DBRS said it is tracking the European credit card market for its new European wide credit card securitization index.
The ratings agency said it plans to track performance measures such as charge-off rates, delinquency rollover rates, yields and excess spread to provide insight of performance beyond the ratings.
Interest in European credit card transactions is increasing with annual issuance growing to 11.5 billion in 2013, according to DBRS. Transactions within Europe now contain collateral from the U.K., Greece, France, Spain and Switzerland.
New transactions from France, Spain and the U.K. provided a large surge in issuance in November.
“With an increase of credit card issuance from continental Europe, it makes sense to capture the complete picture for a truly accurate analysis of the market,” said Gordon Kerr from DBRS Research in a press release.
Kerr said that “performance is generically improving across Europe, with some regions and transactions faring better than others.”