securitisation National Home Loans £50m NHL First Funding is launched by Salomon Brothers.
France enacts the worlds first ABS law, creating a special purpose vehicle
specifically for securitisation, the fonds communs de
The Société des Bourses Françaises brings Frances first ABS, backed by loans to stock exchange
Barclays becomes the first European bank to securitise, with the £175m Gracechurch MBS.MBS issuance in the UK more than doubles as lenders pile in, but the party begins to go sour as interest rates soar from 8% to 15%.
A string of firsts the first car loan securitisations in the UK, by Goldman Sachs, and Italy, by Citibank. CSFB brings Swedens first securitisation, backed by SE Bankens mortgages.
The UK recession takes its toll on the RMBS market as issuance volumes plummet. Other markets show promise however UBS brings the first lease securitisation for Leyland-DAF, Barclays establishes the first European-owned ABCP conduit, and Spain passes a law allowing mortgage securitisation.
Spain enters the market with its first RMBS under the new law, Santanders Hipotebansa. Before this, Citibank had in 1991 issued RMBS using mortgage participation notes.
Leyland DAF goes bankrupt, putting the brand new UK-Dutch securitisation to the test a test it passes when the administrator agrees that it was a true sale.
Bankers Trust orchestrates a rescue of Comptoir des Entrepreneurs with a Ffr9bn securitisation of property loans, wrapped by CdEs shareholders and MBIA.
The main issuers are CdE, Compagnie Bancaire and Credit Lyonnais. Between them they issue the first French MBS and three deals backed by unsecured housing loans to civil servants, as well as Europes first credit card securitisation.
Bristol & West Building Society launches the UKs first CMBS.
RheinHyp issues a DM522.6m commercial mortgage securitisation via JP Morgan.
Ireland joins the market with mortgage deals from Irish Life Homeloans and National Treasury Management Agency. So does Finland with the Housing Funds complex securitisation of social housing.
In the UK, MBNA launches its CARDS credit card shelf.
A breakthrough year for European securitisation.
principal finance group brings the first real whole business securitisation, for Angel Trains.
Irish aircraft lessor GPA is saved by a $4bn securitisation of leases arranged by Morgan Stanley.
NatWest Bank brings Rose Funding, a $5bn securitisation of
The Dutch and Belgian markets open with deals from Fortis Bank, Bacob and BBL.
Bank CLOs boom as the worlds top lenders copy NatWest. SBC, UBS and, most of all, JP Morgan with its partially funded Bistro deal, invent synthetic
Canary Wharf kickstarts commercial property securitisation with a Morgan Stanley led £555m deal, the largest single property CMBS in the world.
Welcome Breaks £321m deal
securitises motorway service areas through Bankers Trust, BZW and Chase. The deal puts whole business securitisation on the agenda.
Germany, Italy, Portugal and Switzerland come into the fold.
Deutsche Bank becomes Europes biggest issuer, offering mortgages through HAUS and the capital markets first exposure to the German Mittelstand through CORE, parcelling loans to 4,000 companies.
The number of asset classes proliferates, as companies parcel pubs, aircraft, cigarette stocks, film distribution revenues, life assurance, wool that has yet to be processed and trains that have yet to be built.
The euro triggers a massive expansion of the market.
British Land smashes the CMBS record with a £1.5bn securitisation of the Broadgate office complex.
The hugely ambitious Formula One securitisation from Morgan Stanley flops on confusion about intellectual property rights and competition disputes.
Italy enacts its securitisation law and Paribas uses it to launch the first public non-performing loan deal for Banca di Roma.
Caboto, Merrill Lynch and Paribas lead the Italian states Eu4.65bn packaging of late social security payments.
Mortgage master trusts designed by Citigroup Salomon Smith Barney for Bank of Scotland and Abbey National allow MBS to have short bullet maturities for the first time.
Abbey National launches two deals, worth £2.25bn and £2.4bn.
Salomon also tears Morgan Stanleys £1.5bn Punch Group mandate from its hands by offering to securitise the 3,300 pubs ahead of schedule. Incorporating an Ambac wrap, the deal brings monoline insurers to the fore.
Glas Cymru: Citigroup Schroder Salomon Smith Barney and RBSs whole business securitisation of Dwr Cymru is the first deal to eliminate equity from a public company.
Portugals first mortgage securitisation arrives in the form of Banco Comercial Portuguêss Eu1bn Magellan Mortgages.
Deutsche issues Jazz CDO 1, managed by AXA Investment Managers, the first CDO to use credit default swaps to allow the manager to go short.
Eurostat changes its accounting procedures, prompting the Republic of Italy to launch a giant Eu6.6bn real estate securitisation.
Prime Edge Capital plc is the first securitisation of private equity.
On the continent the biggest deal is Romulus Finance, the Eu1.2bn securitisation of Romes two airports by Barclays Capital and Mediobanca.
In October the Bank for International Settlements announces plans to drop the Supervisory Formula Approach.
Germany, Greece, France and Spain modify their laws regarding securitisation. HBOS launches the first covered bond in the UK in May, using securitisation techniques in the absence of a law. Germany launches the True Sale Initiative.
HBOS issues a £6.1bn MBS, at the time the worlds largest asset backed bond. Paragon Group sells the largest ever unwrapped securitisation from a UK non-conforming
mortgage issuer, worth £900m.
MBNA Europe Bank issues the first delinked programme securitisation of credit cards in Europe.
CDO squareds, such as Cheyne Correlation CDO 1, take off.
Ford and General Motors are downgraded to junk in May.
Northern Rock innovates by using the delinked structure in a mortgage trust
The CDO market gets new structures such as leveraged super-senior and bespoke equity single tranche deals such as Deutsches Topaz CDO.
Constant proportion portfolio insurance (CPPI) makes an appearance in BNP Paribass Dynamo series.
ABN Amro brings out the first constant proportion debt obligation, and is quickly followed by Lehman Brothers, HSBC, Merrill Lynch and Barclays Capital.
Toys R Us offers the first opco/propco securitisation, Vanwall.
Banks pile into RMBS ahead of Basle II Lloyds TSBs £7bn debut issue from its Arkle master trust is the worlds
The credit derivative product company structure booms with three new vehicles joining 2002s Primus Guarantys Prime Financial Products.
Fallout from the US subprime crisis sends shockwaves through the commercial paper investor base, in the process paralysing the European securitisation market, which had enjoyed record issuance in the first half of the year.