Securitisation Insights
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.
Episodes
Climate Risk Exposure in RMBS
In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Christian Aufsatz, Managing Director of European Structured Finance Ratings, and Steven Fortier, Vice President of Global Physical Climate Risk Data and Analytics, to discuss climate risk exposure in residential mortgage-backed securities (RMBS).
T
Global ABS 2026 Recap
In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, collated the thoughts from the following Morningstar DBRS analysts featured at this year’s Global ABS conference in Barcelona:
Mirco Iacobucci, Associate Managing Director of European Commercial Real Estate Ratings, spoke on the Day One “Beyond the Clouds: Fi
UK Securitisation Framework and FCA CP 26/6
In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Miklos Halasz, Vice President, European ABS Ratings, Auto, and Andrew Lynch, Vice President, Sector Lead, European Structured Finance Ratings, Surveillance, to discuss the UK securitisation framework and the Financial Conduct Authority’s (FCA) Con
Australian Versus UK Residential Mortgage Guarantee Schemes
In the latest episode of our “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, and Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss Australian and UK residential mortgage guarantee schemes.
Our analysts dive into a topic that sit
Evolution, Not Disruption: Chinese EVs Through an ABS Lens
In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Guglielmo Panizza, Senior Vice President and Sector Lead of European ABS Ratings, and Xiaoxi Sun, Assistant Vice President of European ABS Ratings, Auto, to discuss Chinese electric vehicles (EVs) through an ABS lens.
Our analysts dive into a topi
Synthetic SRTs: From Capital Relief to Key Risks
In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andre Soutinho, Assistant Vice President, European RMBS & Covered Bond Ratings, and Nicola De Caro, Senior Vice President, Sector Lead, European Financial Institution Ratings, to discuss Significant Risk Transfer (SRT) transactions--and, in partic
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, especial
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 borrow
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 t
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
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 hou
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
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 ban
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, th
Global ABS 2025
In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, collated thoughts from the following Morningstar DBRS analysts featured at this year’s Global ABS conference in Barcelona:Christian Aufsatz, Managing Director and Head of European Structured Finance Ratings, moderated the Day 1 ‘The Stability Among Cha
Irish Prime and Nonprime RMBS
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 Clare Wootton, Vice President of European Structured Finance Ratings, Surveillance to discuss the Irish housing market.The panellists discussed recent t
Lending into Retirement
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings at Morningstar DBRS and Simon Webb, Managing Director, Finance and Capital Markets at LiveMore Capital, to discuss lending into retirement.With a focus on t
Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Lorenzo Simonte, Assistant Vice President, European NPL Ratings and Norman Pepe, Partner at iLS London-Milan to discuss a unique development in the Italian securitisation market: a proposal to securitise unpaid tax bills due
Bridging Loans in RMBS
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss bridging loans.In recent years the market has seen expansion in the use of bridging loans due to their less onerous lending criteria and expedie
European Office Sector in Focus
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Dinesh Thapar, Vice President, European Commercial Real Estate Ratings, to discuss key trends affecting the European office sector.Our analysts discussed how the definition of so-called "prime" office space is evolving and h
Climate Transition and Fixed Income: Identifying Leaders and Laggards
In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Barbara Lambotte, Head of Sustainable Fixed Income Research at Morningstar Sustainalytics, and Christian Aufsatz, Managing Director, European Structured Finance Ratings at Morningstar DBRS, to discuss the climate transition and fixed inco
Commercial Real Estate in Europe and the U.S.
In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Erin Stafford, Managing Director of North American Real Estate Ratings, and Mirco Iacobucci, Senior Vice President and Sector Lead of European Commercial Real Estate Ratings, to discuss the current state of the commercial real estate (CRE)
UK RMBS: Resilient for the Most Part
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Andrew Lynch, Vice President, European Structured Finance Ratings, Surveillance, and Petter Wettestad, Assistant Vice President, European Structured Finance Ratings, Surveillance, to discuss the UK Housing Market. Morningstar
Growing Footprint of Private Credit in Structured Finance
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Carlos Silva, Senior Vice President, Sector Lead, European Structured Credit Ratings, and Jerry van Koolbergen, Managing Director, U.S. Structured Credit Ratings, to discuss the varied drivers of private credit expansion over
EPCs Creating Ripples, Not Waves, for House Prices in England and Wales
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads Morningstar DBRS’ European Structured Finance Research team, is joined by Dylan Cissou, Senior Vice President, Lead, Structured Finance Analytics, Quant, and Christian Aufsatz, Managing Director, European Structured Finance Ratings to discuss the potential impact of Energy Perfor
European Auto ABS: Too Much Green Can Add Uncertainty
In the latest episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Guglielmo Panizza, Vice President, European ABS Ratings, and Miklos Halasz, Assistant Vice President, European ABS Ratings, to discuss the treatment of alternative-fuelled vehicles in asset-backed securities (ABS) transa
European Residential Solar ABS
