Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory
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.
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17:35
Bridging Loans in RMBS
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.
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13:32
European Office Sector in Focus
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.
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17:34
Climate Transition and Fixed Income: Identifying Leaders and Laggards
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.
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25:52
Commercial Real Estate in Europe and the U.S.
In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Erin Stafford, Managing Director of North American Real Estate Ratings, and Mirco Iacobucci, Senior Vice President and Sector Lead of European Commercial Real Estate Ratings, to discuss the current state of the commercial real estate (CRE) sector and commercial mortgage-backed security (CMBS) markets both in Europe and the U.S. Our analysts discussed the CMBS subsectors that continue to face headwinds, others that are either evolving and surviving, as well as others that are emerging as a new subasset classes. Our analysts reflected on the performance of CMBS credit ratings and the challenges that must be addressed in an environment of higher interest rates for a longer period. They also shared their credit outlooks as well as views on issuance in the CMBS market.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.
Enriched viewpoints on European securitisation markets from Morningstar DBRS. Join host Mudasar Chaudhry, Head of European Structured Finance Research, as he speaks with industry experts and holds in-depth discussions on keenly selected topics.
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