Curated short analyses
A deliberately short, curated set of notes on market and regulatory developments affecting European CRE structured credit. No news feed — just take-aways.
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2026-10-21Regulatory
Trilogue deal: Council and Parliament agree the Securitisation Regulation 2.0 package
Provisional political agreement in Strasbourg, late in the evening: risk-sensitive capital recalibration, the resilient category survives alongside a strengthened STS label, EU-level supervision of third-party verifiers, lighter due diligence and reporting, raised UCITS limits, insurers admitted to the synthetic market — and the due-diligence sanctions regime watered down. Texts not yet published. Full map on Securitisation Regulation 2.0.
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2026-10-01CMBS
European CMBS: €8.5 bn issued by September, data centres move into third place
Outstanding securitised CRE loans reach €24.3 bn, up 20% since end-2025; delinquencies fall from 19% to 16%. All 2026 maturities have been resolved, and only €3.3 bn falls due through 2029 — 58% of it office, nearly all already extended once. Data centres now rank behind only industrial and office. Analysis on CMBS.
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2026-09-23Back leverage
ESAs flag private credit and bank–fund linkages in their Autumn 2026 risk update
The Joint Committee of the ESAs puts EU/EEA bank exposures to private credit funds and related asset managers at close to EUR 150 bn (0.6% of total assets, June 2025), with bank lending to NBFIs up 10.4% in 2025, and asks banks to aggregate such exposures across business lines. Banks expect asset-quality deterioration to concentrate in CRE and SMEs. No new policy tools are proposed — monitoring, valuation and data gaps are the focus. Read-across on Back Leverage.
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2026-07-13Regulatory
Trilogue: agreement on unfunded credit protection and the due-diligence waiver
The threshold for unfunded credit protection by insurers falls from EUR 15 bn to EUR 10 bn, and the first-loss guarantee required for the due-diligence waiver from 15% to 10%. Investor-side sanctions remain unresolved; the Commission has been mandated to analyse them. The next trilogue session is set for 29 September 2026. State of play on Securitisation Regulation 2.0.
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2026-07-08Regulatory
Irish Presidency tables compromises on four contested points
The Presidency puts forward compromises on the UCITS single-issuer limit (40%, 30% or 20%, against the 50% previously discussed), on unfunded credit protection by insurers, on the due-diligence waiver and on the level of sanctions.
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2026-05-05Regulatory
ECON adopts its position on the Securitisation Regulation and the CRR
The European Parliament’s Committee on Economic and Monetary Affairs adopts its position on both files, by 33 votes to 25 in each case. Rapporteur: Ralf Seekatz. Parliament wants the “resilient securitisation” category deleted as conceptually confusing, but — unlike the Council — retains investor-side sanctions and a lead-supervisor concept.
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2026-04-16Briefing
April 2026 briefing dossier released
The April 2026 briefing dossier is available on the Papers page. 16 pages covering CMBS, synthetic securitisation / SRT, fund finance (including NAV facilities and CFOs) and back leverage — mechanics, 2025/26 market data, regulatory framework and the principal legal issues for practitioners.
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2026-03-05SRT
Global synthetic-securitisation issuance aimed at SRT hits record USD 41 bn in 2025 — and the CRE tranche more than doubles
Debtwire / ION reports a fifth consecutive record year for transactions aimed at Significant Risk Transfer. CRE and infrastructure issuance more than doubled year-on-year, with Europe accounting for 70%+ of global volume. Q4 2025 alone exceeded full-year pre-2022 volumes. Regulatory focus is shifting from Article 245 CRR mechanics to the downstream circularity with back leverage and the GRT-test implications of concentrated CRE reference pools.
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2026-02-05CMBS
European CMBS issuance 2025 — €8.7 bn across 17 transactions
2025 was the strongest year for European CMBS since the pre-GFC era. Weighted-average note margins tightened to four-year tights. Sponsor names (Blackstone, Starwood, EQT, Brookfield) and book-runners (Deutsche Bank, Goldman Sachs, Morgan Stanley, Bank of America) are concentrated; the investor base (ABS / RMBS accounts with long-unfilled CRE allocations) has re-built. 2026 pipeline reinforces the trajectory.
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2026-01-15Basel
PRA PS1/26 — Basel 3.1 final rules delayed to January 2027
The second PRA delay in twelve months lands the UK main capital regime at 1 January 2027, with transitional provisions running to end-2029. The EU, by contrast, is already inside CRR3 (since 1 January 2025), though the FRTB package has been pushed to 2027 and the output-floor transition extended to 2032. The U.S. has no final rule. The divergence itself is the driver for the CRE structured-credit toolkit — particularly synthetic securitisation (the dominant SRT vehicle) and back leverage, where the differential capital cost matters most.
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2026-01-05SRT
ECB fast-track for simple, repeat SRT transactions
Originators running recurring programmes face a shorter approval process. Together with the planned principles-based SRT test — at least 50% of unexpected loss transferred to third parties — the work shifts from individual approval to programme documentation.
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2025-12-10SRT
EBA Guidelines on SRT assessment — in force for 2025 pipeline
The EBA's final Guidelines on Significant Risk Transfer entered into force in 2025 and set the framework under which supervisors apply the three GRT gates (risk actually transferred; pricing / tranche sizing commensurate; structural robustness). The Guidelines codify prior ECB SSM practice and sharpen expectations on clean-up calls, replenishment and early-termination mechanics. CRE synthetic securitisations that relied on older precedent should be reviewed against the Guidelines before 2026 take-out.
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2025-12-08Regulatory
Council general approach on the Securitisation Regulation
The Council confirms proportionality in due diligence, the fifteen-day window for secondary-market purchases and the exemption for positions guaranteed by multilateral development banks — but strikes out the mandatory investor-side sanctions the Commission had proposed.
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2025-11-25Back leverage
Knight Frank “Behind the Stack 2.0” — European back leverage hits €30 bn
The 2026 edition of the Knight Frank Capital Advisory back-leverage survey confirms European outstanding at approximately €30 bn. 55% of surveyed lenders are now active; programmatic (rather than deal-by-deal) utilisation is up c. 90% year-on-year. Minimum day-one ticket sizes have shifted materially upwards. Development lending, historically the hardest sub-asset-class to back-lever, now reaches 80% of borrower needs — a striking change in appetite.
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2025-11-20Regulatory
Council narrows the definition of a public securitisation
A securitisation is to be public only where a prospectus is required; the Commission’s criterion of admission to an MTF or OTF is dropped. For private CRE transactions a single feature now decides which transparency regime applies.
Last reviewed: 2 October 2026. For primary sources, see Resources; for short definitions of the technical terms, see the Glossary.