In this episode of Morningstar DBRS’ “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Rehanna Sameja, Senior Vice President, European RMBS & Covered Bond Ratings and Jonathan Riber, Senior Vice President, Sector Lead U.S. ABS Ratings, Consumer Assets, to discuss the solar energy sector.The episode covered the k
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 housin
Global ABS 2024
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 Aufs
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
Energy Performance in European CMBS: Reporting and Regulations
In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Mirco Iacobucci, Senior Vice President, Sector Lead, European Real Estate Ratings, and Patrizia Catanese, Assistant Vice President, European Real Estate Ratings, to discuss how disclosures on energy efficiency and their implementation are addressed within the European commercial mort
Special Servicers Under the Magnifying Glass of Italian Courts
In this episode, Mudasar Chaudhry, Head of European Structured Finance Research at Morningstar DBRS, is joined by Lorenzo Simonte, Assistant Vice President, European Nonperforming Loan (NPL) Ratings at Morningstar DBRS, and Norman Pepe, Partner at iLS , to discuss the role of different types of servicers in the context of Italian NPL transactions. We further discuss the decisions of some Italian c
Relevance of Residential EPCs to Credit Analysis
In this episode, Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Richa Pandey, Analyst for European Structured Finance Research, and Christian Aufsatz, Managing Director and Head of European Structured Finance, to introduce Energy Performance Certificates (EPCs). We discussed if there is quantitative relationship between energy-efficiency improvements and lower probabi
Climate Risk in Structured Finance and Who Pays for the Losses Arising From Climate Change
In this episode Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Christian Aufsatz, Managing Director, Head of European Structured Finance, and Marcos Alvarez, Senior Vice President, Global Head of Insurance, to give an introduction to climate change scenarios and how climate risk could result in an increase in debt issuers’ default probability or a reduction in asset v
Prevalence of Esoteric Assets in European CMBS
In this episode Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Dinesh Thapar, Vice President, European CMBS, to discuss the recent trends in European commercial mortgage-backed securities (CMBS) and how the market is evolving from traditional CMBS to esoteric assets as the underlying collateral. We will also discuss the impact of high inflation and the rapid rise of i
Revision of Our Approach to Residual Value Risk
In this episode of DBRS Morningstar’s “European Securitisation Insights” podcast, Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Paolo Conti, Head of European ABS, to discuss the proposed updates to DBRS Morningstar’s "Rating European Consumer and Commercial Asset-Backed Securitisations" methodology. Speakers shared thoughts on what residual value (RV) risk is and why
UK Buy-to-Let Market: Challenges Ahead
In this episode of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the recent trends observed in the UK Buy-to-Let (BTL) market.Mudasar is joined by Lorenzo Coccioli, Vice President of European RMBS & Covered Bonds. They delve into the details and share thoughts on the recent trends observed in the UK BT
Evolution of Foreclosures and Bankruptcies in Spain
In this episode, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the recent trends observed in relation to the evolution of foreclosures and bankruptcies in Spain over the past few years.Mudasar is joined by Alberto Cruces, Vice President, and Jorge Aranda, Senior Analyst, both members of the European NPL team based in DBRS Morningstar's Madrid office. Speakers delv
Global ABS 2023
In this episode of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, collates the thoughts of the following four DBRS Morningstar analysts featured at this year’s 2023 Global ABS conference in Barcelona:- Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Institutional Investor’s Roundtable;-
Climate Risk and Credit - Part Two
In this two-part series of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the climate risk and potential impact on credit. Mudasar is joined by Christian Aufsatz, Head of European Structured Finance, and Rehanna Sameja, Senior Vice President of European RMBS, to give an introduction to climate change,
Climate Risk and Credit - Part One
In this two-part series of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the climate risk and potential impact on credit. Mudasar is joined by Christian Aufsatz, Head of European Structured Finance, and Rehanna Sameja, Senior Vice President of European RMBS, to give an introduction to climate change,
European Auto ABS: A Sector Update
In this episode of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the European auto asset-backed securities (ABS) sector and key changes in transaction structures within this space due to rising interest rates.Chaudhry is joined by Guglielmo Panizza, Vice President, and Miklos Halasz, Assistant Vice Pre
European SME Sector Navigating a Challenging Macroeconomic Environment
In this episode of DBRS Morningstar’s “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research at DBRS Morningstar, focuses on the European small and medium-size enterprise (SME) sector. He is joined by Carlos Silva, Head of European Structured Credit, and Maria Lopez, Senior Vice President of European Structured Credit, to discuss how the rec
European CMBS Outlook and Rising Demand for Greener Offices
In this edition of DBRS Morningstar’s European Securitisation Insights Podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the CMBS market's forecast and discusses the rising demand for environmentally friendly office spaces in Europe. He is joined by Mirco Iacobucci, Head of European CMBS to discuss outlook of various different CRE asset types and Andrea Sel
U.K. Housing and RMBS Methodology Update
In this edition of DBRS Morningstar’s European Securitisation Insights, host Mudasar Chaudhry, Head of European Structured Finance Research, focuses on the housing market's forecast and UK RMBS transactions. He is joined by Ketan Thaker, Head of European RMBS, and Andrew Lynch, Vice President, European Surveillance, who discuss changes in DBRS Morningstar’s rating methodology, the rationale behind
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