European Fibre ABS: From Build-out to Securitisation

European fibre build-out has required substantial capital investment, funded through a combination of sponsor equity, bank facilities, private placements, and project finance debt. As networks move beyond the construction phase and begin generating stable operating cash flows, sponsors may seek to refinance these assets through longer-term capital markets funding. For selected portfolios of operating assets with recurring revenues and a clearly defined collateral package, securitisation may become a viable financing option.

The US fibre ABS market provides the clearest securitisation reference point, while European fibre financings offer useful context on operating performance and contractual revenue models. As of May 2026, KBRA had rated approximately $29.9 billion of US fibre ABS and rated or assessed EUR23.9 billion equivalent of global fibre infrastructure and project finance debt, including EUR21 billion equivalent of European transactions.

In this report KBRA examines how…