Ireland is lagging its European peers in structured finance activity in 2026, with the market posting the lowest new issuance volume and deal count among seven countries tracked. As of 15 May 2026, the market has produced only three new transactions, underscoring a slower start than the same period a year earlier.
Highlights
- Ireland structured finance issuance reached EUR 1.2 billion across three deals by 15 May 2026, trailing last year's EUR 1.3 billion from four transactions.
- No asset-backed securities transactions have occurred in Ireland during 2026, compared to two ABS deals in full-year 2025 and none in 2024.
- Ireland remains a marginal issuer within European securitisation this year, with volumes concentrated in RMBS and NPL/RPL and lacking product diversification.
Issuance volumes trail prior year pace
As reported by Morningstar DBRS, Ireland has recorded two residential mortgage-backed securities deals worth a combined EUR 0.7 billion and one nonperforming loan and reperforming loan transaction worth EUR 0.5 billion as of 15 May 2026.That leaves total new issuance at EUR 1.2 billion across three deals, below the EUR 1.3 billion across four transactions noted in the comparable year-to-date period last year.
ABS gap adds to market weakness
Another sign of subdued activity is the absence of any asset-backed securities transactions so far in 2026. By comparison, Ireland recorded two ABS deals in full-year 2025, although there were none in full-year 2024.The figures indicate that Ireland remains a relatively small contributor to European securitisation issuance this year, with activity concentrated in RMBS and NPL/RPL segments rather than a broader mix of structured finance products.
Our earlier article on Alabama’s planned $75 million bond sale detailed the state’s upcoming June 15, 2026 issuance of general obligation bonds and Public School and College Authority pool bonds, both carrying ‘AA’ ratings with a Stable outlook. We highlighted that the ratings were supported by strong reserves and disciplined budget management, while also noting risks tied to reliance on sales-tax revenues and broader economic conditions.
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