German securitisation volumes quadruple in Q1

The German securitisation market quadrupled in the first quarter of 2002 to end at $8.42 billion, compared with $2.16 billion in Q1 2001. This makes Germany the largest securitisation market by volume in Europe, with the UK second with $8.3 billion and Italy third with $5.5 billion, according to rating agency Standard & Poor’s.

Synthetic deals are the growth engine driving the securitisation market in Germany this year. Synthetic securitisation volumes totalled $6.03 billion at the end of the first quarter of 2002, compared with $400 million at the same time last year. Increasing amounts of German corporates are using synthetic securitisation issues to better manage their balance sheets. Torsten Althaus, director of structured finance at Standard and Poor’s, said he expects the synthetic market to continue dominating the German securitisation market. Althaus said the Kreditanstalt fur Wiederaufbau (KfW) “provide” and “promise” programmes were good templates for small and medium-sized institutions to launch their own synthetic securitisation programmes.

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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