European Structured Finance Outlook 2022
DBRS Morningstar published its annual outlook for European structured finance. Looking ahead to 2022, as the pandemic-induced volatility continues to fade, there are a number of themes we expect the European securitisation market to face:(1) Shift towards sustainable capital markets
-- ESG to remain in focus of investors, regulators, and other market participants
(2) Geopolitical risks
-- Brexit — a forgotten story — is still creating trade tensions for the UK with its immediate neighbours
-- Global trade tensions, migrant crises, trade wars, and supply chain issues are a few of the issues that can escalate into widespread market uncertainty
(3) Tightening of monetary policy
-- To curb inflation, transitory or persistently transitory inflation — whatever the naming convention — if central bank purchase programmes are tapered, we expect the balance of distributed versus retained issuances to tip slightly towards the former
-- In 2022, DBRS Morningstar forecasts total European securitisation issuance of EUR 200 billion to EUR 210 billion, out of which we expect EUR 110 billion to EUR 115 billion to be market-placed transactions. These forecasts are continuously dependent on the progress of measures to contain the virus and countermeasures used to keep inflation under control
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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