The European ABS market grew by 15% in the first half of 2006, according data from HSBC. The market now stands at EUR177bn.
Within the ABS sector, RMBS continued to account for the lion's share of volume, at 54%. The market was buoyed by a strong performance in Italy, where RMBS issuance was up by half. UK non-conforming RMBS (a sub-prime category) also grew by 42%, counterbalancing a disappointing showing by prime UK RMBS.