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European Structured FinanceOutlook 2022: Clearer SkiesAndrew SouthAlastair BigleySandeep ChanaMathias HerzogVolker LägerMatthew MitchellJan. 27, 2022This report does not constitute a rating action

Key TakeawaysIssuance: European securitization issuance could rise to 120 billion in 2022, boosted by anormalization in spending behavior, healthy underlying lending volumes, and a large call pipeline.Central banks: Central banks' scaling back of cheap term funding schemes for credit institutions maysupport more bank-originated supply, while ongoing asset purchases and rising rates support demand.ESG: We expect the importance of sustainable finance features to grow further in 2022, although greenand social issuance momentum could be hampered by slow origination of new collateral.Credit fundamentals: We expect unemployment and corporate default rates to fall across Europe in2022, easing credit pressures on both consumer and corporate-related collateral backing structuredfinance transactions. Inflation has spiked, straining household finances, but this effect could soon fade.Ratings performance: Our European structured finance ratings have been resilient throughout theCOVID-19 pandemic. We lowered only 1% of our ratings in 2021 and the outlook is stable.

ContentsIssuance4Credit Performance10CLO13RMBS18ABS23CMBS28Recent Research32Underlying data for the charts in this report is available by clicking here3

Issuance Is Back On Track And Set To Push Higher In 2022European Investor-Placed Securitization IssuanceAnnual12-month trailing120– After stalling at the start of the COVID-19 pandemic, investorplaced European securitization issuance bounced backstrongly in 2021, ending the year up by 65% at 114 billion.100– This was the highest annual total since the 2008 financialcrisis and back in line with a longer-term upward trend.Bil. 80– Issuance could rise further to 120 billion in 2022, given a largevolume of legacy transactions with upcoming call dates androbust underlying credit origination, especially for theleveraged loans that back CLOs.6040– While bank-originated securitization issuance has stagnatedover recent years, a normalization in rates of deposit growthand a scaling back of central bank liquidity schemes couldgradually bring more bank securitizers back to the market,while non-bank issuance also looks set to continue rising.2002014 2015 2016 2017 2018 2019 2020 2021 2022FF--Forecast. Excludes CLO refinancings and resets. Source: S&P Global Ratings4

Despite Strong Growth In Core Sectors, Issuance Remains DiverseIncrease In Issuance, 2020 To 2021CLOU.K. RMBSOther ABSGerman ABSCMBSOther RMBSDutch RMBSU.K. ABS2021 Issuance By Sector (Bil. )75%75%65%Dutch RMBSCMBS 5.35.5U.K. ABS4.7CLO38.7Other RMBS7.949%153%42%62%German ABS10.77%0246810Bil. 12141618Other ABS15.8U.K. RMBS25.6– European securitization volumes rose across most countries and sectors in 2021, so new issuance remained diverse.– Some smaller sectors bounced back strongly from their pandemic-related dips. For example, CMBS and consumer ABS volumes eachmore than doubled to hit multi-year highs of over 5 billion and 7 billion, respectively, with new transactions backed by collateral fromeight countries.– However, the large leveraged loan CLO and U.K. RMBS sectors, which together account for more than half of European issuance, alsoposted above-average growth rates of more than 70% year-over-year. This concentrated their share in the mix, making overall issuanceslightly less diverse than in the previous year. Meanwhile, non-U.K. RMBS issuance grew by a more modest 50%, and auto ABS volumeswere up only 10%, reducing these sectors' issuance shares.Based on investor-placed issuance. Figures in boxes on left-hand chart show year-on-year growth rate. CLO data excludes refinancings and resets but includes SME CLOs. Source: S&P Global Ratings.5

Normalizing Borrowing And Spending Behavior Supports Issuance12-Month Lending And Deposit GrowthDeposits120Excess deposit growth121086420(2)2012 2013 2014 2015 2016 2017 2018 2019 2020 2021201811020212019100Bil. %LoansSecuritization Issuance Vs. Excess Deposit 567– Underlying lending to households and nonfinancial corporates in the U.K. and the eurozone has been resilient over the past few years, withlow single-digit annual growth rates, which even rose at the beginning of the pandemic.– All else being equal, this would support net issuance of wholesale funding, but banks have seen deposits grow even more strongly thanloan books, fueled by a slowdown in household and corporate spending due to social restrictions and economic uncertainty.– Over the past ten years, such periods of higher deposit growth have typically correlated with lower securitization issuance.– However, a gradual normalization of borrowing and spending behavior throughout the real economy during 2021 has helped pave the wayfor further growth in securitization volumes.Excess deposit growth defined as deposit growth minus loan book growth. Based on data for euro area households and nonfinancial corporates. Source: European Central Bank, S&P Global Ratings.6

