Covered Bonds in Focus

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Tomas Rodriguez-Vigil Junco, Senior Vice President, Sector Lead, European RMBS & Covered Bond Ratings to discuss the world of covered bonds.In this episode, Chaudry and Rodriguez-Vigil Junco discussed the background of covered bonds, how they differ from typical securitisations, and why they remain such an important funding tool in European markets. They took a closer look at our “Global Methodology for Rating and Monitoring Covered Bonds”, which is out for Request for Comment, highlighting some key changes under consideration and the reasons behind them. Additionally, they touched on some of the broader trends we're observing across the covered bond landscape.Related Content:“Global Methodology for Rating and Monitoring Covered Bonds--Request for Comment”https://dbrs.morningstar.com/research/462239By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Jorge Aranda Rodriguez, Senior Analyst, European Nonperforming & Reperforming Loan Ratings, to discuss Spain's foreclosure and bankruptcy landscape.Chaudhry and Aranda Rodriguez dived into the latest statistics around foreclosures and bankruptcies in Spain. At first glance, the numbers appear stable as foreclosure filings are at historic lows and the banking system’s nonperforming loan ratio is just 3.2%. However, our analysts noted that these positive indicators may mask a series of underlying vulnerabilities.Related Content:“Spain's Foreclosure and Bankruptcy Landscape: Stability on the Surface, Pressure Beneath” (14 July 2025) https://dbrs.morningstar.com/research/458132By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andrew Lynch, Vice President of European Structured Finance Ratings, Surveillance, and Petter Wettestad, Vice President of European Structured Finance Ratings, Surveillance, to discuss the Irish buy-to-let (BTL) sector.In this episode, the panellists summarised their observations across BTL in Ireland, including the key drivers and challenges facing the industry. Our experts delved into details of Irish BTL residential mortgage-backed securities (RMBS) transactions and how they are performing amidst the recent macroeconomic environment as well as stricter local rent reforms. They also shared their thoughts and expectations on the asset performance of RMBS transactions based on our analysis.For our thoughts on recent trends in Irish house prices and the mortgage market, please check out episode 30 on Irish prime and nonprime RMBS.Related Content:“Irish Buy-to-Let Performance Report: Q1 2025”,https://dbrs.morningstar.com/research/456754By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, collated thoughts from the following Morningstar DBRS analysts featured at this year’s Global ABS conference in Barcelona:Christian Aufsatz, Managing Director and Head of European Structured Finance Ratings, moderated the Day 1 ‘The Stability Among Chaos: Capital Markets Forecast’ panelMirco Iacobucci, Senior Vice President and Sector Lead of European Commercial Real Estate Ratings, spoke on the Day 2 ‘Financing the “Cloud”: Digital Infrastructure’ panelMudasar Chaudhry, Senior Vice President and Head of European Structured Finance Research, spoke on the Day 2 ‘Roundtable Series: Researchers’ Perspectives’ panelLorenzo Coccioli, Vice President of European RMBS & Covered Bond Ratings, spoke on the Day 2 ‘Past Your Prime? Equity Release & RMBS Market Updates’ panelRelated research is available at the following link: Morningstar DBRS at Invisso Global ABS 2025By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andrew Lynch, Vice President of European Structured Finance Ratings, Surveillance and Clare Wootton, Vice President of European Structured Finance Ratings, Surveillance to discuss the Irish housing market.The panellists discussed recent trends in housing prices and the mortgage market, including Irish RMBS transactions and how various subsectors are performing amidst the current macroeconomic environment. They summarised observations across the prime and nonprime sectors, reviewing the key drivers and challenges faced, and concluded with their thoughts and expectations on the asset performance of RMBS transactions based on Morningstar DBRS’ analysis.Related Content: Irish Prime and Nonprime RMBS Performance Report: Q1 2025https://dbrs.morningstar.com/research/454309By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings at Morningstar DBRS and Simon Webb, Managing Director, Finance and Capital Markets at LiveMore Capital, to discuss lending into retirement.With a focus on the UK, the panellists explored the lending solutions available to borrowers over 50, the current market dynamics that are shaping this niche market segment, and how the market has evolved over time with the products on offer. They also shared their thoughts on the credit considerations of residential mortgage-backed securities (RMBS) deals that are either entirely or partially composed of later-life loans and discussed the credit rating angle, key considerations, and whether servicers are equipped to manage such a distinct asset class.Related Content: Rating European Structured Finance Transactions Methodology (19 November 2024)https://dbrs.morningstar.com/research/443199By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Lorenzo Simonte, Assistant Vice President, European NPL Ratings and Norman Pepe, Partner at iLS London-Milan to discuss a unique development in the Italian securitisation market: a proposal to securitise unpaid tax bills due to the Italian national tax system.The panellists explored how this can be made possible and how current Italian securitisation law makes provisions for such transactions. They also explored the credit rating angle, key considerations, and whether servicers are ready to manage such a unique asset class.Related Content: “Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory”https://dbrs.morningstar.com/research/449419By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss bridging loans.In recent years the market has seen expansion in the use of bridging loans due to their less onerous lending criteria and expedience in availability of credit to the borrower. Due to the market expansion, originators now have a track record of origination and monitoring these portfolios, and the expectation is to see a first public European securitisation backed by the pool of bridging loans.Related Content: Methodology “European RMBS Insight Methodology” https://dbrs.morningstar.com/research/449129By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Dinesh Thapar, Vice President, European Commercial Real Estate Ratings, to discuss key trends affecting the European office sector.Our analysts discussed how the definition of so-called "prime" office space is evolving and how, as interest rates come down, overall European commercial real estate investments seem to be turning a corner. They also examined whether, in light of this, the office sector is moving in line with the broader market or some of the issues more entrenched.To wrap it up, they highlighted the impact the aforementioned trends had on Morningstar DBRS-rated commercial mortgage-backed securities (CMBS) transactions with large office exposure and also provided our 2025 outlook for the European office sector.Related Content: Commentary – “European CMBS: Office Sector in Focus”  https://dbrs.morningstar.com/research/444135/european-cmbs-office-sector-in-focusBy downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Barbara Lambotte, Head of Sustainable Fixed Income Research at Morningstar Sustainalytics, and Christian Aufsatz, Managing Director, European Structured Finance Ratings at Morningstar DBRS, to discuss the climate transition and fixed income.Our guests discussed the interconnectivity of climate change and credit and how transitioning to a net-zero economy creates risks and opportunities for fixed income investors. They also explored the upside and the downside of labelled bonds and how investors identify and select the leaders from the traditional green bonds to broader transition related fixed-income investments as well as how they incorporate downside risk.By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.