Name: European Commercial Real Estate: A Banking & CMBS Perspective
Start: 2023-01-23T15:00:00Z
End: 2023-01-23T15:34:26.000Z
Location: BrightTALK
Rating: 4

DBRS Morningstar is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and structured finance instruments globally. Rating more than 3,000 issuers and 60,000 securities, we are the fourth-largest credit rating agency in the world.

DBRS Morningstar empowers investor success by bringing more transparency and a much-needed diversity of opinion in the credit rating industry. Market innovators choose to work with us because of our agility, tech-forward approach, and exceptional customer service.

DBRS Morningstar is the next generation of credit ratings.
To learn more, visit dbrsmorningstar.com.

Since mid-2020, Canadian insurers and banks have been issuing deeply subordinated capital instruments targeted to institutional investors, that are known as Limited Recourse Capital Notes and Non-Viability Contingent Capital Additional Tier 1 (AT1) Limited Recourse Capital Notes respectively (together, LRCNs). Recent global market developments, including the banking failures in the U.S. and the wipe out of Credit Suisse’s AT1 notes, have adversely affected the market for new issuances. 

In this Frontline Perspectives webinar, Nadja Dreff, Senior Vice President, Head of Canadian Insurance will be joined by Kris Somers, Managing Director, BMO Capital Markets. The conversation will review and discuss the recent LRCN market developments and provide an outlook for the future of LRCN issuances in Canada.

Frontline Perspectives: The Future of LRCN Issuances in Canada

ESG considerations are becoming increasingly integral to companies' strategies, and creditors are becoming more demanding regarding issuers’ sustainability credentials. This has led to a rapid rise in ESG financing instruments, with sustainability-linked bonds (SLBs) becoming one of the fastest growing categories and a valid alternative to traditional bonds. The carbon-intensive airline industry is one of the top sectors that could potentially benefit from SLBs. 

In this Frontline Perspectives webinar, we will provide an overview of DBRS Morningstar's approach to ESG risk factors in credit ratings, explore key trends in sustainability-linked financing and discuss the credit implications for the airlines sector. The presentation will last approximately 20 minutes and will be followed with a Q&A.

Sustainability-Linked Bonds Gaining Altitude with Airlines

Artificial Intelligence has taken the technology world by storm, with much attention being drawn to the impact that the AI revolution will have on companies in the sector.  We believe that this adoption will drive strong, long-term demand and usage of digital infrastructure assets, such as data centres and cellular towers, reinforcing their already critical role in the digital economy. This critical role has underpinned significant interest and activity in digital infrastructure from debt investors, predicated on the long-term essentiality and stability of cash flows of the asset class. 

In this webinar, DBRS Morningstar will discuss initial views of AI’s possible impact on the sector and the rating factors underlying their creditworthiness.  The webinar will last approximately 30 minutes followed by Q&A.

Frontline Perspectives: Digital Infrastructure in an AI Era

DBRS Morningstar invites you to attend a webinar focusing on European Structured Finance – First Quarter Update on 23 April 2023 at 3:00 p.m. BST, 4:00 p.m. CEST, or 10:00 a.m. EDT. The webinar will be hosted by Mudasar Chaudhry, Head of European Structured Finance Research.

The discussion will focus on European securitization activity over the first quarter of 2023, market performance, and expectations for the quarter ahead.

Frontline Perspectives: European Structured Finance Q1 Update

Being significantly smaller than the Big Six banks, medium-size banks in Canada generally provide a niche range of banking services. They are also likely to be exposed to higher credit costs in the current environment due to lower diversification and greater exposures to riskier asset classes. Meanwhile, similar to other banks globally, the investment securities portfolios at most MSBs have seen significant increases in unrealized losses as interest rates climb. This would become a larger issue if the sale of securities is required to fulfil their liquidity needs.  

Join DBRS Morningstar on April 20 at 11:00 a.m. EST for a webinar on the Canadian Medium-Size Banks. Carl De Souza, Senior Vice President, North American Financial Institutions will moderate the conversation as Shokhrukh Temurov, Vice President, North American Financial Institutions discusses the credit characteristics of medium-size banks, including their credit profile, market risks, and liquidity and funding, as well as factors supporting the resiliency of these banks in the current environment.  

The discussion will be followed by a Q&A session. DBRS Morningstar welcomes all who wish to participate.

Frontline Perspectives: How Resilient are Canadian Medium-Size Banks?