Bank Originators May Return As Central Banks Scale Down FundingBank Vs. Non-Bank Securitization IssuanceBankCredit Institutions' Term Funding From Central BanksNon-bankEnd-2019End-2021European Central Bank 615 bil. 2,200 bil.Bank of England 110 bil. 195 bil.100Bil. 8060402002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021– Over the past decade, non-bank securitization issuance has gained momentum, while bank-originated supply has stagnated, accountingfor only 19% of the total in 2021—a new low. However, bank-originated issuance could begin to recover in 2022.– As part of their policy response to the pandemic, central banks revived liquidity schemes to provide credit institutions with cheap termfunding, and borrowings under these facilities were close to all-time highs at the end of 2021.– However, in the U.K., the Bank of England's TFSME facility closed to new drawdowns in October 2021, and banks may gradually refinancethe aggregate 200 billion in four-year funding that they took from the scheme. In the eurozone, the European Central Bank (ECB) has yetto announce details for any extension to its TLTROs, following the last scheduled drawdown under the scheme in mid-December 2021.Tighter terms on future operations could increase the relative appeal of a return to private sector funding markets for eurozone banks.TFSME--Term Funding Scheme with additional incentives for small- and mid-sized enterprises. TLTROs--Targeted longer-term refinancing operations. Source: S&P Global Ratings.7

Central Bank Purchases And Rising Rates Should Support DemandECB ABS Purchase Program ActivityRedemptionsCorporates1614121086420(2)'AAA' CLO primary250200bpsBil. Net purchases'AAA' CLO Vs. Investment-Grade Corporate 19202020212022– While the scaling back of funding programs represents a normalization of monetary policy that could increase structured finance supply,ongoing quantitative easing should continue to prop up demand for eligible transactions.– For example, we don't expect the ECB to taper its main asset purchase program before the end of 2023. Although annual net purchases ofsecuritizations have declined in recent years, gross purchases will likely continue at more than 10 billion in 2022 to cover redemptions.– At the same time, inflationary pressures and recent interest rate volatility could bolster private-sector demand for European securitizedcredit.– In this context, the sector's combination of floating rates and yield pickup, relative to alternative asset classes, could appeal to a broaderrange of fixed-income investors seeking to lower portfolio duration, subject to mandate constraints.bps--Basis points. Source: iBoxx Nonfinancial Corporates index, IHS Markit, ECB, S&P Global Ratings.8

The Focus On ESG Factors Looks Set To Gain Further MomentumCount Of ESG-Labelled European Securitizations, 2020-20212020– In 2021, environmental, social, and governance (ESG)considerations became a greater focus for the structuredfinance herlandsOnly includes investor-placed transactions and excludes CLOs. Source: S&P Global Ratings.ConsumerABS– Against a backdrop of wider regulatory developments ondisclosure and issuance standards, more originators thanever before came to market with securitizations labelledgreen or social. Across the ABS, CMBS, and RMBS sectors,we saw eight such transactions during the year, though theystill accounted for only about 4% of total issuance.– We expect the importance of sustainable finance featuresto grow further in 2022. However, issuance momentumcould be hampered by slow origination of new sustainablecollateral and the rate at which originators can fulfil use ofproceeds commitments already made on previoustransactions.– In the CLO sector, exclusion language for underlying assets,based on ESG factors, is now the norm. In 2022, there willlikely be more widespread development and reporting ofESG credential-based scores for underlying borrowers.9

