LONDON - Last week at the Morgan Stanley ABS & CDO Research Roadshow here, panelists signaled a thumbs-up on the future of European securitizations, estimating that projected volumes will soar above 2001 figures. In line with the flourishing volumes seen in the past three years, researchers predicted volumes at the $145 billion mark, up from the $121 billion recorded last year.
Listed among engines of growth are the increasing numbers of sovereign securitizations that are expected to generate an approximate $20 billion of future supply, with countries such as Italy and Greece still counted as leaders in the mix. However, this year, expect to see new faces on the government-related front, panelists said, as more states begin to contemplate securitization as a funding alternative that adequately addresses the Maastricht debt criteria levels (see ASR 12/3/01). Spain is listed as a possible contender for this year's market.