Issuance volume

EXHIBIT 11.1 Issuance Volumes of European RMBS ( billion)... 

Issuance of European CCABS is clearly dominated by repeat issuers, accounting for more than 90% of total issuance volume. Credit card Issuers that have accessed the securitisation market only once include Findomestic Banca S.p.A. (2000), Diners Club Europe S.p.A. (and others) (2001) and Egg Banking PLC (2002). 

Eiat is the dominant issuer of European auto ABS in terms of total issuance volume. The company has accessed the securitisation market four... 

Since the start of the credit crunch, there has been a sharp decline in the issuance volumes for both ABS CDO and CLO in 2008. FIGURE 16.4 shows issuance by type of underlying collateral, and FIGURE 16.5 is a summary of CDO issuance volumes between 2004 and 2008. 

The batch record is so long that it is issued in volumes. Unless the process is very complicated, most batch records should not be so detailed as to make the process of issuance or actually following the record an arduous task. 

Since the market s inception in 1995, MBNA EBL has been the dominant issuer of CCABS, both in number of issues completed and total volume of issuance. The company has accessed the securitisation market each year and completed 16 transactions in total. The first 12 transactions, Chester Asset Receivables Dealings (CARDS) 1-12, were issued from the same master trust (MBNA MT 1), which was set up in 1995. In 2001, MBNA EBL created a new master trust UK Receivables Trust 11 (MBNA MT 2) from which four transactions, CARDS 2001-A, CARDS 2001-B, CARDS 2002-A and CARDS 2002-B, were issued in 2001 and 2002. 

Traditionally, the two sectors have been clearly dominated by repeat issners. For example, in 2002, repeat issuers acconnted for approximately 75% of all anto ABS issued and 82% of all consumer loan ABS issned (by issnance volume). Exhibit 14.2 shows the top five European anto and consnmer loan ABS issuers ranked by cumulative issuance vol-nme from 1997 to 2002. 

The period 2005 to first half2007 was a period of very high growth for the issuance of CDOs. During this period the growth in the CDO product was investor-driven and high volumes of arbitrage CDO transactions were issued. However, a big impact of the credit crunch from 2007 has been a sharp decline in new issuance of CDO product. 

FIGURE 16.5 Issuance Data Volumes, Arbitrage CDO, and Ralance Sheet CDO ... 

Banks were exposed to the performance of credit assets that were held on balance sheet awaiting securitization. As the CDO issuance market started to fall in volume in mid 2007, banks were forced to write down some asset positions, as it became increasingly difficult to sell these assets to CDO vehicles and into the wider market. Many banks were positioned the same way, and this caused a fall in the appetite to make bids for assets. 

If there are many loose sheets, assemble them, and bind them separately in an Accopress binder issued by the Research Libraries for this purpose (see Issuance and Numbering of Noteboks, above). The bound sheets, now a single volume, are treated the same as a Research Notebook. (See the earlier section on Accopress binders. See also Security and Preservation of Records, to follow.)... 

In summary, the LBB methodology will be continuously developed by WSRC through issuance of various topical reports that apply to SRS reactors. DOE staff has completed the evaluation of the WSRC responses to its earlier set of 95 comments on the WSRC application of LBB methods. A formal acceptance of the WSRC responses has been issued. The staff has also reviewed.the WSRC topical report on the structural integrity of the PWS (Reference 2). The review has concluded that this report provides an acceptable summary dfLthe technical basis for PWS structural integrity based upon the methodology and acceptance criteria of NUREG-1061, Volume 3. 

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