Credit Trends Spain
The world is yet again in transition. What will drive credit dynamics in 2022 and beyond? Explore insights from our forward-looking credit outlooks and discover what trends will have the most impact across sectors in Spain as we transition to the next phase of the global recovery.
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Agenda12.05 - 12.30CET12.30 - 12.45CET12.45 - 13.30CET
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SpeakersRuben Segura-Cayuela Head of Europe Economics Research Bank of America Merrill Lynch Global Research
Juan Pablo Soriano Country Manager – Spain; Managing Director, Structured Finance Moody's Ratings
Marina Albo Managing Director, EMEA Corporate Finance Moody's Ratings
Jorge Valez Senior Vice President, Sovereign Risk Moody’s Ratings
Iván Palacios Managing Director, Corporate Finance Group Moody's Ratings
Rebecca Karnovitz Vice President – Senior Credit Officer, Sustainable Finance Moody’s Ratings
Antonio Tena Vice President - Senior Credit Officer, Structured Finance Moody's Ratings
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| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Ruben Segura-Cayuela is a Managing Director and the head of Europe Economics Research. The Europe economics team was ranked #1 in the 2019 and 2020 II Global Fixed Income Research Survey.
Prior to joining the firm, Segura-Cayuela was a senior economist at the International Affairs Directorate of Banco de España, where he was responsible for the coverage of global fiscal and structural policies as well as macroeconomic analysis and academic research. He has also worked as an advisor in macroeconomic and financial issues to the Deputy Minister for Economic Affairs in Spain.
Segura-Cayuela was awarded a PhD in Economics from the Massachusetts Institute of Technology and holds a master’s degree in Economics and Finance from CEMFI.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
| Iván Palacios is an Associate Managing Director within Moody’s Corporate Finance Group and he has responsibility for a team of analysts in Madrid and Milan covering the TMT, consumer goods, food and beverage sectors in the EMEA region. Iván joined Moody’s in 2002 and he has worked in Madrid and Singapore. Prior to joining Moody’s, Iván worked for Goldman Sachs in London. Iván has a Bachelor’s in Business Administration from Colegio Universitario de Estudios Financieros in Madrid. |
Antonio is a Vice President, Senior Credit Officer in Moody’s Structured Finance team in Madrid. Antonio’s responsibilities include the surveillance of EMEA RMBS and ABS, most particularly focusing on Spanish, Italian and South African jurisdictions.
He has 15 years’ experience in credit rating analysis of European and South African ABS and RMBS, with special emphasis on securitization research. During his tenure at Moody’s, he has covered different asset classes (RMBS, SME ABS, Auto&Consumer ABS and NPLs) and jurisdictions across Europe.
Antonio Tena joined Moody’s Investors Service in Madrid in 2005. Prior to joining Moody’s, Mr Tena worked as an Infrastructure Project Manager for a Spanish consultancy firm. Mr Tena holds a Ph.D. in Civil Engineering from the Universidad Politécnica de Madrid and a BA in Political Sciences
Rebecca is a Vice President – Senior Credit Officer in Moody’s Sustainable Finance group, where she leads thought leadership on the impact of environmental, social and governance factors on credit and capital markets. In her role, Rebecca is responsible for the coordination and execution of the Sustainable Finance group’s thematic research program and market outreach activities. She also serves as a visible subject matter expert to internal and external stakeholders and supports outreach and engagement with strategic partners.
Prior to joining the ESG team, Rebecca was a member of the Strategy and Research team at MIS, where she led cross-sector research and analytics on the credit implications of key macroeconomic and policy developments in North America. Rebecca first joined Moody’s in 2011 as an associate analyst in the Sovereign Risk Group.
She holds a dual Master’s Degree in International Affairs from Columbia University (SIPA), in New York, and Institut d’Etudes Politiques (Sciences Po), in Paris, as well as a BA in International Relations from the University of Pennsylvania.
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Ruben Segura-Cayuela is a Managing Director and the head of Europe Economics Research. The Europe economics team was ranked #1 in the 2019 and 2020 II Global Fixed Income Research Survey.
Prior to joining the firm, Segura-Cayuela was a senior economist at the International Affairs Directorate of Banco de España, where he was responsible for the coverage of global fiscal and structural policies as well as macroeconomic analysis and academic research. He has also worked as an advisor in macroeconomic and financial issues to the Deputy Minister for Economic Affairs in Spain.
Segura-Cayuela was awarded a PhD in Economics from the Massachusetts Institute of Technology and holds a master’s degree in Economics and Finance from CEMFI.
| Juan Pablo Soriano joined Moody’s Investors Service in London in 1994. He is currently based in Madrid as Managing Director of EMEA Covered Bonds and global Covered Bond coordinator. He is also the country manager for Spain and Portugal. Prior to joining Moody’s, Mr Soriano had various responsibilities first at a Stock Broker Agency and then in the New York branch of the Banco Central Hispanoamericano back in 1988, holding diverse positions as Money Market Manager, Assistant Vice President in the Loan & Investment Department and Vice President in the Trade Finance Department. In 1993 he was transferred to Madrid as Vice-President of the Fixed Income Department. Mr Soriano is a graduate in Law by the Universidad Complutense of Madrid, Spain, and holds an MBA in Finance by the Leonard Stern School of Business (NYU). |
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.
| Iván Palacios is an Associate Managing Director within Moody’s Corporate Finance Group and he has responsibility for a team of analysts in Madrid and Milan covering the TMT, consumer goods, food and beverage sectors in the EMEA region. Iván joined Moody’s in 2002 and he has worked in Madrid and Singapore. Prior to joining Moody’s, Iván worked for Goldman Sachs in London. Iván has a Bachelor’s in Business Administration from Colegio Universitario de Estudios Financieros in Madrid. |
Rebecca is a Vice President – Senior Credit Officer in Moody’s Sustainable Finance group, where she leads thought leadership on the impact of environmental, social and governance factors on credit and capital markets. In her role, Rebecca is responsible for the coordination and execution of the Sustainable Finance group’s thematic research program and market outreach activities. She also serves as a visible subject matter expert to internal and external stakeholders and supports outreach and engagement with strategic partners.
Prior to joining the ESG team, Rebecca was a member of the Strategy and Research team at MIS, where she led cross-sector research and analytics on the credit implications of key macroeconomic and policy developments in North America. Rebecca first joined Moody’s in 2011 as an associate analyst in the Sovereign Risk Group.
She holds a dual Master’s Degree in International Affairs from Columbia University (SIPA), in New York, and Institut d’Etudes Politiques (Sciences Po), in Paris, as well as a BA in International Relations from the University of Pennsylvania.
Antonio is a Vice President, Senior Credit Officer in Moody’s Structured Finance team in Madrid. Antonio’s responsibilities include the surveillance of EMEA RMBS and ABS, most particularly focusing on Spanish, Italian and South African jurisdictions.
He has 15 years’ experience in credit rating analysis of European and South African ABS and RMBS, with special emphasis on securitization research. During his tenure at Moody’s, he has covered different asset classes (RMBS, SME ABS, Auto&Consumer ABS and NPLs) and jurisdictions across Europe.
Antonio Tena joined Moody’s Investors Service in Madrid in 2005. Prior to joining Moody’s, Mr Tena worked as an Infrastructure Project Manager for a Spanish consultancy firm. Mr Tena holds a Ph.D. in Civil Engineering from the Universidad Politécnica de Madrid and a BA in Political Sciences