In Q4 2014, EUR 59.6 billion of securitised prod-uct was issued in Europe, an increase of 59.8% and 5.7%, respectively, from Q3 2014 (EUR 37.3 billion) and Q4 2013 (EUR 56.4 billion). Of the EUR 59.6 billion issued, EUR 24.1 billion was placed, representing 40.4%, compared to EUR 19.6 billion placed in Q3 2014 (representing 52.5%) and EUR 21.7 billion placed in Q4 2013 (representing 38.4%).

Net issuance in the fourth quarter rose in part due to the strength of European CLO issuance. UK RMBS led placed totals (EUR 6.5 billion) in the fourth quarter, followed by European CLOs (EUR 4.3 billion). Dutch RMBS and UK CMBS rounded out the largest deals placed in the fourth quarter.

At the end of Q4 2014, EUR 1.4 trillion was out-standing, of which EUR 782.4 billion (55.9% of outstanding) was retained, presumably for repo or other secured financing.

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

• Managing Director: Richard Hopkin
• Manager: Anna Bak
• Manager: Vincenzo Anghelone

SIFMA Research

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