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Structured Finance Markets in a COVID World

DBRS Morningstar will host a webinar on the European Structured Finance Markets in a COVID-19 World on 24 September 2020 at 3:00 p.m. BST. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London.

The discussion will focus on the state of the European securitisation markets. Gordon will cover the impact of the Coronavirus Disease (COVID-19) on various aspects from performance to issuance. While the European securitisation markets have held up well, the pandemic has and will continue to have an impact, and the markets are not immune.

The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
Recorded Sep 24 2020 29 mins
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Presented by
Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
Presentation preview: Structured Finance Markets in a COVID World
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  • U.S. Banks: Navigating the Economic Fallout From the Pandemic Oct 29 2020 6:00 pm UTC 60 mins
    John Mackerey, Mike McTamney & Tom Torgerson
    U.S. banks remain pressured reflecting the ongoing impact of the Coronavirus Disease (COVID-19) on the economy, loan portfolios, revenues and the bottom line. Shrinking margins and elevated provisions for credit losses have all contributed to weaker earnings for the sector. Additionally, the near-term outlook continues to present substantial challenges and uncertainties. Given the unprecedented relief measures that have been implemented, current asset quality metrics provide little visibility into the expected downturn in asset quality. While initial support measures were quickly implemented by governments and regulators around the globe, payment deferrals along with some income-support programs may be coming to a close with additional fiscal stimulus still unclear at this point in the U.S.

    DBRS Morningstar continues to update its macroeconomic scenarios, which allows analysts to evaluate a range of potential economic outcomes. Globally, bank credit ratings remain pressured, and given the difficult operating environment, more negative ratings actions are likely, including both Negative trends and downgrades, especially if the macroeconomic scenarios deteriorate further.

    In this webinar, our analysts will discuss potential economic scenarios and explore how U.S. banks are navigating the economic disruption caused by the coronavirus pandemic. We will review trends for 3Q earnings and discuss our outlook for these banks over the near-term.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • European Structured Finance Quarterly Update Oct 29 2020 3:00 pm UTC 75 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    TBA
  • CMBS Webinar Series: SASB/Large Loan CMBS: COVID and Credit Oct 28 2020 3:00 pm UTC 60 mins
    Ed Dittmer
    Join the DBRS Morningstar NA CMBS Large Loan credit team Wednesday, October 28th at 11:00 AM for a roundtable discussion on current trends in the Single-Asset/Single-Borrower CMBS space. Topics will include a high-level macroeconomic overview, rating agency values and proceeds in a COVID environment, issuance volume and investor demand, as well as portfolio-level results of our COVID-19 stress tests from our surveillance team.

    The webinar will be hosted by Ed Dittmer, Senior Vice President, CMBS Credit, along with Greg Haddad, Senior Vice President, CMBS Credit, Mike Fedorochko, Vice President, CMBS Credit, and Peter Wideman, Assistant Vice President, Credit.
  • CMBS Webinar Series: Observed Value Trends, Changes to New Issuance Deal Metrics Recorded: Oct 14 2020 60 mins
    Ed Dittmer
    DBRS Morningstar invites you to join our CMBS team for its next webinar, taking place on Wednesday, October 14th at 11:00 A.M. EDT. Topics covered will include:

    - Recent value trends by property types
    - Pandemic related changes to new issuance net cash flows (NCF’s), loan-to-value (LTV’s), and loan structure
    - Observations on recent Conduit, Agency and CRE CLO transactions

    The webinar will be hosted by Ed Dittmer, Senior Vice President, CMBS New Issue.
  • CMBS Webinar Series: Topical Research and Layered Risks Affecting CRE Markets Recorded: Sep 30 2020 50 mins
    Erin Stafford
    DBRS Morningstar invites you to join our CMBS team for its next webinar, taking place Wednesday, September 30th at 11:00 a.m. EDT. The webinar will expand upon thoughts discussed in some of the research pieces the CMBS team has recently published, including a report that analyzes how the NCAA’s decision to cancel - or significantly reduce fan capacity at – certain college football conference games may further impact already struggling hotel performance in some markets.
  • Structured Finance Markets in a COVID World Recorded: Sep 24 2020 29 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    DBRS Morningstar will host a webinar on the European Structured Finance Markets in a COVID-19 World on 24 September 2020 at 3:00 p.m. BST. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London.

