Eurozone securitisation engine sputters in Q1
Holdings of eurozone bank loans by SPEs are contracting
The amount of European bank loans owned by securitisation vehicles dropped over the first three months of this year, with holdings now 20% lower than at their peak in late 2010.
Loans originated by eurozone banks accounted for €974 billion ($1.1 trillion), or 77%, of all securitised obligations held by financial vehicle corporations – also known as special-purpose entities (SPEs) as of end-March. This is €14 billion (1%) lower than at end-2018, and only €53 billion (6%) higher than the nadir
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