Germany's 2025 in Structured Finance So Far: CMBS Returns

Of the seven European countries we cover, Germany has been the second-busiest country by number of transactions, with 11 securitisations this year, though it falls to third place by issuance volume, behind France. As usual, most of that new issuance was auto asset-backed securities (ABS), as Germany typically represents the bulk of all European auto ABS issuance. Over the past five years, German auto ABS has seen a slight uptick in the 90+-day arrears rate, though it is still very low - only about 0.4% as of Q1 2025. Consumer loan ABS has had a much greater increase over the same period to around 1.1%.