KBRA Podcasts

In this episode, Andrew Giudici, Senior Managing Director, Kathryn Bai, Associate Director, and Justin Huynh, Associate Director discuss JFK NTO, LLC's $6.63 billion financing for phase A of the Terminal One redevelopment project at New York's John F. Kennedy International Airport. The discussion explores some of the key credit considerations of this landmark public-private partnership transaction including traffic forecasts and construction.

KBRA releases a new podcast episode discussing the following topics:Tighter financial conditions in emerging markets are not containing inflation.China exposure and food security and prices remain key credit risks for emerging market economies, offset somewhat by commodity price gains for producing economiesManaging these challenges by delivering faster-paced structural reform or seizing near-shoring opportunities can mitigate emerging market credit risk.

FIRST-QUARTER 2022 BANK EARNINGS IN REVIEW KBRA Financial Institutions Group analysts John Rempe, Director, and Leah Hallfors, Senior Director, cover the key takeaways of 1Q22 financial results, dissect interest rate sensitivity of KBRA's coverage and also review the potential impact of inflationary pressures on auto lending. The eighth episode of Bank Compendium Insights highlights: 1. Earnings Performance: Bank ROA and NIM results and trends in a higher interest rate environment 2. Capital: Core capital trends and impact of AOCI on TCE ratios 3. Consumer: Drill down on auto lending 4. ESG Bulletin Spotlight – PacWest Bancorp and Industry developments in ESG

KBRA releases a new podcast episode discussing the Ukrainian refugee crisis and the financial support being organized as a means of assistance. The discussion explores topics such as potential costs, allocation of funds between countries hosting refugees and displaced persons within Ukraine, facilities already announced, as well as the macro and political backdrop in Europe in face of this new stress. “The theme of refugee absorption will likely take center stage for European politics in the coming weeks and months as the pressure mounts,” according to Ken Egan, Director in KBRA's Sovereigns Group.

The latest podcast episode brings together KBRA's Joan Feldbaum-Vidra, Managing Director and Head of Sovereigns, and Ethan Heisler, Editor of The Bank Treasury Newsletter, who published an NIRP report in September 2020. Citing key takeaways from the report, they note that NIRP has not fully delivered on its promises and, as a policy tool, showed shortcomings given that negative rates cannot fall below the storage cost of money.

Fourth-Quarter 2021 Bank Earnings In Review: A Year and a Pandemic in Review KBRA Financial Institutions Group analysts Brian Ropp, Senior Director, and John Rempe, Director, cover the key takeaways of 4Q21 financial results and dissect the impact that nonrecurring revenue sources had on bank earnings and our 2022 outlook. The seventh episode of Bank Compendium Insights highlights: 1. Revenue: Mortgage banking and PPP income's impact on bank earnings 2. ROA: 2020 and 2021 loan provision build/releases impact on ROA 3. 2022 outlook for bank industry

In this episode, Gordon Kerr, Head of European Research is joined by Killian Walsh, Kali Sirigudi, Stephen Hughes and Gabriele Gramazio to discuss the Outlook for European structured finance in 2022. Challenges are developing on the horizon for the market. Listen in as Gordon engages with his colleagues to outline how KBRA view the impact on the European securitisation market.

In this episode, KBRA Managing Director and Head of Sovereigns Joan Feldbaum-Vidra reviews the main takeaways from her recent report, Sovereigns 2022 Outlook: New Challenges Ahead, and expands on the role of inflation expectations as adding complexity to the new challenges ahead. “In some countries, despite a long period of relatively tamed inflation, the anchoring of expectations is at a higher level,” Feldbaum-Vidra said. “In this next period, which involves new challenges, this can create complexities and amplify risks.”

Third-Quarter 2021 Bank Earnings In Review: Three Points in Bank Credit KBRA Financial Institutions Group analysts Brian Ropp, Senior Director, and John Rempe, Director, break down three key points in bank credit and why you should expect higher quality bank earnings quality going forward---as noncore items are running their course. The sixth episode of Bank Compendium Insights, highlights:1. Liquidity and net interest margin, and our expectations going forward.2. Strong credit quality and slower loan growth have driven Loan Loss Reserve Releases, however we believe provision recaptures are moderating.3. With noncore earnings running their course, we expect higher quality of earnings going forward.

In this episode, Gordon Kerr, Head of European Research, and Karim Nassif, Director, Project Finance & Infrastructure Ratings, discuss the increasing role of market risk in renewable project finance. Increasing market risk amid a rapidly growing environment creates challenges for project finance transactions. Karim and Gordon discuss these challenges and the way transactions have adapted to the changing environment.

In this episode, Michael Alter, Associate Director of Power, Energy, and Renewable Finance, and Andrew Giudici, Global Head of Corporate, Project, and Infrastructure Finance, discuss what energy storage is, the types of use cases it can target, and how KBRA assesses the technology in terms of project credit quality and environmental, social, and governance (ESG) risks.

