A phoenix rising from the ashes of the subprime crisis? Or a dodo consigned to the annals of history? These are two common – and wildly differing – analogies for the state of the European securitisation market.
Proponents of the former believe that the residential mortgage-backed securities market in Europe – the sector’s dominant product – has put its discredited past behind it and is building its reputation anew. In 2008 and 2009, investors deserted the sector, either as a result of forced sel