We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Net

Introducing Our “ABS Frontiers” Article Series

May 10th, 2024 5m 31s

For our first episode in 2024, our host, Tom Schopflocher, is joined by Cian Chandler, S&P Global Ratings’ Global Structured Finance Chief Analytical Officer, to introduce our “ABS Frontiers” article series. Throughout this year, these informat

France And Germany Lead The Covered Bond Issuance Rebound

Nov 9th, 2023 12m 57s

In 2022, European covered bond issuance reached levels unseen since 2011, with the French and German markets leading the way. We're joined by analysts Denitsa Carouget and Casper Andersen to discuss both of those markets. We provide overviews o

Back In The Office? Uneven Global Sector Recovery

Oct 19th, 2023 11m 48s

We're joined by analyst Ana Lai and co-host Jim Manzi to discuss the global office sector’s uneven recovery post-pandemic. We dive into the vacancy rates in different regions around the world, pricing trends for the office sector in a higher-fo

A Comparative Overview Of U.S. And European BSL CLOs

Oct 3rd, 2023 11m 15s

Analysts Daniel Hu, Rebecca Mun, and Abhijit Pawar join us to discuss U.S. and European BSL CLOs. First, we give a recap of a CLO panel at a recent S&P Global Ratings-hosted European Structured Finance conference, "Navigating Challenges; Seekin

The First 'AAA (sf)' Rating Assigned To Chinese Consumer Finance ABS

Sep 27th, 2023 8m 54s

On July 28, 2023, S&P Global Ratings assigned its 'AAA (sf)' rating to the class A notes of Anyihua 2023 Phase III Personal Consumption Loan Asset Backed Securities, the first 'AAA (sf)' rating assigned by an international ratings agency to a s

Covered Bonds Could Ease The Pain In European Commercial Real Estate

Jul 13th, 2023 8m 58s

We're joined by credit analysts Casper Andersen to discuss how covered bonds could ease the pain in European commercial real estate (CRE), which has been struggling with inflation and rising interest rates. First, we go into the price trends of

Covered Bonds Take On Rising Pressures In Sweden, Norway, and Finland

May 25th, 2023 11m 50s

We're joined by credit analysts Andrew South and Casper Andersen to discuss covered bonds in Sweden, Norway, and Finland. Sweden has been experiencing rapidly rising consumer prices at a rate not seen in decades. Norway and Finland have been fa

Inside Global ABCP: Issuance Trends, Impact Of Recent Banking Events, And Alternative Financing Arrangements

May 18th, 2023 8m 40s

We're joined by credit analysts Dev Vithani, Joshua Saunders, and Maxime Pontois to discuss some of the alternative financing arrangements that are on an uptick in the asset-backed commercial paper (ABCP) sectors in U.S. and EMEA and how they s

A Look At Rising U.S. BSL CLO 'CCC' Basket Scenarios And Their Effects On Junior O/C Test Cushions

May 9th, 2023 9m 5s

We're joined by CLO Sector Lead Stephen Anderberg and credit analyst Daniel Hu to discuss how rising U.S. broadly syndicated loan (BSL) CLO 'CCC' baskets could affect junior overcollateralization (O/C) test cushions. We detail how the mechanics

European CMBS In A Rising Rate Environment

Mar 16th, 2023 12m 30s

We're joined by Mathias Herzog to discuss how the risk for the commercial real estate (CRE) loans we monitor in European CMBS has shifted to refinancing risk from term risk due to rising interest rates. We touch on default and refinancing risk

China Structured Finance 2023 Outlook

Feb 21st, 2023 9m 37s

Our host, Tom Schopflocher, is joined by Hong Kong-based lead analyst Andrea Lin to discuss our 2023 securitization outlook for China. We begin by recapping the broad Structured Finance issuance trends we are seeing in China and what’s driving

Navigating Through A Softening U.S. Residential Mortgage And Housing Market In 2023

