Our hosts Tom Schopflocher and James Manzi get together to discuss our 2023 global structured finance outlook. Global structured finance issuance fell about 29% in 2022, and the declines were generally uniform in the largest global markets as high inflation, volatile interest rates, and geopolitical uncertainty kept issuers on the sidelines. We expect these conditions to continue to hamper issuance. Our 2023 global issuance forecast is down about 7% year-over-year. Related Articles: Global Structured Finance 2023 Outlook 2023 Residential Mortgage And Housing Outlook: Navigating A Softening Market European Structured Finance Outlook 2023: Close To The Edge China Structured Finance Outlook 2023: Issuance Likely To Slowly Stir 2023 Structured Finance Outlook: Australia And New Zealand

Expanding on our covered bond market coverage, Casper Andersen joins us to provide some insights into the Danish and German markets, which are the largest and second-largest in Europe, respectively. We give an overview of each market's adopted legal frameworks, key characteristics, and collateral securing their covered pools. We also discuss how inflation and mortgage markets affect these covered bond markets. Related Articles: Danish Covered Bond Market Insights 2022 German Covered Bond Market Insights 2022

We’re joined by Structured Finance analyst Christine Dalton, who gives her insights into the overall U.S. whole business securitization (WBS) sector, and by Corporates analyst Sarah Wyeth, who goes in depth on quick-service restaurants (which make up approximately 75% of our outstanding rated WBS transactions). We discuss some notable trends and potential credit events that we’re monitoring in the WBS sector currently and for the upcoming year. Related Articles: U.S. Corporate Securitization Newsletter December 2022

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab joins Paul Gruenwald, Global Chief Economist at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on the 2023 macro outlook, US rate cycle, sticky inflation, Liz Ann’s Twitter 300,000 Twitter following and Paul’s cycling over lockdown. Sign-up here to be notified as soon as future episode are published View the series so far here

In our Christmas edition of Capital Markets View, Ruth and Chris discuss the return of Term Loan As and the size of RCFs, secondary market pricing, S&P’s default predications for 2023, the cost of debt for companies and our scenario analysis for the how a recession will affect cash flow (how many companies will have negative free cash flow under various recessionary scenarios).

Peter Harrison, CEO of Schroders joins Dan Draper, CEO at S&P Dow Jones Indices and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on Peter & Dan’s experiences working across the globe for different institutions, the day-to-day realities of being a CEO and, private markets, blockchain and Peter’s experience meeting The Queen. Sign-up here to be notified as soon as future episode are published View the series so far here

The swift ratcheting up of interest rates will necessitate a reprioritization of spending commitments for some borrowers and put pressure on arrears. Low unemployment, rising wage growth and repayment buffers will temper arrears increases and the transition to default. Arrear's sensitivity will be influenced by the options available to borrowers to self-manage their way out of financial pressure. Click here to view our full article.

On average, during the previous three recessions (2001, 2009, and 2020), about a quarter of 'B-' rated companies were downgraded to 'CCC', 'CC', or 'C' within the recession year, an indication of the vulnerability of the increasingly crowded 'B-' space. In this episode of The Upgrade podcast Hanna Zhang, Dan Hu, and Minesh Patel discuss key highlights from our recently published articles, " U.S. Leveraged Finance Q3 Update: 'CCC' Buckets Pick Up In CLOs As Cash Flow Generation Falls” and U.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming? View related articles: - Leveraged Finance: U.S. Leveraged Finance Q3 Update: 'CCC' Buckets Pick Up In CLOs As Cash Flow Generation Falls - U.S. BSL CLO And Leveraged Finance Quarterly: Is Winter Coming?

In this episode of Cracking & Fracking, Tom Watters and Nikolaos Boumpoulis discuss if the Chemical industry is prepared and how it is responding to the risk of cyberattacks.

David Hunt, CEO of PGIM joins Maria Melendez, Global Head of Strategy at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on David’s experience as a CEO, his current take on the global macro environment, Maria’s career path and her view on how to successfully execute strategy in our day-to-day roles. Sign-up here to be notified as soon as future episode are published View the series so far here David Hunt, CEO of PGIM joins Maria Melendez, Global Head of Strategy at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on David’s experience as a CEO, his current take on the global macro environment, Maria’s career path and her view on how to successfully execute strategy in our day-to-day roles. Sign-up here to be notified as soon as future episodes are published View the series so far here View Full Transcript David Hunt, CEO of PGIM joins Maria Melendez, Global Head of Strategy at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on David’s experience as a CEO, his current take on the global macro environment, Maria’s career path and her view on how to successfully execute strategy in our day-to-day roles.