2025年结构融资：境外资产证券化市场回顾及热点洞察（一）-标普信评

Market Overview - The global offshore asset securitization market is experiencing a differentiated recovery, with the US market remaining a significant component despite a decline in its share of the fixed income market compared to peak levels. As of Q3 2025, the issuance volume reached approximately $1.7 trillion, primarily backed by auto loans, credit cards, and student loans [1][2] - The European market has a substantial existing scale, with issuance recovering since 2023, totaling around €188.7 billion in the first half of 2025. The share of placement-type products is continuously increasing, with STS (Simple, Transparent, and Standardized) products becoming a key growth driver, focusing on consumer loans as the underlying assets [1][2] Market Hotspots - Asset-backed securities (ABS) are a core market hotspot, demonstrating strong resilience against risks. The global issuance volume for these products reached a historical high in 2024, with Europe being the primary market. The ability to surpass sovereign rating ceilings is a significant highlight, with major rating agencies allowing upgrades of up to six notches above sovereign ratings [2][3] - Cross-border REITs (Real Estate Investment Trusts) in Hong Kong and Singapore exhibit distinct characteristics and a diversified landscape. These products showcase strong cyclical resilience through diversified investment portfolios, mature acquisition and exit mechanisms, and flexible financing models. However, some products face challenges due to reliance on single asset types and regional structural risks, emphasizing the importance of asset quality and risk control [2][3] Market Insights - The future of the market will focus on innovative products and digital transformation. Emerging trends include the rise of new asset securitization products such as data centers and private credit, with blockchain technology driving digital upgrades in the industry. Overall, the offshore asset securitization market is gradually returning to stability after fluctuations, with high-quality underlying assets, robust risk control mechanisms, and flexible product designs becoming core competitive advantages [3]