AFME is pleased to circulate its 2025 Full Year and Q4 2025 Securitisation Data Report.
Main findings:
- In 2025FY, EUR 252.3 bn of securitised product was issued in Europe, an increase of 3.0% from the EUR 244.9 bn issued in 2024. Of the EUR 252.3 bn issued during 2025FY, EUR 156.3 bn was placed, representing 62.0% of the total, compared to EUR 144.0 bn placed in 2024, representing 58.8% of the total.
- By asset class, CMBS issuance increased 212.8% YoY in 2025FY driven by volumes issued in the first three quarters of 2025. Issuance in the ABS, CLO / CDO and SME categories increased by 5.1%, 23.0% and 67.8% respectively, compared to 2024. RMBS issuance decreased by 16.4% with issued volumes in 2025 the lowest since 2021 for this asset class.
- In Q4 2025 specifically, EUR 63.6 bn of securitised product was issued in Europe, an increase of 31.6% from Q3 2025 (EUR 48.3 bn) and an increase of 0.9% from Q4 2024 (EUR 63.0 bn). Of the EUR 63.6 bn issued, EUR 37.8 bn was placed, representing 59.4% of the total, compared to 85.7% (EUR 41.4 bn) of total issuance in Q3 2025 and 49.4% (EUR 31.1 bn) of total issuance in Q4 2024.
- Outstanding volumes (including CLOs) increased to EUR 1,294.2 bn at the end of Q4 2025, an increase of 1.9% QoQ and an increase of 6.3% YoY.
- Credit Quality: In Europe, upgrades comprised 84% of total rating actions by the main CRAs during Q4 2025, up from 78% of total rating actions during Q3 2025.
- STS issuance: In Q4 2025, EUR 22.3 bn of securitised product was notified as STS to ESMA and the FCA, representing 35.1% of the total issued volume in Q4 2025 (EUR 63.6 bn). Out of the EUR 22.3 bn in STS issuance, EUR 11.8 bn was placed, representing 31.2% of total placed issuance in Q4 2024 (EUR 37.8 bn).
- SRT issuance: Based on SCI and RTRA data, total (synthetic and true sale) quarterly SRT issuance in Europe reached EUR 108.5 bn in Q4 2025, an increase of 210.0% from Q3 2025 (EUR 35.0 bn) and an increase of 46.6% from Q4 2024 (EUR 74.0 bn).