标普信评带你看世界——结构融资：境外资产证券化市场回顾及热点洞察

Market Overview - The U.S. asset-backed securities (ABS) market's issuance share of the overall fixed income market has decreased from a peak of 38% in 2021 to approximately 19% in 2024, yet it remains a significant component of the U.S. capital market [3][68]. - The total issuance of asset-backed securities in the U.S. reached $10.43 trillion, with a notable decline in 2022 due to the Federal Reserve's interest rate hikes and rising credit risks, leading to a 53% drop in issuance [5][78]. - As of the end of Q3 2025, approximately $1.7 trillion has been issued in the U.S. asset-backed securities market in 2024, indicating a recovery trend [13][78]. Market Insights - The European asset-backed securities market has shown recovery since 2023, with an estimated issuance of €2.449 trillion in 2024, reflecting a year-on-year growth of about 15% [14][85]. - By the end of Q2 2025, the total outstanding size of the European asset-backed securities market was approximately €125.3 billion, primarily composed of RMBS and CDO/CLO, which accounted for 46% and 22% respectively [14][85]. - The share of placed issuance in the European asset-backed securities market has increased from about 38% in 2015 to approximately 63% in 2025, indicating a trend towards more marketable securities [14][85]. Market Hotspots - The global issuance of asset-backed bonds reached a record high of €689 billion in 2023, driven by demand for alternative financing tools as banks shifted away from quantitative easing [35][95]. - Asset-backed bonds have demonstrated resilience even during economic turmoil, with Europe remaining the largest market for these securities, having issued over €140 billion by the end of 2024 [35][95]. - Notably, asset-backed bonds have been rated above sovereign ratings in certain cases, with examples showing ratings exceeding sovereign levels by up to 4 notches due to structural mitigants and legal frameworks [29][31][36]. Market Outlook - The asset-backed securities market is expected to continue evolving with innovative products and development trends, particularly in response to macroeconomic conditions and regulatory changes [67].