In Q4 2012, EUR 51.1 billion of securitised product was issued in Europe, a decline of 14.7% and 62.6%, respectively, from Q3 2012 (EUR 59.9 billion) and Q4 2011 (EUR 136.4 billion). Of the EUR 51.1 billion is-sued, EUR 14.5 billion was placed, representing 28.4%, compared to EUR 15.0 billion placed in Q3 2012 (representing 25.1% of issuance) and EUR 25.6 bllion placed in Q4 2011 (representing 18.8% of issuance).

For the full year, EUR 238.0 billion of securitised product was issued in Europe, a decline of 36.0% from 2011. However, a higher proportion by euro volume was placed in 2012 (30.3% of issuance) compared to 2011 (23.7% of issuance).

Net issuance in the fourth quarter remained negative, with placed supply paying down at double the rate of retained debt. At the end of Q4 2012, 1.7 trillion was outstanding, of which 896.0 billion (52.8% of outstanding) was retained, presumably for repo or other secured financing.

Traditional asset classes continue to dominate placed issuance, led by Dutch RMBS, UK auto, UK RMBS and German auto. One outsized French factoring re-ceivables was also placed in the fourth quarter.

About the Report

The AFME / ESF data report, done in partnership with AFME / ESF, is a quarterly report that consolidates both U.S. and European data for the securitisation markets:

• issuance activity;
• deal sizes;
• outstanding balances;
• rating changes;
• credit spread changes;
• index data;
• ABCP issuance; and
• highlights and commentary.

For more information on AFME’s efforts in the European structured finance sector, please visit AFME.

Credits

AFME / ESF

• Managing Director: Richard Hopkin
• Associate: Vicenzo Anghelone

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Director, Research: Sharon Sung