By Francois McManus, Client Relationship Director
Global securitisation markets are evolving rapidly due to regulatory reforms, private credit growth and the operational complexity of cross-border structuring. These influencing factors represent long-term structural shifts rather than purely cyclical issuance dynamics, intensified by the backdrop of market volatility.
As issuance volumes continue to rise across mature markets such as Australia, Europe and the U.S., the capital markets are adapting to higher interest rate environments, increased regulatory scrutiny and the growing role of non-bank capital. Growth is being driven more by capital diversification, funding optimisation and disciplined investor behaviour than by underlying credit expansion alone.
In this context, scaling securitisation platforms sustainably demands strong governance, execution certainty and effective cross-border coordination.
Clients are increasingly asking us:
- How can cross-border asset-backed securities (ABS) platforms be structured more efficiently?
- Which jurisdictions offer the greatest regulatory certainty and scalability?
- How can operational complexity be managed across multiple service providers and funding channels?
These questions reflect the broader market shift. As securitisation platforms expand across jurisdictions and asset classes, success depends not only on structuring expertise, but on the ability to execute consistently within an increasingly complex operational and regulatory landscape.
Ahead of Global ABS 2026, this article explores key ABS market trends to help solution some of the core challenges facing our clients in this space.
Cross-border platforms and jurisdictional optimisation
Securitisation is expanding not only across borders but into more esoteric asset classes like solar and data centres, trade receivables, and infrastructure-linked cash flows. This necessitates flexible structuring supported by leading financial jurisdictions.
The U.S., Cayman Islands, Australia, Italy, France, Luxembourg, the Netherlands, Ireland and the UK all continue to play a key role, offering legal and regulatory frameworks capable of supporting complex SPV arrangements and cross-border issuance strategies.
We’re seeing a shift towards platform-based securitisation strategies rather than standalone transactions, and sponsors are increasingly adopting multi-jurisdictional issuance platforms, for example leveraging:
- Ireland for SPV structuring and listing
- Luxembourg for securitisation vehicles and warehousing
- The Netherlands and France for specific structuring efficiencies such as strong asset segregation and true sale securitisations
- Australia for its established securitisation markets and strong domestic issuance, supported by growing offshore investor participation
In Europe, 80% of securitisation activity remains highly concentrated in five EU member states – namely France, Germany, Italy, Spain and the Netherlands. Residential mortgage-backed securities (RMBS) are a major component, with the same five nations leading origination.
France is one of Europe’s largest securitisation markets, supported by deep mortgage and consumer credit pools, a broad range of eligible asset classes, and a robust, modern legal framework that underpins recurring issuance and strong investor confidence.
Other commonly used domiciles include:
- Luxembourg – valued for its extensive fund and SPV infrastructure, strong regulatory clarity and established investor base
- Ireland – widely used for European collateralised loan obligations (CLOs), STS and non‑STS deals, and other structured finance vehicles due to efficient tax treatment and a well‑developed securitisation regime
- Cayman Islands – typically preferred for global or multi‑jurisdictional transactions, including CLOs, due to neutrality, flexibility and long-standing structured finance familiarity
- UK – offers a mature and innovation-led securitisation market, underpinned by deep investor demand, a highly developed legal and regulatory framework and strong structuring expertise, particularly in RMBS, ABS and emerging asset classes
Ultimately, choice(s) will depend on tax considerations, regulatory requirements and investor preferences.
Operational complexity and outsourcing trends
Naturally, the benefits of cross-border platforms and jurisdictional optimisation come with added operational complexity, requiring coordinated governance, administration and oversight across multiple legal and regulatory environments.
As securitisation structures become more sophisticated, issuers are managing:
- Multiple SPVs across jurisdictions
- Parallel public and private funding structures
- Increasingly complex investor reporting and compliance requirements
This complexity has accelerated a clear trend towards outsourcing core administrative functions, including:
- SPV administration
- Corporate services
- Investor reporting and compliance
Within this, we’re also seeing a shift towards third-party service providers (like IQ-EQ) offering integrated global support solutions, rather than fragmented local services.
Beyond general efficiency, this trend reflects broader recognition that operational consistency and data integrity are essential to maintaining investor confidence and supporting scalable growth.
Operationalising complexity: the real differentiator
The most successful ABS issuers in 2026 will not necessarily be those with the most innovative assets but those who can operationalise multi-jurisdictional structures seamlessly through a single, coordinated platform. In an environment defined by complexity, execution capability is critical.
At IQ-EQ, our integrated, multi-jurisdictional servicing platform enables clients to respond efficiently to market challenges and opportunities while maintaining flexibility and scalability. Through our comprehensive range of administration, compliance and reporting services, we support our clients’ growth, success and long-term resilience.
Let’s continue the conversation at Global ABS 2026
All the themes discussed here will be front and centre at Global ABS 2026 (9–11 June, Barcelona), the global meeting place for securitisation and structured finance professionals.
I’ll be attending with more than 20 colleagues from across IQ-EQ’s global network, reflecting the breadth and depth of our capital markets expertise and our combined experience supporting clients with increasingly complex, multi-jurisdictional structures.
If you’re attending, make sure you stop by our booth (E14–E15) to say hello. We’d welcome the opportunity to connect and discuss how IQ-EQ could help you achieve structural resilience in today’s securitisation markets.