DBRS Morningstar invites you to attend a webinar on 20 April 2023 at 2:30 p.m. BST | 3:30 p.m. CEST | 09:30 a.m. EDT entitled, “Catastrophe Bonds: Another Tool to Raise Preparedness for Fiscal Pressures Stemming from Natural Disasters”. The webinar will be hosted by Javier Rouillet, Vice President – Global Sovereign Ratings and Marcos Alvarez, Global Head of Insurance at DBRS Morningstar.

With an estimated market size in excess of USD 37 billion, catastrophe bonds (cat bonds) have become an important tool for the insurance industry in the last decade. Their use is to generate additional financial capacity to deal with catastrophe risk from natural and man-made events, including hurricanes, floods, wildfires, earthquakes, terrorism, and pandemics. Increasingly, governments and supranational organisations such as the World Bank have started to access this market as a risk mitigation tool.

In this webinar, we will provide an overview of the cat bond market and explain how they are structured. Our analysts will also explore the potential advantages and challenges of using cat bonds to mitigate post-natural disaster stress on public finances, which can be overwhelming in some countries.

The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session.

Frontline Perspectives: Catastrophe Bonds - Another Tool to Raise Preparedness

Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a relatively new specialty insurance product that helps protect organizations from the fallout of cyberattacks and hacking threats. Over the past few years, business organizations and governments worldwide have faced a significant surge in cyber incidents. At the same time, insurance companies have also experienced a rise in the severity and frequency of cyber insurance claims. 

On March 30th, join Marcos Alvarez, Global Head of Insurance at DBRS Morningstar, in a conversation with Alan Abreu, European Cyber Manager and Member of the Underwriting Team at BOXX Insurance Inc., to provide an update on the state of the cyber insurance market and what small and medium-sized companies can do to manage their increasing exposure to cyber risks and to improve their insurability.

Frontline Perspectives: Cyber Protection and Insurability for SMEs

DBRS Morningstar invites you to attend a webinar on 29 March 2023 at 2:00 p.m. BST/3:00 p.m. CEST on the medium-term energy challenges of the German manufacturing sector. The webinar will be hosted by Yesenn El-Radhi of Global Sovereign Ratings group and by Amaury Baudouin of European Corporate Ratings group. Although European energy prices have receded from their record highs in recent months, they are unlikely to return to pre-crisis levels over the medium-term. This, in turn, poses an important challenge for energy-intensive manufacturing industries.

In this webinar, we will take a closer look at how high-for-longer energy prices will impact the German manufacturing sector both from a sovereign and a corporate perspective and highlight which manufacturing industries are vulnerable to an energy price shock.

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.

Frontline Perspectives: Medium-Term Energy Challenges in German Manufacturing

With a turbulent economic environment, the Global Corporate Real Estate, North American CMBS and European CMBS sectors are facing varying headwinds. DBRS Morningstar’s medium-term outlook for GCRE remains negatively tilted, while North American CMBS is facing emerging cracks in the office sector and softening in both multifamily and industrial. Meanwhile, EU CMBS is expecting a challenging year with several transactions reaching loan maturity when market values are generally declining. 

Join DBRS Morningstar on March 28 at 10:00 a.m. EST/3:00 p.m. GMT for a Frontline Perspectives webinar on the challenges for these sectors including higher interest rates, inflation, physical occupancy, and opportunities. The presentation will be moderated by Erin Stafford, Managing Director, Global Structured Finance and will feature Chris Tsichlas, Senior Vice President of Corporate Real Estate, Steven Jellinek, Vice President of CRE, and Mirco Iacobucci, Head of European CMBS who will review Q1 performance and discuss expectations for the rest of 2023. A Q&A session will follow for the audience to participate in the conversation.

Frontline Perspectives: Performance & Outlook of the Global Real Estate Industry

Join DBRS Morningstar for a Frontline Perspectives webinar on Commercial Real Estate Collateralized Loan Obligations (CRE CLOs) on March 16th at 2:00 p.m. ET. The discussion features senior DBRS Morningstar analysts Steven Jellinek, John Amman, and Stephen Koehler, who will cover several topics including a review of 2022 in regards to origination, underwriting, and more.

Our panel of experts will also discuss the outlook for CRE CLOs in 2023, providing insight on new loan origination, and an assessment on performance regarding delinquency, special servicing, and modifications. The discussion will be followed by a 15 minute Q&A for the audience to participate in the conversation.

Frontline Perspectives: CRE CLOs - What's in Store for 2023?

