Spanish Housing and Securitisation Market Update
In this commentary, we provide an overview of the Spanish housing market as well as how the recent past is shaping the residential mortgage-backed securities (RMBS) market.Key findings include:
-- The Spanish government introduced several supportive measures due to the impact of the pandemic, which kept the delinquencies low.
-- Despite the double-digit decline in GDP caused by the pandemic, Spanish house prices have remained strong.
-- The total number of Spanish RMBS deals rated by DBRS Morningstar is 44 and the weighted-average 90+-day arrears by current balance of these deals was 0.8%.
“In 2022, DBRS Morningstar expects the economic recovery to continue, albeit at a slower pace than previously expected, due to geopolitical uncertainties gripping the major world economies. Despite the double-digit decline in GDP caused by the pandemic, Spanish house prices have remained strong overall and house price appreciation may continue during 2022, particularly in large cities such as Madrid and Barcelona”, said Ketan Thaker, Head of European RMBS and Covered Bonds at DBRS Morningstar.
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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