Conversations in European Credit

In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses the equity release (or reverse mortgage) sector with his colleagues Kali Sirugudi, Managing Director, and Ed DeVito, Senior Managing Director, from the RMBS team. They discuss the growth of the sector in UK, Europe, and the US, as well as the challenges of analysing the product. KBRA’s reverse mortgage methodology and report...

In this episode, Gordon Kerr, Head of European Research discusses the UK Buy-to-Let mortgage sector and the challenges it faces as interest rates rise. Gordon engages with KBRA’s Kali Sirugudi from KBRA’s RMBS team in a conversation about the challenges faced by landlords as they face refinancing challenges amongst other changes. A copy of the full report can be found on kbra.com.

In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses our latest European Securitisation Survey, which polls structured finance investors about their views and expectations regarding the market, as well as the Global ABS 2023 conference. Gordon talks to Luigi Griffo from KBRA’s investor relations team about the survey’s results, what they say about 2H 2023, and how they relate...

In this episode, Gordon Kerr, Head of European Research discusses the European Auto securitisation market as it accelerates towards the use of green collateral. Gordon engages with KBRA’s Karl Cummins from KBRA’s European ABS ratings team in a conversation about the sales of low carbon powered vehicles and their growing presence in European securitisations. A copy of the full report can be found o...

In this episode, Gordon Kerr, Head of European Research discusses the European Green Industrial Plan. Gordon engages with KBRA’s Emilie Nadler from KBRA’s environmental, social and governance team and Karim Nassif from KBRA’s project finance and corporate ratings team in a conversation about the introduction of these intentions from the European Commission and their potential credit implications....

In this episode, Gordon Kerr, KBRA’s Head of European Research, examines UK building societies and the increasingly challenging environment they face. Gordon discusses this topic with Asia Drobnik from KBRA’s financial institutions ratings team and Kali Sirugudi from its RMBS team, touching on inflation, house prices, mortgage lending, interest rates, and how well the building societies can cope w...

In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses the impact of rising interest rates and affordability of mortgage lending on the Dutch housing market. He is joined by Kali Sirugudi, from KBRA’s residential mortgage-backed securities team. The analysts debate house prices, mortgage lending, interest rates, and the ongoing performance of the Netherlands’ housing market. A c...

In this episode, Gordon Kerr, Head of European Research discusses the stabilisation of the European energy market and the impact on corporates, sovereigns, projects and infrastructure. Gordon engages with Karim Nassif from KBRA’s project finance and infrastructure team as well as Ken Egan from KBRA’s sovereign ratings team, in a conversation about how Europe’s energy market is impacting on various...

In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses the marked growth in private credit as highlighted in our recent report on the topic. Gordon is joined by Asia Drobnik and Patricia Cantwell from KBRA’s Financial Institutions team in a lively conversation about how the private credit market has grown to fill a gap left by bank lenders following the global financial crisis....

In this episode, Gordon Kerr, Head of European Research discusses solar photovoltaic funding and KBRA’s report on the potential for the use of securitisation to support the green transition. Gordon engages with KBRA’s Emilie Nadler from KBRA’s ESG team as well as Kilian Walsh from the European ABS ratings team in a conversation about how the demand for rooftop solar PVs is growing. As Europe looks...

In this episode, Gordon Kerr, Head of European Research discusses collateralised loan obligation manager styles and KBRA’s report. Gordon engages with KBRA’s Gabriele Gramazio from the structured credit ratings team, in a conversation about European CLO manager styles in their approach to managing pools of leveraged loans. A copy of the full report and subsequent updates; European CLO Manager Styl...

In this episode, Gordon Kerr, Head of European Research discusses the support offered by the prudent debt management of European sovereigns over the past several years. Gordon engages with KBRA’s Ken Egan, from the sovereign ratings team, in a conversation about the challenging interest rate environment and how European sovereigns are in a positive position to manage through the increases in their...

In this episode, Gordon Kerr, Head of European Research discusses the Outlook for European Securitisation in 2023. In the second of a two-part series, Gordon engages with KBRA analysts to cover corporate-oriented collateral in European securitisations. Collateral challenges are expected to be the focus for 2023 as the recessionary environment takes hold and companies face the challenges of a slowd...

