Moody's Talks - Securitization Spotlight

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’...

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,...

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 le...

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...

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 coll...

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 wea...

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 Mo...

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...

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. Rel...

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...

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...

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...

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 performanc...

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...

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 su...

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.

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 20...

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 202...

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’ growin...