Moody's Talks - Focus on Finance

Moody’s analysts David Burger, Mark Wasden and Neal Epstein explain how differences in structure and asset risk give rise to divergent credit profiles among the three investment vehicles.Speakers: David Burger, VP – Senior Credit Officer, Moody’s Investors Service; Mark Wasden, Senior Vice President, Moody's Investors Service; Neal Epstein, VP – Senior Credit Officer, Moody's Investors ServiceHosts: Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Aaron Johnson, VP – Senior Research Writer, Moody’s Investors ServiceRelated Research:Private Credit – Cross Region: Middle-market CLOs, BDCs and closed-end funds: structures lead to divergent credit risks

Moody's Marc Pinto talks to Guggenheim Partners Investment Management’s Anne Walsh about big risks – and opportunities – for insurers, asset managers and institutional investors.Speakers: Marc Pinto, Managing Director, Moody’s Investors Service; Anne Walsh, Chief Investment Officer, Guggenheim Partners Investment ManagementHost: Danielle Reed, VP – Senior Research Writer, Moody’s Investors ServiceRelated Research:Life Insurance – US: Commercial real estate downturn could weaken portfolio asset qualityUS life insurers have strong capital levels heading into uncertain economic environmentProperty & Casualty Insurance – Global: Cyber insurance market stabilizes as profitability improves

US life insurers have significant commercial real estate exposure, mitigated by a low share of holdings in office properties and high share of investments in senior investment-grade fixed income.Speakers: Evelyn Ocas Salazar, AVP-Analyst, Moody’s Investors Service; Manoj Jethani, VP-Senior Credit Officer, Moody’s Investors ServiceHost: Danielle Reed, VP – Senior Research Writer, Moody’s Investors ServiceRelated Research:Life Insurance – US: Commercial real estate downturn could weaken portfolio asset quality

Vladlen Kuznetsov explains why banks in emerging markets are exposed to environmental risks, and Laline Carvalho-Neff discusses global reinsurers' strong first-quarter results.Speakers: Vladlen Kuznetsov, AVP – Analyst, Moody’s Investors Service; Laline Carvalho-Neff, VP – Senior Analyst, Moody’s Investors ServiceHosts: Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Myles Neligan, VP – Senior Research Writer, Moody’s Investors ServiceRelated Research:Governance and external support mitigate environmental and social risks for banks in emerging marketsReinsurance – US & Bermuda: Everest, RenaissanceRe, AXIS Capital, Arch: Strong Q1 results, pricing boost 2023 prospects

In this episode, we discuss China’s stabilizing property sales and improving funding conditions.Then at 9:00, we look at Chinese insurers’ and banks’ exposure to the country’s property sector.Guests: Kelly Chen from the Corporate Finance Group of Moody’s Investors Service, and Qian Zhu and Yulia Wan from the Financial Institutions Group.  Host and Segment Leads: Tania Hall, Livia Yap and Danielle Reed from the Research team at Moody’s Investors Service. To read more on this topic, visit the Behind the Bonds and Focus on Finance pages on Moodys.com (some content only available to registered users or subscribers). Related Research:Chinese property market weakness will persist in 2023, dragging on credit quality in multiple sectorsFAQ about mortgage prepayment to Chinese banksFAQ on Chinese insurers' exposure to the property sector

Jerome Cheng and Tengfu Li discuss how China’s economic rebound will support residential mortgage-backed securities and a handful of Asia-Pacific banking systems with close ties to the country. Speakers: Tengfu Li, AVP – Analyst, Moody’s Investors Service; Jerome Cheng, Associate Managing Director, Moody’s Investors ServiceHosts: Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Aaron Johnson, VP – Senior Research Writer, Moody’s Investors Service Related content on Moodys.com (may only be available to registered users or subscribers):RMBS – China: Economic rebound, low rates and policy support are positive for mortgage borrowersBanks – Asia-Pacific: China's reopening will benefit only a few banking systems in Asia-Pacific

