Quarterly European Securitisation Issuance Report -- Q2 2025

This is Morningstar DBRS' quarterly report covering European securitisation issuance and trends in the preceding quarter. The European securitisation markets began 2025 on a good footing and Q2 2025 has had an overall positive but cautious undertone. Issuance briefly slowed following geopolitical disruptions in April but quickly recovered. Total issuance in Q2 stood at EUR 79.5 billion with distributed issuance of EUR 40.1 billion.

Some sectors in structured finance, such as collateralised loan obligations and commercial mortgage-backed securities, have shown sharp increases in issuance. For 2025, our total aggregated issuance forecast remains unchanged at EUR 205 billion to EUR 210 billion with distributed issuance close to EUR 145 billion, or approximately 65% to 70% of total issuance.