By Morningstar DBRS
The podcast currently has 21 episodes available.
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads Morningstar DBRS’ European Structured Finance Research team, is joined by Dylan Cissou, Senior Vice President, Lead, Structured Finance Analytics, Quant, and Christian Aufsatz, Managing Director, European Structured Finance Ratings to discuss the potential impact of Energy Performance Certificate (EPC) scores on residential property values in England/Wales and how EPC scores could affect Morningstar DBRS’ structured finance credit analysis in European mortgage-backed securities.
The episode also explores whether there is a quantitative relationship between energy-efficiency improvements and house prices, and includes a discussion of how Morningstar DBRS embarked on this quantitative exercise, which data sets were used, and how the models to test different variables were chosen.
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By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Guglielmo Panizza, Vice President, European ABS Ratings, and Miklos Halasz, Assistant Vice President, European ABS Ratings, to discuss the treatment of alternative-fuelled vehicles in asset-backed securities (ABS) transactions.
The episode provides an overview of the European auto market covering key trends and some differences among jurisdictions. Road vehicles contribute roughly 15% of global CO2 emissions, and, more specifically, cars and vans contribute around 10%. Working towards net-zero targets, the auto industry is shifting towards alternative fuel vehicles, and we are beginning to see this change also in securitised European auto pools. The speakers examine whether this transition from internal combustion engines to alternative-fuelled vehicles has any impact on the credit performance or credit rating analysis of auto ABS transactions.
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By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Rehanna Sameja, Senior Vice President, European RMBS & Covered Bond Ratings and Jonathan Riber, Senior Vice President, Sector Lead U.S. ABS Ratings, Consumer Assets, to discuss the solar energy sector.
The episode covered the key components of our recently published commentary, "Sun is Beginning to Shine on European Residential Solar ABS" available at https://dbrs.morningstar.com/research/433299, and our global "Rating Solar ABS Transactions" methodology available at https://dbrs.morningstar.com/research/434677. The panel also discussed recent advances in the solar energy sector, the state of the solar asset-backed securities (ABS) securitisation market, the unique traits of solar ABS contracts, and their probable influence on credit considerations. The panel also looked at divergence across different solar contract types and explored analytical considerations for rating them accordingly.
By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Adriana Alvarado, Senior Vice President, Sector Lead of Global Sovereign Ratings and Ketan Thaker, Managing Director of European RMBS & Covered Bond Ratings to discuss the impact of the new Labour government on the UK’s housing market.
The episode explored the shift to the newly elected Labour Party-led government after 14 years of Conservative Party-led rule, the election result’s impact on the UK economy, and the key takeaways from this change. As always, house prices and housing availability are important to UK voters. The panel discussed the views presented in the pre-election Labour Party manifesto, particularly those around housing plans for the next parliament. Past governments have repeatedly failed to meet housebuilding targets, and the speakers examined whether the problem lies in the number of houses built or other factors at play. The panel also delved into our credit view on how the new government’s proposed policies could affect the performance of UK residential mortgage-backed security (RMBS) transactions.
By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode of Morningstar DBRS’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, collates the thoughts of Morningstar DBRS analysts featured at this year’s 2024 Global ABS conference in Barcelona:
- Ronja Dahmen, Vice President, European RMBS & Covered Bond Ratings spoke on the Day 1 panel European Residential MBS
- Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Issuer Roundtable
- Mudasar Chaudhry, Head of European Structured Finance Research, moderated the Day 2 Investor Roundtable
- Sebastiano Romano, Vice President, European NPL Ratings, spoke on the Day 1 European NPL/RPL Supply panel
Related research is available at the following link: https://go-dbrs.morningstar.com/GlobalABS2024
By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Begum Gursoy, Director, Sustainable Finance Solutions at Morningstar Sustainalytics, and Christian Aufsatz, Managing Director, European Structured Finance Ratings at Morningstar DBRS, to discuss topics related to climate change and relevant credit considerations in structured finance.
The inaugural part of the session saw us discussing the key differences between second-party opinions (SPOs) and credit ratings. We then turned our attention to the key considerations in the context of SPOs and credit risk analysis when considering climate change. We also discussed if SPOs or a lack thereof, impact credit ratings analysis in European Structured Finance. The speakers also shared their views on whether ESG-labelled transactions carry any premium and how they see the market evolving.
Related research is available at the following link:
By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Mirco Iacobucci, Senior Vice President, Sector Lead, European Real Estate Ratings, and Patrizia Catanese, Assistant Vice President, European Real Estate Ratings, to discuss how disclosures on energy efficiency and their implementation are addressed within the European commercial mortgage-backed securities (CMBS) sector.
We delve into details on how Morningstar DBRS’ environmental, social, and governance (ESG) criteria framework incorporates ESG considerations in the credit rating process with reference to commercial real estate and how real estate assets contribute to carbon emissions. In the context of our analysis, we discuss how we evaluate the impact of the energy efficiency data, if available, on cash flow, value, and loan refinancing prospects. The conversation also revolves around some regulatory and disclosure requirements coming into force in the near future, which may affect CMBS.
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By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode, Mudasar Chaudhry, Head of European Structured Finance Research at Morningstar DBRS, is joined by Lorenzo Simonte, Assistant Vice President, European Nonperforming Loan (NPL) Ratings at Morningstar DBRS, and Norman Pepe, Partner at iLS , to discuss the role of different types of servicers in the context of Italian NPL transactions. We further discuss the decisions of some Italian courts that consider the distinction between master servicing and special servicing activities to be in breach of the Italian Securitisation Law. We also delve into details of how these developments may affect the credit ratings of Italian NPL transactions.
By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode, Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Richa Pandey, Analyst for European Structured Finance Research, and Christian Aufsatz, Managing Director and Head of European Structured Finance, to introduce Energy Performance Certificates (EPCs). We discussed if there is quantitative relationship between energy-efficiency improvements and lower probability of default for associated loans as well as if EPCs of residential properties can affect credit ratings. We also discussed some regulatory and disclosure requirements, which can further assist with the availability of consistent EPC data. While the speakers acknowledged the presence of some initial evidence of credit implications related to EPC factors, their current significance falls short of justifying their inclusion as pertinent for quantitative credit analysis.
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By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
In this episode Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Christian Aufsatz, Managing Director, Head of European Structured Finance, and Marcos Alvarez, Senior Vice President, Global Head of Insurance, to give an introduction to climate change scenarios and how climate risk could result in an increase in debt issuers’ default probability or a reduction in asset valuations. Speakers discuss the intersection of climate and credit analysis, and what DBRS Morningstar is focusing on as a credit rating agency. We further explore who ultimately pays for losses caused by climate change.
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By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.
The podcast currently has 21 episodes available.
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