European ABS volume has had its third straight year-on-year increase, reaching $28.1 billion in 2012 year-to-date. This is the highest number since 2007 year-to-date at $99.6 billion and a 16% increase on 2011 year-to-date at $24.2 billion, according to figures from Dealogic.
With 47 deals priced, European ABS issuance in 2012 year-to-date is at the highest level of activity since 51 deals in 2008 year-to-date, the data provider reported.
Dealogic said that inspite of the volume and activity rising, Europe only comprises 16% of the global ABS volume ($171.1 billion) in 2012 year-to-date, the lowest share since 2009 year-to-date (8%) and down four percentage points on the comparable 2011 period.
By contrast, North America ABS volume totals $127.5 billion in 2012 year-to-date, which is the highest year-to-date volume since 2008 at $149.7 billion, and comprising 74% of global ABS volume. This is the highest market share since 79% in 2009 year-to-date, Dealogic said.
For the fourth straight year-to-date period, the British pound-denominated European ABS volume has increased, reaching $6.4 billion in 2012 year-to-date. This is the highest year-to-date volume since $8.5 billion in 2007. The British currency has a 23% market share of European ABS volume in 2012 year-to-date, although less than the euro with 45% and the U.S. dollar with 30%, according to the data provider.
Lloyds Banking Group las led the European ABS bookrunner ranking in 2012 year-to-date with a 18.7% market share, Dealogic stated.
SG Corporate & investment Banking and Royal Bank of Scotland follow with 9.6% and 8.9%, respectively.