Déjà Vu: Canada's Structured Finance Market In 2013 Will Likely Mirror 2012 Jan 13

Standard & Poors, January 2013

Abstract
For the Canadian structured finance market, 2013 may feel a lot like 2012. Asset-backed securities (ABS) issuance (excluding covered bonds and asset-backed commercial paper) was up 28.2% in 2012, to C$12.6 billion from C$9.8 billion in 2011, and will likely remain in the C$12.0 billion-C$13.0 billion range in 2013. Credit card ABS accounted for 75.6% of total issuance last year, or more than C$9.5 billion. Of that, approximately C$6.1 billion, or two-thirds of credit card ABS issuance from Canadian domiciled sellers, were cross-border transactions placed with U.S. investors--a trend we expect to continue. Auto and equipment ABS issuance, the next largest asset classes, declined to C$2.6 billion in 2012 from C$3.7 billion in 2011. However, we believe the acquisition of...

Companies mentioned in this report are:
- Canada

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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