The uk securitisation market recent developments and possible recovery
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The UK securitisation market: Recent developments, and possible recovery. Jenny Owladi Bank of England [email protected] The UK Securitisation Market. Historical Background Recent Developments Going forward Securitisation prospects Statistical reporting.

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The uk securitisation market recent developments and possible recovery

The UK securitisation market:Recent developments, and possible recovery

Jenny OwladiBank of [email protected]


The uk securitisation market

The UK Securitisation Market

  • Historical Background

  • Recent Developments

  • Going forward

    • Securitisation prospects

    • Statistical reporting


Historical background

Historical Background

  • RMBS:

    • Issuance has grown significantly over the last ten years

    • Securitisations, and master trust structures, popular with main high street lenders.

    • Subprime & specialist mortgage lenders also tended to be financed by securitisations

  • CMBS:

    • Volumes small compared to RMBS

  • Other securitisations:

    • Small amount of credit card and auto loan securitisations

  • Relatively little covered bond issuance


Recent developments

Recent Developments

  • Markets more or less closed for the last two years

  • Effects of Bank of England Special Liquidity Scheme (SLS):

    • MFIs can swap securities for liquid assets

    • Lead to large securitisations where entire issue is retained by seller.

    • Approx £287bn of securities used as collateral (as of 30 Jan 2009)

  • Covered Bonds regulation – March 2008


Securitisations loan transfers

Securitisations/Loan Transfers

Source: Bank of England

NB: Limited coverage


Going forward

Going forward

  • Recent issuance to the market:

    • Lloyds: £4bn RMBS

    • Barclays: €2bn covered bond

    • Santander: €1.75bn covered bond

    • Nationwide: £3.5bn RMBS

  • RMBS relatively expensive funding source

  • Covered bonds more attractive?


Bank of england statistical reporting

Bank of EnglandStatistical Reporting

  • New reporting scheme for SPVs from Jan 2010 onwards.

  • All MFIs will report loans that they have securitised on balance sheet.

  • Claims on and liabilities to own SPVs reported separately.


Any questions

Any Questions?

[email protected]


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