AFME is pleased to circulate its Q4 2024 and 2024 Full Year Securitisation Data Report.

Main findings:

• In 2024FY, EUR 244.9 bn of securitised product was issued in Europe, an increase of 14.8% from the EUR 213.3 bn issued in 2023. Adjusted for inflation, though, the annual growth in securitised product issuance for 2024FY was actually 11.9%. Of the EUR 244.9 bn issued during 2024FY, EUR 144.0 bn was placed, representing 58.8% of the total, compared to EUR 94.7 bn placed in 2023, representing 44.4% of the total.

• By asset class, SME issuance increased by 145.0% YoY in 2024FY, driven by volumes issued during the second half of 2024. Issuance in the ABS and CLO / CDO categories increased by 8.3% and 87.8% respectively, compared to 2023.

• In Q4 2024 specifically, EUR 63.0 bn of securitised product was issued in Europe, an increase of 31.8% from Q3 2024 and an increase of 49.3% from Q4 2023. Of the EUR 63.0 bn issued, EUR 31.1 bn was placed, representing 49.4% of the total, compared to placed issuance representing 74.1% of total issuance in Q3 2024 and 67.3% of total issuance in Q4 2023.

• Outstanding volumes (including CLOs) increased to EUR 1,217.6 bn at the end of Q4 2024, an increase of 2.4% QoQ and an increase of 3.1% YoY.

• Credit Quality: In Europe, upgrades comprised 85% of total rating actions by the main CRAs during Q4 2024, up from 78% of total rating actions during Q3 2024.

• STS issuance: In Q4 2024, EUR 16.5 bn of securitised product was notified as STS to ESMA and the FCA, representing 26.2% of the total issued volume in Q4 2024 (EUR 63.0 bn). Out of the EUR 16.5 bn in STS issuance, EUR 13.7 bn was placed, representing 44.1% of total (STS & non-STS) placed issuance in Q4 2024 (EUR 31.1 bn).

• SRT issuance: Based on SCI and RTRA data, quarterly SRT issuance in Europe reached EUR 74.0 bn in Q4 2024, an increase of 101.1% from Q3 2024 and an increase of 48.0% from Q4 2023.