articles Ratings /ratings/en/research/articles/190528-dutch-rmbs-index-report-q1-2019-10987571 content esgSubNav
In This List
COMMENTS

Dutch RMBS Index Report Q1 2019

COMMENTS

Scenario Analysis: Refinancing Prospects For Triple-Net Lease Securitizations If Higher Interest Rates Persist

COMMENTS

Scenario Analysis: How North American Corporate Securitizations Fare Amid Higher Refinancing Rates

COMMENTS

Private Credit Could Bridge The Infrastructure Funding Gap

COMMENTS

The Opportunity Of Asset-Based Finance Draws In Private Credit


Dutch RMBS Index Report Q1 2019

Table 1

Key Performance Indicators
Index Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Total delinquencies 0.63 0.59 0.63 0.64 0.67
90+ day delinquencies 0.20 0.20 0.20 0.23 0.23
Prepayment rate 9.32 8.62 8.26 8.07 9.11
Economic data
Unemployment rate (%)§ 3.33 3.57 3.74 3.88 3.94
GDP growth YOY (%)† N.A. 2.00 2.34 3.01 3.18
House price growth YOY (%)* 7.90 9.00 9.20 8.80 9.00
§Source: ECB/Eurostat; seasonally adjusted. †Source: ECB/Eurostat; seasonally adjusted. *Source: Kadaster. ECB--European Central Bank. YOY--Year-over-year. N.A.--Not available.

Table 2

Scenarios For Dutch RMBS Collateral
Actual Forecast
2018 2019F 2020F 2021F 2022F Baseline effect on collateral credit quality
Unemployment rate (%) 3.8 3.6 3.6 3.5 3.5 Neutral
GDP growth YOY (%) 2.6 1.9 1.6 1.4 1.4 Neutral
House price growth YOY (%) 9.2 6.3 5.3 4.2 N.A. Somewhat favorable
ECB policy rate Q1 average (%) 0.00 0.00 0.25 0.75 1.25 Somewhat unfavorable
ECB--European Central Bank. N.A.--Not available. Source: S&P Global Ratings.

Chart 1

image

Chart 2

image

Chart 3

image

Chart 4

image

Chart 5

image

Chart 6

image

Chart 7

image

Chart 8

image

Related Criteria And Research

This report does not constitute a rating action.

Primary Credit Analyst:Alexandru Ciocan, Dublin + 353 (0)1 568 0613;
alexandru.ciocan@spglobal.com
Secondary Contact:Alastair Bigley, London 44 (0) 207 176 3245;
Alastair.Bigley@spglobal.com
Research Contributor:Sneha Sanwlani, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in