Podcasts by Take Notes

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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Take Notes
France And Germany Lead The Covered Bond Issuance Rebound from 2023-11-09T15:00

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 dis...

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Back In The Office? Uneven Global Sector Recovery from 2023-10-19T15:00

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, p...

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A Comparative Overview Of U.S. And European BSL CLOs from 2023-10-03T15:00

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 ...

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The First 'AAA (sf)' Rating Assigned To Chinese Consumer Finance ABS from 2023-09-27T15:00

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 ...

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Covered Bonds Could Ease The Pain In European Commercial Real Estate from 2023-07-13T15:00

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 int...

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Covered Bonds Take On Rising Pressures In Sweden, Norway, and Finland from 2023-05-25T15:00

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 no...

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Inside Global ABCP: Issuance Trends, Impact Of Recent Banking Events, And Alternative Financing Arrangements from 2023-05-18T15:00

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 pa...

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A Look At Rising U.S. BSL CLO 'CCC' Basket Scenarios And Their Effects On Junior O/C Test Cushions from 2023-05-09T15:00

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 overcollateralizatio...

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European CMBS In A Rising Rate Environment from 2023-03-16T15:00

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 interes...

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China Structured Finance 2023 Outlook from 2023-02-21T15:00

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...

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Navigating Through A Softening U.S. Residential Mortgage And Housing Market In 2023 from 2023-02-09T15:00

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 slowdown...

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Global Structured Finance 2023 Outlook from 2023-01-26T15:00

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 ge...

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Insights Into The Danish And German Covered Bond Markets from 2022-12-22T15:00

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, respectiv...

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Packaging Fast Food For A Recession: Whole Business Securitization Risks In 2023 from 2022-12-15T15:00

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 g...

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The Par Wars Saga Continues As U.S. CLO Document Provisions Evolve from 2022-10-20T15:00

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 ...

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A Request For Comment On Proposed Criteria For Global Aircraft ABS from 2022-10-17T15:00

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 propose...

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The Health of U.S. Consumers from 2022-08-10T15:00

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 incl...

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The Harmonization Of EU Covered Bonds from 2022-08-03T15:00

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. W...

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European CMBS Performance In The Face Of Rising Real Estate Values from 2022-07-07T15:00

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 ma...

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How The Australian RMBS Sector’s Resilience To Monetary Tightening Will Be Tested from 2022-06-16T15:00

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...

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Private Equity Collateral Fund Obligations In 2022 from 2022-05-12T15:00

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 fluctuati...

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A History Of U.S. CLO Defaults from 2022-03-30T15:00

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,...

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The Risks Of “Buy Now, Pay Later” Assets And Potential Securitizations from 2022-03-16T15:00

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 m...

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The Past Year In Auto ABS And What Could Be In Store For 2022 from 2022-03-09T15:00

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 at the highest level since 2005. Learn abou...

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Insights Into The Norwegian And Finnish Covered Bond Markets from 2022-02-23T15:00

Expanding on our covered bond market coverage, Casper Andersen joins us to provide some insights into the growing Norwegian And Finnish markets, which are the 10th- and 14-largest in Europe, res...

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2022 Latin America Structured Finance Outlook from 2022-02-17T15:00

Our Latin American team joins us this week to discuss the 2022 outlook for the Latin American Structured Finance market. We expect flat issuance relative to last year and stable collateral perfo...

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Sustainable Covered Bonds Recap and Outlook from 2022-01-20T15:00

We're joined by credit analysts Antonio Farina and Marta Escutia to discuss sustainable covered bond market, which has been expanding over the last couple of years. Overall, we view the lack of ...

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High-Flying U.S. Housing Price Appreciation Expected To Make A Soft Landing from 2021-12-20T15:00

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 appreciation should they change course. Based ...

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Electric Vehicles Charging Ahead In European ABS Transactions from 2021-12-09T15:00

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 EVs from internal combustion ones is expecte...