Jill Cetina explains the main risks we are watching for US banks following recent rating actions. Plus, a cross-regional look at how central bank digital currencies could transform payments.Speakers: Melina Skouridou, VP – Senior Analyst, Moody’s Investors Service; Lucas Viegas, VP – Senior Analyst, Moody’s Investors Service; Vincent Gusdorf, SVP, Moody’s Investors Service; Jill Cetina, Associate Managing Director, Moody’s Investors ServiceHosts:  Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Myles Neligan, VP – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (may only be available to registered users or subscribers):Financial Institutions – Global: FAQ: Cross-border, interoperable CBDCs could transform global paymentsFinancial Institutions – Brazil: Brazil’s central bank digital currency is the next step in its digital finance transformationBanks – US: Elevated interest rate and funding risks weaken credit strength of select US banks

Moody's analysts discuss high-profile departures from the Net Zero Insurance Alliance, plus increasing GCC bank mergers, and why Japan's largest banks can resist US banking sector stress.Speakers: Tetsuya Yamamoto, VP – Senior Credit Officer, Moody’s Investors Service; Francesca Paolino, Analyst, Moody’s Investors Service; Brandan Holmes, VP – Senior Credit Officer, Moody’s Investors Service; James Eck, VP – Senior Credit Officer, Moody’s Investors ServiceHosts: Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service; Myles Neligan, VP – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (may only be available to registered users or subscribers):Banks – Middle East: More M&A activity ahead as GCC banks build scale, revenue and cost synergiesBanks – Japan: Ample liquidity backed by stable deposits will limit impact of US bank distress on large banksReinsurance — Global: Catastrophe PML disclosures show divergence in risk appetites among firmsInsurance – Cross Region: Antitrust fears weaken insurers' net zero alliance, hindering decarbonization plans

Moody’s analysts discuss accelerating electric vehicle sales’ effects on US auto insurers and auto finance captives, and implications for state fuel taxes. Speakers: Matthias Heck, VP – Senior Credit Officer, Moody’s Investors Service; Inna Bodeck, VP – Senior Analyst, Moody’s Investors Service; Jasper Cooper – VP – Senior Credit Officer, Moody’s Investors Service; Ted Hampton, VP – Senior Credit Officer, Moody’s Investors Service Hosts:Nicholas Samuels, Senior Vice President, Moody’s Investors Service; Danielle Reed, VP – Senior Research Writer, Moody’s Investors Service Related content on Moodys.com/autotransformation (may only be available to registered users or subscribers):Electrification momentum is strong, automakers must invest to stay competitiveUS auto finance captives’ evolving portfolios will carry more electric vehicles and greater riskAuto insurers’ costs and pricing will rise as electric vehicles grow more popularElectric vehicles raise carbon transition risk for states' highway revenue bonds

Moody’s analysts discuss the rescue of Credit Suisse, and explain why some fintechs have thrived even in adversity. Also, a look at the ongoing effects of the Russia-Ukraine conflict on CIS banks.Speakers: Michael Rohr, Senior Vice President, Moody’s Investors Service; Dietmar Hornung, Associate Managing Director, Moody’s Investors Service; Vladlen Kuznetsov, AVP – Analyst, Moody’s Investors Service; Petr Paklin, AVP – Analyst, Moody’s Investors Service; Daniel Yu, VP – Senior Credit Officer, Moody’s Investors Service; Arlene Sohn, Analyst, Moody’s Investors Service; Rodrigo Marimon Bernales, Analyst, Moody’s Investors Service; David Yin, VP – Senior Credit Officer, Moody’s Investors ServiceHosts: Carolyn Henson – VP, Senior Research Writer, Moody’s Investors Service; Danielle Reed, VP – Senior Research Writer, Moody’s Investors ServiceRelated Research:Financial Stability – Switzerland: Low sovereign credit risks from events leading to UBS's takeover of Credit Suisse unless contagion spreadsBanks – Europe: Credit Suisse rescue and related liquidity measures protect senior bank creditors, but AT1 bondholders bear a costBanks - Commonwealth of Independent States: Ukraine invasion provides gains for some CIS banks but long-term challenges mountBanks – Australia: Challenges for new banks are increasing but opportunities to grow still remainBanking – South Korea: Expansion of Korea's virtual banks a credit negative for incumbentsBanks – Mexico: How challengers are unlocking Mexico's underserved credit market