
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.

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.

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.

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.

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.

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.

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%.

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.