    The discussion will focus on the state of the European securitisation markets. Gordon will cover the impact of the Coronavirus Disease (COVID-19) on various aspects from performance to issuance. While the European securitisation markets have held up well, the pandemic has and will continue to have an impact, and the markets are not immune.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • Large Canadian Banks: Navigating the COVID-19 Pandemic Recorded: Sep 15 2020 43 mins
    Michael Heydt; Paul Bretzlaff; John Mackery; Robert Colangelo
    The large Canadian banks remain pressured as they experience the full impact of the Coronavirus Disease (COVID-19) shock, including margin compression, financial market volatility and elevated provisions for credit losses. The near-term outlook presents substantial challenges and uncertainties. Even as the pandemic continues to cause widespread economic disruption, payment deferrals along with some income-support programs are set to expire in the coming months. At the same time, the evolution of the virus remains a key risk. While the easing of social distancing measures appears to be fostering a rebound in activity, it also raises concerns about a potential resurgence of the Coronavirus Disease.

    In this webinar, our analysts will discuss the updated economic backdrop and explore how the large Canadian banks are navigating the economic disruption caused by the coronavirus pandemic. We will also discuss the outlook for these banks over the near-term.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.

    The panelists will include the following:

    Michael Heydt, Senior Vice President, Global Sovereign Ratings
    Paul Bretzlaff, Senior Vice President, Canadian Structured Finance John Mackerey, Senior Vice President, Global Financial Institutions Group
    Robert Colangelo, Senior Vice President, Global Financial Institutions Group
  • Food for Thought: The Impact of the Coronavirus on Canada’s Grocers Recorded: Sep 9 2020 43 mins
    Moritz Steinbauer & Michael Goldberg
    The Coronavirus Disease (COVID-19) pandemic is having a profound impact on Canada’s economy, including the nation’s food-retail sector, as evidenced by a surge in sales, an acceleration in e-commerce penetration, as well as changing operating cost structures and investment patterns. In this webinar, DBRS Morningstar will explore the pandemic’s near and long-term effects on Canada’s food retailers and contemplate how they affect our view on credit risk in the sector.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • DBRS Morningstar CMBS Webinar Series: Spotlight on Las Vegas and Houston Markets Recorded: Aug 19 2020 36 mins
    Ed Dittmer
    DBRS Morningstar invites you to join our CMBS team for its next Webinar, taking place on Wednesday, August 19 at 11:00 a.m. EDT. The webinar will expand upon thoughts discussed in some of the research pieces the CMBS team has recently published. Topics include the effect of the COVID-19 pandemic on the CMBS markets in Las Vegas and Houston. We will also share the results of a study conducted on repeat loans in CMBS and whether changes in those financings can give us insight into the overall CMBS market.
  • Global Events Pose Structural Challenges for the Midstream Energy Sector Recorded: Aug 12 2020 46 mins
    Linda Lee & Ram Vadali
    The volatility and demand disruption from the impact of the Coronavirus Disease (COVID-19) are negatively affecting the earnings of many pipeline and midstream energy companies. These conditions are causing customer distress, project delays, and lower pipeline volumes. Nevertheless, diversified midstream energy companies with strong liquidity and cash flows supported by long-term take-or-pay, minimum volume commitments or regulated cost-of-service contracts with strong counterparties have so far weathered the storm. However, the impact of the pandemic, rising geopolitical risks, and the outcome of the U.S. presidential election could all pose structural challenges for the sector.

    Join DBRS Morningstar for a 25-minute discussion, followed by an interactive Q&A session with the audience.


