European Structured Credit: Emerging from the COVID-19 Pandemic

In this commentary, we lay out our rationale for removing any remaining adjustments to expected performance in our analysis of European small and medium-size collateralised loan obligation transactions that were put in place at the height of the coronavirus pandemic in May 2020.

Key highlights include:
-- A review of recent developments in the tourism, travel, and hospitality sectors; and
-- A description of other macro and geopolitical risks that could undermine the post-pandemic recovery efforts.