Moody's Talks - Focus on Finance

Bernhard Held and Petter Bryman discuss the implications for certain European banking systems of a reduction in Russian energy supply, and Alessandro Roccati discusses recent credit developments at Credit Suisse following large losses.Guests: Bernhard Held, Vice President – Senior Credit Officer, Moody’s Investors Service, Petter Bryman, Vice President – Senior Analyst, Moody’s Investors Service, and Alessandro Roccati, Senior Vice President, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Myles Neligan, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers): Sovereign – Europe: Looming gas crisis intensifies credit pressures for Europe’s most exposed sovereignsBanking – Europe: Gas supply rationing would lift problem loans from benign levelsCredit Suisse Group AG: Update following rating actionCredit Suisse Group AG 2024 plan: reduced risk appetite and greater shift to wealth management will lower risks and earnings volatilityCredit Suisse Group AG Q4 2021: Weak revenue, goodwill impairment and litigation charges led to large lossCredit Suisse Group AG: Q2 2022: Weak revenues and litigation charges lead to large loss

Fabio Iannò explains why European banks will benefit from the ECB's recent increase in key interest rates, and Felipe Carvallo discusses how the sale of certain Citibanamex business operations will alter Mexico’s banking sector.  Guests: Felipe Carvallo, Vice President – Senior Credit Officer, Moody’s Investors Service, and Fabio Iannò, Vice President – Senior Credit Officer, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Myles Neligan, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Banorte and Banco Santander México: Citibanamex acquisition would boost margins; combination's efficiency and loss-absorption will be key credit protectionsBanking – Europe: ECB action on rates, sovereign spreads will support southern European banks

Stephen Tu explains why Apple’s new Pay Later initiative may have important implications for financial institutions; Saranga Ranasinghe and Frank Mirenzi tell us about future growth in and risks to Australia’s pension (“superannuation”) sector.Guests: Saranga Ranasinghe,  Vice President – Senior Analyst, Corporate Finance Group, Moody’s Investors Service; Frank Mirenzi, Vice President – Senior Credit Officer, Financial Institutions Group, Moody’s Investors Service; Stephen Tu, Vice President – Senior Credit Officer, Financial Institutions Group, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Carolyn Henson, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Pensions – Australia: Superannuation sector supports access to funding, debt sustainability of rated issuersInfographic: Australia's superannuation sector is a large and growing source of capitalBanks – Global: Apple Pay Later could lead to deeper foray into financial services product manufacturing  

Yulia Wan and Sean Hung discuss the implications for financial institutions of China's policy focus on financial stability. Plus, Eugene Tarzimanov and Yaroslav Sovgyra discuss how inflation will affect banks in emerging economies.Guests: Yulia Wan, Vice President – Senior Analyst, Financial Institutions Group, Moody’s Investors Service; Sean Hung, Vice President – Senior Credit Officer, Financial Institutions Group, Moody’s Investors Service; Eugene Tarzimanov, Vice President – Senior Credit Officer, Moody’s Investors Service, and Yaroslav Sovgyra, Associate Managing Director, Financial Institutions Group, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Myles Neligan, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Cross Sector – China: More indirect and selective government support will add extra burden to state firmsBanking – China: Banks cautious in supporting property developers but asset risks still remain highBanks – G-20 emerging markets: Rapid inflation-driven rate hikes will be double-edged sword for banks 

Neal Epstein explains how comparatively strong credit performance and returns draw asset managers to private credit despite high borrower leverage. Warren Kornfeld and Clay Montgomery cover the growing role of non-banks, including BDCs, in the space.Guests: Neal Epstein, Vice President – Senior Credit Officer, Funds & Asset Management, Moody’s Investors Service; Warren Kornfeld, Senior Vice President, Banking, Moody’s Investors Service, and Clay Montgomery, Vice President, Senior Analyst, Banking, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Michael Porta, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Financial Stability – US: Private credit’s expansion fuels asset managers' AUM growthFinancial Stability – US: As banks cede share of corporate lending to non-banks, leverage and risk riseFinancial Stability – US Business Development Companies: BDCs' profitability will benefit from higher interest rates; asset risk will also increase

