France's 2025 in Structured Finance So Far: Near the Top

Although only five securitisations have been issued in France this year, the same as in Italy, it ranks second by issuance volume at EUR 9.3 billion among the seven European countries we cover. Italy's five deals are much smaller, totalling EUR 3.2 billion. France's securitisation market is well diversified for now, with two asset-backed securities (ABS) transactions, two residential mortgage-backed securities (RMBS) transactions, and one structured credit transaction. Of these three sectors, RMBS is the largest; it has also been performing very well, with a 90+-day arrears rate hovering around 0.04% since Q2 2021. France's underwriting standards are generally conservative and focus on the debt-to-income ratio rather than the loan-to-value ratio. This should keep French RMBS credit ratings stable throughout the year.