Quarterly European Securitisation Issuance Report--Q4 2024

This is Morningstar DBRS' quarterly report covering European securitisation issuance and trends in the preceding quarter. The European securitisation markets began 2024 on good footing and continued the momentum, ending the year with a new record in terms of distributed issuance since the global financial crisis. Total issuance in 2024 was EUR 250.9 billion, of which 58.1%, or EUR 145.7 billion, was investor placed.

The sectors at the forefront were primarily residential mortgage-backed securities led by the UK, collateralised loan obligations, and auto asset-backed securities. For 2025, we expect total aggregated issuances of EUR 205 billion to EUR 215 billion; however, we expect distributed volumes to remain steady at around EUR 145 billion, i.e., approximately 65% to 70% of total expected issuance, with the trend of declining retained volumes continuing.