Take Notes

Feb 04 2025 80 ep. 12 mins 20

Take Notes Podcast artwork

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 - The Impact Of The LA Wildfires On California's Property Insurance, Housing Finance, And State Creditworthiness

Feb 04 2025 7 mins

We discuss the cross-sector impact of the Los Angeles wildfires on California's property insurance, housing finance, and state creditworthiness. As the wildfires are expected to result in substantial losses for insurers, we discuss how carriers are expected to raise rates and/or reduce coverage options in California and other at-risk areas; and how the FAIR Plan, an insurer of last

The Rise Of U.S. CLO ETFs

Dec 20 2024 15 mins

Since CLO ETFs launched in late 2020, the investing landscape has changed, as retail investors can now access securities previously available only to institutional buyers. Driven by strong investor demand, CLO ETFs have injected new liquidity into CLO primary and secondary markets. We discuss what’s fueling the rise of the CLO ETF sector, its portfolio compositions and purchasing

Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded

Dec 05 2024 7 mins

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 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger terminatio

U.S. BSL CLO Markets Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance

Nov 15 2024 12 mins

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 Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the y

Update On The Covered Bond Markets For Norway, Finland, And Netherlands

May 15 2024 5 mins

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 Netherlands and the impact on their respective covered bond markets. We also discuss issuance demand and trends in the Dutch covered bond mar

Introducing Our “ABS Frontiers” Article Series

May 10 2024 5 mins

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 informative commentaries will explore sectors that are somewhat “out of the ordinary,” which, in addition to being interesting and possibl

France And Germany Lead The Covered Bond Issuance Rebound

Nov 09 2023 12 mins

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 of both French and German covered bond markets, including relevant legal frameworks and recent market developments. We also go into how both

Back In The Office? Uneven Global Sector Recovery

Oct 19 2023 11 mins

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-for-longer" interest rate environment, and office performance in relation to the CMBS market. We also discuss distributions of North America

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

Oct 03 2023 11 mins

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; Seeking Opportunities," where amendments and extensions were a focus. We then deep dive into a comparative overview of U.S. and European BSL CLOs,

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

Sep 27 2023 8 mins

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 securitization transaction in China backed by consumer finance assets. Analyst Andrea Lin joins up to discuss the analysis that went behind r