European SF Weekly: Monologous trialogue

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European SF Weekly: Monologous trialogue

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European SF Weekly

Monologous trialogue

Escalation of hostilities in the Gulf sparked a surge in secondary activity in Europe at a 20 July 2026

time when primary markets are slowing. The primary pipeline is clearing as markets Structured Finance

enter the summer lull period. Secondary markets posted the highest level of bid list Europe

activity in the past year with Eurozone, UK and Australian transactions well represented. ABS CMBS RMBS CB

Spreads widened in most sectors by 1-2 bp in low beta IG names. Higher beta and sub

IG widened more. See International SF Weekly Data Addendum: More talk than AlexanderInt'l Str. Fin.Batchvarov,Strategist CFA

action report, dated 20 July 2026. BofA Europe (Zurich)

+41 44 297 7469

Commentary: Monologous trialogue alexander.batchvarov@bofa.comAltynay Davletova, CFA

We review the starting point of the trilogue on securitisation regulation reform in the EU Int'l MBS/ ABS Strategist

MLI (UK)

by looking into whether the three EU policymakers’ packages as they stand today create +44 20 7995 3968

a game-change for securitisation demand and supply, and whether they balance and altynay.davletova@bofa.com

equally encourage traditional and synthetic securitisation in the EU. While the final text Mark Nichol

Int'l CMBS/ABS Strategist

is uncertain, the risk of monologues within the trialogue reconciliation may bring MLI (UK)

negative answers to both questions above. We look for positive answers by December. +44 20 7996 0965 mark.nichol@bofa.com

CMBS: Haus (ELoC 39) may need another restructuring DustinEuropeanWalpert,CLO StrategistCFA

The proposed restructuring looks preferable to a default scenario for all classes of notes, MLI (UK) +44 20 7996 0982

in our view.