Take Notes S&P Global Ratings

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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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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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.

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 interest rates. First, we go into the price trends of different CRE segments. We touch on covered bond rating performance. Finally, we talk about the potential for covered bond funding, which varies significantly depending on the covered bond issuer and jurisdiction, and green covered bonds, which may offer a potential source for further CRE funding.

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 not seen in decades. Norway and Finland have been facing rising interest rates, which has had a dampening effect on property price. We talk about how the covered bond markets in all three jurisdictions have been faring under these conditions.