In Q2 2018, EUR 67.2 billion of securitised product was issued in Europe, an increase of 14.8% from Q1 2018 but a decline of 8.0% from Q2 2017. Of the EUR 67.2 billion issued, EUR 37.7 billion was placed, representing 56.1% of issuance, compared to the 55.1% of issuance in Q1 2018 and the 54.2% of issuance in Q2 2017.

CLO refinancing (“refis”) activity continued in the second quarter of 2018; according to Thomson Reuters LPC, the combined amount of European CLO resets and refinancings totalled EUR 5.1 bn in Q2 2018 (EUR 4.3 bn in Q1 2018). Among placed issuance, PanEuropean CLO and UK RMBS led issuance totals, with EUR 15.2 billion and EUR 9.7 billion of issuance, respectively.

Outstanding volumes rose slightly to EUR 1.2 trillion outstanding at the end of Q2 2018, an increase of 0.7% QoQ and an increase of 8.0% 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
• Associate Director, Research: Julio Suarez

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Vice President, Research: Sharon Sung