European credit rating markets reached a landmark on 16 December when the European Central Bank (ECB) completed its onboarding of Scope’s ratings in the Eurosystem credit assessment framework (ECAF). Scope-rated debt instruments are now eligible as collateral in ECB monetary policy operations. This is the first time the Eurosystem has used the risk assessments of
Photovoltaics are brightening up the ABS market: new opportunities for solar financing
On October 31, 2024, Enpal B.V. (‘Enpal’) , through its vehicle Golden Ray, successfully placed Europe’s first public residential solar ABS, marking a milestone in renewable energy financing. The inaugural deal, valued at EUR 240 million, is backed by approximately 8,500 loans provided to German residential homeowners for financing photovoltaic (PV) systems. The issuance drew
Fifth report of the European Benchmark Exercise – further growth in ABCP and private non-ABCP markets
As part of the market-led initiative of TSI, AFME and EDW, the fifth European Benchmark Exercise (EBE) Report was published today as of 30 June 2023. The aim of the EBE is to increase market transparency for private true sale securitisations in the EU and UK. These include both ABCP and balance sheet-financed transactions. Synthetic
Extensive tax audit for the period 2016-2018 confirms reliability of securitizations under German law with a German SPV
A special purpose vehicle (SPV) established by TSI Services GmbH was subjected to an extensive external tax audit in the period from November 2022 to September 2023. The SPV was set up for a securitization transaction of a German originator – consumer loans were securitized as part of the revolving structure. The scope of the
European Green Bond Standard: Positive Vote of the European Parliament
On 5 October, the European Parliament adopted the “European Green Bond” regulation in first reading. The decision is essentially made against the background of the informal agreement of the EU legislators in the trilogue procedure on the European Green Bond Standard (EuGBS) as a voluntary standard for the issuance of bonds. With regard to the