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S&P: Global securitization issuance to reach record above $1 trillion in 2020

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S&P: Global securitization issuance to reach record above $1 trillion in 2020

Global securitization issuance is projected to exceed $1 trillion for the third consecutive year in 2020, according to S&P Global Ratings.

The volume of new issuance is estimated to rise to $1.092 trillion next year from $1.086 trillion in 2019 and $1.040 trillion in 2018.

Issuance volume in the U.S. is forecast to ease to $555 billion in 2020 from $562 billion in 2019 as growth in residential mortgage-backed securities is likely to offset an expected decline in collateralized loan obligation issuance.

European issuance is forecast to remain steady at €100 billion. However, the rating agency said that European CLO issuance may break its four-year growth streak in 2020, citing "challenging transaction economics and a dearth of new underlying loan originations."

In Asia-Pacific, new issuance is estimated to reach $396 billion, up from $384 billion in 2019. China's new securitization issuance is forecast to reach $310 billion in 2020, compared with $300 billion in 2019

Canadian issuance is expected to be broadly steady at C$20 billion despite an anticipated decline in auto loan and lease asset-backed securities volumes.

In Latin America, structured finance issuance is projected to rise slightly to $15 billion from $13 billion, reflecting continued strength in Brazilian issuance.