Claim OwnershipConversations in European Credit
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Hosted by Gordon Kerr, Head of European Research at KBRA
42 Episodes
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In this episode of Conversations in European Credit, Kali Sirugudi from KBRA’s Residential Mortgage-Backed Securities ratings team sits down with KBRA Head of European Research, Gordon Kerr, to examine the housing and mortgage market in Ireland. Kali and Gordon discuss how this market faces challenges ahead despite making significant progression over the past 10 years after enduring the consequences of the global financial crisis. Further details on KBRA’s views may be found on kbra.com.
In this episode of Conversations in European Credit, Gabriele Gramazio from KBRA’s Structured Credit ratings team sits down with KBRA Head of European Research, Gordon Kerr, to discuss the increasing number of CLOs reaching the end of their reinvestment periods. Since these securities have begun to amortise, Gabriele and Gordon examine how the rate they pay down is influenced by a number of factors. Further details on KBRA’s views may be found on kbra.com.
In this special episode of Conversations in European Credit dedicated to macro themes, Ken Egan from KBRA’s Sovereign Ratings connects with KBRA Head of European Research, Gordon Kerr, to discuss interest rates—where expectations have changed, where they are going, and their implications. KBRA's continued mission to help illuminate the many trends taking shape across the markets are highlighted in these special episodes as Gordon and Ken discuss and share insights on the next “big thing” emerging from the sea of opinions. Further details on KBRA’s views may be found on kbra.com.
In this episode, Ken Egan from KBRA’s Sovereign Ratings team and Karim Nassif from KBRA’s European Corporates team engage with Gordon to discuss the influence of geopolitics on energy markets. Gordon, Ken, and Karim outline the impact of geopolitical tensions on energy and shipping, as well as the potential effect on European corporates. Further details may be found on kbra.com.
In this episode, KBRA’s Co-Head of Europe, Yee Cent Wong, joins Gordon Kerr in a discussion about commercial real estate (CRE) exposures in covered bond collateral pools. The podcast outlines the characteristics of European cover pools that contain CRE lending and the challenges they face.
In this episode, Gabriele Gramazio, KBRA Structured Credit analyst, engages with Gordon on the rapid expansion of private credit, direct lending and middle market loans and how this has raised the prospect for their participation in the capital markets. Gordon and Gabriele outline some of the reasons for this as well as how they could potentially be structured.
In this episode, the second of two episodes on the topic, Gordon Kerr, Head of European Research engages in a conversation with several of KBRA’s European analysts on the Outlook for European securitisation in 2024. Gordon is joined by Killian Walsh from KBRA’s European ABS ratings team, Karl Cummins, also from KBRA’s European ABS ratings team, and Gabriele Gramazio from the European structured credit team. The conversation focuses on the European securitisation market, with a focus on potential issuance levels as well as how performance is likely to evolve in the ABS and CLO markets in 2024. The sector outlook report published by KBRA provides more detailed information which serves as background for this discussion. Greater detail can be found on kbra.com.
In this episode, the first of two episodes on the topic, Gordon Kerr, Head of European Research engages in a conversation with several of KBRA’s European analysts on the Outlook for European securitisation in 2024. Gordon is joined by Ken Egan from the European Sovereigns team at KBRA, Kali Sirugudi from the European RMBS ratings team, and Caitlin Parrella from the European CMBS ratings team. The conversation focuses on the European securitisation market, with a focus on the economic environment and the RMBS and CMBS sectors, including how performance is likely to evolve in 2024. The sector outlook report published by KBRA provides more detailed information which serves as background for this discussion. Greater detail can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research, engages in an interesting conversation with himself. Moderated by Luigi Griffo from KBRA’s European Investor Relations team, Gordon comments on the recently published survey results from KBRA’s fourth European Securitisation survey. The conversation focuses on aggregated investor responses and the resulting views for the direction of the market in the new year. The full research report covering the survey as well as KBRA’s own views on the outlook for the market in 2024 can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research at KBRA, engages in a topical conversation with Fabio Di Giansante, Head of Large Cap European Equities at Amundi, and Karim Nassif from KBRA’s European Corporates team. The three discuss the European corporate sector, the impact cost inflation and rate hikes have had on performance, and how this environment will likely evolve in 2024. Amundi is the largest asset management firm in Europe, with over EUR2 trillion in assets under management, and Fabio provides his insight into the direction of the market. A recent KBRA research report highlights some of the background for this discussion.
In this episode, Head of European Research Gordon Kerr discusses the growth in alternative fuel passenger vehicles and secondhand values with members of the European ABS ratings team. Gordon engages in a conversation with Karl Cummins and Christopher Noonan about the current state of used vehicle values in the UK and European Union. A recent KBRA research report outlines the challenging market for battery powered vehicles in greater detail, which can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the resilient profiles of KBRA rated asset managers, with members of the KBRA Financial Institutions ratings team; Asia Drobnik, Claudia McPherson, Leah Hallfors, and Patricia Cantwell. Gordon engages in a conversation with the team about the private equity and private credit firms under KBRA’s rating coverage and their ability to weather current market conditions. KBRA’s report on the topic in greater detail can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the current situation in the European employment market with Ken Egan from the KBRA sovereign ratings team. Gordon engages in a conversation with Ken about the current employment market in Europe and the challenges that the current tight labour market situation presents to economies and markets. KBRA’s report on the topic in greater detail can be found on kbra.com.
In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses the equity release (or reverse mortgage) sector with his colleagues Kali Sirugudi, Managing Director, and Ed DeVito, Senior Managing Director, from the RMBS team. They discuss the growth of the sector in UK, Europe, and the US, as well as the challenges of analysing the product. KBRA’s reverse mortgage methodology and reports covering all three regions can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the UK Buy-to-Let mortgage sector and the challenges it faces as interest rates rise. Gordon engages with KBRA’s Kali Sirugudi from KBRA’s RMBS team in a conversation about the challenges faced by landlords as they face refinancing challenges amongst other changes. A copy of the full report can be found on kbra.com.
In this episode, Gordon Kerr, KBRA’s Head of European Research, discusses our latest European Securitisation Survey, which polls structured finance investors about their views and expectations regarding the market, as well as the Global ABS 2023 conference. Gordon talks to Luigi Griffo from KBRA’s investor relations team about the survey’s results, what they say about 2H 2023, and how they relate to themes from the recent industry conference. The full survey report can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the European Auto securitisation market as it accelerates towards the use of green collateral. Gordon engages with KBRA’s Karl Cummins from KBRA’s European ABS ratings team in a conversation about the sales of low carbon powered vehicles and their growing presence in European securitisations. A copy of the full report can be found on kbra.com.
In this episode, Gordon Kerr, Head of European Research discusses the European Green Industrial Plan. Gordon engages with KBRA’s Emilie Nadler from KBRA’s environmental, social and governance team and Karim Nassif from KBRA’s project finance and corporate ratings team in a conversation about the introduction of these intentions from the European Commission and their potential credit implications. A copy of the full report can be found on kbra.com.
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.
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