European Structured Finance 2022 Year in Review
This commentary summarises the key trends in Europe’s structured finance market in 2022. The year was scarred by Russia’s invasion of Ukraine followed by the energy and cost-of-living crises in Europe. Central banks have attempted to control inflation by hiking interest rates, leading to an increased cost of borrowing that precipitated a drop in issuance. Year to date, total European securitisation issuance is down to EUR 185 billion from EUR 221 billion. European securitisation issuance should bounce back once there is more certainty about the peak of the central bank tightening cycle, which we expect to occur toward Q2 2023. Read more for an overview of the transactions we rated in the ABS, RMBS, structured credit, CMBS, and NPL sectors; interesting market trends in those asset classes; and highlights from some of the most popular research we published last year.
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