Tuesday, September 9th 2025 - 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.

Scope’s 12-month trailing ratings drift for structured finance transactions continued its shift into positive territory in the second quarter of 2025, with a positive ratio of upgrades over downgrades not seen since early 2022.

Collections fell 28% in the first half of 2025 compared to H1 2024, confirming the downward trend that began in 2023. All collection strategies contributed to the decline: judicial proceeds fell 30%, DPOs by 27% and note sales by 20%.

Higher mortgage rates have increased pressure on housing affordability. Longer fixed-rate mortgages periods limit the risk of shocks to the banking system and support the resilience of euro-area mortgage markets.

Financial backers of European battery projects face a paradox. Political and industrial impetus to build a resilient regional electric-vehicle (EV) supply chain is strong, but technological, operational and commercial risks are high, says Scope Ratings.

Collections in May 2025 rose 12% month-on-month to EUR 144m but were 38% lower than the average May volumes of the previous three years.

Collections in April declined by 22% month over month and were 35% lower than the April average for the three previous years, indicating a notable slowdown in recovery performance.

Global ABS 2025 kicks off next Tuesday June 10. We are excited to be a Partner Sponsor of this year’s event and are looking forward to engaging with speakers and delegates.

Italian NPL collections in March rose 45% month on month, consistent with previous years. But while monthly volumes bounced back from a poor February, they were still 43% below the three-year March average.