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The Stability Of U.S. Timeshare ABS Performance During The Pandemic from 2021-12-02T11:30:30

Director Jay Srivats joins our host Tom Schopflocher this week to give an update on the U.S. timeshare securitization sector. We discuss the consolidation trends in the sector this year and thei...

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An Overview Of The 2021 German, Swedish, And Danish Covered Bond Markets from 2021-11-23T15:00

Sector Lead Casper Andersen and analyst Natalie Swiderek join us this week to give an overview of the 2021 German, Swedish, and Danish covered bond markets, the three largest in Europe. We explo...

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Possible LIBOR Replacement Scenarios And Their Effect On U.K. RMBS Ratings from 2021-11-17T15:00

Credit analyst Irina Penkina joins us to discuss the possible impact LIBOR replacement could have on our U.K. RMBS ratings. We deep dive into different types of scenario analysis we developed to...

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The Impact Of An Overvalued U.S. Housing Market On RMBS from 2021-11-12T15:00

RMBS Sector Lead Jeremy Schneider joins us this week to discuss how U.S. home prices have made significant gains recently, leading to a shift in the U.S. housing market's to being overvalued. We...

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Current State Of Latin America Structured Finance from 2021-09-30T15:00

We're joined by Jose Coballasi and Antonio Zellek to discuss the current state of Structured Finance in Latin America. We touch on Latin America's overall ongoing recovery from the COVID-19 pand...

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Structured Finance Vs. Cyber Risk from 2021-09-23T15:00

We're joined by Matt Mitchell to discuss how Structured Finance securitizations prepare against cyber risks. We discuss how a securitization could be vulnerable to a cyberattack, the structural ...

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Is Commercial Real Estate In Covered Bonds Worth The Risk? from 2021-07-29T15:00

This time, Casper Anderson joins us to discuss commercial real estate (CRE) in covered bonds. Is CRE in covered bonds worth the risk? We do a deep dive into that question by looking at the diver...

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Directive Issued To Harmonize EU Covered Bonds from 2021-07-22T15:00

Our host Tom Schopflocher is joined by analyst Casper Anderson to discuss covered bonds; this time it's the EU directive, which is now on its way to becoming law in all EU countries. The EU dire...

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How Structured Finance Sectors Are Exposed To ESG Credit Factors from 2021-05-27T15:00

Environmental, social, and governance (ESG) has become even more prevalent since our last episode on the subject on Oct. 17, 2019. Kate Scanlin and Matt Mitchell join us this time to discuss our...

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First-Quarter European RMBS Market Update from 2021-05-20T15:00

Host Tom Schopflocher speaks with credit analyst Alastair Bigley on key developments in the European RMBS market for first-quarter 2021. Performance has remained stable overall due to government...

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How The Southern European Nonperforming Loan Market Is Performing from 2021-04-15T15:00

Although nonperforming loans (NPLs) are toxic, there is a market for securitizing NPLs. We're joined by analyst Fabio Alderotti this week to discuss the trends we are seeing in the southern Euro...

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The Impact Of The FCA's Official LIBOR Cessation Dates On Structured Finance from 2021-04-08T15:00

Host Tom Schopflocher is joined by Senior Director John Detweiler to discuss the Financial Conduct Authority's (FCA) recent confirmation of the dates for the future cessation or loss of represen...

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2021 Latin American Outlook: A Challenging Environment Won't Stop New Issuance from 2021-03-11T15:00

Latin American Sector Lead Jose Coballasi joins host Tom Schopflocher to discuss our 2021 Latin American Structured Finance outlook. While collateral performance improved in 2020, the surge in C...

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Private Equity Collateralized Fund Obligations Make An Appearance Amid COVID-19 from 2021-02-25T15:00

Host Tom Schopflocher is joined by credit analysts Jie Liang and James Yu in a discussion about private equity collateralized fund obligations (CFOs). First, we provide a general background of w...

