International ABS Weekly: 17th July 2026: A generational heater

Research evidence excerpt

International ABS Weekly: 17th July 2026: A generational heater

J.P. Morgan Securities plc Europe Credit & Securitized Products Research

Meghan Kelleher AC 17 July 2026 J P M O R G A N

(44-20) 7134-2591

meghan.c.kelleher@jpmorgan.com

International ABS Weekly: 17th July 2026

A generational heater

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• The IABS primary market remains as active as ever in mid-July, as 7 deals in

Europe placed €3.5bn of supply with investors this week and 5 more transactions

(2 European, 3 Australian) were added to the pipeline. YTD distributed European

ABS issuance of €72.8bn has now exceeded the annual issuance tally in 9 of the 16

years in the post-GFC era. Australian issuance of €28.2bn also remains the largest

YTD total in the post-crisis period, with 6 deals from the jurisdiction in the pipe-

line.

• With the week’s supply featuring a mix of more traditional asset classes and newer,

more unique offerings (including the inaugural ABS transactions from 2 issuers),

issuer diversity in 2026 YTD is shaping up very well compared to recent years,

particularly in the Eurozone.

• Demand for primary supply remains solid, particularly for non-senior risk,

although senior pricing levels in more-supplied asset classes (such as UK Prime

RMBS and UK BTL RMBS) remain wider than levels seen earlier in the year. This

week’s Eurozone deals were well-received by investors, as the nature of the 4 deals