France’s 2024 in Structured Finance So Far: ABS Holds Out

In terms of new issuance, French structured finance appears to be in the middle of the pack this year after ending 2023 on a high note. Back then, France had the highest amount of issuance in Europe, EUR 70.5 billion, led by a few jumbo retained transactions. As in years past, ABS represents a large share of the market in 2024. Of this wide-ranging category, we’ve rated auto lease, auto loan, and consumer loan securitisations. Covered bonds also continue at a healthy pace, with new issuances several times a month out of the same CAFFIL programme.