Securitisation Insights

Morningstar DBRS
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Enriched viewpoints on 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.

  1. 2월 9일

    European Data Centre Securitisation

    In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Mirco Iacobucci, Associate Managing Director, European Commercial Real Estate Ratings, to discuss data centres. Our analysts discuss how data centres are being financed and how securitisation is becoming a central part of the conversation, especially as investors search for stable, long‑term cash flows and varied sources of funding. They examine how securitising data centre assets actually works, the key differences between the asset-backed securities and commercial mortgage-backed securities approaches, and why the U.S. market is still far ahead of Europe. They also explore whether hyperscalers will remain the only type of data centres backing European securitisations or if we might see broader participation. Finally, they touch on the major risks facing the sector, from regulatory and grid‑capacity pressures to the threat of rapid technological obsolescence, and what all this means for issuance expectations in 2026. Related Content:  “European CMBS 2026 Outlook: On the Upswing”, https://dbrs.morningstar.com/research/471388 “Demystifying Credit: Data Centres”, https://dbrs.morningstar.com/research/453420By 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.

    16분

  2. 2025. 12. 18.

    Australian Structured Finance Outlook

    In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Kevin Stephenson, Managing Director, Head of APAC Credit Ratings, to discuss Australia’s securitisation market. Australia's securitisation market is heading into 2026 with real momentum, supported by a AAA-rated sovereign, resilient borrowers, and a well-regulated financial system, even as global macro and geopolitical risks continue to dominate headlines. In this episode, our analysts unpack why issuance is on track to push toward AUD 100 billion next year and what a cautious Reserve Bank of Australia easing cycle and still-healthy labour market mean for credit performance. Our experts analyse how housing shortages, data-centre build-out, and new asset classes like solar asset-backed security and equity-release residential mortgage-backed securities are reshaping deal flow.  The discussion also explores whether global headwinds--from U.S.-China tensions and tariffs to Al-driven data-centre risk and private credit growth--pose a genuine threat to Australian structured finance or whether the country's diversification, modest public debt, and investor demand from super funds and offshore buyers will keep spreads supported and volumes robust. RELATED CONTENT “Australian Structured Finance Outlook 2026: On Track for AUD 100 Billion in Issuance Despite Global Market Uncertainty?”, https://dbrs.morningstar.com/research/467639/. 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.

    23분

  3. 2025. 11. 11.

    UK Buy-to-Let Sector

    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 and Sector Lead of European Structured Finance Ratings, Surveillance, and Petter Wettestad, Vice President of European Structured Finance Ratings, Surveillance, to discuss the UK’s buy-to-let (BTL) sector. In this episode analysts shared their observations on the key drivers and challenges facing the BTL sector and delved into the performance of UK BTL RMBS transactions amidst the recent macroeconomic environment, following our publication of a detailed commentary on the topic. Our analysts also discussed some upcoming regulatory changes for landlords and shared their expectations on the asset performance of these transactions. Related Content: “UK BTL RMBS Performance Report: Q2 2025” (25 September 2025), https://dbrs.morningstar.com/research/463139By 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.

    25분

  4. 2025. 11. 04.

    Italian NPLs

    In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Clarice Baiocchi, Vice President and Sector Lead of European Structured Finance Ratings, Surveillance, and Sijia Aulenbacher, Assistant Vice President of European Structured Finance Ratings, Surveillance, to discuss Italian nonperforming loan (NPL) securitisations. Our analysts delve into the details of recent performance trends based on the latest issuer reports and shed light on the evolution of servicer business plans and transaction structures. They discuss various factors like NPL recoveries and their timings, recovery expenses, as well as senior note amortisation speeds. The panel also share their thoughts and expectations on further developments in the Italian NPL and securitisation markets.  Related Content: “Italian Nonperforming Loan Securitisations Performance--Q2 2025 Update” (24 September 2025), https://dbrs.morningstar.com/research/463004/“Italian Nonperforming Loan Securitisations Business Plans Evolution--Q2 2025 Update” (24 September 2025), https://dbrs.morningstar.com/research/463005“Italian Nonperforming Loan Securitisations Transaction Structures--Q2 2025 Update” (24 September 2025), https://dbrs.morningstar.com/research/463006By 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.

    21분

  5. 2025. 10. 08.

    UK Housing Market

    In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by European Structured Finance Ratings Surveillance analysts, Andrew Lynch, Vice President and Sector Lead, and Clare Wootton, Vice President, to discuss the UK Housing Market. In this episode, our analysts discuss the recent trends in UK house prices and the mortgage market, delving into details of UK RMBS transactions and how they are performing against the backdrop of the current macroeconomic environment.  The panel highlight some of their observations across the prime and nonprime sectors, discussing the key drivers and challenges faced, and share their thoughts and expectations on the asset performance of UK RMBS transactions going forward. Related Content: “UK Prime and Nonprime RMBS Performance Report: Q2 2025” - https://dbrs.morningstar.com/research/463138By 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.

    29분

  6. 2025. 09. 15.

    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.

    20분

  7. 2025. 08. 18.

    Spain's Foreclosure and Bankruptcy Landscape

    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.

    18분

  8. 2025. 07. 16.

    Irish Buy-to-Let Sector

    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.

    27분
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Enriched viewpoints on 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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    Morningstar DBRS
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    Securitisation Insights