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      European CRE/CMBS: retail leads the way in loan repayments, signalling improved fundamentals

      2/10/2025 Research EN

      European CRE/CMBS: retail leads the way in loan repayments, signalling improved fundamentals

      Almost EUR 1.9bn has been repaid from 13 securitised CRE loans in 2025. This is below EUR 7.1bn of issuance, but the decrease in delinquent loans from 37% in 2024 to 21% offers some comfort around the performance and fundamentals of underlying properties.

      Italian NPL collections: August volumes fall sharply on the month and against the three-year average

      2/10/2025 Research EN

      Italian NPL collections: August volumes fall sharply on the month and against the three-year average

      August collections fell 53% from July, a sharper decline than the 42% of the previous three years. August always suffers seasonal effects of Italy’s national holidays but August 2025 collections were the lowest since this report's inception in 2020.

      Climate-risk impacts on UK ERM: orderly scenario produces highest excess credit losses

      19/9/2025 Research EN

      Climate-risk impacts on UK ERM: orderly scenario produces highest excess credit losses

      Equity-release mortgages are exposed to the impacts of climate change due to their long tenors. The biggest excess losses occur in the NGFS orderly scenario because the relatively short horizon of our sample portfolio pushes transition risk to the fore.

      Italian NPL collections: July broadly on trend in relative terms but actual collections down 35%

      17/9/2025 Research EN

      Italian NPL collections: July broadly on trend in relative terms but actual collections down 35%

      July collections fell 23% month-on-month, slightly better than the previous three years when average collections were 28% lower. But while July was relatively on trend, actual collections were 35% below the previous three-year average.

      Climate risk in covered bond ratings can have counterintuitive credit impacts

      10/9/2025 Research EN

      Climate risk in covered bond ratings can have counterintuitive credit impacts

      Housing, the main collateral for covered bonds, contributes more than a third of Europe’s GHG emissions. Yet while climate change can significantly amplify credit risk in covered bonds, mitigation can add more credit risk than actual climate impacts.

      Key credit risks amid the expansion of data centres in Europe

      5/9/2025 Research EN

      Key credit risks amid the expansion of data centres in Europe

      Europe’s data centres continue to demonstrate strong credit fundamentals and the growth outlook is positive, underpinned by demand and an under-supply of physical space and power capacity.

      Italian CQS ABS: Marzio Finance performance snapshot

      5/8/2025 Research EN

      Italian CQS ABS: Marzio Finance performance snapshot

      Scope Ratings has published the performance overview of notes issued by Marzio Finance, a EUR 10bn securitisation programme backed by ‘cessione del quinto’ and ‘delegazione di pagamento’ (CQS) loans originated by IBL Banca.

      Structured Finance Activity Report: positive ratings drift continues

      28/7/2025 Research EN

      Structured Finance Activity Report: positive ratings drift continues

      Scope’s 12-month trailing ratings drift for structured finance transactions continued its shift into positive territory in the second quarter of 2025, with a positive ratio of upgrades over downgrades not seen since early 2022.

      Italian NPL collections: all strategies contribute to 28% decline in first half

      28/7/2025 Research EN

      Italian NPL collections: all strategies contribute to 28% decline in first half

      Collections fell 28% in the first half of 2025 compared to H1 2024, confirming the downward trend that began in 2023. All collection strategies contributed to the decline: judicial proceeds fell 30%, DPOs by 27% and note sales by 20%.

      Covered Bond Quarterly: higher mortgage rates highlight need for macroprudential measures in Europe

      16/7/2025 Research EN

      Covered Bond Quarterly: higher mortgage rates highlight need for macroprudential measures in Europe

      Higher mortgage rates have increased pressure on housing affordability. Longer fixed-rate mortgages periods limit the risk of shocks to the banking system and support the resilience of euro-area mortgage markets.