2026 EMEA ABS and RMBS Outlook
What’s Next for European ABS and RMBS in 2026?
Join us for an insightful webinar where Moody’s Ratings analysts will unpack the key trends shaping ABS and RMBS performance in the year ahead.
Hear from leading market voices Shaun Baddeley and John Millward as they explore how EU securitisation reform and private credit could redefine the structured finance market in EMEA.
Topics include:
- Macroeconomic outlook and shifting credit themes: Implications for EMEA ABS and RMBS performance
- Key drivers behind rising issuance volumes and market activity expectations for 2026
- Emerging trends reshaping consumer securitisation in 2026 — from new markets and innovative products to private credit and AI integration
Speakers
Andreas Wilgen
MD - Head of EMEA, Structured Finance
Moody's Ratings
Shaun Baddeley
Managing Director
AFME
John Millward
Head of Distribution Structuring and Financing
HSBC Bank
Barbara Rismondo
Associate Managing Director, Structured Finance
Moody's Ratings
Antonio Tena
Vice President - Senior Credit Officer, Structured Finance
Moody's Ratings
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Andreas Wilgen is Managing Director and Head of Moody’s EMEA Structured Finance Group, which operates from offices in London, Frankfurt, Paris, Madrid and Milan. The team covers all new ratings and surveillance activities in covered bonds, asset-backed securities (ABS), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and Structured Credit.
Andreas joined Moody’s from Fitch Ratings where he most recently led a team of credit analysts focused on private credit securitization structures, including credit fund finance and rated note feeders. Prior roles at Fitch include Group Credit Officer for Global Structured Finance, co-Head of US ABS in New York, Head of the EMEA ABS in London, and credit analyst in Structured Credit.
Andreas began his career at Fitch in 2005 after having earned the degree of Diplom-Kaufmann at the University of Cologne and an M.B.A. from Eastern Illinois University.
Shaun has more than 25 years of experience in the securitisation industry, and he is currently Managing Director, Securitisation at AFME. Before that, he was MD, Head of European ABS at Santander CIB. He has also worked for Banco Santander in various roles since 2008, all in securitisation, acting as arranger and lender, covering funding, capital management, relevant Prudential Regulation and ESG matters. Prior to this, he spent ten years at Fitch Ratings analysing Structured Credit, CDO Asset Managers and Performance Analytics. He began his career in the British Army where he was a Captain in the Royal Armoured Corps.
Shaun holds an MBA from Cranfield, attended Royal Military Academy Sandhurst, and has a BA Joint Hons from Exeter University.
John is a Managing Director in HSBC’s Structured Finance business, within Corporate & Institutional Banking, and is the EMEA Head of ABS and Global Co-Head of Covered Bonds.
John has worked in the securitisation industry for over two decades. During that time, he has advised on a wide range of transactions across asset classes engaging with financial institutions, specialist lenders, corporates and financial sponsors on projects ranging from vanilla funding to complex special situations, private credit, loan portfolio sales and restructuring.
He is a key participant in the significant risk transfer (SRT) market and has extensive insight into market dynamics, structuring and regulatory processes, and a broad investor network.
John has been involved in a wide range of landmark transactions and important financial market initiatives. These include representing HSBC on the Association for Financial Markets in Europe’s (AFME) securitisation board and executive committee and co-chairing the ICMA task force on Sustainable Securitisation. He was a key industry expert on IBOR transition where he represented HSBC on the FCA’s RFR Bond Market Sub-Group (BMSG).
John is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA), holds the Securities Institute Diploma (MSI), and a BA (Hons) from the University of Bristol in Mathematics and Philosophy.
Barbara is the Co-Team Leader of the RMBS New Ratings Team in EMEA. Before this Barbara held the position of the Team Leader in EMEA RMBS Surveillance. She started in Moody’s in 2002 and has since then covered a large variety of products and markets. Barbara originally comes from the banking industry, where she mainly focused on working with derivative products.
Barbara holds an LLM in Banking and Finance Law from the University of London and a Laurea in International and Diplomatic Sciences from the University of Trieste.
Antonio is a Vice President, Senior Credit Officer in Moody’s Structured Finance team in Madrid. Antonio’s responsibilities include the surveillance of EMEA RMBS and ABS, most particularly focusing on Spanish, Italian and South African jurisdictions.
He has 15 years’ experience in credit rating analysis of European and South African ABS and RMBS, with special emphasis on securitization research. During his tenure at Moody’s, he has covered different asset classes (RMBS, SME ABS, Auto&Consumer ABS and NPLs) and jurisdictions across Europe.
Antonio Tena joined Moody’s Investors Service in Madrid in 2005. Prior to joining Moody’s, Mr Tena worked as an Infrastructure Project Manager for a Spanish consultancy firm. Mr Tena holds a Ph.D. in Civil Engineering from the Universidad Politécnica de Madrid and a BA in Political Sciences