Reports that UK companies were at the forefront of the expanding market for securitisation in Europe in 2006. The new edition of IFSL’s Securitisation report notes that UK issues were up 53% to a record $241bn, 42% of European issuance totalling $577bn.
US issuers still dominate globally making up 79% of the global market of $4,031bn, down from 90% in 2003. The market in Europe is growing steadily with new European issues equivalent to 19% of US issuance in 2006, a jump from 7% five years earlier.
After the UK, Spain, Germany, Italy and the Netherlands were the next largest issuers in Europe. Issuance in Australia and Japan reached new highs of $102bn and $86bn respectively in 2006. Outside the US, mortgage-backed securities (MBS) are driving growth in securitisation in the major markets of Europe, Japan, Australia and Canada.
Securitisation is also developing in emerging markets with issues totalling $55bn during the year, about half from South Korean companies, with Brazil and Mexico being other major issuers.