absdataNotes on EU Securitisation Law
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Papers

Long-form briefing papers and working notes — downloadable as PDF.

This section collects longer write-ups on specific questions of EU securitisation and structured-credit law — the kind of material that does not fit into a short topic note on this site. Each paper is available as a PDF download in a consistent absdata layout.

Available papers

Briefing dossier

CRE Structured Credit — An Expanding Universe

CMBS · SRT · Fund Finance · Back Leverage. A briefing dossier prepared in the context of the CREFC Europe Spring Conference 2026.

April 2026 PDF ≈ 20 pages

European commercial real-estate credit markets are passing through the most profound structural change of the post-GFC era. Basel 3.1 / CRR3, the post-2022 rate reset and a €315 bn refinancing wall across 2025–2026 are forcing banks to re-engineer how they originate and fund CRE loans. This dossier maps the structured-credit toolkit — CMBS, Significant Risk Transfer, fund finance (subscription, NAV, CFO) and back leverage — across mechanics, 2025/26 market data, regulatory framework and key legal issues for practitioners.

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Forthcoming. Further papers are in preparation, including a comparative note on the Council and Parliament positions on the reform of the EU Securitisation Regulation (see the Reform topic page) and a piece on synthetic STS unfunded protection.