Moody's Talks - Securitization Spotlight

Macro normalization will aid structured finance collateral in 2025

podcasts@moodys.com (Aaron Johnson, Annabel Schaafsma) — Tue, 17 Dec 2024 10:13:04 +0000

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

ABS is among beneficiaries of music industry’s fight against AI use

podcasts@moodys.com (Giyora Eiger, Aaron Johnson) — Thu, 26 Sep 2024 16:20:00 +0000

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

Consumer ABS and RMBS performance will continue to weaken moderately for remainder of H2

podcasts@moodys.com (Nick Monzillo, Gaby Trinkaus, Gracie Zhou, Aaron Johnson) — Thu, 25 Jul 2024 18:25:37 +0000

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

AI-assisted underwriting has benefits and risks for structured finance transactions

podcasts@moodys.com (Peter McNally, Johann Grieneisen, Aaron Johnson) — Thu, 27 Jun 2024 13:00:00 +0000

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

Credit-risk transfer transactions’ prominence grows as regulations evolve

Fri, 31 May 2024 14:24:40 +0000

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:

Private credit CLOs becoming more likely in Europe as market grows

podcasts@moodys.com (Moody's Corporation) — Fri, 26 Apr 2024 12:54:01 +0000

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:

Basel Endgame will smooth real estate cycles, create opportunities for non-bank lenders

Wed, 10 Apr 2024 17:34:51 +0000

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

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Cyberattacks on mortgage servicers are a risk to structured finance transactions

podcasts@moodys.com (Peter McNally, Frank Wissman, Aaron Johnson) — Thu, 28 Mar 2024 20:41:24 +0000

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

Potential for European solar panel loan ABS is growing, with familiar risks

podcasts@moodys.com (Armin Krapf, Pedro Sancholuz Ruda, Aaron Johnson) — Thu, 29 Feb 2024 09:35:43 +0000

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

Commercial real estate borrowers adjust to high rates

Fri, 26 Jan 2024 15:50:30 +0000

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

Global structured finance markets will continue to adapt to high rates and structural shifts in 2024

podcasts@moodys.com (Annabel Schaafsma, Aaron Johnson) — Thu, 14 Dec 2023 09:49:40 +0000

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

Interest rates, home prices pose affordability challenges around the globe

Tue, 31 Oct 2023 17:13:43 +0000

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

Middle market borrower credit profiles weaken with economy, but effect on CLOs is limited

podcasts@moodys.com (Aaron Johnson) — Fri, 29 Sep 2023 08:23:55 +0000

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

SME ABS remains particularly vulnerable to economic turbulence

podcasts@moodys.com (Sandie Zhang, Monica Curti, Daniel Gan, Aaron Johnson) — Thu, 31 Aug 2023 17:56:20 +0000

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).

Multifamily real estate performing well, but faces some obstacles

podcasts@moodys.com (Darrell Wheeler, Brian Snow, Aaron Johnson) — Fri, 28 Jul 2023 10:38:40 +0000

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:

CLOs turn to SOFR at end of slow march away from Libor

podcasts@moodys.com (Peter Hallenbeck, Aaron Johnson) — Fri, 30 Jun 2023 16:24:02 +0000

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

Middle-market CLOs, BDCs and closed-end funds present different credit risks

Wed, 28 Jun 2023 10:41:45 +0000

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

UCRC securitizations evolving with utility sector as climate change intensifies

Wed, 31 May 2023 15:42:44 +0000

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:

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

podcasts@moodys.com (Tengfu Li, Jerome Cheng, Danielle Reed, Aaron Johnson) — Wed, 10 May 2023 15:45:45 +0000

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):

Structured finance exposure to recent banking stresses includes collateral and counterparties

podcasts@moodys.com (Aaron Johnson, Edward Manchester, Amy Tobey) — Thu, 27 Apr 2023 17:03:30 +0000

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).

Auto sector transformation, economic turbulence weakening ABS performance

podcasts@moodys.com (Aaron Johnson, Maxwell Price, Robin Liu) — Thu, 30 Mar 2023 17:58:49 +0000

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).

European SME ABS remains highly vulnerable as economies weaken

podcasts@moodys.com (Aaron Johnson, Monica Curti) — Fri, 24 Feb 2023 12:38:09 +0000

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).

