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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.
24/9/2025 Research EN
European real estate: credit outlook diverges, sets apart investment-grade firms with prime assets
Europe’s real estate market will continue to diverge in credit quality amid residual investor nervousness about assets and owners exposed to refinancing risk, rising refurbishment costs, the uncertain economic outlook and adverse trends in demand.
23/9/2025 Research EN
European corporate defaults show signs of levelling off; risks remain tilted to downside
Two years of rating pressure on European corporates shows signs of easing but credit risk remains tilted to the downside for the rest of 2025 given geopolitical uncertainty, economic headwinds and challenging financing conditions for the smallest firms.
19/9/2025 Research EN
Climate-risk impacts on UK ERM: orderly scenario produces highest excess credit losses
Equity-release mortgages are exposed to the impacts of climate change due to their long tenors. The biggest excess losses occur in the NGFS orderly scenario because the relatively short horizon of our sample portfolio pushes transition risk to the fore.
17/9/2025 Research EN
Italian NPL collections: July broadly on trend in relative terms but actual collections down 35%
July collections fell 23% month-on-month, slightly better than the previous three years when average collections were 28% lower. But while July was relatively on trend, actual collections were 35% below the previous three-year average.