Outlook for Canadian ABCP, ABS, RMBS and covered bonds. Summary of activity in 2024 and trends to watch for in 2025. Update on recent performance of major asset classes and expectations for future performance within an uncertain economic environment.
- Consumer credit performance showing some strain as tariffs threaten to slow the Canadian economy.
- Activity remains centered around ABCP, as ABCP is increasingly seen as a strong money market alternative to Canadian bankers’ acceptances.
- CRT and HELOC-backed transactions provide a spark to slumping ABS and RMBS markets.
Speakers
Richard Hunt
Senior Vice President/Manager, Structured Finance
Moody's Ratings
Brendan La Cerda
Director - Economic Research
Moody's
Zulaikha Khurram
VP- Senior Analyst, Structured Finance
Moody's Ratings
Aliya Ehmar
AVP-Analyst, Structured Finance
Moody's Ratings
Renee Corcoran
Analyst, Structured Finance
Moody's Ratings
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Richard Hunt is a Vice President - Senior Credit Officer/Manager in the Structured Finance Group with Moody's Ratings, based in Toronto, where he manages a team responsible for Moody’s structured finance rating activity in the Canadian market. Prior to joining Moody’s in 2013, Richard spent 15 years in securitization finance with RBC Capital Markets where he arranged and structured securitization transactions across all asset types, and managed RBC’s Canadian ABCP conduits. Previous experience consists of more than 10 years in Canadian structured finance with British and Japanese banks. Richard has a BA/BPHE from Queen’s University and an MBA from McMaster University.
Brendan LaCerda is a director and senior economist with Moody’s. Brendan serves as the lead analyst for the Canadian economic forecast. His primary responsibilities also include the development and improvement of country forecast models. His research is primarily focused on international macroeconomics, healthcare and fiscal policy. Before joining Moody’s Analytics, Brendan worked as a senior economist with IHS Global Insight’s U.S. Macroeconomic Service. Brendan received his PhD in economics from the University of Virginia. He pursued his undergraduate education at the London School of Economics and the University of Notre Dame, where he graduated with a BA in economics and mathematics.
Zulaikha Khurram is an VP-Senior Analyst in the Structured Finance Group at Moody's Ratings, based in Toronto. Her primary responsibility is the ratings and the surveillance of all Asset-Backed Commercial Paper (ABCP) programs in Canada. Since 2014, Zulaikha has been involved in rating various asset classes in the structured finance sector, including auto ABS, equipment finance and residential mortgages.
Zulaikha is the co-chair of the multicultural business resource group for Canada. Previously, she served as the co-chair for the Women’s Employee Resource Group in Canada.
Zulaikha joined Moody’s in 2011 in the Corporate Finance Group, prior to that she worked in Global Risk Management at Bank of Nova Scotia.
Zulaikha holds a Master of Finance from Queens University and an M.B.A. from Lahore University of Management Sciences. She is also a Chartered Financial Analyst (CFA).
Aliya is an AVP Analyst in the Structured Finance Group at Moody's Ratings. Her primary responsibility is rating Canadian ABS. Prior to joining Moody’s in July 2015, Aliya worked as a Senior Analyst Pricing and Risk Analysis at Canada Mortgage and Housing Corporation (CMHC) in the Capital Market Group. She also held a Senior Policy Analyst position in the Capital Market Group at CMHC.
Aliya holds a MSc Finance degree from Cass Business School and a Masters in Business Administration degree with a major in Finance from Lahore University of Management Sciences. She is also a CFA Charter holder.
Renée Corcoran is an Analyst in the Structured Finance Group with Moody's Ratings, based in Toronto. Her primary responsibilities are rating term side ABS and Asset Backed Commercial Paper in Canada. Prior to joining Moody’s in 2018, Renée has 11 years credit and underwriting experience in various roles including Director at Australia Ratings in Melbourne, Australia, Associate Director – Securitization (Arranger side) at Hypovereinsbank-UniCredit in Hong Kong and Singapore, and Associate at MBIA in Singapore.
Renée holds an Honours Bachelor of Arts degree and an MBA from McMaster University in Canada.