In Q2 2013, EUR 51.0 billion of securitised product was issued in Europe, an increase of 56.9% from Q1 2013 (EUR 32.5 billion) but a decline of 24.7% from Q2 2012 (EUR 67.7 billion). Of the EUR 51.0 billion issued, EUR 18.6 billion was placed, representing 36.4%, compared to EUR 16.7 billion placed in Q1 2013 (representing 51.4%) and EUR 18.6 billion placed in Q2 2012 (representing 35.0%).

Net issuance in the second quarter remained negative. At the end of Q2 2013, 1.59 trillion was outstanding, of which 835.4 billion (52.4% of outstanding) was retained, presumably for repo or other secured financing.

German multifamily led placed totals in the second quarter, along with more traditional asset classes like Dutch RMBS, UK RMBS, and German auto. With the revival of the European CLO market at the end of the first quarter, EUR 1.7 billion of this paper was placed in the second quarter from several CLO managers.

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
• Assistant Vice President, Research: Sharon Sung