Take Notes S&P Global Ratings

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 market and revisions to certain jurisdictional support assessments in our criteria (specifically Iceland).
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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 possibly not broadly understood by the market, show potential for growth in origination and securitization. Some asset classes we’ve published on so far include C-PACE, music royalties, private credit funds, and bridging loan RMBS.
In the episode, we discuss our reasons for embarking on this article series, which include providing market insight based on what we are seeing and what may come down the line.
Click on the link below to access the series:
ABS Frontiers Series

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 markets are performing in “higher-for-longer” interest rate environments and discuss our forward-looking outlooks.
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French Covered Bond Market Insights 2023 German Covered Bond Market Insights 2023

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 American REIT debt maturities across commercial real estate sectors, especially for the office sector, and what that means for the market. Finally, we touch on our outlook for the U.S. office market going forward.
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SLIDES: Uneven Global Office Recovery Is Squeezing Credit Quality

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, going into specific similarities and nuances between CLOs from both markets.

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 rating this transaction. We also discuss our outlook for China's consumer loan ABS sector as a whole.