IGM European Structured Finance 2022 Supply in Review

The year began well for the new issues market with around EUR28bn placed in January and February across all asset classes, versus around EUR31bn in 2021. However, Russia's invasion of Ukraine in late February dramatically changed the outlook. As well as the human cost there have been wide-ranging implications for economic growth, prices (energy as well as goods), food supply, component shortages, interest rates and the outlook for the next couple of years. IGM’s Structured Finance volume report highlights the key developments of 2022 including:

• Issuance slows across sectors, asset performance to be tested
• CLO sales down over EUR12bn versus 2021
• UK specialist lenders underpin RMBS, prime volumes limited
• German issuers lead auto ABS again
• Retained volumes outpace placed tranches