    For questions regarding this event, please contact Jenn Sirisavath at +1-416-597-7456 or events@dbrsmorningstar.com.
  • DBRS Morningstar CMBS Webinar Series: CMBS Surveillance Roundtable Recorded: Aug 5 2020 51 mins
    Gwen Roush and David Putro
    Please join DBRS Morningstar’s CMBS team Wednesday, August 5th, for a surveillance roundtable discussing our observations around the data coming out regarding delinquency, forbearance and general stress within the CMBS market. We will highlight the areas where we are putting our focus as we monitor the sector and take rating actions, as applicable. In addition, we will cover trends we’re monitoring within the CRE CLO market, which has faced some unique challenges given the transitional nature of the collateral properties.
  • European Housing Markets in a COVID World Recorded: Jul 23 2020 41 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    DBRS Morningstar invites you to attend a webinar on the European Housing Markets in a COVID World, on 23 July 2020 at 3 p.m. BST/4 p.m. CEST/10 a.m. EDT. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London. Gordon will be joined by Ronja Dahmen, Assistant Vice President from our European RMBS group.

    The discussion will focus on how a number of European housing markets have been affected to date as a result of the Coronavirus Disease (COVID-19) pandemic including through payment holidays, new lending, and house price changes. DBRS Morningstar will explore these elements of the market and how they are affecting and will affect housing markets in the near term.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • COVID-19 Impact on Canadian CMBS Recorded: Jul 22 2020 62 mins
    Gwen Roush
    Join DBRS Morningstar’s CMBS team for a discussion on how the coronavirus pandemic is affecting Canadian CMBS loan performance. Gwen Roush and others from the CMBS credit team will share insights on the state of the Canadian commercial real estate market and the challenges it presently faces, and will discuss the analysis underway to identify areas of increased risk for the Canadian CMBS transactions rated by DBRS Morningstar.
  • Credit Views on the Oil and Gas Sector: Recent Rating Actions Explained Recorded: Jul 16 2020 34 mins
    Victor Vallance and Ravi Rai
    The global spread of Coronavirus Disease (COVID-19) had a significant negative impact on crude oil markets and refined product margins. In late March 2020, DBRS Morningstar placed all its rated oil and gas issuers Under Review with Negative Implications in response to the extreme decline in prices and the heightened volatility in crude oil markets largely caused by the rapid spread of coronavirus and the concurrent crude oil price war between OPEC (led by Saudi Arabia) and Russia.
    In mid-May, with volatility subsiding and market visibility improving, DBRS Morningstar revised its commodity price assumptions to factor in (1) the impact of the coronavirus pandemic on crude oil demand as lockdowns ease, (2) the significant buildup in global oil inventories, and (3) the impact of production cuts implemented by OPEC+. Because of these revised commodity price assumptions, combined with measures taken by companies to navigate through the very weak price environment, DBRS Morningstar has now resolved all the oil and gas rated issuers that were Under Review with Negative Implications and has taken a number of negative rating actions.
    Hear about the process and the reasons behind the rating actions taken by DBRS Morningstar during our 25-minute webinar, which will be followed by an interactive Q&A session with the viewers.
  • US CMBS Updates: Conduit Exposure to Coronavirus Disease; Office and Retail Recorded: Jul 8 2020 57 mins
    Erin Stafford
    Join DBRS Morningstar for a webinar discussing how the credit team is factoring finalized coronavirus related sensitivities into its analysis. CMBS and commercial real estate as a whole has been significantly impacted by COVID-19; while states continue to re-open and businesses ramp up operations, uncertainty around loan performance remains and DBRS Morningstar is closely monitoring its portfolio against the greater challenges in today’s market. Also, the CMBS Research team will discuss recent articles published on the retail and office sectors.
  • 2020 Structured Finance and Covered Bond Survey Results Recorded: Jul 2 2020 29 mins
    Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
    DBRS Morningstar invites you to attend a webinar updating you on its 2020 Structured Finance and Covered Bond Survey Results, on 2 July 2020 at 3 p.m. BST/4 p.m. CEST/10 a.m. EDT. The webinar will be hosted by Gordon Kerr, Senior Vice President and Head of European Structured Finance Research, in London.

    The discussion will focus on the results of DBRS Morningstar’s annual survey of securitisation and covered bonds to market participants. Gordon will explore the results of the survey along with other insights. Normally at this time of year, the market would be recapping IMN’s annual Global ABS conference. In this webinar, we will bring you some of the insights on the markets in this virtual event.

