- A large and expanding global market across regions
- A broader investable universe beyond domestic allocations
- Differences in pricing, liquidity, and market structure across regions
Global securitised credit spans the US, EU, UK, and Australia, with a combined market estimated at approximately €5 trillion.¹ For European investors, including global assets—particularly from the U.S.—may expand the investable universe from approximately €668 billion to around €1.3 trillion.²
Differences in regulation and market structure contribute to variation in spreads, liquidity, and asset availability across regions.
- Relative Value
- Portfolio Role
- Market Developments
Securitised assets have historically traded at higher spreads than traditional fixed income indices with comparable credit ratings.
Observed differences are influenced by market structure, supply, and investor participation.
Securitised assets provide exposure to diversified pools of underlying collateral, including residential mortgages, consumer loans, commercial real estate and corporate loans.
Unlike corporate bonds, where performance is linked to a single issuer, securitised assets derive cash flows from a broad pool of underlying assets. This creates exposure to a different set of underlying drivers within fixed income markets.
As a result, securitised assets can serve a distinct role within portfolio construction, complementing traditional corporate credit through differentiated exposures, cash-flow characteristics and sector composition.
Regulatory developments and issuance trends continue to shape the global securitised market. In Europe, ongoing review of the regulatory framework is focused on market access and structure.
At the same time, issuance across regions, including EU-compliant assets from the US and growth in markets such as Australia has contributed to a broader global opportunity set.
1 Bank of America Merrill Lynch, JP Morgan and Morgan Stanley, May 2025
2 BAML Research, September 2025
3 PGIM, Bloomberg, JPMorgan, September 2025.
4 Op. cit. Views: The Eurofi Magazine, October 2025
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