In this episode, Joan Feldbaum-Vidra, Head of Sovereigns at KBRA, highlights the following topics: • China growth slowdown and monetary policy normalization by global central banks are key to watch. • Food price inflation is a particularly sensitive area for emerging markets (EM). • Real effective exchange rate weakness helps insulate EMs from shock. • Reality check: Many EMs have until recently upgraded their growth projections and have been proactive in the face of tightening credit conditions. “Inflationary impulses don't appear to be putting EMs in the danger zones like in the past, even considering the inflation we are experiencing in this stage of the pandemic environment.” – Joan Feldbaum-Vidra

This podcast episode discussing China's growth performance and prospects, as well as the reasons behind some of its bold policy moves. In this episode, KBRA Managing Director and Head of Sovereigns Joan Feldbaum-Vidra explains why China's Q3-Q4 and longer-term growth may be on weaker footing, why small and medium-sized enterprises (SMEs) in China are struggling, and how tightening of credit elsewhere, coupled with regulatory U-turns, may dampen investment.“Major regulatory action aims to change the way business is being conducted in China," — Joan Feldbaum-Vidra, Managing Director and Head of Sovereign Ratings, KBRA

Second-Quarter 2021 Bank Earnings in Review: Record Earnings–There Is More to the Story Than Meets the Headline. KBRA Financial Institutions Group analysts Brian Ropp, Senior Director, and John Rempe, Director, break down five key factors that have contributed to the banking industry's record profits in 1H21 that may be transitory in nature and not necessarily reflective of core bank earnings. The fifth episode of Bank Compendium Insights, highlights: 1) Loan loss reserve releases impact on earnings 2) Excess liquidity's impact on net interest margin and how Paycheck Protection Program (PPP) fees has partially masked declines in net interest income 3) Weak loan growth hampering industry's ability to replace PPP loan runoff 4) Mortgage banking income impact on noninterest income 5) Operating cost reductions that helped offset declining revenues may be slowing

Head of Sovereigns, Joan Feldbaum-Vidra, and European Sovereign analyst Ken Egan update us on major central monetary policy and implications for sovereign credit. • The Fed, ECB, BOJ and BOE all engaged in aggressive balance sheet expansion to support their economies during the pandemic. • Monetary policy normalization not likely to come very soon, for most. • The BOE has already slowed its pace of asset purchases and is likely to be the first to move on rates. • Early monetary policy normalization would be troubling for small economies, including in the emerging markets space, especially considering lagged vaccine rollouts and recoveries.

KBRA released the second episode of a two-part conversation with Dan D'Aniello, co-founder of the Carlyle Group. In this episode, William Cox, Global Head of Corporate, Financial, and Government ratings at KBRA, discusses with Dan the drivers behind the growth in Secondaries strategies and the increasing role and impact of Private Credit and Direct Lending.

KBRA released the first of a two-part conversation with Dan D'Aniello, co-founder of The Carlyle Group. In this episode, William Cox, Global Head of Corporate, Financial, and Government ratings at KBRA, talks with Dan about how ESG fits into the history and evolution of the market and how ESG considerations impact Private Capital.

In this episode, we will discuss three things about KBRA's rating of Lloyd's. Please note that this podcast will not cover every element of our rating analysis, so we encourage our listeners to view the full rating report, which is available free of charge at our website, kbra.com. This conversation will be moderated by William Cox, senior managing director and global head of KBRA's Corporate, Financial Institutions and Government practice. He is joined by Peter Giacone, leader of KBRA's insurance team, and his colleague, Carol Pierce, a senior director in the insurance group.

KBRA releases a new podcast episode featuring a cross-section of KBRA analysts sharing their views on the issue of globalization. Joan Feldbaum-Vidra, Head of Sovereigns, and panel moderator for this episode, is joined by Ken Egan, Associate Director in Sovereigns, Michael Labuskes, Senior Director in Transportation, and Van Hesser, KBRA's Chief Strategist. The analysts discuss recent developments in global trade, COVID-related recovery priorities, and underlying developments that work toward enhancing global connectivity.

Senior Directors Ashley Phillips and Brian Ropp of KBRA's Financial Institutions group take us through the fourth episode of Bank Compendium Insights, which features a discussion of the impacts of COVID and CECL one year in for KBRA's U.S. Bank coverage population. They also provide a summary of the 1Q 2021 financial results and key observations about our long-term rated banking universe, as well as KBRA's expectations for the banking industry for 2021.

