KBRA Releases Research – KBRA’s European Securitisation Survey: Positive Sentiment Grows

LONDON--(BUSINESS WIRE)--KBRA releases a report involving the results of its June 2024 European securitisation investor survey.

KBRA regularly surveys European structured finance investors to gauge their most recent views and expectations regarding the market. This report aggregates and analyses the responses for KBRA’s fifth European investor survey, revealing a broadly positive picture for European securitisation markets. In this report, we have introduced an aggregate sentiment indicator that combines the results of three of our questions. The results suggest the most positive overall sentiment to date.

Key Takeaways

• Investor expectations, expanding on the positive sentiment from the December 2023 survey, are the most positive since the first survey in June 2022.
• The majority of investors expect the market will remain relatively range-bound at current levels in the next six months.
• Issuance is expected to be strong, with a large pipeline of transactions anticipated in 2H 2024, with investors overwhelmingly predicting an expansion of the market. This remains in line with our 2024 European Securitisation Sector Outlook and is the most optimistic expectation of the pipeline to date, with no investors anticipating a return of retained issuance.
• Pan-European credit performance has become the greatest concern as UK performance sentiment improves. However, the UK remains a concern among just over one-third of investors. Notably, some investors view collateral expectations more positively, with a growing number not expecting performance deterioration in any markets.

Click here to view the report.

Related Publications

• KBRA’s European Securitisation Survey: Positive Start to New Year
• KBRA’s European Securitisation Survey: Diverging Views
• KBRA’s European Securitisation Survey: Glimpse of a Positive Turn?
• KBRA’s European Securitisation Survey Reveals Market Concerns
• European Securitisation: Positive Trend Continues
• European Securitisation: A Resurgent Market
• European Securitisation: Market Returns to Pace

About KBRA

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.

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