy continues to stabilize RMBS – US: Sector update – Q4 2020: New deal issuance remains robust, performance still at risk RMBS and ABS – EMEA Coronavirus performance monitor — January 2021 CMBS - US: Sector Update – Q3 2020: Rebound in fundamentals offset by record share of interest-only loans Libor Transition – Global: Finalization of retirement delay for key US dollar benchmarks reduces credit risks Libor Transition – Global: ISDA progress on Libor transition in derivatives market is credit positive Structured finance – Global Libor risk would loom larger for certain securitization sectors in adverse scenario Structured Finance — RMBS – US: Most US RMBS have weak Libor documentation, structures lessen Libor-phaseout risk Structured finance — Europe: Euribor reform reduces uncertainty for structured finance transactions Structured finance — Global: Libor transition continues to create risks for new transactions Structured Finance — RMBS – United Kingdom: Libor transition poses cash flow risks for deals, especially legacy securitisations Structured Finance – Global: Post-Libor reference rates result in lower volatility under stressed scenarios…

Moody's Talks - Securitization Spotlight

1
New rules for qualified mortgages will add riskier collateral to US RMBS 15:32

4 years тому15:32

15:32

In 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 down potential changes to the qualified mortgage rules, and what they mean for the credit quality of future RMBS (begins at 4:57) Featured content: RMBS – US: New qualified mortgage rules will expand credit box for prime RMBS, increasing risk - The CFPB's new QM rules will allow some riskier loans to qualify, and also result in a non-QM market that is more akin to non-prime Other related content: Structured Finance – Global: 2021 Outlook – Speed and extent of recovery will vary by asset class and region, with pandemic weighing on performance Consumer ABS – US 2021 Outlook – Weaker asset performance will weigh on deals as underwriting slowly normalizes from 2020 tightening RMBS – US: 2021 Outlook – COVID-19 fallout will drive originators to uphold high standards, but weaken existing deals' performance RMBS and ABS – EMEA: 2021 Outlook — Tight underwriting will aid new deal asset quality as coronavirus fallout spurs performance risks Structured Finance – China: 2021 Outlook - Economic recovery will support asset quality and performance Structured Finance – Australia: 2021 Outlook - Asset quality will be sound, but uneven recovery will hurt performance SFG – Europe: Significance of remaining pandemic-related risks to collateral vary by asset class and region Government Policy – US: New administration's swift policy pivot on health, economy and climate will affect energy and consumer-related sectors Housing and Housing Finance – US : Biden’s policy agenda, including home ownership and affordability, has varied credit effects for many sectors…

Moody's Talks - Securitization Spotlight

1
Securitization Spotlight Trailer 0:56

4 years тому0:56