Global ABS: securitisation at a crossroads

The securitisation market is entering a period of profound change. From the evolution of regulations to the emergence of new asset classes and the increasing use of artificial intelligence, market players are evolving in an increasingly complex environment.

The topics discussed at the Global ABS 2026 conference in Barcelona highlight some of the challenges ahead. Here are a few of them.

To this end, the regulation of securitisation continues to evolve, with a view to (i) allowing UCITS to invest more widely in securitisation units, (ii) applying a proportionate penalty regime, and (iii) facilitating the participation of insurers. On this last point, the disparity between the United States and Europe is striking: American insurers devote about 25% of their balance sheet to ABS, compared to only 1.6% for European insurers. This discrepancy owes more to Solvency II capital requirements than to the underlying risk, and makes it necessary to revise the existing legislation.

As explained in a previous article, securitisation effectively finances the green transition, whether it be wind turbines or solar panels. In Europe, the beginnings are slow, because the market is fragmented. It will be necessary to wait until it has reached greater maturity to be able to make full use of the potential of this financial technique.

Data center securitisation is a novelty in Europe, where only Vantage Data Centers has used it, in Wales and Germany. But this market has significant potential, which we will explore in a future article.

In the space of six months, three major fraud cases have brought to light the same fatal flaw. Tricolor, a U.S. subprime auto lender, collapsed after pledging the same vehicle identification numbers in several warehouse facilities. First Brands, an American automotive supplier, is said to have manufactured and double-pledged $2.3 billion in trade receivables. Market Financial Solutions (MFS), a Mayfair-based lender, pledged the same UK properties to several institutional investors simultaneously.

In light of these frauds, securitizing companies should expect increased requirements for disclosure, regular audits and asset segregation. Investors and arrangers are actively exploring mechanisms (including technological solutions) to verify the exclusivity of assets.

AI is moving from pilot projects to production in securitisation transactions: verifying data at the level of securitised assets, monitoring compliance with contractual clauses, and automated reporting to investors are now real-world use cases.

Since 2024, Accola has advised five large companies on the creation or renewal of their securitisation programmes, representing more than €2 billion. We are eager to take on new challenges.