RMBS Methodology Request for Comment Explained
On March 6th Moody's published a Request for Comment (RFC) for Moody’s Approach to Rating RMBS Using the MILAN Framework and a related RFC for RMBS Rating Methodology Settings for Australia, Canada, Ireland, New Zealand and the United Kingdom. These RFCs describe proposed changes to our framework for rating RMBS and covered bonds and the associated settings for these countries.
Discussion Topics
- What are the main changes proposed to the methodology and what is the rationale for those changes?
- Which models are being made available to the market?
- What is the expected impact of the proposed updates on RMBS transactions and Covered Bonds issued in Australia, Canada, Ireland, New Zealand and the United Kingdom?
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SpeakersIlya Serov Associate Managing Director, Structured Finance Group Moody's Investors Service
Irene Kleyman Senior Vice President, Structured Finance Group Moody's Investors Service
Alena Chen Vice President - Senior Credit Officer, Structured Finance Moody's Ratings
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Ilya Serov is the Associate Managing Director for Moody’s Structured Finance Group in Sydney, responsible for managing the new ratings team.
Prior to joining the Structured Finance Group, Ilya was a Senior Vice President in the Financial Institutions Group, covering Australian major and investment banks. He was also the lead analyst for the Australian mortgage insurance sector. Ilya joined Moody’s Financial Institutions team in 2011, and was first based in New York, and then Sydney. Previously, he worked in Moody’s Structured Finance Group in Australia, where his responsibilities included residential mortgage-backed securities, asset-backed securities, and esoteric structures.
Before joining Moody’s in 2003, Ilya worked as an academic at a leading Australian university, researching and lecturing on corporate finance. Ilya holds Bachelor of Laws and Bachelor of Commerce (Hons) degrees from the University of New South Wales.
| Irene Kleyman is a Senior Vice President in Moody’s Structured Finance Group, based in Sydney. She is a primary ratings analyst with a focus on RMBS, ABCP and covered bonds. Previously, she managed the surveillance team for the Australian RMBS, ABS and CMBS sectors. Prior to joining Moody’s in 2004, Irene worked for three years as a portfolio analyst at JP Morgan, Sydney, specializing in the fixed-interest market. She holds a Bachelor of Commerce and a Bachelor of Finance, both from Macquarie University, Sydney |
Alena Chen is a Vice President – Senior Analyst with the Structured Finance Group’s surveillance team in Sydney. She monitors a portfolio of Australian RMBS, ABS and CMBS transactions.
Alena joined Moody’s in 2005. Prior to her transfer to Sydney, she was an Analyst with Moody’s Structured Finance Group’s derivatives team in New York, where she analyzed and rated various structured credit transactions.
Alena holds a Master of Business Administration from New York University, and a Bachelor of Arts in Economics and Chinese from Swarthmore College.