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Growth in year 2001:
Securitization volumes grew by about 25% in the first half of year 2001, and the growth outside the US was particularly impressive at some 46%. See our news report on this page
Steady Growth in Europe
The term market, excluding repackagings, in Europe grew by 15 percent in 1997, to $32.9 million from $28.6 million in 1996. The growth occurred as issuers from a number of jurisdictions completed securitization transactions. Improvements in the regulatory environment, a growing investor base, and the strong performance record of European ABS to date, are helping to further the development of the market.
Volumes up in the USA – US companies tap European markets
An increase in the number of U.S. issuers that took advantage of the European asset-backed market to maximize their financing opportunities also helped to propel global issuance. In France, U.S. credit card companies issued more than FFr.8 billion (US$1.3 billion) of repackaged credit-card debt in 1997.
The impact of U.S. issuers on European market development is even more impressive when you consider that the total-market volume (excluding repackagings) that emanated from France was about FFr.70 billion (US$11.6 billion) this year compared to FFr.60 billion in 1996.
Deeper Domestic Markets in Latin America
A more developed domestic market for securitization in Latin America should help to offset the lower short-term growth of future flow transactions that will likely hit all of the emerging markets as a result of the Asian crisis. Leading the way in the region is Argentina.
In 1998, Latin America continued to expand the reach of securitization. Besides Argentina, this year's growth in the Latin American securitization market could also come from Brazil and Mexico. In Brazil, the government recently passed legislation that will allow foreclosure procedures for financing agents to take place faster. It also allows for the creation of securitization companies that can accept financial assets. Previous law prohibited the transfer of assets to nonfinancial entities.
In Mexico, the notification and registration process necessary to legally transfer mortgages is usually very costly, which to date, has discouraged mortgage securitization. In 1997, however, over a dozen of the 31 Mexican states have begun modifying their Civil Codes to allow for the assignment of mortgages without the need of mortgagor notification and registration (provided certain conditions exist).
Cautious Optimism in Asia
In Asia, a number of issuers have used securitization to tap international markets through U.S. dollar-denominated notes backed by cash flows from consumer receivables.
In Japan, the precarious economic environment is somewhat exacerbated by a relatively murky regulatory environment.
CBO/CLOs Reach Down Under
Globally, the pace of both balance-sheet collateral loan obligation (CLO) and asset-backed collateral bond obligation (CBO) issuance is increasing. In 1997, Australia became one of the more recent venues for this popular asset class when Citibank launched the first CLO denominated in Australian dollars.
Recently, there has been increased participation in the Australian securitization market by financial institutions and insurance companies, particularly in MBS. The continued growth in nongovernment, or private, MBS in Australia reflects a shortage of highly rated government paper and high yields on asset-backed paper. The volume of MBS in Australia is expected to be higher in 1998 than it was in 1997. {body}
Global market data: US mortgage markets
Outstanding Volume of
Agency Mortgage-Backed Securities
