Moody's says securitisations in new EMEA Markets expanded and diversified in H1'07 |
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London, 09 August 2007 -- Structured finance transactions in the new markets of Europe, Middle East and Africa (EMEA) continued to expand in H1 2007 and showed an increased diversification of asset types, says Moody's Investors Service in its "2007 First Half Review and Outlook" report for this market.
New securitisation markets in the EMEA region typically include Centraland Eastern Europe, Russia and the CIS region, North Africa and the Middle East. "These markets reported strong issuance in H1, with 20 transactions totalling USD5.8 billion, the majority of which were generated in Turkey and Russia," says Burak Cerrahoglu, Moody's Analyst and the principal author of the report.
Moody's observes that the Russian market recorded both growth and diversification, with a total of seven transactions for H1 2007, including four mortgage-backed deals, two DPR transactions and one auto-loan securitisation. In Turkey, the rating agency notes the enactment of the long-awaited mortgage law in March 2007 and continued robust DPR issuance. Moreover, IT and data enhancements are on the way for existing asset securitisation in Turkey.
Significantly, Moody's says that H1 2007 represented a leap forward for Kazakhstan, Ukraine and the Gulf region. Kazakhstan and Ukraine reported their first securitisations of existing assets in the form of Residential Mortgage-Backed Securities (RMBS) transactions. Similarly, the first internationally rated Gulf securitisations of residential and commercial real estate were launched in the UAE. In Oman, Moody's rated the senior tranche of 'Blue City' a mixed-use real estate project. In Tunisia, the second domestic RMBS deal was rated according to Moody's Tunisian National Rating Scale.
"Improvements in legal frameworks and explosive growth in consumer finance, especially in Russia/CIS and the Gulf regions, have contributed to the growth of structured finance in EMEA new markets," says Yaron Ernst, Head of Business Development at Moody's Structured Finance Group.
"Moody's expects similar activity in H2 2007 and also sees positive signs in Central Europe."
The report is entitled "2007 First Half Review and Outlook: EMEA New Markets Structured Finance Increased Asset Diversification and Continued Market Expansion", and is available on our website at www.moodys.com.
-Ends-
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London
Burak Cerrahoglu
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
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Paris
Yaron Ernst
Head of Business Development EMEA
Structured Finance Group
Moody's France S.A.
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© Press Release 2007
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