AFME is pleased to circulate its Q3 2025 Securitisation Data Report.
Main findings:
- In Q3 2025, EUR 48.3 bn of securitised product was issued in Europe, a decrease of 38.8% from Q2 2025 (EUR 78.9 bn) and an increase of 1.0% from Q3 2024 (EUR 47.8 bn). Of the EUR 48.3 bn issued, EUR 41.4 bn was placed, representing 85.7% of the total, compared to 49.5% (EUR 39.1 bn) of total issuance in Q2 2025 and 74.1% (EUR 35.4 bn) of total issuance in Q3 2024.
- Outstanding volumes (including CLOs) increased to EUR 1,270.3 bn at the end of Q3 2025, an increase of 1.3% QoQ and an increase of 6.8% YoY.
- Credit Quality: In Europe, upgrades comprised 78% of total rating actions by the main CRAs during Q3 2025, unchanged from 78% of total rating actions during Q2 2025.
- STS issuance: In Q3 2025, EUR 19.2 bn of securitised product was notified as STS to ESMA and the FCA, representing 39.8% of the total issued volume in Q3 2025 (EUR 48.3 bn). Out of the EUR 19.2 bn in STS issuance, EUR 15.0 bn was placed, representing 36.0% of total placed issuance in Q3 2025 (EUR 41.4 bn).
- SRT issuance: Based on SCI and RTRA data, quarterly SRT issuance in Europe reached EUR 31.3 bn in Q3 2025, a decrease of 9.5% from Q2 2025 and a decrease of 0.6% from Q3 2024.
