Commentary

Ireland's 2025 in Structured Finance So Far: A Slow Start

ABCP, Auto, RMBS

Summary

With EUR 1.3 billion, the Irish securitisation market, excluding broadly syndicated loan collateralized loan obligations (BSL CLOs), ranks last by issuance volume among the seven European countries we cover. Only four deals have come to market, the largest of which was a EUR 425.5 million nonperforming loan (NPL) and reperforming loan (RPL) securitisation. Last year, the Emerald Isle saw eight NPL and RPL deals, the most of any other type. The residential mortgage-backed securities (RMBS) deal was the smallest, totalling EUR 214.0 million. Usually, RMBS is dominant in Ireland; it was the country's highest volume sector between 2021 and 2024. Instead, two other sectors have filled in the gap. For the first time since 2022, a commercial mortgage-backed securities (CMBS) transaction appeared in Ireland this year, and auto asset-backed securities (ABS) came back after taking last year off.

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