Higher interest rates, hybrid work arrangements and banking stress portend negative credit pressures on CRE. Office and retail are in the spotlight, but risks vary by property type and lender. What are the main credit implications for CMBS, banks, REITs, and life insurance companies?
Join Moody’s senior analysts in the US and in Europe to hear their views on how they expect the risks within CRE to evolve, how the credit pressure varies by property type and country and what credit implications will be for CMBS, banks, REITs, and life insurance companies in the US and in Europe.
Discussion Topics:
- How do we expect CRE to evolve under the baseline and downside scenario?
- What drivers could trigger the downside scenario?
- What are the main risks by property type and country?
- What are the main credit implications for REITs, CMBS and banks?
- What actions can companies take to strengthen capital structures?
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SpeakersLaura Perez Martinez Associate Managing Director – Chief Credit Officer, EMEA Moody’s Ratings
Andrea Daniels Associate Managing Director, Structured Finance Group Moody's Investors Service
Elise Savoye Vice President - Senior Analyst, Corporate Finance Group Moody's Investors Service
Swen Metzler Vice President – Senior Credit Officer, Financial Institutions Moody's Ratings
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| Laura Perez Martinez is Moody’s Chief Credit Officer in the EU, and an Associate Managing Director in the Credit Strategy team. In her CCO role, Laura is responsible for identifying and analysing the broad macro and credit trends, and leading and coordinating Moody’s ratings approach, across franchises in the region. Laura joined Moody’s in 2008 in London, where she worked as a senior credit analyst, covering leading European financial institutions. She relocated to Madrid in September 2016 to join the corporate finance team. Before joining Moody’s, Laura worked for AM Best covering European insurers. Laura holds a B.A. in Business Administration from University of Oviedo in Spain, and is a Chartered Financial Analyst (CFA). |
Andrea Daniels is an Associate Managing Director and leads the EMEA Commercial Mortgage Backed Securities (CMBS) team. Prior to joining the team in London in2011, she was a team leader in the US CMBS surveillance team responsible for large loan and single borrower transactions. Since joining Moody’s in 1998, Andrea has rated various fixed and floating rate US CMBS transactions. Prior to joining Moody’s, Andrea worked as an Asset Manager within the Real Estate group at Aetna in Hartford, Connecticut. Ms. Daniels has a Bachelor of Science degree in Economics and Management from the University of the West Indies in Jamaica and an MBA in Real Estate from the University of Connecticut.
Elise Savoye is Vice President – Senior Analyst with Moody’s Corporate Finance Group. Elise started her career at Moody’s in the Structured Finance Group, where she covered various RMBS transactions and then Covered Bond issuers across Europe. For 4 years, she was then a lead analyst in the Sub-Sovereign Group responsible for a portfolio focusing on social housing providers and local governments in France and in Italy. In 2021, she joined the Corporate Finance Group focusing predominantly on issuers within the European Real Estate and lodging sectors. Elise initially joined Moody’s in the Frankfurt office late 2006 and she is now based in Paris.
Prior to joining Moody’s, Elise has been a credit analyst at BNP Paribas (Milan) and a junior consultant in a consulting firm (Milan). Elise holds a Master Degree in finance from the Dauphine University in Paris and a Post-Master degree in Finance and Tax system from the Sorbonne University in Paris. Elise is also CFA charter holder.
Swen joined Moody’s Investors Service in August 2010 as a member of the of the Financial Institutions Group. He is the lead analyst for several German, Austrian and Swiss banks.
Prior to joining Moody’s Swen was a portfolio manager and buy- side analyst for global banks and financial institutions with Deka Investment, Frankfurt. He graduated in Business Administration from Goethe University of Frankfurt and is a CFA Charterholder.