Although the primary market remained predominantly closed, tightening spreads and improved investor sentiment allowed several deals to go public towards
the end of the third quarter. Securities that were publicly or privately placed (including social housing and utility securitisations) totalled 5.4 percent of all issuance in the third quarter, with the remainder issuance retained by originators.

Notable deals placed in the public market during September were: Tesco Finance 2 (CMBS), Permanent Master Trust Issuer 2009-1 (RMBS), and Volkswagen
Car Lease 11 (ABS), revealing investors’ appetite for securitisation products across asset classes. Other deals were also placed in October.

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

• Rick Watson
• Marco Angheben
• Anna Zennaro

SIFMA Research

• Kyle Brandon
• Sharon Sung