17/4/2024 Research EN
Covered Bond Quarterly: Have German banks put Pfandbriefe at risk?
After a strong January, EUR benchmark covered bond issuance slowed in February and March. Some of the reluctance to issue may have been driven by Germany’s specialised commercial mortgage lenders, given rising tensions in commercial real estate.
14/2/2024 Research EN
Structured Finance Activity Report: negative rating drift continues reversal
Scope’s 12-month trailing negative rating drift in structured finance continued to subside in Q4 2023, moving further off the trough reached in Q2 2023. The downtrend started in Q4 2021 owing to the deteriorating economic environment.
13/2/2024 Research EN
Italian NPL collections: lower extrajudicial proceeds drag 2023 volumes down
December Italian NPL collections rose by 87% month-on-month to EUR226m. But they were still 12% below the average of December 2021 and 2022. Collections for the whole of 2023 fell by 21% against the previous two-year average.
25/1/2024 Research EN
Italian NPL securitisation: negative ratings drift likely to abate but outlook subdued
Expectations for a soft landing and a normalisation of economic and monetary conditions are likely to cause negative ratings drift to abate even while servicer performance continues to undershoot expectations. Our outlook remains skewed to the downside.