Germany’s 2024 in Structured Finance So Far: Powered by Autos

Most of Germany’s securitisations this year have been auto ABS deals, which is typical of the market. There have been five deals so far this year, representing both auto loans and auto leases. However, in Q1 2024, Germany was one of two European countries that saw a securisation with a second-party opinion. Germany’s was a consumer ABS transaction that fell under the social bond label because the loans were to underserved borrowers (Fortuna Consumer Loan ABS 2024-1 Designated Activity Company). Despite this label, we found that no ESG credit risk factors were relevant or significant in our credit analysis. For more information on possible credit implications, please see ESG and Credit: Serving the Underserved—An ABS Perspective at https://dbrs.morningstar.com/research/433131.