This podcast episode discusses China’s debt, investor exposure, and Belt and Road Initiative (BRI) global risks. In this episode, KBRA Managing Director and Head of Sovereign ratings, Joan Feldbaum-Vidra, explains why direct risks from China’s indebtedness are still contained for international investors, and how the BRI debt contracts and the nature of lending increases global risks. “Where is the money going? Coal-fired plants and ports, but also 5G and underwater cables. The BRI is not just brick-and-mortar infrastructure." — Joan Feldbaum-Vidra, Managing Director and Head of Sovereign Ratings, KBRA

KBRA releases a new podcast episode led by Joan Feldbaum-Vidra, a Managing Director and Head of KBRA’s Sovereign Ratings Group. In this episode, a panel of KBRA analysts discuss how old themes are transitioning to new themes with regard to sovereign credit risk in Europe. Asia Drobnik, Senior Director in KBRA’s Financial Institutions and Sovereigns team, joins Associate Director Ken Egan, who is responsible for managing the majority of sovereign credit views in Europe, and Peyton Tich, an intern working on a wide variety of sovereign credit views across the globe, to provide their opinions on key recent themes including: Is fiscal space constrained?; Euroscepticism at bay or on the rise?; Will the UK ride out the layered shocks of Brexit and COVID-19?

In this episode, Joan Feldbaum-Vidra, KBRA’s Managing Director and Head of Sovereign ratings, discuss recent dynamics in the dollar valuation, the recent rise in Treasury yields, and what this all means for global sovereigns, especially in emerging market economies

In this episode, Karen Daly, Head of Public Finance, is joined by Paul Kwiatkoski, Managing Director, and Linda Vanderperre, Senior Director. The group compares the actual performance of state revenues to the projections that were prevalent at the outset of the pandemic. Actual performance exceeded projections made in the early months of the pandemic. However, better-than-expected performance on revenues does not alleviate the myriad budgetary pressures that are still present and conservative budgetary practices remain critical for states in the uncertain environment that remains.

Senior Directors Ashley Phillips and Brian Ropp of KBRA’s Financial Institutions group take us through the third episode of Bank Compendium Insights, which features a discussion around our views on the U.S. Banking industry’s 4th Quarter 2020 performance during the pandemic. They also share observations about our long-term rated banking universe, focusing on key performance and credit metrics, as well as KBRA's expectations for the banking industry and items that they are closely monitoring as the economic situation continues to play out over the next several quarters.

In this episode, Marjan Riggi, Senior Managing Director, Head of Aviation, Transportation and Commercial Finance at KBRA speaks with Corinne Hill, Senior Director and Michael Labuskes, Senior Director, Head of shipping, about what a great year it was for container shipping. Other topics discussed include potential opportunities, ship financing and ESG. The discussion will also include supply discipline; Does it last?

In this episode of KBRA's Structured Finance series, Keith Kockenmeister, Senior Managing Director and Co-Head of CMBS Ratings, sits down with fellow KBRA analysts to discuss the state of the market in 2020, specifically the impacts of COVID-19 on CMBS issuance, property types and CMBS ratings, as well as what to expect in 2021. Joining him in this episode is Nitin Bhasin, Senior Managing Director and Co-Head of CMBS Ratings, and Roy Chun, a Managing Director in our CMBS Group.

In KBRA’s inaugural Muni Spotlight Series episode, Van Hesser, Chief Strategist at KBRA, Karen Daly, Head of Public Finance/Financial Guarantors, Harvey Zachem, Managing Director, and Peter Scherer, Associate, discuss the American consumer, retail sales activity and observations about KBRA’s sales tax rated portfolio. COVID-19 has certainly left its mark economically, but highly effective vaccines give real hope to a normal return in 2021. As always, KBRA will continue to monitor its portfolio on a case by case basis.

In this episode of KBRA’s Structured Finance Outlook series, Brian Ford, Senior Director and head of KBRA’s Structured Finance Research, leads the discussion on the 2021 Outlook for the RMBS sector and more. He is joined by Jack Kahan, a senior managing director and head of our global RMBS group. This episode features a review of key RMBS market and performance themes, as well as 2021 forecasts.

In this episode of KBRA’s Structured Finance Outlook series, Brian Ford, Senior Director and head of KBRA’s Structured Finance Research, leads the discussion on the 2021 Outlook for the ABS sector. He is joined by Rosemary Kelley, head of KBRA’s ABS team, Eric Neglia, a managing director in our ABS Consumer team, and Cecil Smart, a managing director in KBRA’s commercial ABS department. The team examines recent ABS credit trends, spread performance, supply expectations, rating changes, as well as recent performance in our auto loan and unsecured consumer loan indices, and more.

Our latest KBRA Podcasts episode features Global Head of Corporate, Financial, and Government Ratings, William Cox, and Joan Feldbaum-Vidra, Head of Sovereign Ratings. This episode includes discussions on the following timely topics: • Fiscal stimulus is key, given COVID-related setbacks, although vaccine breakthroughs are promising. • “Low for longer” interest rates help curb risk. • U.S. election outcome is constructive to sovereign risk, in general. • China pullback is a risk to emerging markets, but liquidity and policy space are drivers. • Brexit: KBRA credit views update. • EU Next Generation recovery fund loans need to be tapped to maximize recovery.

