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

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

  • Published: January 2013
  • Region: Canada
  • Standard & Poors

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, READ MORE >

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