Luxembourg’s securitisation market continues to show that growth and resilience can go hand in hand. Even with slower economic conditions and ongoing geopolitical uncertainty, activity did more than stay stable in 2025. The year ended with one of the strongest results since the Securitisation Law was introduced in 2004. Based on our analysis of the available market data, the number of active securitisation vehicles reached 1,682 by year‑end, up from 1,541 the year before. This net increase is supported by 244 new vehicles. This was the highest number of new formations recorded in a single year since the 2004 law came into force.
What lies behind these headline figures is a market that is sharpening the way it grows. Survey responses show that the use of multi‑compartment vehicles remains the standard approach, with most respondents observing structures designed to accommodate multiple transactions within a single vehicle. In practice, vehicles most commonly operate with between two and ten compartments. The framework does not set a maximum limit on the number of compartments and some vehicles in the market have reached up to two thousand active compartments.
A clear majority of participants report that the transaction size of deals they observe exceed EUR 100 million, while smaller tickets are becoming less common, suggesting that new structures increasingly launch with critical mass rather than building from very small starting points.
Asset composition shows continuity alongside gradual adjustment. Trade receivables remain the most frequently observed asset class, followed by bond and fund repack transactions and lease receivables. Financing patterns reflect similar pragmatism. Non-tranched notes remain the most commonly used instrument, while tranched notes and loan funded structures continue to feature prominently. Private placements and unlisted securities dominate issuance, and where listing is used, activity remains largely focused on Luxembourg platforms like the primary market or Euro MTF.
Legal certainty and structuring flexibility remain central to Luxembourg’s appeal, although respondents continue to highlight practical constraints such as competition with other jurisdictions and costs. Even so, expectations for the coming one to five years remain positive. Most participants foresee further growth, increasingly linked to wider European market dynamics and to the rising integration of securitisation with alternative investment fund structures.
Readers looking to explore the findings in more depth, including insights directly from market participants, can access the full survey and analysis here.
Aynur Jabbarbayli, Senior Associate, PwC Luxembourg
Andrei Radu, Director, PwC Luxembourg
Markus Zenz, Partner, PwC Luxembourg