Seasonal factors dragged August collections down 54% month-on-month, a new low since this report started to be published in 2020. A similar pattern has been observed in previous years but to a lesser extent (-35% in 2023, -38% in 2022).

Only six of the 20 loans in European CMBS that were scheduled to refinance this year have been repaid or refinanced. Nine were modified and three were extended. Meanwhile, two thirds of the loans still fail bank lenders’ refinancing requirements.

Scope’s new structured finance rated volume grew by 17.4% in the year to June 2024. Monitoring reviews resulted in more upgrades than downgrades over the period, resulting in positive ratings drift for the first time since the third quarter of 2022.

Tuesday, October 15th 2024 - 3:00 PM (CEST)

July collections fell 24% month on month, broadly similar to the declines observed in the two previous years (30% in 2022, 32% in 2023). Volumes were also 24% below the average for the same month of the previous two years.

Efforts to address remaining items in the Covered Bond Directive continue. While the Directive has brought many benefits, there is still room for improvement, particularly for European Secured Notes, which could offer both banks and SMEs funding benefits.

Tuesday, October 15th 2024 - 3:00 PM (CEST)

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.

Italian NPL collections in the first half of 2024 were 20% below the same periods of 2022 and 2023. The decline was driven by DPOs (down EUR 90m or 28%) and note sales (-EUR 66m, 62%). Judicial proceeds were broadly stable (down EUR 17m, 3%).

Green and social covered bond issuance hit USD13.4bn in the first seven months of the year, representing approximately one in 10 new issues. But there is pressure to enforce consistent and standardised ESG disclosures related to cover pools.