AFME Securitisation Data Snapshot Q2 2025

AFME is pleased to circulate the European Securitisation Data Snapshot for Q2 2025.

Key highlights:

Q2 2025 European Issuance

1. In Q2 2025, EUR 73.6 bn of securitised product was issued in Europe, an increase of 19.6% from Q1 2025 (EUR 61.5 bn) and an increase of 10.6% from Q2 2024 (EUR 66.5 bn).
2. Of this, EUR 34.9 bn was placed, representing 47.5% of the total, compared to EUR 38.0 bn placed in Q1 2025 (representing 61.9% of EUR 61.5 bn) and EUR 45.4 bn placed in Q2 2024 (representing 68.3% of EUR 66.5 bn).
3. Issuance in Q2 2025 was principally driven by a large German retained RMBS deal from the WENDL programme (EUR 30.7 bn) issued in June 2025. This single deal represented 79.3% of total retained issuance in Europe during Q2 2025.
4. In Q2 2025, Pan-European CLOs led placed totals, followed by Germany Auto ABS and UK RMBS:
   1. Pan-European CLOs decreased from EUR 17.8 bn in Q1 2025 to EUR 12.3 bn in Q2 2025;
   2. German Auto ABS increased from EUR 2.5 bn in Q1 2025 to EUR 5.5 bn in Q2 2024; and
   3. UK RMBS decreased from EUR 8.5 bn in Q1 2025 to EUR 5.3 bn in Q2 2025;