Refi and other risks rise for CRE properties

podcasts@moodys.com (Aaron Johnson, Darrell Wheeler) — Mon, 30 Jan 2023 16:11:26 +0000

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).

Global structured finance markets brace for performance deterioration in 2023

podcasts@moodys.com (Aaron Johnson, Annabel Schaafsma) — Thu, 15 Dec 2022 12:19:27 +0000

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).

RMBS performance holds up as housing markets cool

Thu, 1 Dec 2022 18:57:37 +0000

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).

US and European CLO markets continue to converge in key ways in wake of pandemic

podcasts@moodys.com (Aaron Johnson, Shan lai, Ian perrin) — Thu, 27 Oct 2022 15:02:21 +0000

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).

Banks and covered bonds both benefit from framework harmony

podcasts@moodys.com (Alexander Zeidler, Niclas Boheman, Aaron Johnson) — Thu, 29 Sep 2022 12:33:10 +0000

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).

ABS performance normalizing as auto price growth hits the brakes

podcasts@moodys.com (Aaron Johnson, Greg O’Reilly, Karen Ramallo) — Fri, 29 Jul 2022 14:36:41 +0000

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).

CMBS performance healthy as CRE markets evolve

podcasts@moodys.com (Aaron Johnson, Matt Halpern, Brian Snow) — Fri, 1 Jul 2022 08:50:30 +0000

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).

ESG factors key to EMEA structured investors

podcasts@moodys.com (Aaron Johnson, Antonia Tena, Johann Grieneisen) — Fri, 27 May 2022 12:50:16 +0000

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).

Securitizations’ vulnerability to inflation and rising rates varies by market

podcasts@moodys.com (Peter McNally, Frank Cerveny, Marie Lam) — Fri, 29 Apr 2022 14:41:39 +0000

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

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

podcasts@moodys.com (Aaron Johnson, Atsi Sheth, Yehudah Forster, Antonio Tena) — Thu, 31 Mar 2022 16:59:28 +0000

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):

US BSL and CRE CLOs search for new domiciles; CRE CLO market matures

podcasts@moodys.com (Aaron Johnson, Lana Deharveng, Deryk Meherik) — Thu, 24 Feb 2022 08:45:00 +0000

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):

Corporate ABS benefit from US economic turnaround

podcasts@moodys.com (Aaron Johnson, Inga Smolyar, Giyora Eiger) — Thu, 27 Jan 2022 08:45:00 +0000

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

Structured finance performance remains strong as global economies recover

podcasts@moodys.com (Aaron Johnson, Jim Ahern, Ed Manchester) — Thu, 16 Dec 2021 18:31:06 +0000

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):

CLO issuance boom comes with documentation changes

podcasts@moodys.com (Aaron Johnson, Sam Spackman, Lana Deharveng) — Thu, 28 Oct 2021 07:45:00 +0000

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):

Effect of COVID-19 varies across Asia-Pacific region

podcasts@moodys.com (Alena Chen, Gracie Zhou, George Liondis, Aaron Johnson) — Thu, 30 Sep 2021 07:45:00 +0000

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

ABS performance is strong despite pandemic stresses

podcasts@moodys.com (Nick Monzillo, Ruth Mantell, Aaron Johnson, Tony Parry) — Thu, 29 Jul 2021 17:10:17 +0000

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.

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

podcasts@moodys.com (Jody Shenn, Brian Snow, Aaron Johnson, Ruth Mantell) — Thu, 24 Jun 2021 07:45:00 +0000

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.

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

Thu, 27 May 2021 12:12:00 +0000

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:

ESG risks vary across structured finance; CLOs turn to ESG-friendly investments

Thu, 29 Apr 2021 07:45:00 +0000

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.

Libor transition looms larger for some asset classes than others

Thu, 25 Mar 2021 17:46:50 +0000

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:

New rules for qualified mortgages will add riskier collateral to US RMBS

podcasts@moodys.com (Aaron Johnson, Xhensila Pisha, Yehudah Forster) — Thu, 25 Feb 2021 08:45:00 +0000

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:

Securitization Spotlight Trailer

podcasts@moodys.com (Aaron Johnson, Xhensila Pisha) — Thu, 18 Feb 2021 05:00:00 +0000

Hosted 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.