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.

Tuesday, April 23rd 2024 - 3:30 PM (CEST)

Europe’s real estate companies grapple with negative credit outlook; German banks look resilient despite CRE risks; bond market access is a differentiator for property companies; systemic risks are still high in European housing

Stalling economic growth in France could herald a more difficult period for French banks. Lacklustre fourth-quarter bank results, which already cast a shadow over otherwise satisfactory full-year performance, look increasingly less like an anomaly.

February 2024 Italian NPL collections of EUR 114m were 15% up month-on-month but 18% below the February average of the three previous years.

Thursday, April 11th 2024 - 3:30 PM (CEST)

The strong financial results of Germany's savings and co-operative banks demonstrate a high degree of resilience to current challenges, including continued cost pressures and credit risks, particularly in real estate.

The future for European banks looks unmistakably digital and AI-driven. Emerging platform economies and the blurring of cyberspace borders between financial and non-financial businesses will further disrupt incumbent banks’ legacy structures.

January 2024 Italian NPL collections of EUR 99m were 56% down month-on-month and 12% below the January average of the three previous years, continuing the declining trend observed throughout 2023.

Fears of a real estate crisis engulfing German banks, particularly around US office exposure, have overshadowed their better annual results announced in recent weeks. But there is no immediate risk of a systemic crisis.