Securitisation Insights

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Jun 2026

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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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June 11, 202614 min

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: Financing Digital Infrastructure” panel Kevin Stephenson, Managing Director and Head of APAC Credit Ratings, spoke on the Day Two “Deals Down Under: Opportunities in Aussie ABS” panel Stephan Rompf, Vice President of European Structured Credit Ratings, Funds, spoke on the Day Two “Big Capital, Small Business: Outlook for SME Lending” panel Mudasar Chaudhry, Senior Vice President and Lead of European Structured Finance Research, moderated the Day Two “The Bear and the Bull: Investors’ Roundtable” panel Related research is available at the following link: https://go-dbrs.morningstar.com/FT-AFME-GlobalABS2026 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.

May 28, 202616 min

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) Consultation Paper CP 26/6 (CP 26/6 or the Consultation). CP 26/6, published on 17 February 2026 and closed on 18 May, outlined proposals to simplify and streamline the rules governing UK securitisations. The Consultation was broad in scope, touching on investor due diligence, risk retention, cost savings, the public/private transparency divide, and loan-level reporting templates. In this episode, our analysts discuss what the proposed changes mean for credit analysis—across residential mortgage-backed securities, auto asset backed-securities, and collateralised loan obligations—and where we see improved transparency, as well as areas where it may be reduced. Related Content: “UK Auto ABS and FCA CP 26/6: Reporting, Reloaded”, https://dbrs.morningstar.com/research/481271 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.

May 21, 202626 min

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 sits at the intersection of housing policy, property markets, and credit risk. In Australia, the government’s expanded 5% deposit scheme is making it easier for first-time buyers to enter the market, but also raising important questions about affordability, house prices, and the risks embedded in high loan-to-value ratio lending. In the UK, the government is taking a more modest approach to its mortgage guarantee framework with a far less visible impact on the housing market. This episode addresses a key question: how do these differing government policy choices shape housing demand, market dynamics, and ultimately the credit risk to which investors are exposed? Related Content: “Australia's 5% Deposit Scheme: Balancing Affordability, Home Ownership, and Credit Risk”, https://dbrs.morningstar.com/research/478698 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.

April 27, 202618 min

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 topic that sits right at the intersection of what people see on the road and what investors see in their portfolios. Chinese car brands, especially EVs, are becoming more visible across Europe. At the same time, we’re hearing about cheaper EVs coming from traditional manufacturers in 2026 and renewed concerns about petrol prices due to conflicts in the Middle East. So, the key question is: does this change the risk behind the car loans and leases packaged into auto ABS? Related Content: “European Auto ABS: The Strategic Drive of Chinese Automakers Westward”, https://dbrs.morningstar.com/research/468742 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.

March 9, 202628 min

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 particular, the rapid growth of synthetic securitisations in Europe. Over the last few years, SRTs have become a core part of how European banks think about capital, risk management, and balance‑sheet efficiency. These deals allow banks to transfer credit risk to investors, often without selling the underlying assets, freeing up capital and supporting new lending. In this discussion, our analysts unpack how SRT transactions work, why synthetic deals have become so popular, what trends we’re seeing in the market, and how we analyse the key risks in structured finance and financial institutions. We also touch on recent and upcoming regulatory developments, including capital rules, supervisory expectations, and their implications for issuance going forward. RELATED CONTENT “Synthetic SRTs: A Structured Finance Perspective”, https://dbrs.morningstar.com/research/472913 “The Expanding Role of Synthetic SRTs in European Bank Capital Planning”, https://dbrs.morningstar.com/research/473091 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.

February 9, 202616 min

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. 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.

December 18, 202522 min

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. 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.

November 11, 202524 min

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. 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.

November 4, 202521 min

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. 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.

October 8, 202529 min

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. 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.