In 3Q’15, EUR 56.3 billion of term securitised product was issued in Europe, an increase of 12.4% from 2Q’15 (EUR 50.1 billion) and an increase of 50.9% from 3Q’14 (EUR 37.3 billion). Of the EUR 56.3 billion total, EUR 17.3 billion was placed, representing 30.7% of the total, compared to EUR 28.3 billion placed in 2Q’15 (56.4%) and EUR 19.6 billion placed in 3Q’14 (52.5%).

Net issuance of securitized product remained negative, with EUR 1.32 trillion outstanding at the end of 3Q’15, down from EUR 1.35 trillion at the end of 2Q’15. Of this, EUR 728.21 billion, or 54.9%, were retained.

UK residential mortgage backed securities (RMBS) continued to lead placed totals (EUR 3.8 billion) in the third quarter, followed by European collateralised loan obligations (CLOs) (EUR 2.5 billion) and German auto (EUR 2.2 billion).

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: Julio Suarez

SIFMA Research

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