European Structured Finance Outlook 2021
DBRS Morningstar published its annual outlook for European structured finance. As we look forward to 2021 and what can be expected for the European securitisation markets, DBRS Morningstar finds there are a number of key themes that we believe will influence the market:• Performance pressure as support measures are pulled back or withdrawn
o Unemployment is increasing, but real unemployment masked by support measures
o Companies at risk of collapse once support measures are withdrawn
• Greening of the capital markets
o Environmental, Governance, and Social (ESG) Factors are in focus by investors, regulators, and market participants
• Moderate European securitisation issuance growth
o Hopes for investor-led return in 2020 2021 dashed
o Expect a bounceback of distributed deals in 2021
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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