CMBS & CRE CLO Outlook
Credit Themes Through a Bifurcated Recovery
- What is the credit outlook for European & US commercial property markets?
- What types of deals will drive volume in 2022?
- What will be the composition and credit quality of CRE CLOs in 2022?
- How will delinquency rates and credit of existing CMBS deals be impacted in 2022
- ESG/Climate Risk and Libor replacement remain top of mind
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SpeakersKeith Banhazl Managing Director, Head of Commercial Real Estate Finance Moody’s Ratings
Deryk Meherik Associate Managing Director, Commercial Real Estate Finance Moody's Ratings
Joseph Baksic Associate Managing Director, Commercial Real Estate Finance Moody's Ratings
Romina Padhi Associate Managing Director, US CMBS Moody's Ratings
Oliver Moldenhauer Vice President- Senior Credit Officer, EMEA CMBS Moody's Ratings
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Deryk Meherik is an Associate Managing Director in Moody’s Structured Finance Group. Deryk is the team lead overseeing the review of primary US CRE CDO/CLO transactions and also contributes to research and methodology development for CRE CDO/CLO products.
He has authored or co-authored three global rating methodologies, including those for structured finance CDOs, SF resecuritizations, and SF interest-only securities. Prior to his current position, Deryk was a lead analyst in the primary CRE team, rating a variety of fixed and floating rate CMBS and CRE CDO transactions, as well as assisting with primary SC MM and BSL CLO deals.
Before joining Moody’s, Deryk was a CRE acquisition and research analyst for a private New York-based real estate firm. He holds a dual M.S. in civil engineering and real estate development from the Massachusetts Institute of Technology, and a B.A. from the University of Calgary.
Joe Baksic manages new issuance for the Commercial Real Estate Finance (CREF) team at Moody’s Investors Service, where he holds the title of Associate Managing Director. His responsibilities encompass all private-label and agency Commercial Mortgage-Backed Securities (CMBS) issuance within the United States and Canada.
Joe has over 20 years of professional experience within the industry and has overseen the analysis of CRE issuance across the Conduit, Large Loan/Single Asset Single-Borrower, CLO/CDO, and Non-Performing Loan sectors. He has developed multiple rating methodologies, models, and analytical tools. He has contributed toward research initiatives and authored several publications. He frequently engages with the media to communicate credit views and developments within the sector. Baksic also regularly liaises in the analysis and ratings of other lines of business within Moody’s as a commercial real estate and structured products specialist.
Joe holds a Bachelor of Science degree in Electrical Engineering from the University of Virginia.
Romina Padhi is an Associate Managing Director within the Structured Finance Group at Moody’s Investors Service. She is a team leader within the CMBS Surveillance group focusing on U.S. Conduit/Fusion and Large Loan/Single Borrower transactions. In addition, Romina manages the review of credit assessments for commercial real estate assets within CRE CDO/CLO’s.
Prior to her current position, Romina was a lead analyst within the CMBS and CRE CDO/CLO primary and surveillance team where she has rated and reviewed various fixed and floating rate CRE CDO/CLO and CMBS transactions. Romina is a frequent contributor to research and various commercial real estate research initiatives. Prior to joining Moody’s, Romina worked in India for three years in residential and commercial real estate finance. Romina holds a M.S. in commercial real estate development and finance from the Massachusetts Institute of Technology and a B.A. in economics from the University of Mumbai.