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      Structured Finance Activity Report: negative rating drift continues reversal

      14/2/2024 Research EN

      Structured Finance Activity Report: negative rating drift continues reversal

      Scope’s 12-month trailing negative rating drift in structured finance continued to subside in Q4 2023, moving further off the trough reached in Q2 2023. The downtrend started in Q4 2021 owing to the deteriorating economic environment.

      Italian NPL collections: lower extrajudicial proceeds drag 2023 volumes down

      13/2/2024 Research EN

      Italian NPL collections: lower extrajudicial proceeds drag 2023 volumes down

      December Italian NPL collections rose by 87% month-on-month to EUR226m. But they were still 12% below the average of December 2021 and 2022. Collections for the whole of 2023 fell by 21% against the previous two-year average.

      Italian CQS ABS: Marzio Finance performance snapshot

      25/1/2024 Research EN

      Italian CQS ABS: Marzio Finance performance snapshot

      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 securitisation: negative ratings drift likely to abate but outlook subdued

      25/1/2024 Research EN

      Italian NPL securitisation: negative ratings drift likely to abate but outlook subdued

      Expectations for a soft landing and a normalisation of economic and monetary conditions are likely to cause negative ratings drift to abate even while servicer performance continues to undershoot expectations. Our outlook remains skewed to the downside.

      Scope updates its General Structured Finance Rating Methodology and calls for comments

      23/1/2024 Research EN

      Scope updates its General Structured Finance Rating Methodology and calls for comments

      No impact expected on existing ratings

      Systemic risk remains high in European housing market

      23/1/2024 Research EN

      Systemic risk remains high in European housing market

      Housing affordability is stretched and systemic risk a concern. Policy measures to improve financial system resilience can help. Germany might introduce borrower-based measures but they will need to be carefully calibrated to avoid further curbing supply.

      Italian NPL collections: 11-month 2023 volumes 23% below previous two years; fewer note sales

      23/1/2024 Research EN

      Italian NPL collections: 11-month 2023 volumes 23% below previous two years; fewer note sales

      November Italian NPL collections were stable month-on-month but 22% below the two previous years. For the first 11 months of the year, the negative trend for 2023 continued: proceeds were 23% lower than the average of the previous two years.

      Covered Bond Outlook: Back to a credit-driven buyer’s market

      22/1/2024 Research EN

      Covered Bond Outlook: Back to a credit-driven buyer’s market

      Active covered-bond supply so far this year is testament to a functioning market, but the end of ECB asset purchases has shown that the waters can become choppy: issuers and arrangers have to take care around timing and investor appetite.

      European CRE/CMBS outlook: stormy seas to continue

      8/1/2024 Research EN

      European CRE/CMBS outlook: stormy seas to continue

      Commercial real estate will continue to experience headwinds in 2024. Refinancing risk will remain elevated, with borrowers facing the double-edged sword of tougher competition for less and more expensive bank debt as well as lower asset values.

      Italian NPL collections: October volumes confirm negative year-to-date trend

      27/12/2023 Research EN

      Italian NPL collections: October volumes confirm negative year-to-date trend

      October Italian NPL collections fell month-on-month to EUR 128m from EUR 137m. They were also 13% and 9% below September 2022 and 2021 volumes, respectively. The share of judicial proceeds in October went back to the level of the beginning of the year.