As part of the market-led initiative of TSI, AFME and EDW, the ninth European Benchmark Exercise (EBE) Report was published today as of 30 June 2025. The aim of the EBE is to increase market transparency for private true sale securitisations in the EU and the UK. These include both ABCP and balance sheet-financed transactions. Synthetic securitisations and public ABS bonds are excluded. The EBE shows that this market segment is significantly larger than assumed by the regulator and therefore must be taken into account in the ongoing EU legislative process.
The report contains aggregated data on over 600 securitisation positions provided on a voluntary basis by 12 banks from 6 countries. The EBE makes a valuable contribution to market transparency, which also plays an important role in the European Commission’s current proposals to revise Securitisation Regulation (Article 7). The EBE can thus serve as a reference for more efficient reporting.
Core results
The main findings of the report are
- The total market volume is estimated to over € 250 billion, extrapolated from the reported financing volumes of around € 87 billion and information on syndications.
- The ABCP market volume declined slightly in the first half of 2025 (-6%), while the non-ABCP segment grew by 5%.
- The committed amount of STS securitisations shows a slight decline (-2%). However, the STS share of the total committed amount is increasing (+4%).
- The share of private true sale securitisations backed by trade receivables or auto loans and leases is stable and accounts for around 73% of the market in H2 2024.Together with consumer loans and equipment leasing, these four asset classes account for 87% of the market. The development of these market shares was therefore stable compared with the previous period.
- 63% of seller ratings are BBB or lower, with average transaction ratings ranging from A to AA. This continuously demonstrates how true sale securitisation through the collateralisation of receivables make an important contribution to financing the real economy and in particular companies with lower credit ratings.
Significance of the EBE report
The EBE report provides a good overview of the private true sale securitisation market. We would therefore like to expressly thank the participating banks for their ongoing commitment and their continuous improvement of data quality.
Transparency is an important factor for the trust, quality and reliability of a well-functioning securitisation market. The voluntary participation in EBE by major banks from all over Europe demonstrates the endeavour of the market participants to increase transparency in the private sector of the securitisation market continuously. The new report also supports our calls to promote the private non-ABCP/ABCP market segment in the revised securitisation regulation, as it represents a key component of the European securitisation market.
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