Global ABS 2024

06/06/24 • 19 min

In this episode of Morningstar DBRS’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, collates the thoughts of Morningstar DBRS analysts featured at this year’s 2024 Global ABS conference in Barcelona:

Ronja Dahmen, Vice President, European RMBS & Covered Bond Ratings spoke on the Day 1 panel European Residential MBS

Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Issuer Roundtable

Mudasar Chaudhry, Head of European Structured Finance Research, moderated the Day 2 Investor Roundtable

Sebastiano Romano, Vice President, European NPL Ratings, spoke on the Day 1 European NPL/RPL Supply panel

Related research is available at the following link: https://go-dbrs.morningstar.com/GlobalABS2024

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Ronja Dahmen, Vice President, European RMBS & Covered Bond Ratings spoke on the Day 1 panel European Residential MBS

Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Issuer Roundtable

Mudasar Chaudhry, Head of European Structured Finance Research, moderated the Day 2 Investor Roundtable

Sebastiano Romano, Vice President, European NPL Ratings, spoke on the Day 1 European NPL/RPL Supply panel

Related research is available at the following link: https://go-dbrs.morningstar.com/GlobalABS2024

Previous Episode

Climate Change-Driven Credit Considerations in Structured Finance

In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Begum Gursoy, Director, Sustainable Finance Solutions at Morningstar Sustainalytics, and Christian Aufsatz, Managing Director, European Structured Finance Ratings at Morningstar DBRS, to discuss topics related to climate change and relevant credit considerations in structured finance.
The inaugural part of the session saw us discussing the key differences between second-party opinions (SPOs) and credit ratings. We then turned our attention to the key considerations in the context of SPOs and credit risk analysis when considering climate change. We also discussed if SPOs or a lack thereof, impact credit ratings analysis in European Structured Finance. The speakers also shared their views on whether ESG-labelled transactions carry any premium and how they see the market evolving.
Related research is available at the following link:

Commentary - ESG: Climate Risk and Credit: -- https://dbrs.morningstar.com/research/413235/esg-climate-risk-and-credit
Methodology - Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings: https://dbrs.morningstar.com/research/427030/morningstar-dbrs-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings

Next Episode

UK Labour Government and Housing Market

In this episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Adriana Alvarado, Senior Vice President, Sector Lead of Global Sovereign Ratings and Ketan Thaker, Managing Director of European RMBS & Covered Bond Ratings to discuss the impact of the new Labour government on the UK’s housing market.

The episode explored the shift to the newly elected Labour Party-led government after 14 years of Conservative Party-led rule, the election result’s impact on the UK economy, and the key takeaways from this change. As always, house prices and housing availability are important to UK voters. The panel discussed the views presented in the pre-election Labour Party manifesto, particularly those around housing plans for the next parliament. Past governments have repeatedly failed to meet housebuilding targets, and the speakers examined whether the problem lies in the number of houses built or other factors at play. The panel also delved into our credit view on how the new government’s proposed policies could affect the performance of UK residential mortgage-backed security (RMBS) transactions.