16 Feb 2018

Securitisation Data Snapshot: Q4 2017 and Full Year

AFME has prepared European and country-specific data snapshots with the latest securitisation issuance figures for France, Germany, Italy, and Spain. The country data snapshots are available in the following hyperlinks:

European key highlights

Q4 2017 European Issuance

  • In Q4 2017, EUR 73.1 bn of securitised product was issued in Europe, an increase of 48.9% from Q3 2017 (EUR 49.1 bn) and an increase of 21.6% from Q4 2016 (EUR 60.1 bn)

  • Of this, EUR 31.6 bn was placed, representing 43.2% of the total, compared to EUR 23.3 bn placed in Q3 2017 (representing 47.5% of EUR 49.1 bn) and EUR 31.3 bn placed in Q4 2016 (representing 52.1% of EUR 60.1 bn)

  • In Q4 2017, PanEuropean collateralised loan obligations (CLOs) led placed totals followed by UK student loan asset-backed securities (ABS) and UK residential mortgage-backed securities (RMBS):

    - Pan European CLOs increased from EUR 10.8 bn in Q3 2017 to EUR 13.6 bn in Q4 2017;

    - UK student loan ABS increased from nil issuance in Q3 2017 to EUR 4.0 bn in Q4 2017. This consisted exclusively of one large deal backed by income contingent repayment (ICR) student loans granted by the UK government to higher education students;

    - UK RMBS decreased from EUR 4.0 bn in Q3 2017 to EUR 2.2 bn in Q4 2017. 

2017 Full Year European Issuance

  • In 2017, EUR 235.0 bn of securitised product was issued in Europe, a decrease of 2% from EUR 239.6 bn issued in 2016.

  • Of this, EUR 111.7 bn was placed, representing 48% of the total, compared to EUR 97.2 bn placed in 2016 representing 41% of the total.

  • In 2017, PanEuropean CLOs led placed totals (EUR 45.0 bn), followed by UK RMBS (EUR 26.0 bn) and Dutch RMBS (EUR 6.9 bn).