June 2025

Securitisation in Luxembourg: A comprehensive guide 2025

Securitisation in Luxembourg: A comprehensive guide 2025
  • Insight
  • June 05, 2025

European policymakers remain committed to securitisation as a key instrument in achieving the goals of the Savings and Investments Union (SIU)—formerly known as the Capital Markets Union (CMU). The new initiative reflects a reinforced focus on mobilising savings and channeling investments more effectively across Europe. While the name has changed, the core objectives remain: strengthening European capital markets and fostering economic growth. And securitisation has been identified as key contributor to these objectives.

In this guide, we present the basics of securitisation in general and in Luxembourg. In this year’s edition, we have primarily updated Chapter 5 on taxation. Notably, we have included commentary on the impact of certain amendments to the Pillar 2 Law and the introduction of the “single entity group” concept for applying interest limitation rules. This new concept has significantly reduced the uncertainty around the interest limitation rules under the Anti-Tax Avoidance Directive 1 (ATAD 1). 

As a result, Luxembourg continues to be one of the two leading jurisdictions for establishing issuing vehicles. In 2024, 190 securitisation vehicles were created in Luxembourg, bringing the total to around 1,590 by March 2025. We anticipate continued growth, driven by the updated Securitisation Law enabling 100% loan financing, partnerships, and clarity on ATAD I.

All these topics - and many more - are covered in the 14th edition of our reference guide for securitisation in Luxembourg.

Key figures

Yearly evolution of Luxembourg securitisation vehicles
Yearly evolution of Luxembourg securitisation vehicles

Source: PwC Analysis based on Luxembourg trade register, ECB statistics and CSSF figures


Euro area countries for securitisation
Euro area countries for securitisation

Source: PwC Analysis based on Luxembourg trade register, ECB statistics and CSSF figures

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Contact us

Holger  von Keutz

Holger von Keutz

Audit Partner, Securitisation Leader, PwC Luxembourg

Tel: +352 49 48 48 2383

Markus Zenz

Markus Zenz

Audit Partner, Securitisation, PwC Luxembourg

Tel: +352 49 48 48 2647

Luc Petit

Luc Petit

Tax Partner, Clients & Markets Hedge Funds Leader, PwC Luxembourg

Tel: +352 62133 31 48

Chantal Braquet

Chantal Braquet

Tax Partner, VAT, PwC Luxembourg

Tel: +352 62133 41 46

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