In Q1 2016, EUR 56.9 billion of securitised product was issued in Europe, a decline of 20.4% from Q4 2015 (EUR 71.4 billion) but an increase of 61.2% from Q1 2015 (EUR 35.3 billion). Of the EUR 56.9 billion issued, EUR 14.3 billion was placed, representing 25.2% of issuance, compared to EUR 15.6 billion placed in Q4 2015 (representing 21.8%) and EUR 19.7 billion placed in Q1 2015 (representing 55.9%).

For the first quarter, UK RMBS continued to lead placed totals (EUR 5.8 billion), followed by European CLOs (EUR 2.6 billion) and Dutch RMBS (EUR 1.8 billion).

Net issuance remained negative, with EUR 1.27 trillion outstanding at the end of 1Q’16, down from EUR 1.30 trillion at the end of 4Q’15. Of this, EUR 718.1 billion, or 56.8%, was retained.

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