Ratings Have Been Resilient And Credit Pressures Are EasingDistribution Of Ratings And 2021 Transitions100%UpgradesDowngradesCCC/CCBBB12-Month Average Change In Credit QualityBBBAAAABSAAACMBSRMBSStructured creditOverall150%25%CMBSAutoCorp. Sec.Other ABSRepackOther SCCLOOther RMBSBTLNonconformingPrime0%No. of 19202020212022– The prospect of ongoing economic growth and falling unemployment suggests easing pressures on European structured finance creditperformance and a fundamentally positive outlook for 2022.– In 2021, we lowered just over 1% of our ratings on structured finance securities in Europe. CMBS transactions backed by retail assetshave been most affected, but this sector constitutes a small portion of our outstanding European securitization ratings.– For most asset classes, the 12-month trailing average change in credit quality had been positive for several years before the pandemic,indicating aggregate upward ratings movements. Although the trend weakened in 2020, it has since reversed.– CMBS ratings continued to move lower by an average of 0.7 notches during the 12 months ended September 2021, but other sectors sawnet upgrades, and our European structured finance ratings overall moved higher by an average of almost 0.2 notches.BTL--Buy-to-let. SC--Structured credit. Excludes confidential ratings. Securities whose ratings migrated to 'NR' over the period are classified based on their rating prior to 'NR'. Source: S&P Global Ratings.10

Consumer-Backed Transactions Should See Limited DeteriorationUnemployment RateConsumer Price 210(1)– We expect both eurozone and U.K. unemployment rates to moderate in 2022, falling back to 7.5% and 4.5%, respectively, which would becredit positive for consumer-related assets backing securitizations. Underlying obligors have benefited from both furlough schemes andpayment holidays during the pandemic. The negative effect of these support programs ending for marginal borrowers could gradually feedthrough to securitization collateral performance. That said, the schemes' wind-down appears well-synchronized with counteractingimprovements in labor markets, we have seen little deterioration so far, and servicers appear well-equipped to manage these cases.– Headline inflation figures reached decade highs in late 2021, spelling renewed pressure on household finances. However, this effect wasdue to likely transient mismatches between supply and demand as economies reopened and one-off distortions from pandemic-relatedtax cuts. We therefore expect inflation to slow through 2022 as these temporary effects begin to fade.Dotted lines indicate forecast. Source: Eurostat, S&P Global Ratings forecasts.11

Fundamentals Are Also Improving For Corporate-Backed SectorsSpeculative-Grade Corporate Default Rate14U.S.Europe1210%86420– For corporate-backed transactions, there remains somedownside risk to ratings if credit distress among underlyingborrowers rises, although this seems increasingly likely to besector-specific. For example, parts of the tourism industry willlikely take more time to recover to pre-pandemic activity levelsthan some other sectors, given ongoing precautions overinternational travel and potentially longer-term changes inconsumer behavior.– However, the overall picture is more positive than it was a yearago. For example, we forecast the annualized default rate forEuropean speculative-grade corporates could fall to 2.5% bySeptember 2022, from a recent peak of more than 6%.– The impact for European CLO ratings will partly depend on howwell collateral managers continue to mitigate creditdeterioration through trading activity.– Some areas of commercial real estate, and therefore CMBS,remain under pressure.Trailing 12-month basis. Dotted lines indicate forecast. Source: S&P Global Ratings.12


CLO New Issues, Refinancings, And Resets All Posting New HighsEuropean Leveraged Finance Vs. CLO Origination VolumesRefi/resetLoans706050403020100Bil. Bil. New201320142015201620172018201920202021BondsCLOs (right scale)250502004015030100205010Bil. European CLO Issuance002013 2014 2015 2016 2017 2018 2019 2020 2021 2022– New European CLO issuance rose by more than 70% to 38 billion in 2021, returning to the multi-year growth trend that had preceded thepandemic and setting a new high.– We believe CLO volumes could continue at an elevated level of about 35 billion in 2022, given the growing number of managers active inthe European market and continued strength in leveraged loan and high-yield bond originations, partly fueled by M&A activity.– In 2021, refinancings and resets accounted for a record 61 billion of additional activity.– CLO liability spreads generally remained tighter than in 2019 and 2020, so managers had strong incentives to refinance or resettransactions that exited their non-call periods.Right chart shows volumes on a 12-month rolling basis. Loan figures are institutional only. Source: S&P Global Ratings, S&P LCD.14

