30/10/2025 Research EN
Italian NPL collections: volumes rebound sharply in September but remain below three-year average
Italian NPL collections in September nearly doubled compared with August (+95%). However, they remain significantly below the levels recorded in the same period last year, a trend that has persisted throughout the year.
28/10/2025 Research EN
Climate-change risk framework: introducing issuer-specific Key Climate Risk Indicators
Climate change can materially affect the creditworthiness of all issuer types and asset classes, so we have harmonised our general framework for capturing this risk, which can be applied to produce issuer-specific Key Climate Risk Indicators (KCRIs).
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.