AFME is pleased to circulate its Q2 2025 Securitisation Data Report.
Main findings:
- In Q2 2025, EUR 78.9 bn of securitised product was issued in Europe, an increase of 28.3% from Q1 2025 and an increase of 18.7% from Q2 2024. Of the EUR 78.9 bn issued, EUR 39.1 bn was placed, representing 49.5% of the total, compared to 61.8% (EUR 38.0 bn) of issuance in Q1 2025 and 68.3% (EUR 45.4 bn) of issuance in Q2 2024.
- Outstanding volumes (including CLOs) increased to EUR 1,253.4 bn at the end of Q2 2025, an increase of 2.9% QoQ and an increase of 5.7% YoY.
- Credit Quality: In Europe, upgrades comprised 77% of total rating actions by the main CRAs during Q2 2025, down from 88% of total rating actions during Q1 2025.
- STS issuance: In Q2 2025, EUR 24.4 bn of securitised product was notified as STS to ESMA and the FCA, representing 30.9% of the total issued volume in Q2 2025 (EUR 78.9 bn). Out of the EUR 24.4 bn in STS issuance, EUR 22.5 bn was placed, representing 58.0% of total placed issuance in Q2 2025 (EUR 39.1 bn).
- SRT issuance: Based on SCI and RTRA data, quarterly SRT issuance in Europe reached EUR 54.3 bn in Q2 2025, an increase of 114.6% from Q1 2025 and an increase of 77.5% from Q2 2024.
