International SF Weekly: First half of 2026 mostly exceeded expectations

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International SF Weekly: First half of 2026 mostly exceeded expectations

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International SF Weekly

First half of 2026 mostly exceeded

expectations

A very strong showing on both primary and secondary markets in Europe and Australia 29 June 2026

last week is consistent with the usual market technicals associated with the end of first Structured Finance

half of the year, and with the perception (but not conviction) of reduced tail risks (e.g. EMEA, APAC, LatAm

uneasy cease-fire in the Middle East, including only retaliatory proportionate strikes). ABS CMBS RMBS CLO

Both primary and secondary volumes in select sectors recorded ytd highs or near-highs.

Spreads were mostly stable WoW. New issue pipeline suggests continuation of activity AlexanderInt'l Str. Fin.Batchvarov,Strategist CFA

See, Internation SF Weekly Data Addendum: End-June rush, dated 29 June 2026. BofA Europe (Zurich)

+41 44 297 7469

Commentary: Buoyant 1H26 = upward forecast revision alexander.batchvarov@bofa.comAltynay Davletova, CFA

We raise our 2026FY placed supply forecast for Europe (EUR177bn) and for Japan Int'l MBS/ ABS Strategist

MLI (UK)

private sector (post-GFC peak), we maintain forecast for 10% growth in Australia (to +44 20 7995 3968

AUD80bn) with a risk to the upside (new all-time record supply is possible), and flat for altynay.davletova@bofa.com

Japan agency MBS. Marginal upgrade of GDP growth on lower tail risks and energy Mark Nichol

Int'l CMBS/ABS Strategist

prices, along with fewer and/or slower rate hikes (except for the US), suggest positive MLI (UK)

backdrop for credit. We see continued strong demand for international SF products on +44 20 7996 0965 mark.nichol@bofa.com

both primary and secondary markets, supported by positive SF market fundamentals and