In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andre Soutinho, Assistant Vice President, European RMBS & Covered Bond Ratings, and Nicola De Caro, Senior Vice President, Sector Lead, European Financial Institution Ratings, to discuss Significant Risk Transfer (SRT) transactions--and, in particular, the rapid growth of synthetic securitisations in Europe.

Over the last few years, SRTs have become a core part of how European banks think about capital, risk management, and balance‑sheet efficiency. These deals allow banks to transfer credit risk to investors, often without selling the underlying assets, freeing up capital and supporting new lending.

In this discussion, our analysts unpack how SRT transactions work, why synthetic deals have become so popular, what trends we’re seeing in the market, and how we analyse the key risks in structured finance and financial institutions. We also touch on recent and upcoming regulatory developments, including capital rules, supervisory expectations, and their implications for issuance going forward.

RELATED CONTENT

• “Synthetic SRTs: A Structured Finance Perspective”, https://dbrs.morningstar.com/research/472913
• “The Expanding Role of Synthetic SRTs in European Bank Capital Planning”, https://dbrs.morningstar.com/research/473091

By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Mirco Iacobucci, Associate Managing Director, European Commercial Real Estate Ratings, to discuss data centres.

Our analysts discuss how data centres are being financed and how securitisation is becoming a central part of the conversation, especially as investors search for stable, long‑term cash flows and varied sources of funding. They examine how securitising data centre assets actually works, the key differences between the asset-backed securities and commercial mortgage-backed securities approaches, and why the U.S. market is still far ahead of Europe. They also explore whether hyperscalers will remain the only type of data centres backing European securitisations or if we might see broader participation. Finally, they touch on the major risks facing the sector, from regulatory and grid‑capacity pressures to the threat of rapid technological obsolescence, and what all this means for issuance expectations in 2026.

Related Content:

• “European CMBS 2026 Outlook: On the Upswing”, https://dbrs.morningstar.com/research/471388
• “Demystifying Credit: Data Centres”, https://dbrs.morningstar.com/research/453420

By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Kevin Stephenson, Managing Director, Head of APAC Credit Ratings, to discuss Australia’s securitisation market.

Australia's securitisation market is heading into 2026 with real momentum, supported by a AAA-rated sovereign, resilient borrowers, and a well-regulated financial system, even as global macro and geopolitical risks continue to dominate headlines. In this episode, our analysts unpack why issuance is on track to push toward AUD 100 billion next year and what a cautious Reserve Bank of Australia easing cycle and still-healthy labour market mean for credit performance. Our experts analyse how housing shortages, data-centre build-out, and new asset classes like solar asset-backed security and equity-release residential mortgage-backed securities are reshaping deal flow.

The discussion also explores whether global headwinds--from U.S.-China tensions and tariffs to Al-driven data-centre risk and private credit growth--pose a genuine threat to Australian structured finance or whether the country's diversification, modest public debt, and investor demand from super funds and offshore buyers will keep spreads supported and volumes robust.

RELATED CONTENT

“Australian Structured Finance Outlook 2026: On Track for AUD 100 Billion in Issuance Despite Global Market Uncertainty?”, https://dbrs.morningstar.com/research/467639/.

By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.