International Comparative Legal Guide to Securitisation 2026

I am
privileged once again, on behalf of Sidley Austin LLP and as the Guide's
Contributing Editor, to author the Preface to the latest edition of ICLG -
Securitisation, which continues to be one of the most comprehensive
comparative guides to the practice of securitisation available today.



The Guide
is now in its 19th edition, which provides continued proof that it
continues to be as relevant today as ever.



At the
time of writing, in April 2026, the securitisation markets are trying to take
stock of the most recent macro and geopolitical factors (the continuing Iran
war, concerns around the performance and perceived opacity of private
credit/ABF, as well as the effect of AI, amongst other topics) and also dealing
with a glut of regulatory proposals (with the UK/PRA having sent out
consultation papers on the UK Securitisation framework in February 2026 and the
European Parliament currently working towards finalising its review of the EU
Securitisation framework). Any slowdown
in market activity has followed a sustained period of high issuance levels
throughout 2025 and into Q1 2026, which had been accompanied by a general
positivity in many asset classes around a renewed desire to sustain and grow
the European securitisation markets, evidenced by a growing number of helpful
pronouncements from regulators and law-makers.



Looking back at the year in securitisation, last year
(2025), the financial data (all data from AFME Securitisation Data Report Q4
2025 & 2025 Full Year) records EUR 252.3 bn of securitised product issued
in Europe, an increase of 3% from the EUR 244.9 bn issued in 2024, of which c.
EUR 156 bn was placed, representing c. 62% of the total (compared to c.
58% in 2024). This was the highest
issuance level since 2009 (non-inflation adjusted). Of that issuance, CLOs again led the line,
with EUR 60.5 bn in placed issuance over 2025, an increase of 23% over
2024. ABS and SME securitisations
increased by 5.1% and 67.8% respectively and RMBS issuance declined across the
full year by 16.4%, with issuance volumes the lowest for this asset class since
2021. STS issuance represented c.
30% of total issuance (up from 27%), which continues to be disappointing in
light of the EU's desire to increase that label's usage (although it was a
15.2% increase in real terms). SRT
securitisations continued to gain ground, increasing in issuance terms to c.
EUR 206.8 bn, up from c. EUR 152.8 bn in 2024.



If
2025 represented a modest increase in issuance levels across the securitised
product spectrum, the pace of global regulation affecting securitisations also
continued unabated, with the major global regulators across the US, Europe, the
UK and other relevant international jurisdictions continuing to press ahead
with consultations and rule-making workstreams that will continue to affect
issuance and structuring of securitisations across all asset classes and
product types (many of which you can read about in the various chapters of this
year's Guide as usual).



It
seems as critical and worthy a task as ever, therefore, to maintain an accurate
and up-to-date Guide regarding the relevant practices and regulation of
securitisation in a variety of jurisdictions.
The 2026 edition of this Guide seeks to accomplish that objective
by providing global businesses leaders, in-house counsel and international
legal practitioners with ready access to important information regarding the
legislative and regulatory frameworks for securitisation across 20 individual
jurisdictions. It also surveys practices
from the perspective of leading and experienced practitioners in these
jurisdictions through the expert analysis chapters (which continue to be of
even wider scope, and even more thought-provoking content, than previous
editions), and our genuine thanks go to all of the many contributors for
sharing their knowledge and experience again in this year's Guide.



We
hope that you continue to find the Guide a useful and engaging insight
into the world of securitisation.



Rupert Wall



Contributing Editor,



Partner, Head of Global Finance in Europe,



Global Co-Head of Structured and Asset-Backed
Financing Practice,



Sidley Austin LLP