Still A Stock Of Refi Candidates, Although Spreads Have WidenedEuropean CLO WACF And Tranche Discount MarginsB (right scale)2017400120030090020060010030002014 2015 2016 2017 2018 2019 2020 2021201820192020202115Bil. AAAbpsbpsWACF2022 Refinancing/Reset Candidates, By WACF And Vintage10500WACF (bps)– Refinancing and reset volumes were inflated in 2021, because many 2020 vintage CLOs were structured with short non-call periods inanticipation of a trend toward lower financing costs, which later materialized.– More than 65 billion of 2017-2021 vintage new issue CLOs will be out of their non-call periods by end-2022. As many of these alreadyhave funding costs lower than the most recent transactions in late 2021, potentially fewer are viable for refinancing or reset. We thereforeexpect CLO refinancing and reset activity to continue at a slower pace in 2022.– That said, some CLOs may become reset candidates even if their original liability costs are somewhat lower than current market rates. Forexample, managers may prefer to reset a transaction in order to continue reinvesting on an existing platform, rather than allowing thetransaction to amortize.WACF--Weighted-average cost of funding as coupon margin over three-month EURIBOR. bps--Basis points. Based on new issue transactions only. Source: S&P Global Ratings, S&P LCD.15

Key Credit Metrics For CLO Portfolios Continue To StabilizeEuropean CLO Exposure To 'CCC' Category ObligorsEuropean CLO Exposure To Obligors On CreditWatch Negative16141412121086%%1086442200– Across the European CLOs that we rate, the median exposure to obligors rated in the 'CCC' category has gradually declined to about 4.5%.– In very few transactions is this statistic still higher than the 7.5% threshold above which some assets are carried at market value inovercollateralization test ratios.– Few underlying obligors now have ratings that are on CreditWatch negative, partly driven by CLO managers actively trading out of weakercredits and sectors.Solid line is the median, with each band representing a decile, from 10th to 90th percentiles. Estimates based on portfolios from latest available trustee reports, with ratings updated. Source: S&P Global Ratings.16

CLOs Saw Very Few Rating Actions Through The PandemicCLO Transition Rates And Change In Credit QualityUpgrade60DowngradeDefaultCLO Monthly Rating Action Count, 2020-2021ACCQ (right scale)DefaultDowngradeCreditWatch negativeUpgrade1.51000.50.0No. of rating actions2051.0No. of notches%400510152020(0.5)ACCQ--Average change in credit quality, i.e., the average number of notches by which ratings changed overa trailing 12-month period. Downgrades exclude defaults. Source: S&P Global Ratings.25Excludes confidential ratings. Source: S&P Global Ratings.17


RMBS Issuance Bounced Back Close To Decade Highs In 2021European RMBS Issuance, By CountryU.K.NetherlandsIrelandEuropean RMBS Issuance, By Originator TypeFranceSpainOtherBank40Non-bank353025Bil. Bil. 3020201510105002012 2013 2014 2015 2016 2017 2018 2019 2020 20212012 2013 2014 2015 2016 2017 2018 2019 2020 2021– RMBS volumes were up 65% to 39 billion in 2021, with strong growth in each of the top three markets: U.K., the Netherlands, and Ireland.– Transactions brought by non-bank originators dominated more than ever, accounting for 77% of the total volume compared with 9% in2012, and there was very little issuance from traditional U.K. prime RMBS master trusts.– Issuance could grow further in 2022, given the lower availability of central bank funding, a large call pipeline, and buoyant housingmarkets.Investor-placed issuance only. Source: S&P Global Ratings19

In The U.K., Lenders Can No Longer Draw On Central Bank FundingCentral Bank Borrowing Versus Bank % Of U.K. RMBS IssuanceTFSMETFSFLS ext.FLSBank of England Scheme Net Drawdowns/(Redemptions)TFSBank share of U.K. RMBS (right scale)200TFSMEProjected maturities100100806050Bil. 1004075%Bil. 150200(20)(40)5025(60)(80)02012 2013 2014 2015 2016 2017 2018 2019 2020 22Q42023Q42024Q42025– The bank-originated share of new U.K. RMBS supply has dwindled over the past decade, to only 13% in 2021, as financial institutions'borrowing from cheap Bank of England funding schemes has risen to nearly 200 billion.– However, the central bank's TFSME facility closed to new drawdowns in October 2021. While these borrowings will not start maturing until2024, banks will likely have to stagger their refinancing over time, potentially involving a gradual return to wholesale debt markets,including RMBS issuance.FLS (ext.)--Funding for Lending Scheme (and extension). TFS(ME)--Term Funding Scheme (with additional incentives for small- and mid-sized enterprises). Source: Bank of England, S&P Global Ratings estimates.20

