In Q3 2018, EUR 53.6 billion of securitised product was issued in Europe, a decline of 21.3% from Q2 2018 but an increase of 9.0% from Q3 2017. Of the EUR 53.6 billion issued, EUR 29.6 billion was placed, representing 55.3% of issuance, compared to the 56.3% of issuance in Q2 2018 and the 47.7% of issuance in Q3 2017.

CLO refinancing (“refis”) activity continued in the third quarter of 2018; according to Refinitiv LPC, the combined amount of European CLO resets and refinancings totalled EUR 4.7 billion in Q3 2018 (EUR 5.1 billion in Q2 2018). Among placed issuance, PanEuropean CLO and UK RMBS led issuance totals, with EUR 14.2 billion and EUR 7.9 billion of issuance, respectively.

Outstanding volumes fell slightly to EUR 1.20 trillion outstanding at the end of Q3 2018, a decline of 0.4% QoQ and a decline of 0.2% YoY.

About the Report

The AFME Securitisation data report, done in partnership with AFME, 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

• Managing Director, Head of Fixed Income: Richard Hopkin
• Associate Director, Securitisation: Anna Bak
• Director, Research: Julio Suarez

SIFMA Research

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