AFME is pleased to circulate its Q1 2026 Securitisation Data Report.
Main findings:
- In Q1 2026, EUR 59.6 bn of securitised product was issued in Europe, a decrease of 6.3% from Q4 2025 (EUR 63.6 bn) and a decrease of 3.1% from Q1 2025 (EUR 61.5 bn). Of the EUR 59.6 bn issued, EUR 43.3 bn was placed, representing 72.8% of the total, compared to 59.4% (EUR 37.8 bn) of total issuance in Q4 2025 and 61.8% (EUR 38.0 bn) of total issuance in Q1 2025.
- Outstanding volumes (including CLOs) increased to EUR 1,294.6 bn at the end of Q1 2026, an increase of 0.03% QoQ and an increase of 6.3% YoY.
- Credit Quality: In Europe, upgrades comprised 88% of total rating actions by the main CRAs during Q1 2026, up from 84% of total rating actions during Q4 2025.
- STS issuance: In Q1 2026, EUR 24.9 bn of securitised product was notified as STS to ESMA and the FCA, representing 41.8% of the total issued volume in Q1 2026 (EUR 59.6 bn). Out of the EUR 24.9 bn in STS issuance, EUR 20.9 bn was placed, representing 48.2% of total placed issuance in Q1 2026 (EUR 43.3 bn).
- SRT issuance: Based on SCI and RTRA data, total (synthetic and true sale) quarterly SRT issuance in Europe reached EUR 34.4 bn in Q1 2026, a decrease of 68.3% from Q4 2025 (EUR 108.6 bn) and an increase of 36.0% from Q1 2025 (EUR 25.30 bn).