After a daunting few years, securitization re-asserted its position as an important component of the global capital markets last year, with new deals coming to market faster and in greater numbers than at any time since 2008. With 2013 now underway, the upward trajectory may be sharper and global investors are certainly taking note.
Importantly, overseas issuers are taking advantage of strong U.S. investor appetite by increasing the number of transactions that they issue into the United States. For example, in 2012 we saw the majority of Canadian covered bonds issued in US dollars. In another sign of increased U.S. investor demand, Santander offered the first U.K. auto transaction issued in US dollars. We expect this trend to continue in 2013.