Arrears Are Stable And House Price Strength Is Also Credit PositiveHouse Price Growth Forecasts For RMBS MarketsU.K. primeU.K. ainItalyIreland1010080860640Netherlands12%Index: September 2015 100European RMBS 90 Day Delinquency Indices420020201920202021E2022F2023F2024F– On average, severe delinquencies reported for the mortgage pools backing RMBS that we rate are only modestly higher than before thepandemic. Some volatility is likely due to differing reporting practices in light of borrower support measures.– House price inflation looks set to continue in most European countries, as new housing supply is not able to keep pace with structurallyhigh demand. That said, as savings are absorbed and central banks start tightening their policy stance, the rate of house price growth willlikely start to decline to varying degrees, depending on country-specific factors.E--Estimate. F--Forecast. House price growth based on year on year change in the fourth quarter. Source: OECD, S&P Global Ratings21

RMBS Actions Over The Past Two Years Have Mostly Been UpgradesRMBS Transition Rates And Change In Credit QualityDefaultACCQ (right owngradeCreditWatch negativeUpgrade10080ACCQ--Average change in credit quality, i.e. the average number of notches by which ratings changed overa trailing 12-month period. Downgrades exclude defaults. Source: S&P Global Ratings.No. of rating actionsDowngradeNo. of notchesUpgradeRMBS Monthly Rating Action Count, 2020-2021604020020Excludes confidential ratings. Source: S&P Global Ratings.22


ABS Issuance Has Been Buoyant, With Good Country DiversityEuropean ABS Issuance, By CountryGermanyU.K.ItalyFranceSpain– In 2021, investor-placed ABS issuance bounced back from the lows of 2020.Transactions backed by auto loan and lease collateral dominated, withissuance from 11 countries. Originators are also exploring the securitizationof new collateral types, such as solar and buy now pay later finance.Other40Bil. 302010020132014201520162017201820192021 Issuance Mix, By Sub-SectorCards4%2021Issuance Mix, By Number Of Tranches And Rating CategoryOther9%Consumer23%2020– More than a quarter of tranches (by count) placed with investors were ratedin the 'BB' category or lower. Some originators have continued the trendtoward selling the full capital structure of their ABS transactions, ratherthan retaining the higher-risk portions. This could signal increasing use ofsecuritization for capital relief—rather than solely as a funding too—spurring further issuance growth.100%CCC and belowBBBBBBAAAAAA80%60%Auto64%40%20%0%2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Investor-placed issuance only. Source: S&P Global Ratings.24

Consumer Loan Books Are Recovering, Supporting ABS IssuanceGrowth In Lending To Households For ConsumptionNew Auto Sales VolumesGermany106%420(2)(4)No. of sales– For consumer ABS, growth in underlying lending activity should generally support issuance. Net lending to households for consumptionturned negative through late 2020 and early 2021, but loan books have begun to grow again as economic conditions normalize.– This could support further issuance recovery in consumer-related ABS sectors, notwithstanding some originators' heavy use of otherfunding tools, including central bank liquidity schemes.– Even so, new auto sales and related financing have fallen, given pandemic-related supply chain disruption and a semiconductor shortage.Based on lending by Eurozone banks. Source: European Central Bank, national automobile associations.25

Falling Arrears Rates And Strong Used Car Prices Are Credit PositiveEuropean ABS 90 Day Delinquency IndicesU.K. credit card ABS180160140120100806040200U.K.Index: Feb. 1, 2020 100Index: Sept. 2014 100European auto ABSUsed Car Price 5– Our delinquency indices suggest that aggregate credit performance is normalizing across the underlying collateral pools of transactionsthat we rate, after seeing some deterioration since the onset of the pandemic. This is consistent with falling unemployment rates.– The trend in used vehicle prices may be a significant credit consideration in auto ABS transactions exposed to residual value risk. Datasuggests that used car prices in most auto ABS markets have generally benefited from the supply chain disruption that has reduced newcar sales, which is credit positive for existing transactions, especially those exposed to residual value risk.Source: S&P Global Ratings, Residual Value Intelligence, Autovista Group.26

