Sources, dossier and companion sites
Primary sources, market data and related personal-notes websites. Where the briefing notes on this site refer to a dataset or a regulator publication, this page is where the underlying source can be found.
Briefing dossier
CRE Structured Credit — An Expanding Universe
16-page briefing 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.
Primary legislation and regulator publications
European Union. CRR3 / CRD VI (Regulation (EU) 2024/1623, OJ 19 June 2024); Securitisation Regulation (Regulation (EU) 2017/2402); Council of the EU, press release of 21 October 2026 on the provisional political agreement on the securitisation package (COM(2025) 825/826), see Securitisation Regulation 2.0; EBA Guidelines on SRT assessment (final, 2024); ECB SSM public communications on genuine-risk-transfer (GRT); Joint Committee of the ESAs, Update on Risks and Vulnerabilities in the EU Financial System – Autumn 2026 (JC 2026 29, 23 September 2026) — private credit and bank–fund linkages, see Back Leverage.
United Kingdom. PRA Policy Statement PS1/26 — Implementation of Basel 3.1: Final Rules; PRA supervisory statements on securitisation and SRT.
United States. Federal Reserve / OCC / FDIC proposed rule on Basel 3.1 “Endgame” and subsequent 2026 revision (not yet final).
Sustainable finance. Regulation (EU) 2020/852 (Taxonomy Regulation); Commission Delegated Regulation (EU) 2021/2139 (Climate Delegated Act); EU Green Bond Standard (Regulation (EU) 2023/2631); SFDR (Regulation (EU) 2019/2088).
Market data and research
CMBS. Scope Ratings — European CRE/CMBS: data centres take centre stage (1 October 2026); Scope Ratings — European CRE / CMBS outlook 2026 (7 January 2026); Structured Finance Association — Research Corner: How data center ABS and CMBS fit in a broader financing ecosystem (23 July 2026); GlobalCapital — Equinix points to new audience for data centre CMBS (29 July 2026); River Green Finance 2020 DAC — offering circular (4 February 2020), see CMBS · case study; S&P Global Ratings — European CMBS Monitor Q4 2025; KBRA — 2026 European Structured Finance Sector Outlook; CoStar / PERE — UK and Europe CMBS issuance 2025 review.
Synthetic securitisation / SRT. Debtwire / ION (N. Tipping, 5 March 2026) — Global synthetic-securitisation issuance aimed at SRT hits record USD 41 bn in 2025; Crescent Capital research on SRT utilisation headroom; IMF WP/25/200 — Synthetic Risk Transfers (October 2025); Moody's — Synthetic securitisations to support European banks (May 2025); AXA IM Alts, KKR, Ares, Pemberton 2025 insights.
Fund finance. Hogan Lovells — 2025 NAV Facilities Outlook; Loyens & Loeff — The rise of NAV finance; ILPA NAV Facilities Guidance (2024); Cadwalader Fund Finance Friday (Feb 2026); Gibson Dunn / Ropes & Gray FFA Global Symposium 2026 recaps; 17Capital deployment estimates.
Back leverage. Knight Frank Capital Advisory — Behind the Stack 2.0 (2026 edition); back-leverage borrower and lender surveys referenced throughout this site.
Basel / regulatory. BCLP (Izzi Buckingham) — Basel Endgame: Divergence, competition and the next strategic moves (2026); Bank of England / PRA — PS1/26 Implementation of Basel 3.1: Final rules; January 2025 delay announcement.
Legal commentary
German-language periodical literature on the reform of the Securitisation Regulation and adjacent questions. Cited on the pages indicated.
- Huertas, Die Reform der EU-Verbriefungsregeln Anfang 2026: Wo stehen wir jetzt und wie geht es weiter?, BKR 2026, 250 — Securitisation Regulation 2.0
- Brandt, Novelle des europäischen Verbriefungsrahmenwerks, RdF 2025, 164 — Securitisation Regulation 2.0, Regulatory
- Kindt, Synthetic Risk Transfers im europäischen und US-amerikanischen Aufsichtsrecht, BKR 2025, 1119 — SRT under US bank capital rules, Back Leverage
- Lechner / Weber, Strukturierte Finanzierungen und Pillar Two, RdF 2025, 108 — Pillar Two
- Könnecke, Auswirkungen des KrZwMG auf NPL-Transaktionen unter besonderer Berücksichtigung von Verbriefungsstrukturen und der Beteiligung von Kreditfonds, RdF 2026, 115 — Other bespoke structures
- Winkler, Zeit, dass sich was dreht — Wie die EU jetzt ihren Verbriefungsrahmen überarbeiten sollte, BKR 2025, 459
- Schalast, Novellierung des europäischen Regelungsrahmenwerks für Verbriefungen — Chance zur Ankurbelung von Investitionen, BB 2025, issue 37, cover section I
- Loff, EU Market Integration Package: Ein Meilenstein auf dem Weg zur Kapitalmarktunion oder bloß ein weiterer Schritt zur Zentralisierung der Aufsicht?, BKR 2026, 274
- Parmentier, Die Entwicklung des europäischen Kapitalmarktrechts in den Jahren 2024–2025, EuZW 2026, 421
Companion sites
absdata.de — Notes on EU Securitisation Law
Complementary site covering the EU securitisation framework itself — the Securitisation Regulation, STS criteria, transparency and due-diligence obligations, risk retention, and the interaction with CRR3. The original home of the April 2026 briefing dossier republished here.
railreg.de — Notes on Rolling Stock Financing in Germany
Personal notes on the regulatory and legal framework for rolling-stock financing in Germany — SPNV public transport authorities, Regulation 1370/2007 state-aid, Directive 2012/34/EU / ERegG, the TSI regime and ECM.
Last reviewed: 2 October 2026. Short definitions of the technical terms used on this site: Glossary.