Conversations in European Credit: Recent Episodes
KBRA
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 with rising headwinds. A copy of the full report can be found on kbra.com.
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 copy of the full report can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the stabilization of the European energy market and the impact on corporates, sovereigns, projects and infrastructure. Gordon engages with KBRA’s Karim Nassif from KBRA’s project finance and infrastructure team as well as Ken Egan from the sovereign ratings team in a conversation about how Europe’s energy market is impacting on various areas. Europe is experiencing a period of energy price stability, but as the region transitions to greater energy security and carbon neutrality, risks remain. A copy of the full report can be found on kbra.com.
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. A copy of the full report can be found on kbra.com.
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 to transition to a greater use of renewables, funding will be needed. The US Solar ABS market offers a positive example on how solar expansion can be supported. A copy of the full report can be found on kbra.com.
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 Style Comparisons as well as the US version, U.S. CLO Manager Style Comparisons can be found on kbra.com.
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 yield curves. A copy of the full report European Sovereigns Demonstrate Shrewd Debt Management can be found on kbra.com.
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 slowdown and increased costs. KBRA analysts, Ken Egan from sovereign ratings, Killian Walsh from European ABS, Stephen Hughes from European CMBS, and Gabriele Gramazio from European CLOs cover the various challenges ahead for European corporate collateral and the impact on securitisation. A copy of the full European 2023 Outlook report can be found on kbra.com.
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. KBRA analysts, Ken Egan from sovereign ratings, Killian Walsh from European ABS, and Kali Sirugudi from European RMBS cover the various challenges ahead for European consumers and their impact on securitization. A copy of the full European 2023 Outlook report can be found on kbra.com.
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 June 2022 painted a concerning picture as many challenges lay ahead. The environment still presents a difficult future, but the context has changed, as have investors views. Take a listen to some of the interesting views presented. A copy of the full report for December 2022, as well as the June 2022 survey can be found on kbra.com.
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 housing market suffered dramatically in the wake of the global financial crisis with house prices collapsing and delinquencies and defaults surging. In 2023 the market will be challenged again, but KBRA argues that it is in a much better position than it was in 2007. Further reading on the topic can be found on kbra.com.
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 on valuations and refinancings, impacting loan covenants and structures. Further reading on the topic can be found on kbra.com.
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 a reliance upon Russian gas on industries, households, and the public sector. Further reading on the topic can be found on kbra.com.
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 energy transition. 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 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. Further reading on the topic and other renewable and project finance commentary can be found on kbra.com.
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 the horizon, it wasn’t all rosy on the beach in Barcelona. In this podcast we discuss insights that KBRA analysts have gleaned from their discussions with market participants. Further reading on the event can be found in the Daily Recaps in full on kbra.com.
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 the Challenges Ahead, available to read in full on kbra.com.
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 impact of conflict, inflation and interest rates and the resulting changes to the direction of European markets.
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, Sovereigns
In the podcast, they will discuss the impact of conflict, inflation and interest rates and the resulting changes to the direction of European markets.
In this episode of Conversations in European Credit, Gordon Kerr, Head of European Research speaks with Yee-Cent Wong, Co-Head of Europe, and John Hogan, Managing Director, Ratings Legal Team on the topic of European CRE CLOs. They discuss the recent expansion of commercial real estate CLOs in Europe, outlining the basics of the product, how it works and how it differs to European CMBS. Further information on the topic can be found in our recently published report “European CRE CLOs: An Emerging Asset Class” available on kbra.com.
In this episode of Conversations in European Credit, Gordon Kerr, Head of European Research speaks with Garret Tynan & Karim Nassif from KBRAs Project Finance & Infrastructure Ratings team to discuss the 2022 Outlook for the sector as it faces a year of both opportunities and challenges as outlined in the Research report, “Project Finance and Infrastructure: European and UK 2022 Outlook” available on kbra.com.
In this episode of Conversations in European Credit, Gordon Kerr, Head of European Research speaks with Ken Egan, in KBRAs Sovereign Ratings team to discuss the 2022 Outlook for the European economy and sovereign issuers as outlined in the Research report, Sovereigns 2022 Outlook: New Challenges Ahead.
Challenges are developing on the horizon for the European securitisation market. In this episode, Gordon Kerr, Head of European Research at KBRA, is joined by Killian Walsh, Kali Sirigudi, Stephen Hughes, and Gabriele Gramazio to discuss the Outlook for European structured finance in 2022 and outline how KBRA views the impact on the sector.