In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Lorenzo Simonte, Assistant Vice President, European NPL Ratings and Norman Pepe, Partner at iLS London-Milan to discuss a unique development in the Italian securitisation market: a proposal to securitise unpaid tax bills due to the Italian national tax system.

The panellists explored how this can be made possible and how current Italian securitisation law makes provisions for such transactions. They also explored the credit rating angle, key considerations, and whether servicers are ready to manage such a unique asset class.

Related Content: 

• “Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory”
  https://dbrs.morningstar.com/research/449419

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, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss bridging loans.

In recent years the market has seen expansion in the use of bridging loans due to their less onerous lending criteria and expedience in availability of credit to the borrower. Due to the market expansion, originators now have a track record of origination and monitoring these portfolios, and the expectation is to see a first public European securitisation backed by the pool of bridging loans.

Related Content: 

• Methodology “European RMBS Insight Methodology” 
  https://dbrs.morningstar.com/research/449129

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, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Dinesh Thapar, Vice President, European Commercial Real Estate Ratings, to discuss key trends affecting the European office sector.

Our analysts discussed how the definition of so-called "prime" office space is evolving and how, as interest rates come down, overall European commercial real estate investments seem to be turning a corner. They also examined whether, in light of this, the office sector is moving in line with the broader market or some of the issues more entrenched.

To wrap it up, they highlighted the impact the aforementioned trends had on Morningstar DBRS-rated commercial mortgage-backed securities (CMBS) transactions with large office exposure and also provided our 2025 outlook for the European office sector.

Related Content: 

• Commentary – “European CMBS: Office Sector in Focus”  
  https://dbrs.morningstar.com/research/444135/european-cmbs-office-sector-in-focus

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 our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Barbara Lambotte, Head of Sustainable Fixed Income Research at Morningstar Sustainalytics, and Christian Aufsatz, Managing Director, European Structured Finance Ratings at Morningstar DBRS, to discuss the climate transition and fixed income.

Our guests discussed the interconnectivity of climate change and credit and how transitioning to a net-zero economy creates risks and opportunities for fixed income investors. They also explored the upside and the downside of labelled bonds and how investors identify and select the leaders from the traditional green bonds to broader transition related fixed-income investments as well as how they incorporate downside risk.

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 our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Erin Stafford, Managing Director of North American Real Estate Ratings, and Mirco Iacobucci, Senior Vice President and Sector Lead of European Commercial Real Estate Ratings, to discuss the current state of the commercial real estate (CRE) sector and commercial mortgage-backed security (CMBS) markets both in Europe and the U.S. 

Our analysts discussed the CMBS subsectors that continue to face headwinds, others that are either evolving and surviving, as well as others that are emerging as a new subasset classes. Our analysts reflected on the performance of CMBS credit ratings and the challenges that must be addressed in an environment of higher interest rates for a longer period. They also shared their credit outlooks as well as views on issuance in the CMBS market.

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, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Andrew Lynch, Vice President, European Structured Finance Ratings, Surveillance, and Petter Wettestad, Assistant Vice President, European Structured Finance Ratings, Surveillance, to discuss the UK Housing Market. 

Morningstar DBRS’ analysts discussed the recent trends, such as UK house prices showing signs of cooling off but recent data suggesting a recent reversal in that trend. They delved into details of UK RMBS and how its various subsectors are currently performing in the aftermath of high inflation and high interest rates. They further explored the key drivers and challenges faced by the different segments of the UK mortgage market and, based on these factors and our analysis, also shared their thoughts on how the market is shaping up, discussing any wider impact on the UK RMBS transactions as a whole.

Related Content:

• Commentary – “UK RMBS: Resilient for the Most Part” 
  https://dbrs.morningstar.com/research/439421/uk-rmbs-resilient-for-the-most-part
• Methodology – “European RMBS Insight: UK Addendum”
  https://dbrs.morningstar.com/research/437988/european-rmbs-insight-uk-addendum

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, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Carlos Silva, Senior Vice President, Sector Lead, European Structured Credit Ratings, and Jerry van Koolbergen, Managing Director, U.S. Structured Credit Ratings, to discuss the varied drivers of private credit expansion over the past few years. 

Morningstar DBRS’ analysts delved into details of private credit, exploring the similarities between private credit funds and the typical securitisation-like set up observed in some transactions. They shared how Morningstar DBRS analyses the underlying corporate credits within these structures as well as sharing their views on the credit and issuance outlook of private credit through the securitisation lens both in the Europe and the U.S.

Related Content:

• “Growing Footprint of Private Credit in Europe” 
  https://dbrs.morningstar.com/research/433875/growing-footprint-of-private-credit-in-europe
• “Global Methodology for Rating CLOs and Corporate CDOs”
  https://dbrs.morningstar.com/research/439759/global-methodology-for-rating-clos-and-corporate-cdos
• “Global Methodology for Rating Debt Issued by Investment Funds”
  https://dbrs.morningstar.com/research/432214/global-methodology-for-rating-debt-issued-by-investment-funds
   

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 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. 

Related Content:

• “EPCs Creating Ripples, Not Waves, for House Prices in England and Wales” https://dbrs.morningstar.com/research/433237/epcs-creating-ripples-not-waves-for-house-prices-in-england-and-wales

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.

Related Content:

• “European Auto ABS: Too Much Green Can Add Uncertainty” https://dbrs.morningstar.com/research/432991/european-auto-abs-too-much-green-can-add-uncertainty
• “Rating European Auto Wholesale Securitisations” https://dbrs.morningstar.com/research/435289/rating-european-auto-wholesale-securitisations

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.