Los bancos disparan la cesión de riesgo pese a la preocupación de los reguladores

Spanish banks are rapidly increasing the securitization of credit risk, despite concerns from regulators, according to data released by the International Association of Credit Portfolio Managers (IACPM). Credit exposure from these securitized transactions reached 378 billion euros in 2025, a 170% increase over the past four years.

The past year saw record activity, with large European banks such as Barclays, Intesa, and Santander leading the charge, followed by American banks and smaller entities. The IACPM currently tracks over 800 securitizations and 62 entities, with credit balances totaling 905 billion euros in live transactions, up from less than 50 billion just a decade ago.

Regulators are expressing worry over the potential system-wide risk posed by private risk-sharing mechanisms, citing the European Central Bank and the Basel Committee as among those raising concerns. The IACPM warns that banks may be offloading risk to unregulated market actors, creating a growing supervisory blind spot. They recommend greater transparency in the market, but caution that it is unlikely to slow down.

Banks have found securitization a valuable tool for freeing up capital, improving solvency, and shedding less profitable loans, as evidenced by Santander's recent success in reinvesting freed-up funds into higher-yielding ventures.

The surge in securitization transactions reflects the growing demand among banks seeking to release capital for new lending that supports regional and global economic growth, according to the IACPM. There is no risk of buyer fatigue, as specialized credit funds and asset managers alike are increasingly interested in participating in these transactions.

In 2025, demand outpaced supply, leading to a decrease in credit spreads, according to the IACPM's report. Global systemically important banks accounted for 70% of securitization activities in 2023, up from less than half the previous year, as smaller entities entered the market and expanded their participation. The IACPM predicts continued growth in these transactions, fueled by increasing demand for credit to finance digitalization, climate, and cybersecurity investments, as well as an expanding pool of funds willing to back these operations.

Despite regulatory concerns, the association expects regulators to adapt the rules to accommodate the growing trend of securitization.