ABCP / private securitisation: European Benchmark Exercise

Market

ABCP / private securitisation: European Benchmark Exercise

The European Benchmark Exercise (EBE) is a market-based initiative launched in 2021 by AFME, the European DataWarehouse and TSI. The objective is to significantly increase the market transparency of ABCP and other private securitisations in the EU and the UK. The results are made available to supervisory bodies, policymakers and interested members of the public. Synthetic balance sheet securitisations and public ABS are not considered.

Basic structure of an ABS securitisation transaction

 

Transaction data from 12 banks in 6 countries are submitted on a voluntary basis and published in aggregated form.

 

 

The evaluation for the 1st half of 2025 yielded the following results:
  • 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 H1 2025. 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.

The results show that true sale securitisations make an important contribution to financing the real economy in the area of working capital and sales financing through the collateralisation of receivables—particularly for companies with lower credit ratings.

With its now more than five-year history, the EBE Report provides a solid overview of the private true sale securitisation market and demonstrates low payment default rates in this market segment.

For more information go to: EBE Report of 15 December 2025.