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 hi...
Aug 18, 2025•18 min•Ep. 33
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 cha...
Jul 16, 2025•27 min•Ep. 32
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 Chaos: Capital Markets Forecast’ panel Mirco Iacobucci, Senior Vice President and Sector Lead of Europ...
Jun 12, 2025•17 min•Ep. 31
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 trends in housing prices and the mortgage market, including Irish RMBS transactions and how various ...
Jun 04, 2025•21 min•Ep. 30
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 the UK, the panellists explored the lending solutions available to borrowers over 50, the curren...
May 13, 2025•28 min•Ep. 29
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 to the Italian national tax system. The panellists explored how this can be made possible and how c...
Apr 09, 2025•18 min•Ep. 28
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 expedience in availability of credit to the borrower. Due to the market expansion, originators now hav...
Mar 24, 2025•14 min•Ep. 27
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 how, as interest rates come down, overall European commercial real estate investments seem to be tur...
Feb 27, 2025•18 min•Ep. 26
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 income. Our guests discussed the interconnectivity of climate change and credit and how transitioning to...
Dec 12, 2024•26 min•Ep. 25
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) sector and commercial mortgage-backed security (CMBS) markets both in Europe and the U.S. Our analy...
Nov 29, 2024•39 min•Ep. 24
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 DBRS’ analysts discussed the recent trends, such as UK house prices showing signs of cooling off bu...
Oct 21, 2024•34 min•Ep. 23
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 the past few years. Morningstar DBRS’ analysts delved into details of private credit, exploring the...
Oct 07, 2024•22 min•Ep. 22
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 Performance Certificate (EPC) scores on residential property values in England/Wales and how EPC scores co...
Sep 02, 2024•22 min•Ep. 21
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) transactions. The episode provides an overview of the European auto market covering key trends and some di...
Aug 06, 2024•22 min•Ep. 20
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 key components of our recently published commentary, "Sun is Beginning to Shine on European Resi...
Jul 17, 2024•19 min•Ep. 19
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 ...
Jul 05, 2024•25 min•Ep. 18
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 Chau...
Jun 06, 2024•20 min•Ep. 17
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 opini...
Apr 19, 2024•41 min•Ep. 16
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 mortgage-backed securities (CMBS) sector. We delve into details on how Morningstar DBRS’ environmental, ...
Mar 18, 2024•28 min•Ep. 15
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 courts that consider the distinction between master servicing and special servicing activities to be ...
Feb 20, 2024•30 min•Ep. 14
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 probability of default for associated loans as well as if EPCs of residential properties can affect credit ...
Dec 20, 2023•22 min•Ep. 13
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 valuations. Speakers discuss the intersection of climate and credit analysis, and what DBRS Morningst...
Dec 05, 2023•26 min•Ep. 12
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 interest rates and their impacts on European CMBS transactions as well as provide a general outlook f...
Nov 30, 2023•18 min•Ep. 11
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 it matters in European ABS transactions. The proposed updates to the methodology relate to a revisi...
Oct 17, 2023•19 min•Ep. 10
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 BTL sector. House prices in the UK are showing signs of declines due to persistent inflation and ...
Oct 10, 2023•24 min•Ep. 9
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 delved into details of the legal processes, discussed the latest statistics, and shared their view of t...
Jul 18, 2023•14 min•Ep. 8
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; - Sinem Erol-Aziz, Vice President of European NPLs, spoke on the Day 1 Greek & Cypriot Securiti...
Jun 14, 2023•21 min•Ep. 7
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 change scenarios, and how climate risk could increase an issuer’s default probability or a re...
Jun 12, 2023•23 min•Ep. 6
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 change scenarios, and how climate risk could increase an issuer’s default probability or a re...
Jun 07, 2023•23 min•Ep. 5
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 President, both from our European ABS team to discuss how increasing interest rates are affecting exce...
May 22, 2023•23 min•Ep. 4
