Research Corner

Tracking market movements and macro signals that impact our members, and the performance of businesses and consumers that our market supports.

Our Market Funds
$12 Trillion…

Funding Provided by Securitization
(total outstanding, $bn)

Total 2019 Private Market Securitizations:
$470 Billion

Publications

January 13, 2021

With a most extraordinary year behind us, we check on the credit health of U.S. households. Household’s financial health drives demand for credit to make purchases and, along with employment, impacts a borrower’s ability to repay debt. The securitization markets look to these metrics and others to better understand consumer demand for credit and changes to credit risk, a particular concern given the unevenness of the recovery.

April 14, 2020

Extraordinary times call for extraordinary measures. And the Fed continues to respond appropriately. On April 9, the Federal Reserve once again drew on its full range of authorities to expand and establish lending facilities to provide up to $2.3 trillion in loans to stabilize households, communities and businesses of all sizes during the pandemic crisis and to “ensure that the eventual recovery is as vigorous as possible”.

March 20, 2020

Aircraft ABS are currently insulated from coronavirus-related disruption in global travel. Still, a prolonged slowdown in global air traffic would negatively impact aircraft ABS structures.

February 3, 2020

SFA's recent CLO white paper explores balancing crucial lending with financial safety and soundness.

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News

SFA News

January 13, 2021

SFA’s latest Research Corner finds consumer sentiment down 19% from a 10-year high, year-over-year, as household net worth, on aggregate, has increased. Household’s financial health drives demand for credit to make purchases and, along with employment, impacts a borrower’s ability to repay debt.

SFA News

December 22, 2020

A recent research piece by SFA’s Head of Research, Elen Callahan, takes a look at how the pandemic has affected the CLO market. A new GAO report found highest-rated senior tranches of CLOs remained “largely resilient” following the initial COVID-19 shock even as the leveraged loans deteriorated.

Industry News

August 4, 2020

The Federal Reserve’s Senior Loan Officer Survey on Bank Lending Practices reports that more banks have tightened credit lending standards for residential, commercial and consumer loans and are also less willing to make consumer installment loans.

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Contact

Elen Callahan

Managing Director, Head of Research