In Q1 2019, EUR 32.4 billion of securitised product was issued in Europe, a decline of 63.4% from Q4 2018 and a decline of 44.7% from Q1 2018. Of the EUR 32.4 billion issued, EUR 16.5 billion was placed, representing 50.9% of issuance, compared to the 39.9% of issuance in Q4 2018 and the 55.1% of issuance in Q1 2018. Among placed issuance, PanEuropean CLO, UK RMBS, and UK auto ABS led issuance totals, with EUR 7.3 billion, EUR 5.6 billion, and EUR 1.2 billion of issuance, respectively.

Outstanding volumes rose slightly to EUR 1.2 trillion outstanding at the end of Q1 2019, a decline of 3.8% QoQ and an increase of 0.2% YoY.

About the Report

The AFME Securitisation data report, done in partnership with AFME, 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, Head of Fixed Income: Richard Hopkin
• Associate Director, Securitisation: Anna Bak
• Director, Research: Julio Suarez

SIFMA Research

• Katie Kolchin, CFA
• Sharon Sung
• Justyna Podziemska