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

Banking analysts Louise Welin, Rita Sahu, Eugene Tarzimanov and Felipe Carvallo explain how global macroeconomic and geopolitical forces have shaped the outlooks for 32 of the world’s biggest banking systems, as the military conflict in Ukraine slows the global economy’s recovery from the coronavirus pandemic.Related content on Moodys.com (some content only available to registered users or subscribers): Research Announcement: Moody's maintains stable outlooks on most LATAM banking systemsResearch Announcement: Moody's maintains stable outlook on majority of APAC banking systemsResearch Announcement: Moody’s updates banking system outlooks for 10 European countries after Russia’s invasion of UkraineResearch Announcement: Moody's - US banking system will remain stable given expected credit fundamentalsResearch Announcement: Moody's - Credit outlook for Canada's banking system is stable

Felipe Carvallo of the Banking team explains how pension reform plans of Chile’s new young president could shake up banking and asset management. Plus, Banking team analyst Fadi Massih talks about how cryptocurrency is traceable, and what upcoming regulation means for cryptocurrency exchanges and other digital asset platforms.Related content on Moodys.com (some content only available to registered users or subscribers): Financial Institutions – Global: Digital asset regulation comes into focus, and authorities have shown they can often follow the moneyBanking – United States of America: US order seeking digital asset transparency and oversight would limit risks, promote financial stabilityPolitical Risk – Chile: FAQ on policy risks and credit effects across sectors as Boric administration takes office Government of Chile: Guaranteed Universal Pension will address social demands at relatively modest near-term fiscal costsThe State of the Chilean Consumer: July 2021: Pension savings withdrawals and stimulus measures are boosting consumptionFunds & Asset Management – Latin America & Caribbean: Proposal to reform Mexico's retirement system is credit positive for private pension fund asset managers

Insurance team analyst Helena Kingsley-Tomkins discusses Tesla’s move into high-tech auto insurance and how it will affect the competitive landscape. Plus, Mark Wasden of the Banking team and Gideon Lubin of the Structured Finance team explain how sanctions on Russian businesses and assets will affect aircraft leasing companies and ABS backed by aircraft and related leases.Related content on Moodys.com (some content only available to registered users or subscribers): Aircraft Lessors and Aircraft Lease ABS – Global: Lessors can absorb effects of moderate exposure to Russian airlines; exposed aircraft ABS vulnerableProperty & Casualty – Global: Tesla’s insurance venture puts incumbents under added pressure to innovateProperty & Casualty Insurance – US: Insurers better match rate to risk as telematics gain consumer acceptance

Yaroslav Sovgyra, Melina Skouridou and Olivier Panis of the Banking team explain how the ongoing military conflict in Ukraine has affected the credit strength of global, Western European, Russian and Ukrainian banks.Related content on Moodys.com (some content only available to registered users or subscribers): The fallout from Russia’s war in Ukraine will be felt by banks globally​​​​​​A few European banks face rising risk from exposure to Russia, UkraineRating Action: Moody's downgrades the ratings of 39 Russian financial institutions; outlooks changed to negative