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Global Structured Finance Outlook: Resilience Could Mean Another $1 Trillion-Plus from 2021-01-26T20:52:50

In our first episode of the year, hosts Tom Schopflocher and James Manzi recap the COVID-19 pandemic's impact on 2020 performance, and then summarize S&P Global Ratings' 2021 outlooks and issuan...

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The Danish Covered Bond Market from 2020-11-16T15:00

We complete our coverage on European covered bonds with the Danish market, the largest in the world. Covered bonds analyst Casper Andersen returns with host Tom Schopflocher to provide insights ...

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U.S. Structured Finance Issuance Volume Picks Up The Pace from 2020-10-08T14:41:44

Our hosts Tom Schopflocher and James Manzi give an update on U.S. structured finance issuance. Issuance returned to form in September, reaching $54 billion, the highest monthly total so far in t...

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The Swedish Covered Bond Market from 2020-10-01T12:39:46

We continue with our look at local covered bond markets, this time in Sweden. Covered bonds analyst Casper Andersen returns with host Tom Schopflocher to provide insights into this relatively yo...

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2020 European Structured Finance Conference Recap: Where Do We Go From Here from 2020-09-17T16:12:06

Head of S&P Global Ratings EMEA Structured Finance Research Andrew South joins host Tom to recap our third annual European Structured Finance Conference. We touch on key takeaways from the confe...

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Not-For-Profit Health Care SBPA-Backed VRDOs During COVID-19 from 2020-08-27T13:01:36

Analysts Anne Cosgrove, Alex Gombach, and Santos Souffront join our host Tom to discuss U.S. public finance health care variable-rate demand obligations (VRDOs). We first introduce and detail wh...

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The German Covered Bond Market from 2020-08-13T14:53:07

Host Tom Schopflocher talks to credit analyst Casper Andersen about the current state of German covered bonds, or Pfandbriefe. Germany has the second-largest covered bond market and the...

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Revised Global 2020 Structured Finance Issuance Forecasts from 2020-07-28T15:03:55

In our first episode back, hosts Tom Schopflocher and James Manzi discuss how COVID-19 has hampered structured finance issuance levels across the globe, leading us to trim our 2020 forecast by a...

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ESG And Other Key Takeaways From SFVegas 2020 from 2020-03-12T16:00

Hosts Tom and Jim cover hot topics from this year’s SFVegas. Matt Mitchell joins to discuss ESG, which remains a challenge in the structured finance markets due to the lack of data standardizati...

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2020 Global Structured Finance Outlook: Another $1 Trillion-Plus from 2020-01-17T17:00

Hosts Tom Schopflocher and Jim Manzi discuss our expectation of another $1 trillion-plus in issuance volume for Global Structured Finance in 2020, as well as our view of some factors that could ...

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Non-QM Market Deep Dive from 2019-12-12T17:00

Hosts Tom Schopflocher and Jim Manzi take a deeper look at the non-QM market, which has been doubling and then some every year for the past few years. With about $20 billion+ in issuance, we exp...

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Covering More New Ground: The Rise Of Sustainable Covered Bonds from 2019-11-07T17:00

We’re following up on our previous covered bonds episode with a discussion on the new flavor of environmental- and social-themed covered bonds on the rise. Our host Tom and analysts Corinne Bend...

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Incorporating ESG Into Our Structured Finance Framework from 2019-10-17T16:00

ESG is everywhere lately, but how does it fit into structured finance? We’ve...

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Conference Recap: ABS East 2019 from 2019-10-03T16:00

It’s Take Notes’ first anniversary! We head back to ABS East, where S&P Global Ratings hosted and attended a variety of panels, and cover the most-discussed topics,...

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U.S. Student Loans: Should We Forgive And Forget? from 2019-09-26T16:00

ABS Senior Director John Anglim joins the podcast to demystify U.S. student loans. We dive into a breakdown of the 45 million borrowers who own the $1.6 trillion+ debt burden. We then debate whe...

