International SF Weekly: Of EU VAT, DE CB, EU ESN and European SME finance

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International SF Weekly: Of EU VAT, DE CB, EU ESN and European SME finance

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International SF Weekly

Of EU VAT, DE CB, EU ESN and European

SME finance

The international securitisation markets snapped back into action after a week of words 22 June 2026

(aka conference discussions) in Barcelona. The broader geopolitical backdrop helped Structured Finance

markets last week, too. However, uncertainties and tail risks remain, which may explain EMEA, APAC, LatAm

the frenzied pace of market activity: taking advantage of a window opening, given ABS CMBS RMBS CLO

uncertainty as to how long it remains open. Spreads were marginally tighter WoW in

mortgages, consumer and CRE sector in Europe and Australia, but stable to softer (in AlexanderInt'l Str. Fin.Batchvarov,Strategist CFA

single-Bs) for CLOs. All else being equal, we expect a sustained high level of activity in BofA Europe (Zurich)

+41 44 297 7469

the days to the end of 1H26. See International SF Weekly Data Addendum: Back in alexander.batchvarov@bofa.com

action, dated 22 June 2026. Altynay Davletova, CFA

Int'l MBS/ ABS Strategist

Commentary: Of EU VAT, DE Pfandrief, EU ESN and MLI+44 (UK)20 7995 3968

European SME finance altynay.davletova@bofa.com

Mark Nichol

We explore four different topics, partially or fully interconnected. We discuss the Int'l CMBS/ABS Strategist

potential EU SPV servicing fee VAT liability, the proposed and likely changes in German MLI (UK)

+44 20 7996 0965

covered bond law, the introduction of ESN for SME in the EU by Bpifrance (state-owned mark.nichol@bofa.com

development bank) and the UK BBB’s (British Business Bank) first investment in Velocity Dustin Walpert, CFA

2026-1 PLC – a traditional securitisation of equipment leases to UK SMEs by UK NBFI European CLO Strategist MLI (UK)