EUR 114.4 billion of securitised products were issued in Europe in Q1 2011, a decrease of 30.1% from Q4 2010 (EUR 163.6 billion), but an increase of 134.5% from Q1 2010 (EUR 75.5 billion). Placed issuance made up 21.8% (EUR 25billion) of total issuance, an increase from Q4 2011 at 12.8% (EUR 21billion), and similar to the 2010 full year average of 23%.

” Placed issues continue to predominantly be Dutch and UK RMBS; although a significant proportion in Q1 (16% at EUR 4 billion) came from electricity tariff securitisations from Fondo del Amortizacion del Deficit Electrico (FADE), which are fully guaranteed by the Spanish government.

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, Director of Capital Markets: Rick Watson
• Associate: Sidika Ulker

SIFMA Research

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