European Auto ABS Outlook 2022: Regaining Momentum
This commentary reviews the 2022 outlook for European auto asset-backed securities (ABS). DBRS Morningstar considers there to be various factors that continue to shape the issuance mix and performance of European auto ABS and expect these to remain relevant throughout 2022.Summary highlights include:
-- The impact of subdued new vehicle registrations.
-- The increase in the demand for used vehicles and associated secondary market price volatility.
-- The transition to alternatively fuelled vehicles (AFVs) and wider environmental, social, and governance (ESG) considerations.
-- Changing financial products offered to customers as the market continues to shift away from ownership to usage.
“Throughout 2022, we expect a slight increase in auto ABS issuance where receivables will continue to reflect the availability of new vehicle supply, a sustained appetite for used vehicle financing, and an evolving brand mix reflecting the transition to AFVs”, said Alex Garrod, Senior Vice President of European ABS at DBRS Morningstar.
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