DBRS Morningstar invites you to attend a webinar on 27th of February at 3:00 p.m. CET. The webinar will be hosted by Nicola De Caro, Andrea Costanzo and Arnaud Journois from Global Financial Institutions. The webinar will be joined by Carlo Capuano from Global Sovereign Ratings.

In this webinar, we will provide with an overview of the performance of the Italian Banking sector during 2022, as well as our perspective on the potential challenges and opportunities for Italian banks in the current macroeconomic and geopolitical environment.

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.

Frontline Perspectives: Performance &Perspective of the Italian Banking Industry

The new IFRS 17 accounting standard, effective January 2023, represents a major overhaul in the way insurance financial results are valued and reported. Join DBRS Morningstar analysts as they discuss the implications of IFRS 17 on the credit ratings of our portfolio of insurance companies. Analysts will outline the key impacts on our global insurance methodology, our view on capital and earnings, and how impacts will differ based on insurer type  and jurisdiction. A presentation will be followed by a question and answer period.

Frontline Perspectives: Will IFRS 17 Impact Credit Ratings Analysis?

For the oil and gas industry, 2022 was a year characterized by excessive price volatility and DBRS Morningstar expects more of the same in 2023. Globally, oil and natural gas prices reached multiyear highs in mid-2022 but as 2022 came to a close, oil and natural gas prices slumped. Key factors weighing on prices at the end of the year included slowing global economic activity and China's tough lockdown measures. We foresee the same factors from 2022 affecting price volatility in 2023 but the magnitude of the anticipated global economic slowdown will be critical. This session will discuss macroeconomic conditions, geopolitical tensions and industry policies, all of which could impact natural gas prices and credit profiles in 2023. We will end with a Q&A for all who wish to participate.

Frontline Perspectives: 2023 Oil & Gas Outlook

This session will provide an outlook for autos, manufacturing, construction and capital goods amidst a year that is characterized by rising interest rates and economic turbulence. We will review factors that may influence performance of of these individual sectors, touching on post-pandemic demand, spending and cost management, opportunities for capitalization and new industry trends. We will follow with a Q&A for all who wish to participate.

Frontline Perspectives: 2023 Diversified Industries Outlook

Despite elevated interest rates and a projected economic slowdown, the transportation industry should be relatively resilient in 2023. As airlines recover from the pandemic downturn, the industry may be on the path to normalization. We will discuss vulnerabilities to this recovery, including macroeconomic challenges, geopolitical risks and increased costs. On the railway front, there has been a sustained focus on improving productivity, which will help mitigate cost pressures. There are also numerous industry factors that will aid with revenue resilience. We will follow with a Q&A for all who wish to participate.

Frontline Perspectives: 2023 Transportation and Logistics Outlook

DBRS Morningstar’s outlook for U.S. CLOs in 2023 is mixed, with expected deterioration in the leveraged loan collateral pools driving a negative credit outlook, while DBRS Morningstar's credit ratings outlook for CLO tranches is stable. Competing factors include; challenging macroeconomic conditions, driving the negative outlook for credit as strong structural protections offset these conditions and contribute to the stable credit ratings outlook.

Join DBRS Morningstar on February 15 at 2:00 p.m. EST for a discussion on the challenges and opportunities facing CLOs  in 2023, where Jerry van Koolbergen, Managing Director and Head of U.S. Structured Credit, and Stephanie Mah, Senior Vice President, Structured Finance Research, will provide valuable insights on the current state of the market.

Frontline Perspectives U.S. CLO 2023 Outlook

The challenging macroeconomic backdrop is driving change in consumer behaviour, which will affect both retailers and restaurants. This session will explore how these changes in consumer behavior will affect different types of retailers and restaurants in terms of revenues, margins, and capital allocation practices. We will follow with a Q&A for all who wish to participate.

Frontline Perspectives: 2023 Retailers and Restaurants Outlook

Consumer behavior in response to a challenging macroeconomic backdrop is expected to vary across the spectrum of consumer products companies. This session will explore how changing consumer behavior will affect the operating performance and capital allocation of companies in this sector, and consequently the impact on their credit risk profiles. It will be followed by a Q&A for all who wish to participate.

Frontline Perspectives: 2023 Consumer Products Outlook

In this webinar, we will provide observations on the European CRE market from a bank lending and CMBS perspective.  The analysis focuses on current market challenges, property type exposures, and asset quality metrics as well as our outlook for 2023.

European Commercial Real Estate: A Banking & CMBS Perspective

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European Commercial Real Estate: A Banking & CMBS Perspective

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