In Q3 2017, EUR 48.1 billion of securitised product was issued in Europe, a decline of 33.5% from Q2 2017 but an increase of 4.6% from Q3 2016. Of the EUR 48.1 billion issued, EUR 22.9 billion was placed, representing 47.6% of issuance, compared to the 56.5% of issuance in Q2 2017 and the 46.2% of issuance in Q3 2016.

CLO refinancing (“refis”) activity continued at a brisk pace in the third quarter of 2017, with approximately half of all CLO issuance since the end of third quarter of 2016 a refi or repricing. Due to the robust issuance, CLOs also led by EUR volume among placed asset classes in Q3 2017.

Outstanding volumes declined to EUR 1.20 trillion outstanding at the end of Q3 2017. Of this, approximately EUR 696.3 billion, or 57.8%, was retained.

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