LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) releases a research report examining the European securitisation market in Q1 2023.
Rising rates and other disruptions are heavily impacting European securitisation markets. Further, the growing private synthetic securitisation sector has added to muted issuance in public markets. Following stalled securitisation issuance in the previous quarter, Q1 2023 marked an inauspicious start to the year, paling in comparison to 2022’s strong start. This quarterly KBRA report provides insight into the types of transactions circulated into the European securitisation market.
- The total issuance amount is down, with a pullback in retained issuance and market disruption impacting primary volumes.
- The number of transactions sold to investors has been relatively steady over the past several years, barring a few exceptional quarters. Average transaction sizes are decreasing.
- Autos return and collateralized loan obligations (CLO) continue to trudge along. Auto asset-backed securities (ABS) bounced back in Q1 2023 on both a quarter-over-quarter and year-over-year basis. Broadly syndicated loan (BSL) CLOs continue to steadily print when the market allows.
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KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.