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Investors weighed risk, relative value, and private credit growth

Record attendance and cross-sector panels framed Europe's evolving securitisation agenda

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Europe has set ambitious goals for growth, competitiveness, and security. Meeting them will require a financial system capable of mobilising capital more efficiently. Recent ECB analysis estimates that the European Union’s additional spending needs for the green, digital, and defence transitions have risen to almost €1.2 trillion per year. Whatever the exact figure, Europe will need deeper and more flexible financial markets to finance growth at the scale required.

Private credit’s expansion into areas long dominated by banks was one of the major themes of 2025. In structured finance, this has reshaped origination, deal structures, and investor access. Non-bank lenders have become major players in supplying assets across securitized products, with investors embracing this change given appealing yields and structural flexibility.

Long established as a leading player in its home regions, Nordic Trustee has expanded rapidly since entering the UK market. Anatoly Sorin, UK Head of Nordic Trustee, speaks to GlobalCapital about the firm’s growth, changing client expectations and why independent providers are increasingly delivering premium bespoke solutions in structured finance

The European securitization market has gone from strength to strength in the past year, with esoteric products and data centre ABS on the rise. GlobalCapital spoke to Matthew Jones, Managing Director, Executive Sponsor Global Structured Finance at S&P Global Ratings, about what is fuelling the market’s growth

PIMCO took home Portfolio Buyer and Securitization Senior Investor of the Year at this year’s European Securitization Awards. The awards reflect PIMCO’s scale, execution capability and expertise across public and private securitized credit. GlobalCapital spoke to Rachit Jain, Portfolio Manager, European RMBS, about the acquisition landscape, relative value and evolving opportunities across European credit.

Last year was a strong one for securitization in the US, with solid activity across ABS, RMBS, CMBS and CLOs coming with continued momentum in digital infrastructure and esoteric asset classes. Guggenheim Securities was at the forefront of the esoteric market, taking home the coveted Esoteric ABS Bank of the Year award. GlobalCapital spoke to Cory Wishengrad, head of fixed income, and Richard Onkey, senior managing director for structured product syndicate, about the firm’s competitive advantage – and where it’s seeing more growth opportunities.

For the 10th year running, Deloitte has been recognised as the accounting firm of the year, reflecting its strong commitment to developing the US securitization market and its ability to stay ahead of the curve when it comes to meeting client needs. GlobalCapital spoke to Greg Sobreiro, Audit & Assurance Managing Director and Deloitte & Touche’s US securitization market offering lead about the firm’s secrets to success – and how it plans to stay ahead over the next decade.

As credit markets evolve and banks shift assets off balance sheets, specialist servicers play a pivotal role. For the second year running, the market has recognised Pepper Advantage as the leading servicer in Europe. GlobalCapital spoke to Group CEO Fraser Gemmell about the firm’s rapid growth, what’s driving demand and how AI is reshaping servicing.

TenneT Germany - the country’s largest transmission system operator - had a momentous 2025. The company entered the debt market for the first time, securing a colossal €12bn RCF that earned both Deal of the Year and Best Germany, Austria and Swiss Deal. As TenneT Germany prepares to drive forward Europe’s energy transition, GlobalCapital spoke to Director of Treasury & Investor Relations Ricardo Claußnitzer about the background to the RCF, the immense demand it received and the company’s plans for a bond market debut.

After a strong 2025 at the top of the league table, it was no surprise to see Crédit Agricole CIB recognised as Best Arranger of French Loans and Best Arranger of Green / ESG Loans. GlobalCapital spoke to Albéric de Rivaz, Managing Director for Loan Origination, and Pascale Forde Maurice, Head of European Corporate Sustainable Banking, about what keeps the bank at the forefront of a dynamic market.

