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      Scope updates its General Structured Finance Rating Methodology

      25/1/2023 Research EN

      Scope updates its General Structured Finance Rating Methodology

      No impact expected on existing ratings

      2023 Covered Bond Outlook: credit stability despite growing challenges

      23/1/2023 Research EN

      2023 Covered Bond Outlook: credit stability despite growing challenges

      The European banking sector emerged unscathed from the Covid crisis and (so far) from the war in Ukraine, but 2023 will be another year of challenges. Covered bonds will once again shine as the go-to product in stormy times.

      Italian NPL collections: November 2022 relatively aligned with previous two years

      19/1/2023 Research EN

      Italian NPL collections: November 2022 relatively aligned with previous two years

      Collections on Italian NPL securitisations increased by 9% month-on-month in November. November monthly and year-to-date volumes have been broadly in line over the last three years, at roughly EUR 163m and EUR 1.771bn respectively.

      Structured Finance Activity Report: rating downgrades catch up with upgrades

      19/1/2023 Research EN

      Structured Finance Activity Report: rating downgrades catch up with upgrades

      Scope conducted 281 structured finance monitoring reviews in 2022 across 110 transactions. Of these, 13% resulted in downgrades, the same proportion as upgrades. Downgrades were mainly CRE/CMBS (38%) and NPLs (35%).

      Structural mortgage risks expose European households to value corrections

      11/1/2023 Research EN

      Structural mortgage risks expose European households to value corrections

      Growth in European house prices is finally trending down. This comes as no surprise since residential activity in some countries had already indicated a slowdown and lower values. But the picture across the EU, UK, Switzerland and Norway is mixed.

      Italian NPL collections: 10-month volumes flat since 2020

      13/12/2022 Research EN

      Italian NPL collections: 10-month volumes flat since 2020

      Collections on Italian NPL securitisations fell 19% month-on-month in October and were flat to the volumes seen in the past two years: +5% vs 2021; -3% vs 2020. In the first 10 months of 2022, there were no significant variations either.

      Scope updates its General Structured Finance Rating Methodology and calls for comments

      7/12/2022 Research EN

      Scope updates its General Structured Finance Rating Methodology and calls for comments

      No impact expected on existing ratings

      Italian NPL collections: six-month judicial proceeds and DPOs below pre-Covid levels

      21/11/2022 Research EN

      Italian NPL collections: six-month judicial proceeds and DPOs below pre-Covid levels

      Taking the last six months, judicial collections and DPOs were lower than the six months before the pandemic. Note sales have followed a more volatile path but the trend has been upward as servicers rely increasingly on this strategy to generate cash.

      Italian CQS ABS: Marzio Finance performance snapshot

      14/11/2022 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.

      Norway’s residential housing boom is over: prices starting to fall

      4/11/2022 Research EN

      Norway’s residential housing boom is over: prices starting to fall

      Norway’s house prices are falling as the economic backdrop deteriorates and the era of ultra-low interest rates ends. This will expose households to an affordability shock. Banks are entering the challenging environment from a position of strength.