EUR 75.5 billion securitised products were issued in Europe during Q1 2010, with approximately 18.9% issues publicly or privately placed while the remaining transactions have been retained by the respective originators. In Q1 2009 issuance amounted to EUR 123.2 billion but publicly placed transactions accounted for only 1.7%.

Notably, in Q1 2010 a few placements of previously retained issues have been completed. Some fundamental issues continue to prevent a full recovery of the securitisation market, including a reduced investor base, competitive sources of funding, sovereign debt woes, continued overhang of retained issuance and regulatory uncertainty.

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: Rick Watson
• Associate: Anna Zennaro

SIFMA Research

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