As part of the market-driven initiative by TSI, AFME and EDW, the tenth European Benchmark Exercise (EBE) Report as of 31 December 2025 was published today. 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-funded securitisations. Synthetic securitisations and public ABS bonds are excluded.
The EBE demonstrates that this market segment plays an important role in financing European SMEs and should therefore be duly considered in the upcoming trilogue negotiations.
The report contains aggregated data from more than 600 securitisation positions, voluntarily provided by 12 banks from 6 countries. The EBE makes a valuable contribution to market transparency and may serve as guidance for the revision of private disclosure templates.
Key Findings
The main findings of the report are:
- The market volume is again estimated at approximately €250 billion, extrapolated from reported committed amounts of around €84 billion and information on syndications.
- The ABCP market volume increased by 2% in the second half of 2025, while the non-ABCP segment declined slightly (-1%).
- The committed amount of STS securitisations increased by 6%. The share of STS transactions in the total committed amount rose by almost 4% and now stands at 66%.
- Private true-sale securitisations backed by trade receivables and auto loans or leasing accounted for around 73% of the market in H2 2025. Together with consumer loans and equipment leasing, these four asset classes represent 89% of the market. Compared to the previous reporting period, these market shares developed slightly positively.
- 64% of seller ratings are BBB or below, while average transaction ratings range between A and AA. This once again demonstrates that true-sale securitisations, through collateralisation of receivables, make an important contribution to financing the real economy and particularly companies with lower credit ratings.
Importance of the EBE Report
The EBE Report provides a comprehensive overview of the private true-sale securitisation market. We would therefore like to expressly thank the participating banks for their continued commitment and ongoing improvements in data quality.
Transparency is a key factor for trust, quality and reliability in a well-functioning securitisation market. The voluntary participation in the EBE by major banks from across Europe demonstrates market participants’ commitment to continuously increasing transparency in the private securitisation sector.
The new report also supports our call to promote the “Private non-ABCP/ABCP” market segment within the revised securitisation regulation, as it represents a significant component of the European securitisation market.
For further information and details, please see: