Overall, our credit outlook for RMBS is stable. Improved underwriting standards since the global financial crisis and structural protections mean that the majority of S&P Global Ratings-rated RMBS transactions will be resilient to challenges posed by inflation and rate rises. ESG issuance is likely to be a feature in 2022. We expect Europe’s banks will rush to demonstrate capability in the green space. Social RMBS remains more challenging in most countries, as lending protocols by definition typically exclude the underserved. The U.K. is more likely than anywhere to see social issuance.