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Securitisation in Luxembourg

PwC Market Survey 2022

Following the positive feedback we received about our survey on the Luxembourg securitisation market in the previous years, we have asked your opinion again in 2022 and we are now happy to present the results of this year’s survey.

As in the prior year, we have contacted and received feedback from the main Luxembourg market participants, such as corporate servicers, law firms, banks and arrangers. 

A glimpse of the Securitisation Survey findings

For the first time since we make our survey, banks were not perceived to be the main investor group in Luxembourg securitisations. Those were investment funds together with insurance companies and pension funds, which were already identified as key investor group in the past. Private Equity investors increase in relative importance. This underpins the perception of Luxembourg as a comprehensive market that offers a full toolbox of possible vehicles and structures. With the possibility of new legal forms following the modernisation of the Luxembourg Securitisation Law (e.g. creation of a securitisation vehicle as SCSp), the use of securitisation vehicles may become even more interesting for private equity investors.

What are the most common investor types you observe?

Luxembourg competitive advantage and challenges

The fact of having a dedicated Securitisation Law remains the key selling point for Luxembourg. As expected, the modernisation of the Securitisation Law adopted in February 2022 is also perceived very positively by the majority of respondents. One of the features of the Securitisation Law remains the possibility to create distinct and segregated compartments on a legal basis, which is one of Luxembourg’s competitive advantages. Furthermore, taxation plays a relevant role for decision takers, but with less relative importance than prior year. Based on our experience, taxation is not the main driver to set up a securitisation vehicle in Luxembourg, but rather an element checked to ensure tax treatment not being disadvantageous.  

In your opinion, what attracts arrangers for setting up a securitisation vehicle in Luxembourg?

Contact us

Holger von Keutz

Securitisation Leader

Tel: +352 49 48 48 2383

Markus Zenz

Partner, PwC Luxembourg

Tel: +352 49 48 48 2647

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