European Asset Backed Barometer: Weekly Market Monitor

Research evidence excerpt

European Asset Backed Barometer: Weekly Market Monitor

15 May 2026

European Asset Backed Barometer

European Asset-Backed Barometer – Weekly Market

Monitor

Primary Issuance

The European securitisation primary market has remained constructive this week,

albeit with a more measured pace of supply relative to the prior week’s heavier

issuance. This week saw 5 non-CLO transactions price, characterised by robust

oversubscription, consistent tightening from IPTs, and selective deal upsizing,

underlining the continued depth of investor demand. This week’s activity has

spanned European Auto ABS, Consumer ABS and UK RMBS, demonstrating

robust demand across the asset classes, although — as in recent weeks — pricing

power has been most evident in mezzanine tranches. Notably, this also included a

debut French Consumer ABS transaction from Boursorama SA.

In the CLO space, issuance has remained steady this week, with two new issue

transactions — Seabury Park CLO DAC and Silver Point Euro CLO 2 — pricing in

the European market. The €403m Seabury Park CLO, managed by Blackstone,

priced across the stack at a DM of 126/175/195/300/510/810 bps (Classes A–F),

leaving levels at the tighter end of recent clearing levels. The transaction featured

a non call period to January 2028 and a reinvestment period running to January

2031.

Alongside this, Silver Point Euro CLO 2 also priced with spreads of

132/205/225/320/550/870 bps (Classes A–F), representing a modest concession

across the stack relative to Seabury Park, particularly in mezzanine tranches.

Notably, the senior Class A tranche was split between an offered bond and a pre

placed pari passu loan note.

On Wednesday Hiltermann Leases priced its most recent Dutch Auto Lease ABS

Hill FL 2026-1 B.V.