AFME Securitisation Data Report, First Quarter 2014

In Q1 2014, EUR 18.5 billion of securitised product was issued in Europe, a decline of 67.2% and 43.6%, respectively, from Q4 2013 (EUR 56.3 bil-lion) and Q1 2013 (EUR 32.7 billion). Of the EUR 18.5 billion issued, EUR 13.6 billion was placed, representing 73.4%, compared to EUR 21.6 billion placed in Q4 2013 (representing 38.3%) and EUR 16.9 billion placed in Q1 2013 (representing 51.8%).

Net issuance in the first quarter remained negative. At the end of Q1 2014, 1.43 trillion was outstanding, of which 684.9 billion (52.1% of outstanding) was retained, presumably for repo or other secured financing. A few previously retained deals were placed in the first quarter, however.

Dutch RMBS led placed totals (EUR 2.8 billion) in the first quarter, followed by European CLOs (EUR 2.5 billion). German auto and several UK infra-structure and social housing deals rounded out the largest deals placed in the first quarter.

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
  • Manager: Anna Bak
  • Associate: Vincenzo Anghelone

SIFMA Research

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