최고 Securitization 팟캐스트 (2024)

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

2M ago13:22

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…

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

4M ago21:45

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 Mood…

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

5M ago11:33

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 …

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

6M ago18:16

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 A…

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

7M ago13:55

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 Re…

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

7M ago13:38

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-Sen…

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

8M ago11:08

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 Resear…

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

9M ago11:27

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: A…

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

10M ago24:29

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 W…

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

11M ago13:23

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

1y ago21:14

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 – Rese…

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

1y ago7:09

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 Service저자 Aaron Johnson

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

1y ago19:00

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 Ser…

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

1+ y ago19:59

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 Serv…

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

1+ y ago12:27

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 Spotligh…

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

1+ y ago22:15

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 – S…

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

1+ y ago20:31

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…

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

1+ y ago10:39

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…

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

1+ y ago10:05

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…

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

1+ y ago13:07

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: Ma…

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

1+ y ago13:45

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…

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

2y ago18:19

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 t…

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

2y ago19:11

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…

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

2y ago21:17

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 …

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

2y ago12:31

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,…

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

2y ago21:19

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 loan…

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

2+ y ago14:15

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 rat…

1
CMBS performance healthy as CRE markets evolve 14:43

2+ y ago14:43

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…

1
ESG factors key to EMEA structured investors 16:37

2+ y ago16:37

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 …

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

2+ y ago20:22

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, structur…

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

2+ y ago13:10

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 …

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

2+ y ago13:39

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…

1
Corporate ABS benefit from US economic turnaround 16:15

3y ago16:15

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 …

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

3y ago16:15

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 Str…

1
CLO issuance boom comes with documentation changes 10:22

3y ago10:22

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 Metri…

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

3y ago12:59

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 eco…

1
ABS performance is strong despite pandemic stresses 15:27

3+ y ago15:27

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 employ…

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

3+ y ago17:27

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 t…

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

3+ y ago17:00

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 ab…

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

3+ y ago13:25

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 invest…

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

3+ y ago15:19

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. R…

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

3+ y ago15:32

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 r…

1
Securitization Spotlight Trailer 0:56

3+ y ago0:56

0:56

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 low…

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