Feb 9th, 2023 12m 47s

Our host, Tom Schopflocher, is joined by U.S. RMBS Sector Lead Jeremy Schneider discuss our 2023 U.S. residential mortgage and housing outlook. With the U.S. housing and mortgage market slowdowns expected to continue in 2023, we dig into some h

Global Structured Finance 2023 Outlook

Jan 26th, 2023 5m 22s

Our hosts Tom Schopflocher and James Manzi get together to discuss our 2023 global structured finance outlook. Global structured finance issuance fell about 29% in 2022, and the declines were generally uniform in the largest global markets as h

Insights Into The Danish And German Covered Bond Markets

Dec 22nd, 2022 10m 18s

Expanding on our covered bond market coverage, Casper Andersen joins us to provide some insights into the Danish and German markets, which are the largest and second-largest in Europe, respectively. We give an overview of each market's adopted

Packaging Fast Food For A Recession: Whole Business Securitization Risks In 2023

Dec 15th, 2022 10m 59s

We’re joined by Structured Finance analyst Christine Dalton, who gives her insights into the overall U.S. whole business securitization (WBS) sector, and by Corporates analyst Sarah Wyeth, who goes in depth on quick-service restaurants (which m

The Par Wars Saga Continues As U.S. CLO Document Provisions Evolve

Oct 20th, 2022 14m 13s

We’re joined by our CLO team members Stephen Anderberg, Catherine Rautenkranz, William Sweatt, and Jeffrey Burton to discuss the evolving nature of U.S. CLO document provisions. A number of the recent developments in indenture provisions are ge

A Request For Comment On Proposed Criteria For Global Aircraft ABS

Oct 17th, 2022 6m 16s

We’re joined by nontraditional ABS Analysts Deborah Newman and Rajesh Subramanian, as well Kapil Jain from Structured Finance Methodologies, who discuss our request for comment (RFC) for proposed updates to our global aircraft ABS criteria. We

The Health of U.S. Consumers

Aug 10th, 2022 9m 7s

In this week’s episode of Take Notes, hosts Tom Schopflocher and Jim Manzi discuss their recently published chartbook: U.S. Structured Finance Snapshot: The Health Of U.S. Consumers. Topics include U.S. macroeconomic conditions, consumer ABS, h

The Harmonization Of EU Covered Bonds

Aug 3rd, 2022 9m 31s

Following the implementation of the EU Covered Bond Directive, analysts Casper Andersen and Ana Galdo join us this week to discuss the journey European covered bonds have been on to harmonize. We go over some key elements of the legislation, re

European CMBS Performance In The Face Of Rising Real Estate Values

Jul 7th, 2022 13m 41s

With the European commercial real estate market facing asset price inflation risks, analyst Mathias Herzog joins us this week to discuss the region's CMBS performance. We discuss key European market trends and how they impact our ratings, notin

How The Australian RMBS Sector’s Resilience To Monetary Tightening Will Be Tested

Jun 16th, 2022 22m 8s

Credit analyst Erin Kitson joins us this week to discuss the Australian RMBS sector's likely resilience to rising interest rates in the country due to inflationary pressures. We do deep dives on a scenario analysis we performed to explore borro

Private Equity Collateral Fund Obligations In 2022

May 12th, 2022 10m 26s

We're joined by Chris Plumb and Jie Liang to discuss Private Equity CFOs, including the recent Astrea 7 transaction. Disruptions from the COVID-19 pandemic led to temporary performance fluctuations in the outstanding Astrea transactions we rate

A History Of U.S. CLO Defaults

Mar 30th, 2022 14m 41s

Our host, Jim Manzi, is joined by U.S. CLO sector lead Stephen Anderberg, Director Daniel Hu, and research analyst Evan Gunter to do a deep dive into the history of U.S. CLO defaults. Of the 16,000+ CLO tranches that we have rated since the mid

The Risks Of “Buy Now, Pay Later” Assets And Potential Securitizations

Mar 16th, 2022 11m 48s

We're joined by Doug Paterson to discuss buy now, pay later (BNPL) lending, a form of consumer credit where goods and services are paid for in installments over a period typically less than 12 months, instead of being paid for in full at the ti