1980 – 2001*
($ Billions)
GNMA FNMA FHLMC Total
1980 93.9 - 17.0 110.9
1981 105.8 0.7 19.9 126.4
1982 118.9 14.4 43.0 176.3
1983 159.8 25.1 59.4 244.3
1984 180.0 36.2 73.2 289.4
1985 212.1 55.0 105.0 372.1
1986 262.7 97.2 174.5 534.4
1987 315.8 140.0 216.3 672.1
1988 340.5 178.3 231.1 749.9
1989 369.9 228.2 278.2 876.3
1990 403.6 299.8 321.0 1,024.4
1991 425.3 372.0 363.2 1,160.5
1992 419.5 445.0 409.2 1,273.7
1993 414.1 495.5 440.1 1,349.7
1994 450.9 530.3 460.7 1,441.9
1995 472.3 583.0 515.1 1,570.4
1996 506.2 650.7 554.3 1,711.2
1997 536.8 709.6 579.4 1,825.8
1998 537.4 834.5 646.5 2,018.4
1999 582.0 960.9 749.1 2,292.0
2000 610.5 1,057.8 822.3 2,490.6
2001* 597.1 1,164.0 873.8 2,634.9
*As of June 30, 2001 Sources: GNMA,FNMA,FHLMC
Outstanding Volume of Agency CMOs
1987 – 2001*
($ Billions)
GNMA(1) FNMA FHLMC Total
1987 - 0.9 - 0.9
1988 - 11.6 10.9 22.5
1989 - 47.6 47.6 95.2
1990 - 104.3 83.4 187.7
1991 - 193.3 143.0 336.3
1992 - 276.9 217.0 494.0
1993 - 323.4 264.1 587.6
1994 - 315.0 263.7 578.7
1995 - 294.0 247.0 540.9
1996 - 283.4 237.6 521.0
1997 17.5 328.6 233.6 579.7
1998 29.0 311.4 260.3 600.8
1999 52.5 293.6 316.1 662.1
2000 63.2 291.8 309.1 664.1
2001* 69.4 286.5 329.8 685.7
*As of June 30, 2001
(1)GNMA estimates
Asset Backed Securities Outstanding
By Major Types of Credit
1995 – 2001:Q2
| Total Amount Outstanding | Automobile | % of Total | Credit Card | % of Total | Home Equity | % of Total | Manufactured Housing | % of Total | Student Loan | % of Total | Equipment Leases | % of Total | CBO/CDO | % of Total | Other | % of Total | |
| 1995 | 316.3 | 59.5 | 18.8% | 153.1 | 48.4% | 33.1 | 10.5% | 11.2 | 3.5% | 3.7 | 1.2% | 10.6 | 3.4% | 1.2 | 0.4% | 43.9 | 13.9% |
| 1996 | 404.4 | 71.4 | 17.7% | 180.7 | 44.7% | 51.6 | 12.8% | 14.6 | 3.6% | 10.1 | 2.5% | 23.7 | 5.9% | 1.4 | 0.3% | 50.9 | 12.6% |
| 1997 | 535.8 | 77.0 | 14.4% | 214.5 | 40.0% | 90.2 | 16.8% | 19.1 | 3.6% | 18.3 | 3.4% | 35.2 | 6.6% | 19.0 | 3.5% | 62.5 | 11.7% |
| 1998 | 731.5 | 86.9 | 11.9% | 236.7 | 32.4% | 124.2 | 17.0% | 25.0 | 3.4% | 25.0 | 3.4% | 41.4 | 5.7% | 47.6 | 6.5% | 144.7 | 19.8% |
| 1999 | 900.8 | 114.1 | 12.7% | 257.9 | 28.6% | 141.9 | 15.8% | 33.8 | 3.8% | 36.4 | 4.0% | 51.4 | 5.7% | 84.6 | 9.4% | 180.7 | 20.1% |
| 2000 | 1,071.8 | 133.1 | 12.4% | 306.3 | 28.6% | 151.5 | 14.1% | 36.9 | 3.4% | 41.1 | 3.8% | 58.8 | 5.5% | 124.5 | 11.6% | 219.6 | 20.5% |
| 2001:Q2 | 1,201.8 | 174.5 | 14.5% | 339.1 | 28.2% | 176.7 | 14.7% | 40.4 | 3.4% | 54.5 | 4.5% | 66.0 | 5.5% | 151.6 | 12.6% | 199.0 | 16.6% |
All amounts in billions
Source: The Bond Market Association
European ABS Issuance(1)
By Country
2000:Q2* 2001:Q2*
Country US$ # Issues US$ # Issues
Channel Islands 2,005.4 11 1,186.9 8
France 1,073.5 8 2,179.6 11
Germany 205.9 5 711.6 2
Ireland 346.5 5 655.3 9
Italy 131.1 3 6,497.1 38
Luxembourg 693.9 3 79.2 3
Netherlands 529.6 1 1,892.7 16
Portugal 238.8 4 835.0 4
Spain 1,785.0 13 577.0 11
Switzerland 215.4 2 - -
United Kingdom 2,031.1 17 6,538.5 36
Total 9,256.2 72 21,152.9 138
All amounts in millions. *Year to date as of June 30 (1) Includes both international and domestic securitised issues,
but excludes all Pfandbriefs.
Source: Capital DATA
European MBS Issuance(1)
By Country
2000* 2001*
Country US$ # Issues US$ # Issues
Channel Islands - - 289.4 1
Germany 397.3 3 - -
Ireland 1,133.8 6 1,347.3 6
Italy 1,270.4 9 3,109.8 25
Netherlands 1,514.4 10 3,003.0 17
Spain 2,028.4 13 696.5 6
United Kingdom 8,715.3 43 12,890.6 60
Total 15,059.6 84 21,336.6 115
All amounts in millions. *Year to date as of June 30 (1) Includes both international and domestic securitised issues,
but excludes all Pfandbriefs.
Source: Capital DATA