In Q2 2014, EUR 95.1 billion of securitised product was issued in Europe, a growth of 394.7% and 77.4%, respectively, from Q1 2014 (EUR 19.2 billion) and Q2 2013 (EUR 53.6 billion). Of the EUR 95.1 billion issued, EUR 19.4 billion was placed, representing 20.4%, compared to EUR 14.3 billion placed in Q1 2014 (representing 74.4%) and EUR 20.7 billion placed in Q2 2013 (representing 38.7%).

Net issuance in the second quarter continues to be negative. At the end of Q2 2014, 1.39 trillion was outstanding, of which 726.8 billion (52.3% of outstanding) was retained, presumably for repo or other secured financing.

UK RMBS led placed totals (EUR 3.9 billion) in the second quarter, followed by European CLOs (EUR 3.1 billion). Dutch RMBS and German auto rounded out the largest deals placed in the second 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
• AVP, Research: Sharon Sung