Press Release|CMBS, RMBS, ABS

KBRA Releases Research – European Securitisation: Positive Trend Continues

4 Apr 2024   |   London


KBRA UK (KBRA) releases a report on the European securitisation markets. European securitisation markets recorded a strong start to the year as prime UK residential mortgage-backed securities (RMBS) issuers provided a positive jump in issuance with their return to market. Despite a small lull in February, Q1 2024 issuance levels were steady with broadly syndicated loan collateralised loan obligation (CLO) volumes returning, as well as positive volume growth from RMBS and regular auto asset-backed securities volumes. The Q2 pipeline appears positive, with volumes building on recent momentum.

Key Takeaways

  • Newly circulated transaction volumes outpace the prior year’s first quarter, with EUR29.5 billion in Q1 2024 versus EUR23.7 billion in Q1 2023.
  • CLO volumes have returned, with EUR11.3 billion in Q1 2024 versus EUR6.7 billion in Q1 2023. Further, reset volumes have returned, with EUR2.9 billion recorded.
  • Despite the increase in overall RMBS volumes, with EUR11.3 billion in Q1 2024 versus EUR9.7 billion in Q1 2023, prime RMBS volumes remain largely on the sidelines with only EUR4.8 billion of new prime RMBS sold to investors, down 35% from EUR7.4 billion in Q1 2023.

Click here to view the report.

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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