Once viewed as an important but additive source of investor demand, Middle East liquidity has grown into a force shaping deal economics across the international debt and equity markets

In recent years, Standard Chartered has expanded its structured credit and securitized products in both emerging and developed markets — establishing a strong footprint in private securitization and asset-backed lending. Tanja Petrovic, John-Paul Parker and Amit Padhye of Standard Chartered Bank describe the challenges and opportunities ahead

Structured finance issuance rebounded in 2025, buoyed by refinancing requirements and a yield-hungry investor base. As the new year approaches, all eyes are on the trends that will create risks and opportunities over the next 12 months. GlobalCapital spoke to leading analytics and risk-technology firm Numerix about key credit dynamics, investor behaviour and the technology shaping the market

The merger of Herbert Smith Freehills and Kramer Levin has created a legal heavyweight boasting over 2,600 lawyers spread across 26 offices worldwide. GlobalCapital spoke to Gilbert K.S. Liu, head of securitization in the US, and Michael Poulton, head of the firm’s London securitization practice, about the merger

The suprantional's head of funding, Darren Stipe, discusses its work in the Panda and Wonton bond markets

KfW is one of the leading issuers in the bond market, sometimes raising as much as €80bn across global bond markets each year. The German policy bank was at the forefront of green bond innovation and is positioning itself now to do the same thing in the digital bond market. All of this borrowing is done in the name of supporting Germany’s economic aims, making it an important global institution. That has become especially apparent since Germany’s new chancellor, Friedrich Merz, embarked earlier in the year on a vast infrastructure and defence spending programme, amid a time of low growth in the eurozone. Fresh from the World Bank/IMF Annual Meetings in October, and as part of KfW’s sponsorship of the GlobalCapital Podcast, its CEO Stefan Wintels talked to us about the difficulty in achieving global consensus, the importance of the green transition and the rise of the digital bond market.

Structured finance is expanding as alternative credit grows, new asset classes emerge and investors demand more targeted capital solutions. Products that were once firmly securities are moving up the capital stack, blending with hybrid equity and fund-level structures. GlobalCapital spoke with Michael Urschel, a partner in Kirkland & Ellis’ Complex Securitizations Practice Group, about what is driving the market’s rapid transformation and where securitization is headed next

Electronic trading is evolving rapidly as market interconnection deepens and clients demand greater speed and cross-asset access. With innovation accelerating, the next challenge is turning connectivity into better liquidity and smarter execution. GlobalCapital spoke to the co-heads of international developed markets at Tradeweb, Nicola Danese and James Dale, about breaking down market silos, linking liquidity across products and the technologies set to shape the next chapter of electronic trading

Public sector bond issuers navigated what turned out to be a sometimes volatile year in 2025 with aplomb. Many frontloaded issuance to derisk large borrowing programmes which stood them in good stead when choppier markets developed in response to US tariff policy and French political upheaval over its deficit, to name but two influences. Funding requirements among supranationals and agencies may prove little changed for the year ahead, but a host of factors are already visible that will influence how this group of borrowers approaches the bond market in 2026. Chief among them is the tightness of spreads to government bonds but there are others: further elevated government borrowing to fund defence and possibly even a new entrant to the market to raise money for that purpose; the evolving market for ESG investment; digitalisation of the bond market; and the rotation out of US Treasury holdings by international investors. GlobalCapital gathered a number of the SSA market’s key issuers in London in November to discuss how they will set about meeting these challenges.

This year, the outstanding volume of the Sukuk market exceeded $1 trillion for the first time. H.E. Dr Muhammad Al Jasser, President of the Islamic Development Bank, explains that this market is now integrated into global finance, promoting sustainable investment and transparency

As the move toward vehicle electrification gathers pace, the TRATON GROUP with support from SEB has unveiled a cutting-edge Green Finance Framework to back the group’s investments in battery-electric vehicles and prepare for a rising BEV-related financial services business. GlobalCapital spoke to Philipp Lotz, Head of Corporate Funding at TRATON, and Fredrik von Platen, Sustainable Finance Director at SEB, about TRATON’s green ambitions, the thinking behind the framework and what they are hearing from investors.

QIB has been proud to play a central role in supporting Qatar’s economic transformation, particularly during the unprecedented phase of growth leading up to the FIFA World Cup 2022.

With markets facing volatility, tighter regulation and digital change, technology providers are under pressure to deliver. Numerix — winner of Global Capital’s awards for Pricing & Valuation Provider of the Year and Risk Management Provider of the Year — has excelled through cutting-edge analytics, investment in R&D and a customer-centric approach. We spoke to the firm about how its solutions are helping clients navigate a rapidly evolving derivatives landscape.

Post Trade Solutions’ award-winning optimisation services have been a feature of the derivatives market for years, previously delivered under the Quantile brand. In 2025, its pivotal role in reducing client costs and tackling the industry’s fragmented approach to post-trade data saw it recognised once again as Optimisation Provider of the Year.