Trade Wars

Outlook for European structured finance 2022

LONDON, January 19, 2022–(BUSINESS WIRE)–DBRS Morningstar has released its annual outlook for European structured finance. Looking ahead to 2022, as pandemic-induced volatility continues to subside, we expect the European securitization market to face a number of themes:

(1) Evolution towards sustainable capital markets

(2) Geopolitical risks

  • Brexit – a forgotten story – continues to create trade tensions between the UK and its immediate neighbors

  • Global trade tensions, migration crises, trade wars and supply chain issues are some of the issues that can escalate into widespread market uncertainty.

(3) Tightening of monetary policy

  • To rein in inflation, transient or persistent inflation – regardless of the naming convention – if central bank purchase programs are reduced, we expect the balance of issues distributed versus issues held will tilt slightly towards the first

  • In 2022, DBRS Morningstar forecasts total European securitization issuances of €200-210 billion, of which we expect €110-115 billion will be market placed transactions. These forecasts are continuously dependent on the progress of measures to contain the virus and the countermeasures used to control inflation.

To view the full report, click here:

Click here to register for the webinar on this topic:

The DBRS Morningstar group of companies consists of DBRS, Inc. (Delaware, USA) (NRSRO, subsidiary DRO); DBRS Limited (Ontario, Canada)(DRO, subsidiary of NRSRO); DBRS Ratings GmbH (Frankfurt, Germany)(EU CRA, NRSRO subsidiary, DRO subsidiary); and DBRS Ratings Limited (England and Wales) (UK CRA, NRSRO subsidiary, DRO subsidiary). For more information on regulatory registrations, recognitions and approvals from the DBRS Morningstar group of companies, please see:

The DBRS Morningstar group of companies is a wholly owned subsidiary of Morningstar, Inc. © 2021 DBRS Morningstar. All rights reserved.

The information on which DBRS Morningstar ratings and other types of credit opinions and reports are based is obtained by DBRS Morningstar from sources DBRS Morningstar believes to be reliable. DBRS Morningstar does not verify the information it receives as part of the analysis process, and it does not and cannot independently verify such information in each instance. The extent of any factual investigation or independent verification depends on the facts and circumstances. DBRS Morningstar ratings, other types of credit opinions, reports and other information provided by DBRS Morningstar are provided “as is” and without representation or warranty of any kind. DBRS Morningstar hereby disclaims all representations or warranties, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for a particular purpose, or noninfringement of this information. In no event shall DBRS Morningstar or its directors, officers, employees, independent contractors, agents, and representatives (collectively, DBRS Morningstar Representatives) be liable for (1) any inaccuracies, delays, loss of data, service interruptions, errors or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential damages resulting from any use of the ratings and rating reports or resulting from any error (negligent or otherwise) or any other circumstance or contingency within or beyond the control of DBRS Morningstar or any representative of DBRS Morningstar, in connection with the obtaining, collection, compilation, analysis, interpretation, communication, publication or delivery of such information. No DBRS Morningstar entity is an investment adviser. DBRS Morningstar does not provide investment, financial or other advice. Credit ratings, other types of credit opinions, other analyzes and research issued or published by DBRS Morningstar are, and should be construed solely as, statements of opinion and not statements of fact with respect to creditworthiness, investments, advice financial or otherwise or purchase recommendations. , sell or hold securities. A report relating to a DBRS Morningstar rating or other credit opinion is neither a prospectus nor a substitute for the information compiled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS Morningstar may receive compensation for its ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS Morningstar is not responsible for the content or operation of any third-party websites accessible by hypertext or other computer links, and DBRS Morningstar assumes no liability to any person or entity for the use of such third-party websites. This publication may not be reproduced, retransmitted or distributed in any form without the prior written consent of DBRS Morningstar. ALL DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT ADDITIONAL INFORMATION ABOUT DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, IS AVAILABLE AT Users may, through hyperlinks or other computer links, access websites operated by persons other than DBRS Morningstar. These hyperlinks are provided for convenience only and are the sole responsibility of the owners of such websites. DBRS Morningstar does not endorse the content, operator or operations of third party websites. DBRS Morningstar is not responsible for the content or operation of such websites, and DBRS Morningstar assumes no liability to you or any other person or entity for your use of third party websites.

The English version of this press release prevails.

See the source version on


Dennis Ferreira – [email protected]