In this episode, Gordon Kerr, Head of European Research discusses the Outlook for European Securitisation in 2023. In the first of a two-part series, Gordon engages with KBRA analysts to cover consumer-oriented collateral in European securitizations. Collateral challenges are expected to be the focus for 2023 as the recessionary environment takes hold and consumers face increased cost of living. K...

In this episode, Gordon Kerr, Head of European Research is asked questions by Luigi Griffo from KBRA’s European Investor Relations about the results of a recent survey. Investors in the European Securitisation market were asked their views for issuance and performance in the short to medium term. This is the second KBRA survey in 2022, providing a dynamic picture as views change. The first survey...

In this episode, Gordon Kerr, Head of European Research speaks with Kali Sirugudi from the RMBS ratings team about the impact of the current rising interest rate environment on commercial real estate in Europe. We engage in a discussion about how the Spanish housing market has adapted from its position pre-global financial crisis and is better prepared for the challenges ahead. In Spain, the housi...

In this episode, Gordon Kerr, Head of European Research speaks with Stephen Hughes and Stacy Gross from the CMBS ratings team about the impact of the current rising interest rate environment on commercial real estate in Europe. We engage in a discussion about the potential impact of rates on commercial real estate loans, and commercial mortgage backed securities. Rate increases can have an impact...

In this episode, Gordon Kerr, Head of European Research speaks with Karim Nassif, European Project Finance & Infrastructure, and Ken Egan, Sovereigns about the growing cost of energy in Europe and it’s impact. We engage in a discussion about the changing dynamics of the energy market in Europe, government actions and the consequences of the changing environment as Europe transitions away from...

In this episode, Gordon Kerr, Head of European Research, speaks with Kali Sirigudi, Managing Director, RMBS, about the challenges ahead for UK consumers. The two KBRA analysts discuss the potential impact of current developments impacting the average UK consumer and borrower. Further reading on the topic can be found on kbra.com.

In this episode, Gordon Kerr, Head of European Research speaks with Karim Nassif, Director, Project Finance & Infrastructure and Ken Egan, Director, Sovereigns about the recent developments in Europe with regards to Russian gas. In this podcast we engage in a discussion about the potential impact of Russian gas supply changes as Europe adjusts its reliance and how it may adjust in the ongoing...

In this episode, Gordon Kerr, Head of European Research speaks with Karim Nassif, Director, Project Finance & Infrastructure about the development of battery storage in Europe and the funding of its progress. In this podcast we engage in a discussion about the role of battery storage in the great energy transition as Europe adjusts to the need to expand the use of renewable technologies. Furth...

In this episode, Gordon Kerr, Head of European Research speaks with Yee Cent Wong, Co-Head of Europe, Kali Sirugudi, Managing Director, European RMBS, Kilian Walsh, Managing Director, European ABS, Stephen Hughes, Director, European CMBS, and Gabriele Gramazio, Director, European Structured Credit about the recent annual Global ABS conference for the securitization market. With market concerns on...

In this episode, Gordon Kerr, Head of European Research speaks with Asia Drobnik, Senior Director, Financial Institutions and Kali Sirugudi, Managing Director, European RMBS about the UK mortgage and housing markets and how well the building societies are prepared for the challenges ahead. The discussion focuses on the findings of the recently published report – UK Building Societies: Prepared for...

In the second episode of a two-part Conversations in European Credit, Gordon Kerr, Head of European Research speaks with several members of the KBRA team on the current environment: Gabriele Gramazio, Director, European CLOs Kali Sirugudi, Managing Director, European RMBS Killian Walsh, Senior Director, European ABS Stephen Hughes, Director, European CMBS In the podcast, they will discuss the impa...

In the first episode of a two-part Conversations in European Credit, Gordon Kerr, Head of European Research speaks with several members of the KBRA team on the current environment: Joan Feldbaum-Vidra, Senior Managing Director, Sovereigns Garrett Tynan, Managing Director, European Head Project Finance & Infrastructure Joanna Drobnik, Senior Director, Financial Institutions Ken Egan, Director,...