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2006 Holds Potential For Exciting Developments In European RMBS Jan 06
Standard & Poors, Jan 2006
Abstract
RMBS remains the mainstay of the funded securitization market in Europe. With -160 billion of issuance in 2005, which is 45% of total issuance of about -360 billion and a 25% growth on 2004, RMBS issuance in Europe has more than doubled since 2002 (see chart 1). For the coming year, we expect low double-digit growth in European RMBS issuance, though only modest growth in the key U.K. market. First time RMBS issuance is also possible from countries that have previously not been involved in this market, such as Eastern Europe, including Russia, and the Middle East. Overall trends in the market for 2006 include the expansion of the non-conforming market into Europe, first as a lending product and in...
Companies mentioned in this report are: Barclays Bank PLC,Vela Home S.r.l.,F-E Mortgages S.r.l.,Cordusio RMBS S.r.l.,Whinstone Capital Management Ltd.,Shield 1 B.V.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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