    If you haven’t completed the survey yet, you can do so by clicking on this link: https://www.surveymonkey.com/r/SFandCB_20.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • CMBS Webinar Series: Valuations during a Crisis and Special Servicing Topics Recorded: Jun 24 2020 60 mins
    Rich Carlson
    DBRS Morningstar invites you to listen to a webinar presenting the current state of affairs for servicers and valuation trends in the present crisis. Today’s borrowers face an unprecedented drop in revenue and loan performance ramifications are unfolding in real-time. Hear from DBRS Morningstar’s CMBS surveillance team on the impacts felt in the servicing industry and trends on loans transferred to special servicing. DBRS Morningstar will also share other observations and discuss changes to appraisal techniques in today’s market.
  • COVID-19 and the Credit Outlook for Canadian Banks Recorded: Jun 18 2020 43 mins
    Robert Colangelo
    The wide and growing scale of the economic disruption caused by the Coronavirus Disease (COVID-19) has resulted in unprecedented support measures being put in place by governments and regulators around the globe in order to help mitigate the negative impacts of the crisis. To this end, the large Canadian banks have granted payment deferrals to a large number of their retail and commercial banking clients. Globally, credit ratings remain pressured due to the significant drop in economic activity, with global macroeconomic forecasts shifting dramatically amidst the continued uncertainty around the depth and duration of the downturn. DBRS Morningstar has recently updated its macroeconomic scenarios, which allows analysts to evaluate a range of potential economic outcomes within their credit analysis.

    In this webinar, our analysts will discuss the updated economic scenarios that are used in credit analysis. They will also explore the impact the economic disruption is having on the overall credit fundamentals of the large Canadian banks and will discuss the outlook for these banks over the remainder of the year and into next year.

    The discussion will last approximately 20 to 25 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • Chugging along: Canadian Railways and the Coronavirus Recorded: Jun 17 2020 42 mins
    Robert Streda and Amaury Baudouin
    Although a great deal of uncertainty remains related to the severity and duration of the current coronavirus pandemic, Canadian railways have shed some colour on their plans for the rest of 2020 and beyond, and on their ability to weather the current economic fallout from the coronavirus. No industry is immune from the coronavirus and the associated disruptions to the economy and the railway industry, often seen as a reflection of the broader economy, is no exception. DBRS Morningstar views the Canadian railways as more adequately prepared and robust enough to weather the impact of much lower volumes versus its U.S. counterparts. This is due to some differentiating factors and a competitive advantage, which suggest that rating changes for Canadian railways will not likely occur unless the economic scenario worsens considerably from DBRS Morningstar’s base case assumptions.

    The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
  • Present and Future of European Non-performing Loan Disposal and Performance Recorded: Jun 11 2020 47 mins
    Gordon Kerr, Senior Vice President, Head Structured Finance Research, DBRS Morningstar
    DBRS Morningstar invites you to attend a webinar on the present and future of European nonperforming loans (NPLs) disposal and performance on 11 June 2020. The webinar will be hosted by Gordon Kerr, Head of European Structured Finance Research, in London. Gordon will be joined by Alessio Pignataro, Head of European NPL; Nichola James, Co-Head of Sovereign Ratings; Elisabeth Rudman, Head of European Financial Institutions group; and Christian Aufsatz, Head of European Structured Finance.

    This time last year the industry was getting ready for Structured Finance’s most attended event in Europe: Information Management Network’s Global ABS conference. Given that the event has been cancelled this year, DBRS Morningstar would like you to attend our high-level webinar on the state of European NPLs with presentations from our Sovereign, Banking, and Structured Finance teams. The webinar will focus on the importance of NPLs, their disposal and performance for European debt markets before and during the coronavirus pandemic economic crisis, and the NPL outlook for the future.

    The discussion will last approximately 25 to 30 minutes and will be followed by an interactive question-and-answer session. DBRS Morningstar welcomes all who wish to participate.
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  • Title: Structured Finance Markets in a COVID World
  • Live at: Sep 24 2020 2:00 pm
  • Presented by: Gordon Kerr, Senior Vice President, Head of European Structured Finance Research, DBRS Morningstar
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