Senior Directors Ashley Phillips and Brian Ropp of KBRA’s Financial Institutions group take us through the second episode of Bank Compendium Insights, which features a discussion around our latest view of the U.S. banking sector during the current uncertain environment due to the coronavirus pandemic. They share observations about our long-term rated banking universe, focusing on key performance and credit metrics, as well as KBRA's expectations for the banking industry as the economic situation plays out over the next several quarters. Ashley Phillips has been an analyst with KBRA for 8 years, working in various sectors, with a focus on U.S. banks. She is the Maryland office Team Leader and manages the compendium effort each quarter. Brian Ropp, who more recently joined KBRA's team, previously served as CFO of a community bank. His background includes fifteen years as a buy-side analyst where he covered a variety of industries, but specifically banks through the GFC. Join Our Webinar: KBRA's U.S. Banking Sector Update Webinar Thursday, November 19, at 10:00 AM EST Click here to learn more and register for free: https://bit.ly/kbraBCI3Q2020

In this episode, KBRA’s Global Head of Corporate, Financial, and Government Ratings, Bill Cox, opens an interesting conversation with KBRA Chief Strategist Van Hesser and Joan Feldbaum-Vidra, Head of Sovereign Ratings. Feldbaum-Vidra and Hesser take stock of COVID-19 risks and dynamics mid-crisis and whether the pandemic has truly threatened the golden age of globalization, and more. Topics discussed include: - U.S. trade dynamics mirror recessionary and recovery dynamics. - Post-pandemic reset: the U.S. faces a new normal for economic life, including trade. - Mexico may end up as a winner in U.S. geopolitical trade strategy. - U.S. presidential election: a referendum on the Trump experiment.

Senior Directors Ashley Phillips and Brian Ropp of KBRA’s Financial Institutions group take us through the inaugural episode of Bank Compendium Insights, which features a discussion around our latest view of the U.S. banking sector during the current difficult environment due to the coronavirus pandemic. They share observations about our long-term rated banking universe, focusing on key performance and credit metrics, as well as KBRA's expectations for the banking industry as the economic situation plays out over the next several quarters. Ashley Phillips, who has been an analyst with KBRA for 8 years, is the Maryland office Team Leader and organizes the compendium effort each quarter. Brian Ropp, who recently joined KBRA's team, previously served as CFO of a community bank. His background includes fifteen years as a buy-side analyst where he covered a variety of industries but specifically Banks through the GFC.

In this episode, Bill Cox, Global Head of Corporate, Financial, and Government Ratings at KBRA speaks with Joan Feldbaum-Vidra, KBRA’s Head of Sovereign Ratings, about emerging market (EM) sovereign credit challenges amid the COVID-19 pandemic. While the crisis is unusual in its breadth across so many EM economies, the impact is highly differentiated. Other topics discussed include how China’s role as well as changes in lender behaviors and growing pandemic-related debt burdens make the COVID-19 economic disruption different than the Latin American debt crisis of the 1980s.

In this KBRA Podcast episode, Peter Giacone and Donna Halverstadt of the Insurance ratings team discuss views on a trend in the insurance sector that receives a lot of media attention and is also a key influence on other aspects of the industry. The trend they discuss is mergers and acquisitions and the focus is primarily on how this trend is playing out in the life sector, including what impact the current pandemic could have.

In this edition of KBRA’s podcast series, Joan Feldbaum-Vidra, Head of Sovereign Ratings at KBRA, speaks with Ethan Heisler, editor-in-chief of The Bank Treasury Newsletter, about the prospects for negative rates in the U.S. and the U.K.  Ethan and Joan discuss how capital markets may be impacted by negative interest rate policy, and consider the plusses and minuses in light of the COVID-19 pandemic’s economic disruption.

In the first edition of the Muni Watch Podcast, Karen Daly, Head of Public Finance & Financial Guaranty, welcomes special guest Cate Long, founder of Puerto Rico Clearinghouse and Municipal Bond expert for a discussion on the challenges of the COVID-19 crisis, the role of rating agencies, and thoughts on bankruptcy and Puerto Rico. 

Ethan Heisler begins his inaugural podcast explaining why it is too early for investors to know how the economic fallout from COVID-19 will impact the U.S. banking industry. The overall environment may be negative for banking, but on the bright side, the industry’s seamless transition to disaster mode has been remarkable. CECL is the main subject of the podcast, as Ethan discusses how we got to CECL, and puts the rule into historical context with other accounting rules and bank regulations going back to the early 1980s.