Trade receivables securitisation – from funding tool to strategic asset
Trade receivables securitisation has proven its resilience, continuing to grow despite a challenging economic backdrop. As the market matures, the conversation is expanding beyond accessing funding to building resilient, well-governed programmes that deliver long-term value. A new report, published by GlobalCapital and sponsored by TMF Group, explores how the TRS market is evolving and how participants are responding to increasing operational, governance and risk management challenges.
Over the past few years, trade receivables securitisation (TRS) has emerged as one of the more resilient tools in structured finance. It has endured a pandemic, supply chain disruption and, more recently, renewed geopolitical and credit market uncertainty. In my view, this performance is not accidental. It reflects the structural advantages of TRS for companies seeking to unlock working capital and diversify funding sources in an increasingly complex environment.
No longer experimental or opportunistic, this structure is now firmly embedded in strategic decision‑making around balance sheet efficiency, liquidity management and portfolio construction. In a new report published by GlobalCapital and sponsored by TMF Group, Unlocking liquidity: a trade receivables securitization survey, we examine how that shift is playing out in practice. Drawing on insights from across the TRS ecosystem, the report explores where demand remains strong, where frictions persist and the factors shaping growth, participation and risk management as the market matures.
The findings point to a market defined by adaptation rather than retrenchment. Participants are responding to greater complexity with tighter standards, stronger governance and greater emphasis on execution. Growth continues, but with a sharper focus on transparency and sustainable structures.
This adaptation is taking place as the credit cycle enters a more challenging phase, with recent credit events highlighting a central lesson: asset quality, transparency and operational discipline matter just as much as yield. In this environment, TRS sits at an important crossroads. It offers protection against long-term valuation risk, but only when supported by robust assets and processes.
This is where specialist service providers play an important role: as TRS transactions scale and scrutiny increases, independent transaction support and strong operational infrastructure become central to effective execution across jurisdictions.
As TRS continues to evolve, its long‑term success will depend not only on demand or innovation, but also on the strength of the frameworks that support it. We’re pleased to sponsor this report and hope it serves as a valuable resource for market participants seeking a clearer understanding of the TRS landscape and the considerations that will shape its next phase of development.
