Announcements
Drinks
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.
30/10/2025 Research EN
Private credit: singular risks but also opportunities for Europe with capital-markets reform
The recent collapse of First Brands, in casting a shadow over the direct-lending sector in the US, raises important questions: does the rapid growth in private credit amplify corporate credit risk and will this be different in Europe compared with the US?
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).
7/10/2025 Research EN
European electricity: Germany, Netherlands, Belgium grapple with EUR 200bn-plus grid capex challenge
Germany, the Netherlands and Belgium need far more investment to modernise their electricity transmission grids through 2034 than southern European countries, hence the importance of having secured most of the EUR 200bn-plus in required funding.
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.
29/9/2025 Research EN
US pharma tariffs redirect investment, spreading credit risk unevenly across sector’s value chain
US plans to slap hefty tariffs on pharmaceutical imports have led European firms to speed up US investment and reset supply chains, the full credit impact of which will depend on the products targeted and whether the extra costs compromise innovation.
