European securitisation: an essential tool to fund economic growth
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- Judith Waters
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1 European securitisation: an essential tool to fund economic growth What is securitisation? Banks, leasing companies, manufacturers Sell loans Pays cash Issuer Loans Cashflows senior tranches junior tranches Invest cash Customers investors is a mechanism for financing real-economy by ring-fencing them and protecting the cashflows they generate for the benefit of institutional investors who receive what the ring-fenced generate. No more, no less.
2 What are the benefits of securitisation for the real economy? can be a key source of financing at all stages of the supply chain It can finance the cashflows of SMEs at many different stages in their business: receivables owed by one SME to another helping the SME s customer to buy the ultimate product can support SMEs in many ways The benefits of securitisation are direct and indirect Bank loan Banks Mortgages to home buyers Loans to SMEs Funding economic growth Homebuyers Sell products SMEs Buy products Payment Sale SME 1 Payment Payment Equipment finance lease Sale SME 2 Consumer is key to capital markets union Institutional investors A bridge from balance sheets to capital markets Transforms illiquid into liquid, tradeable securities Real economy Additional direct funding for the real economy Additional indirect funding by better use of capital Meets investors diverse requirements for risk and return Wider, deeper capital markets
3 How safe is securitisation? european s have performed extremely well through and since the crisis Unlike in the US, European default rates have been very low... Original issuance (EUR bn) 4,000 3,500 3,000 2,500 2,000 1,500 US RMBS 1, European RMBS While no silver bullet, securitisation can undoubtedly help fuel economic growth thereby benefiting SMEs. Although the European securitisation market has performed extremely well through and since the crisis, market volumes have decreased substantially over the years. also meets the needs of important institutional investors such as insurance companies and pension funds. 5% 10% 15% 20% 25% 30% Historical default rates for residential mortgage-backed securities (RMBS), Source: S&P Global Ratings. and European RMBS market price performance compares well with sovereigns, bank debt and covered bonds... RMBS Sovereign Bonds Bank Debt Covered Bonds 2% 4% 6% 8% 10% Credit spread volatility by asset class, January 2011 March Source: Bank of America Merrill Lynch. Italy Spain Netherlands Germany France UK The numerous and very stringent STS criteria provide the necessary safeguards against the bad behaviour seen in the US sub-prime mortgage market. yet the market continues to shrink... 2,500,000 Millions 2,000,000 Placed The proposed framework for simple, transparent and standardised securitisation and accompanying recalibration rules have the potential to revive the European securitisation market for the benefit of the overall economy. 1,500,000 1,000, , Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 Retained 2015Q2 2015Q3 2015Q4 2016Q1 European securitisations outstanding. Sources: AFME/SIFMA members, Bloomberg, Dealogic, Thomson Reuters, AFME & SIFMA.
4 European securitisation is already strongly regulated. The STS proposals add yet more protection. Mortgage Credit Directive Risk retention: skin in the game CRR 405 Regulated originators due diligence CRR 409 ECB templates High quality, regulated reporting Funding for growth Stronger banks Wider, deeper capital markets CRR 406 Outside STS 8(b) High quality CRD penalties Complex structures excluded STS proposals Contact AFME London Office 39th Floor 25 Canada Square London, E14 5LQ United Kingdom Richard Hopkin Managing Director, Head of Fixed Income Anna Bak Manager, Brussels Office Rue de la Loi, Brussels Belgium Tanguy van de Werve Managing Director, Advocacy Pablo Portugal Director, Advocacy Follow AFME on Association for Financial Markets in Europe
5 Corporate balance sheet Corporate Funding g n i h c n Tra Assets 70 Debt 30 Common equity 100 is a mechanism to create bonds for the same issuer with different credit and maturity features. Tranching is common across debt markets Infrastructure finance Assets Infrastructure finance High rating Lower return High rating Lower return 80 Senior AAA Mezzanine BBB 5 - Equity NR Lowest risk Medium risk Highest risk 70 Lowest risk 20 Medium risk 10 Highest risk 100 Low rating Higher return Low rating Higher return Key principles for, and benefits of, STS Must encompass the bulk of the market to restore liquidity and functionality High quality Should build on European securitisation s strong performance through and since the crisis Transparency assured Risks defined simpler structures Must make securitisation attractive and restore a level playing field Additional investor protection Should allow investors to assess and choose measured, clear and transparent risks Compliance must be practical, quick and certain for issuers and investors Real economy Skin in the game
6 Reviving securitisation, promoting growth markets are a key funding channel for the economy, increasing the availability and reducing the cost of funding for households and companies by opening up investment opportunities to a wider investor base, diversifying risk across the economy and freeing up bank balance sheets to lend. Commissioner Jonathan Hill at the Eurofi Financial Forum, September 2015 billion Q1 European ABS issuance (Sources: Bloomberg, Citigroup, Dealogic, Deutsche Bank, JP Morgan, Bank of America-Merrill Lynch, RBS, Thomson Reuters, UniCredit, AFME & SIFMA) EU securitisation markets have been shrinking significantly in recent years. A reversal of this trend will require a forward-looking approach by policy makers. Is securitisation safe? For some, securitisation still suffers from the stigma associated with its misuse before the crisis. However, it is vital to recognise that, while some securitisations for example, subprime mortgages in the US performed badly, European securitisations have performed well, through and since the crisis. is nothing more than a financing technique and, when used sensibly, can help banks raise funding, and support new lending to SMEs and other key players in the real economy. A broad range of regulations and industry initiatives has been put in place since the crisis, ensuring better alignment of risk between issuers and investors. In addition, greater transparency requirements enable investors better to assess risks. Reliance on credit ratings has been reduced, and rating criteria tightened. This will provide the basis for a new, sustainable market for simple, transparent and standardised securitisation in Europe. What is securitisation? is the process of pooling together a large number of loans (such as mortgages, auto loans or SME loans) held on the balance sheet of a bank or other financial institution (the Originator) and selling them to a newly created and legally separate entity (the Issuer). This entity finances the purchase of the loans by issuing bonds to investors. The loans generate cashflows (for example, monthly mortgage payments from homeowners), which are used to repay the investors. In this way, loans which would otherwise be illiquid can be converted into more liquid and tradeable securities. Cash Originator Sale of loans Issuer Cash Institutional investors Sale of bonds or commercial paper Because large numbers of loans are used, statistical analysis can determine the likelihood that some of them will default. Therefore, the bonds can be divided into different tranches with varying levels of risk. The lower-risk tranches can raise funding on very attractive terms while higher-risk tranches yield a higher return for investors. Why is it important? At a time when bank lending is constrained, securitisation can boost both credit and growth. For example, a carmaker, expecting lots of monthly payments from customers who have taken out financing, can get investors to fund its business more cheaply by selling them its claim to those payments. A bank receiving mortgage repayments can bundle such loans up and sell them or use them as collateral to get funding, which it can then use to issue more loans to the real economy. can be a vital funding tool in Europe and a channel for borrowers to access the capital markets.
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