AFME is pleased to circulate its Q1 2025 Securitisation Data Report.

Main findings:

• In Q1 2025, EUR 61.5 bn of securitised product was issued in Europe, a decrease of 2.3% from Q4 2024 and a decrease of 9.0% from Q1 2024. Of the EUR 61.5 bn issued, EUR 38.0 bn was placed, representing 61.8% of the total, compared to 49.4% of issuance in Q4 2024 and 47.4% of issuance in Q1 2024.

• Outstanding volumes (including CLOs) decreased to EUR 1,204.9 bn at the end of Q1 2025, a decrease of 1.0% QoQ and an increase of 3.7% YoY.

• Credit Quality: In Europe, upgrades comprised 88% of total rating actions by the main CRAs during Q1 2025, up from 85% of total rating actions during Q4 2024.

• STS issuance: In Q1 2025, EUR 10.7 bn of securitised product was notified as STS to ESMA and the FCA, representing 17.4% of the total issued volume in Q1 2025 (EUR 61.5 bn). Out of the EUR 10.7 bn in STS issuance, EUR 9.5 bn was placed, representing 25.0% of total placed issuance in Q1 2025 (EUR 38.0 bn).

• SRT issuance: Based on SCI and RTRA data, quarterly SRT issuance in Europe reached EUR 25.3 bn in Q1 2025, a decrease of 65.8% from Q4 2024 and an increase of 76.9% from Q1 2024.