European securitisation increased 37.7% from 2002 reaching a record ?217.2 billion in 2003.
By sector, residential mortgage-backed securities continued to dominate the market, totalling 49% of 2003's issuances. Collateralised debt obligations were the secord largest sector at 14%, and securities backed by receivables was the third largest at 11%.
According to the annual issuance survey of the European Securitisation Forum, securitised issuance volume is expected to increase 8% in 2004 to ?235 billion, driven by continued low interest rates, improving credit quality and atttractive yield spreads.