Take Notes
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Take Notes
S&P Global Ratings’ structured finance podcast and the credit events of your day. Tune in as your hosts Jim Manzi and Tom Schopflocher explore hot topics across the structured finance and global markets.
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European Structured Finance Mid-Year Update: Issuance Is Strong, But Performance Concerns Remain
While European Structured Finance issuance has been strong in the first half of the year, some investors believe that deteriorating macro fundamentals...
Airline Loyalty ABS Have Lift Off
Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we be...
How ETFs Are Enabling The Transformation Of Capital Markets
Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital m...
Consumers Facing Inflation And Affordability Challenges Despite Low Unemployment
Recent data regarding consumer credit--especially auto ABS collateral data--are showing signs of deteriorating performance. Moreover, we've seen some...
The Impact Of The LA Wildfires On California's Property Insurance, Housing Finance, And State Creditworthiness
We discuss the cross-sector impact of the Los Angeles wildfires on California's property insurance, housing finance, and state creditworthiness. As th...
The Rise Of U.S. CLO ETFs
Since CLO ETFs launched in late 2020, the investing landscape has changed, as retail investors can now access securities previously available only to...
Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded
We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 clas...
U.S. BSL CLO Markets Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance
After two years of muted issuance, the U.S. BSL #CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO...
Update On The Covered Bond Markets For Norway, Finland, And Netherlands
We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional su...
Introducing Our “ABS Frontiers” Article Series
For our first episode in 2024, our host, Tom Schopflocher, is joined by Cian Chandler, S&P Global Ratings’ Global Structured Finance Chief Analytical...
France And Germany Lead The Covered Bond Issuance Rebound
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...
Back In The Office? Uneven Global Sector Recovery
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 ra...
A Comparative Overview Of U.S. And European BSL CLOs
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&...
The First 'AAA (sf)' Rating Assigned To Chinese Consumer Finance ABS
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 Bac...
Covered Bonds Could Ease The Pain In European Commercial Real Estate
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 b...
Covered Bonds Take On Rising Pressures In Sweden, Norway, and Finland
We're joined by credit analysts Andrew South and Casper Andersen to discuss covered bonds in Sweden, Norway, and Finland. Sweden has been experiencing...
Inside Global ABCP: Issuance Trends, Impact Of Recent Banking Events, And Alternative Financing Arrangements
We're joined by credit analysts Dev Vithani, Joshua Saunders, and Maxime Pontois to discuss some of the alternative financing arrangements that are on...
A Look At Rising U.S. BSL CLO 'CCC' Basket Scenarios And Their Effects On Junior O/C Test Cushions
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' bask...
European CMBS In A Rising Rate Environment
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 refinanci...
China Structured Finance 2023 Outlook
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 rec...
Navigating Through A Softening U.S. Residential Mortgage And Housing Market In 2023
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 t...
Global Structured Finance 2023 Outlook
Our hosts Tom Schopflocher and James Manzi get together to discuss our 2023 global structured finance outlook. Global structured finance issuance fell...
Insights Into The Danish And German Covered Bond Markets
Expanding on our covered bond market coverage, Casper Andersen joins us to provide some insights into the Danish and German markets, which are the lar...
Packaging Fast Food For A Recession: Whole Business Securitization Risks In 2023
We’re joined by Structured Finance analyst Christine Dalton, who gives her insights into the overall U.S. whole business securitization (WBS) sector,...
The Par Wars Saga Continues As U.S. CLO Document Provisions Evolve
We’re joined by our CLO team members Stephen Anderberg, Catherine Rautenkranz, William Sweatt, and Jeffrey Burton to discuss the evolving nature of U....
A Request For Comment On Proposed Criteria For Global Aircraft ABS
We’re joined by nontraditional ABS Analysts Deborah Newman and Rajesh Subramanian, as well Kapil Jain from Structured Finance Methodologies, who discu...
The Health of U.S. Consumers
In this week’s episode of Take Notes, hosts Tom Schopflocher and Jim Manzi discuss their recently published chartbook: U.S. Structured Finance Snapsho...
The Harmonization Of EU Covered Bonds
Following the implementation of the EU Covered Bond Directive, analysts Casper Andersen and Ana Galdo join us this week to discuss the journey Europea...
European CMBS Performance In The Face Of Rising Real Estate Values
With the European commercial real estate market facing asset price inflation risks, analyst Mathias Herzog joins us this week to discuss the region's...
How The Australian RMBS Sector’s Resilience To Monetary Tightening Will Be Tested
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...
Private Equity Collateral Fund Obligations In 2022
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 pan...
A History Of U.S. CLO Defaults
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 Risks Of “Buy Now, Pay Later” Assets And Potential Securitizations
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 install...
The Past Year In Auto ABS And What Could Be In Store For 2022
Host Tom Schopflocher and S&P Global Ratings analyst Amy Martin discuss the U.S. auto loan ABS market, which roared back to life in 2021 with issuance...
Insights Into The Norwegian And Finnish Covered Bond Markets
Expanding on our covered bond market coverage, Casper Andersen joins us to provide some insights into the growing Norwegian And Finnish markets, which...
2022 Latin America Structured Finance Outlook
Our Latin American team joins us this week to discuss the 2022 outlook for the Latin American Structured Finance market. We expect flat issuance relat...
Sustainable Covered Bonds Recap and Outlook
We're joined by credit analysts Antonio Farina and Marta Escutia to discuss sustainable covered bond market, which has been expanding over the last co...
High-Flying U.S. Housing Price Appreciation Expected To Make A Soft Landing
Host Tom Schopflocher discusses the economic factors supporting the U.S. housing market and what could happen to the record high pace of home price ap...
Electric Vehicles Charging Ahead In European ABS Transactions
Credit analyst Doug Paterson joins us this week to discuss the rise of electric vehicles (EVs) in European auto ABS transactions as the transition to...
The Stability Of U.S. Timeshare ABS Performance During The Pandemic
Director Jay Srivats joins our host Tom Schopflocher this week to give an update on the U.S. timeshare securitization sector. We discuss the consolida...