The lack of U.K. RMBS is depressing overall European securitization issuance and could drive investors to look for product outside of this usual comfort zone.

European investor-placed issuance was €5 billion ($6.5 billion) in February, down from €7 billion in February 2012, according to figures reported by J.P. Morgan. The primary reason for the drop: there have been no U.K. RMBS deals priced so far this year, which isn’t surprising considering the cheaper funding alternative U.K. issuers have in the Bank of England’s Funding for Lending Scheme.

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