30 Jan 2019

Securitisation Data Snapshot Q4 2018 and 2018 Full Year

AFME is pleased to circulate the European Securitisation Data Snapshot for Q4 2018 and 2018 Full Year

Key highlights:

Q4 2018 European Issuance

  • In Q4 2018, EUR 88.4 bn of securitised product was issued in Europe, an increase of 64.0% from Q3 2018 (EUR 53.9 bn) and an increase of 19.3% from Q4 2017 (EUR 74.1 bn)

    The significant quarterly increase was in part in anticipation of the entry into force on 1 January 2019 of the new Simple, Transparent and Standardised (STS) securitisation regime- for which many technical standards are yet to be finalised. As a result, at the time of writing (late January) there have been no issues of mainstream European securitisation at all (excluding CLOs) so far in 2019. Nor are any deals visible in the pipeline, as both issuers and investors find themselves unable to issue pending clarification from regulators on key features such as risk retention, homogeneity and disclosure.
  • Of the total issued amount in Q4 2018, EUR 35.2 bn was placed, representing 39.8% of the total, compared to EUR 30.0 bn placed in Q3 2018 (representing 55.7% of EUR 53.9 bn) and EUR 31.5 bn placed in Q4 2017 (representing 42.5% of EUR 74.1 bn)
  • In Q4 2018, PanEuropean CLOs led placed totals followed by UK student loan ABS and German Auto ABS

2018 Full Year European Issuance

  • In 2018, EUR 268.8 bn of securitised product was issued in Europe, an increase of 13.9% from EUR 236.0 bn issued in 2017.
  • Of this, EUR 135.7 bn was placed, representing 50.5% of the total, compared to EUR 111.7 bn placed in 2017 representing 47.3% of the total.
  • In 2018, PanEuropean CLOs led placed totals (EUR 51.0 bn) followed by UK RMBS (EUR 25.6 bn) and German Auto ABS (EUR 9.5 bn).

European placed issuance