There Were No ABS Downgrades In 2021ABS Transition Rates And Change In Credit QualityDefaultACCQ (right )25(1.0)30(1.2)DefaultDowngradeCreditWatch negativeUpgrade2010ACCQ--Average change in credit quality, i.e., the average number of notches by which ratings changed overa trailing 12-month period. Downgrades exclude defaults. Source: S&P Global Ratings.No. of rating actionsDowngradeNo. of notches%UpgradeABS Monthly Rating Action Count, 2020-2021010203040Excludes confidential ratings. Source: S&P Global Ratings.27


CMBS Issuance Recovered To An Eight-Year High In 2021European CMBS Issuance, By Currency FormatBil. EURGBPMulti2021 European CMBS Issuance, By CountryCount (right scale)91881671461251048362412002012 2013 2014 2015 2016 2017 2018 2019 2020 pe19%– In 2021, European CMBS volumes topped 5 billion for the first time since 2013, with 11 transactions closing.– Innovations included the use of multi-currency structures as a means of securitizing mixed-loan pools.– Issuance is likely to rise further in 2022, with more multi-loan transactions, given strong underlying real estate fundamentals outside theretail sector.Investor-placed issuance only. Source: S&P Global Ratings29

Real Estate Credit Fundamentals Are Weakest In RetailEuropean CMBS Loans In Special ServicingTrafford CentreMetrocentreintu Derby1206010050804060304020201000Index: Q1 2018 100% in special servicing (right scale)%No. of loansOverall loan countU.K. CMBS Shopping Center ValuationsMeadowhallWestfield StratfordSGS120100806040200– Across the transactions that we rate, there has been a steady downward trend in the number and proportion of underlying loans that arein special servicing.– That said, in the retail sector, valuations have been steadily declining on some key properties that back U.K. CMBS, and this has been thearea of greatest ratings weakness.Based on loans backing European CMBS rated by S&P Global Ratings. We no longer rate Metrocentre. Q--Quarter. Source: S&P Global Ratings.30

CMBS Ratings Have Fallen, But Few Downgrades Since Early 2021CMBS Transition Rates And Change In Credit QualityDefaultACCQ (right (3.0)%10DefaultDowngradeCreditWatch negativeUpgrade50ACCQ--Average change in credit quality, i.e., the average number of notches by which ratings changed overa trailing 12-month period. Downgrades exclude defaults. Source: S&P Global Ratings.No. of rating actionsDowngradeNo. of notchesUpgradeCMBS Monthly Rating Action Count, 2020-20215101520Excludes confidential ratings. Source: S&P Global Ratings.31

Recent Research– Credit FAQ: How We Analyze Small Ticket Commercial Real Estate Assets In European Structured Finance, Jan. 19, 2022– European Auto ABS Index Report Q3 2021, Dec. 14, 2021– European And U.K. Credit Card ABS Index Report Q3 2021, Dec. 14, 2021– Global Covered Bond Insights Q4 2021, Dec. 13, 2021– Covered Bonds Outlook 2022: Performance Stable As Support Schemes Wind Down, Dec. 9, 2021– EMEA Structured Finance Chart Book: December 2021, Dec. 2, 2021– What's It Worth? The Rise Of Electric Vehicles In European Auto ABS, Nov. 30, 2021– European RMBS Market Update Q3 2021, Nov. 24, 2021– Sustainable Covered Bonds: A Primer, Nov. 17, 2021– European RMBS Index Report Q3 2021, Nov. 9, 2021– Dutch Covered Bond Market Insights 2021, Nov. 8, 2021– Danish Covered Bond Market Insights 2021, Nov. 2, 2021– European Housing Market Inflation Is Here To Stay, Nov. 2, 2021– European CMBS Monitor Q3 2021, Oct. 14, 2021– German Covered Bond Market Insights 2021, Oct. 11, 202132

Analytical ContactsAndrew SouthMathias HerzogHead of Structured Finance Research - EMEADirector, CMBS 44 -20-7176-3712 rzog@spglobal.comAlastair BigleyDr. Volker LägerSenior Director, RMBSSenior Director, ABS 44 -20-7176-3245 laeger@spglobal.comSandeep ChanaMatthew MitchellDirector, CLOSenior Director, ESG 44 -20-7176-3923 tchell@spglobal.com33

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- However, in the U.K., the Bank of England's TFSME facility closed to new drawdowns in October 2021, and banks may gradually r efinance the aggregate 200 billion in four -year funding that they took from the scheme. In the eurozone, the European Central Bank (ECB) has yet

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