International SF Weekly: UK BTL RMBS and CMBS refis

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International SF Weekly: UK BTL RMBS and CMBS refis

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International SF Weekly

UK BTL RMBS and CMBS refis

Both primary and secondary market activity remained elevated last week: Europe and 27 July 2026

Australia priced 3 new transactions each, with the visible pipeline having 1 deal each. Structured Finance

EUR CLO saw 5 new issues, 4 resets and 2 refis last week. While we expect market EMEA, APAC, LatAm

activity to slow down due to the summer holidays and in hope of escalating geopolitical ABS CMBS RMBS CLO

conflicts’ ramp-down, we do not expect market activity to come to a complete stop:

taking advantage of narrow windows of opportunity on the primary or secondary market AlexanderInt'l Str. Fin.Batchvarov,Strategist CFA

may be the summer 2026 modus operandi of the European and Australian markets. See BofA Europe (Zurich)

Int’l SF Weekly Data Addendum: Slowing, but not stopping? dated 27 July 2026. +41alexander.batchvarov@bofa.com44 297 7469

The escalation of conflicts in the Middle East and Eastern Europe, the building up of El AltynayInt'l MBS/Davletova,ABS StrategistCFA

Nino risks do not bode well for inflation (energy and food, in particular). ECB was on hold MLI (UK)

+44 20 7995 3968

last week, and so is likely to be BoE this week, but the probability of hikes in September altynay.davletova@bofa.com

are rising to near certain. The market focus in the summer will likely be on the number Mark Nichol

of hikes (1-2 in Europe, 1-3 in the US, 0-1 in Australia, 1-3 with delays in Japan) then Int'l CMBS/ABS Strategist

MLI (UK)

shifting in the autumn to the speed of 2027 cuts (or not). +44 20 7996 0965

mark.nichol@bofa.com

Dustin Walpert, CFARMBS: UK BTL RMBS performance resilient

European CLO Strategist