Rajeev Bamra explains why crypto markets are unlikely to allow mass sanctions evasion. Plus, Sarah Hibler explains why Russia’s invasion of Ukraine adds to uncertainty for cyber insurers in an already difficult operating environment.Guests: Rajeev Bamra, Vice President – Strategy & Business Management, Moody’s Investors Service, and Sarah Hibler, Associate Managing Director, Moody’s Investors ServiceHosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Myles Neligan, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Sovereigns – Global: Use of cryptocurrencies to evade sanctions will be limited by market size and liquidityFinancial Institutions – Global: Digital asset regulation comes into focus, and authorities have shown they can often follow the moneyP&C Insurance – Global: Cyber insurers raise rates, narrow coverage as military conflict in Ukraine heightens risk

Tom Aaron of the Public Finance team and Shachar Gonen of the Insurance team explore the reasons public pension funds and insurance companies have found private equity and private credit such compelling investments, and why public pension funds face higher risk than insurers from these assets.Guests: Thomas Aaron, Vice President – Senior Credit Officer, Moody’s Investors Service; Shachar Gonen, Vice President – Senior Credit Officer, Moody’s Investors Service; Hosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Michael Porta, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Financial Stability – US: Private credit and other alternatives pose greater risk for pension funds than insurers

As mental health and substance abuse problems grow sharply in the US, insurance analyst Dean Ungar explains how US health insurers are trying to break down the wall between medical health and mental health and better integrate the latter into their operations. Also in this episode, insurance analysts Frank Yuen, Soichiro Makimoto and Qian Zhu discuss updates to capital regimes in Asia-Pacific, and what it means for insurers in Japan, mainland China and Hong Kong SAR, China. Guests: Dean Ungar, Vice President – Senior Credit Officer, Moody’s Investors Service; Qian Zhu, Vice President – Senior Credit Officer, Moody’s Investors Service; Frank Yuen, Vice President – Senior Analyst, Moody’s Investors Service, and Soichiro Makimoto, Vice President – Senior Analyst, Moody’s Investors Service.Hosts: Danielle Reed, Vice President – Senior Research Writer, Moody’s Investors Service and Myles Neligan, Vice President – Senior Research Writer, Moody’s Investors ServiceRelated content on Moodys.com (some content only available to registered users or subscribers):Japan’s new economic capital regulations drive efficient capital management for insurance companies China’s C-ROSS Phase II tightens capital charges and improves measurement of key risks Hong Kong’s implementation of groupwide supervision is credit positive for insurance groups Health Insurance — US: Industry focus on behavioral and mental health will help control medical costs 

Financial Institutions team analysts Allen Tischler and Jasper Cooper talk about the effects of higher inflation on global banks, insurance companies and asset managers, and explain why the negatives outweigh the positives.Related content on Moodys.com (some content only available to registered users or subscribers):Financial Institutions – Cross Region: Risks of prolonged high inflation outweigh rate hike benefits

Analysts Olivier Panis, Bernhard Held and Antonello Aquino from the Financial Institutions team discuss the implications of a prolonged military conflict in Ukraine for banks and insurance companies, while Insurance analyst Laura Bazer focuses on the effects of long COVID claims on life insurers globally.Related content on Moodys.com (some content only available to registered users or subscribers): Life Insurance — Global: Long COVID early assessment: despite likely rise in claims, credit effects limitedFinancial Institutions – Global: Deteriorating global economic conditions broaden risks for the financial sectorBanks, securities firms, finance companies – Global: Ripple effects from Ukraine crisis are creating harsher business conditionsInsurers, Asset Managers – Global: Ukraine crisis adds to inflation and market volatility risk for insurers, asset managersGeopolitical Risks – Global: European utilities and energy-intensive companies among hardest hit by potential cut-off in Russian energy supplies