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What Are Investor Property DSCR Loans? from 2019-09-19T16:00

They use a commercial mortgage underwriting metric, but they're popping up in the residential space and are QM-exempt--so what exactly are DSCR loans? RMBS analyst Jeremy Schneider returns to Ta...

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What's Up (CLO) Docs? from 2019-09-19T16:00

Not only do investors have to master the collateral in a CLO transaction, they have to master its documentation as well. Stephen Anderberg, Tim Walsh, and Jeff Burton from the CLO team discuss t...

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Conference Recap: European Structured Finance Conference 2019 from 2019-09-12T16:00

Host Tom Schopflocher and Andy South discuss S&P Global Ratings’ second European SF conference in London, including overall market sentiment, issuance outlooks and downside risks, central bank f...

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The Evolution Of Marketplace Lending from 2019-08-29T16:00

Marketplace—or P2P—lending has been taking off since the recession. Host Tom Schopflocher talks to credit analyst Doug Paterson about how this market has grown via new technologies, regulations ...

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RMBS Down Under from 2019-08-15T16:00

We’re on the road again—this time to Australia! Host Tom Schopflocher and credit analyst Erin Kitson discuss economic conditions, the Australian mortgage market, and potential ratings implicatio...

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What’s Heating Up In The Solar ABS Space from 2019-08-01T16:00

Take Notes is back and brighter than ever! We're talking solar assets, including power purchase agreements versus PACE and how financing works for different types of obligors, as well as how we ...

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Conference Recap: Global ABS In Barcelona from 2019-06-24T16:00

Host Tom Schopflocher and Andy South discuss AFME and IMN’s 23rd global ABS conference, touching on the key themes of regulation, esp...

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Conference Recap: IMN CLO Conference 2019 from 2019-06-06T16:00

Hosts Tom and Jim lead a rundown of our takeaways from IMN’s recent CLO and leveraged loan conference, particularly on hot topics such as corporate credit themes, LIBOR cessation, and investor c...

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Co-Working On The Rise: A New Office Space For CMBS And REITs from 2019-05-22T16:00

Host Jim Manzi leads a discussion on the rising trend of co-working spaces with credit analysts Ana Lai, Jeevan Dhoot, and Senay Dawit, including the benefits (flexibility, free beer!), lease st...

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Covering New Ground: Covered Bonds Expand Into New Markets from 2019-05-02T16:00

Everything you ever wanted to know about covered bonds: what are they? How do cover pools work? Where are they issued and what’s going on in the market today? Host Tom Schopflocher discusses the...

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Blockchain On The Brain from 2019-04-10T16:00

It seems everyone’s in on the crypto craze, but does blockchain have a future in structured finance? Tom Schopflocher talks with director of blockchain development Tom Zakrzewski, credit analyst...

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Across The Pond With European CMBS from 2019-03-27T16:00

Jim Manzi talks with CMBS analysts Mathias Herzog and Edward Twort about the deal pipeline and two of the biggest topics in the European CMBS market—Brexit and retail. We also give an update on ...

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Conference Recap: SFIG Vegas 2019 from 2019-03-12T16:00

We discuss key themes from the largest SFIG Vegas Conference to date! Our hosts’ quick takes on education finance, blockchain, LIBOR, and more.

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Conference Recap: CREFC 2019 And A Look Across The CMBS Market from 2019-01-30T17:00

Next stop on the conference train: CREFC. Host Jim Manzi talks leverage, lodging, retail, 2019 outlooks, and what we heard from issuers and investors at this year’s conference with CMBS analysts...

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When You Use Your Whole Business To Securitize… from 2018-11-14T17:00

It sometimes takes a company’s whole business to raise capital. In this episode of Take Notes, we dive into what whole business securitization is with an overview of this market’s advantages and...

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ABS East Recap from 2018-10-03T16:00

The 2018 ABS East Conference just wrapped up, with our analysts hosting and attending panels and discussions on every major asset class. In the inaugural episode of Take Notes, hosts Tom Schopfl...

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