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European securitisation sets issuance record for sixth consecutive year

Issuance in the European securitisation market set a record for the sixth straight year in 2004, growing 12.1% to €243.6 billion from €217.1 billion in 2003, according to a report released today by the European Securitisation Forum. Fourth quarter issuance volume rose 42.1% to €75.6 billion from the third quarter, and declined 8.3% from a year ago.

 

European mortgage-backed securities (MBS) issuance had a strong year, with volume rising 10.2% to €138.5 billion, up from €125.6 billion in 2003. Fourth quarter issuance rose 20.3% from the third quarter, and fell 15% when compared to the fourth quarter of 2003; a decline that can largely be attributed to the effects of interest rate volatility in the housing markets. In the fourth quarter, new ABS issuance showed a sharp rise to €38.2 billion, a 72% increase on the third quarter volumes, though marginally lower than the €38.5 billion reported for the fourth quarter in 2003.

 

Collateral Type

 

The residential mortgage-backed securities (RMBS) market continued to dominate the securitisation markets in Europe and accounted for €120.1 billion – nearly 50% of the total volume issued in 2004.

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