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Auto Loan Deals Drive Growth of French Securitization Market as Issuers Continue to Innovate Jan 03
Standard & Poors, Jan 2003
Abstract
The French securitization market for funded issuance grew by 43% in 2002, with total issuance of $9.68 billion compared with $6.76 billion a year earlier. However, growth is more moderate when the unfunded element of partially funded transactions is taken into account. In this case, the volume of issuance in 2002 was only 6.7% higher, at $12.20 billion compared with $11.43 billion a year before. A total of 24 transactions closed in 2002, up from 17 the previous year. The growth of the French securitization market has been relatively slow by European standards. France ranks sixth in Europe by volume of issuance, behind the U.K., Italy, Germany, The Netherlands, and Spain. Comprising 7% of total European securitization, the French market...
Companies mentioned in this report are: BNP Paribas,Renault S.A.,Fiat SpA,Thales S.A.,Peugeot S.A.,BNP Paribas Personal Finance,Banque OBC-Odier, Bungener, Courvoisier,Socram Banque,IXIS Corporate & Investment Bank,Vauban Mobilisations Garanties S.A.,Compagnie de Financement Foncier,Dexia Municipal Agency
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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