In Q3 2015, EUR 56.3 billion of securitised product was issued in Europe1, an increase of 12.4% from Q2 2015 (EUR 50.1 bn) and an increase of 50.9% from Q3 2014 (EUR 37.3 bn)2Of this, EUR 17.3 billion was placed, representing 30.7%, compared to EUR 28.3 billion placed in Q2 2015 (representing 56.5% of 50.1 EUR bn) and EUR 19.6 billion placed in Q3 2014 (representing 52.2% of 37.3 EUR bn)In Q3 2015, UK RMBS led placed totals followed by Pan European CLOs and German Auto: UK RMBS decreased from 4.8 EUR bn in Q2 2015 to 3.8 EUR bn in Q3 2015; Pan European CLOs decreased from 4.5 EUR bn in Q2 2015 to 2.5 EUR bn in Q3 2015; German Auto decreased from 5.5 EUR bn in Q2 2015 to 2.2 EUR bn in Q3 2015.

Market Environment According to Eurostat, GDP rose by 0.4% QoQ in the Euro Area and in the EU 28 in the second quarter of 2015, down slightly from the 0.5% QoQ growth in the prior quarter. According to the July 2015 European Central Bank lending survey, credit standards for loans to enterprises, consumer credit and loans to households eased in net terms in the second quarter of 2015, supporting the recovery of loan growth. In Q2 15, euro area banks reported a net easing of credit standards on loans to enterprises for the fifth consecutive quarter, driven in particular by banks’ competition and cost of funds. Across firm size, credit standards were eased on loans to both large firms and small and medium-sized enterprises (SMEs). Net demand for loans to enterprises improved significantly in Q2 15 mostly due to general level of interest rates and fixed investment. The net percentage of banks reporting an increase in demand for loans to enterprises was 13%, up from 1% in the previous quarter. Banks reported a further strong net increase in the demand for housing loans as well.

Highlights European leveraged finance issuance (leveraged loans and high yield bonds) decreased in 2Q’15 to €55.0 billion, a 4.8% decrease quarter-over-quarter (q-o-q) and a 41.2% decrease from a record setting €93.5 billion in 2Q’14. The quarterly decrease stems from the large fall in high yield bond issuance, which decreased by 15.6% in the second quarter of 2015 while the leveraged loan issuance in-creased by 12.4%; the high yield share of the leveraged fi-nance market decreased to 54.2%, down from 61.2% in 1Q’15. Market and Economic Environment According to the July 2015 European Central Bank lend-ing survey, credit standards for loans to enterprises, con-sumer credit and loans to households, both for and other than for house purchase, eased in net terms in the second quarter of 2015, supporting the recovery of loan growth. In 2Q’15, euro area banks reported a net easing of credit standards on loans to enterprises for the fifth consecutive quarter, driven in particular by banks’ competition and cost of funds. Looking ahead to the third quarter of 2015, euro area banks expect no further net easing of credit standards on loans to enterprises. Across firm size, credit standards were eased on loans to both large firms and small and medium-sized enterprises (SMEs). Credit stand-ards on loans to enterprises continued to ease in France and, more particularly, Italy. They were unchanged in net terms in Spain and in the Netherlands, while banks in Germany reported a marginal net tightening in standards. Net demand for loans to enterprises improved significant-ly in 2Q’15 mostly due to general level of interest rates and fixed investment. The net percentage of banks re-porting an increase in demand for loans to enterprises was 13%, up from 1% in the previous quarter. Banks reported a further strong net increase in the demand for housing loans as well. The net percentage of banks reporting an increase in demand for housing loans in the second quar-ter was 49%, up from 30% in the previous quarter.

Highlights This report provides an update on the progress achieved by EU GSIBs against the rules set out in the CRDIV leg-islation. The report also illustrates the recent performance of the debt and contingent convertibles (CoCo) markets for banks in Europe. Most prudential data publications and statistical sources compile information that is not comparable or is pub-lished with a substantial delay. This report addresses the existing data gap by publishing comparable and consistent prudential statistics of EU GSIBs on a timely basis. For the preparation of this report, a dataset with compa-rable prudential ratios was compiled from public sources, illustrating the continued progress against the CRDIV capital and leverage requirements by the 14 EU GSIBs1. These banks together accounted for €18.3tn in assets in 2014 (€18.4 in June 2015), or approximately 55% of total assets held by banks in the EU. For some data points, no-tably CoCos, this report provides data on all European banks rather than just EU GSIBs.

In Q2 2015, EUR 46.6 billion of securitised product was issued in Europe1, an increase of 33.5% from Q1 2015 (EUR 34.9 bn) and a decrease of 53.2% from Q2 2014 (EUR 99.5 bn)2Of this, EUR 25.3 billion was placed, representing 54.3%, compared to EUR 19.7 billion placed in Q1 2015 (representing 56.4% of 34.9 EUR bn) and EUR 19.6 billion placed in Q2 2014 (representing 19.7% of 99.5 EUR bn)In Q2 2015, UK RMBS led placed totals followed by Pan European CLOs and German Auto:UK RMBS decreased from 5.4 EUR bn in Q1 2015 to 4.8 EUR bn in Q2 2015;Pan European CLOs increased from 3.2 EUR bn in Q1 2015 to 4.5 EUR bn in Q2 2015;German Auto increased from 2.1 EUR bn in Q1 2015 to 2.8 EUR bn in Q2 2015.

Market Environment According to Eurostat, GDP rose by 0.4% q/q in the Euro Area and the EU28 in the first quarter of 2015. According to the April 2015 European Central Bank lending survey, banks continued to report easing of lending standards in the first quarter. Lending standards eased to a greater extent for small-and-medium enterprises (SMEs) than for large enterprises. Short-term loans standards also continued to ease to a greater extent than longterm loan standards. Competition between banks was far and away the strongest factor in easing lending standards, although bank liquidity positions and market financing contributed to a lesser extent. Net loan demand also rose in the first quarter, albeit to a lesser degree than in the prior quarter. The need for working capital and debt restructuring were the most influential drivers of greater demand, constrained by debt issuance and internal financing.

Highlights European leveraged finance issuance (leveraged loans and high yield bonds) more than doubled in 1Q’15 to €57.7 billion, a 112.8% increase quarter-over-quarter (q-o-q) and a 25.2% increase year-over-year (y-o-y). The increase q-o-q stems from the large rise in high yield bond issuance, which more than quadrupled in the first quarter of 2015; the high yield share of the leveraged finance market in-creased to 61.2%, up from 30.4% in 4Q’14. Market and Economic Environment According to the April 2015 European Central Bank lend-ing survey, credit standards for loans to enterprises, con-sumer credit and loans to households other than for house purchase continued to ease in net terms in the first quarter of 2015, while the credit standards for loans to households for house purchase tightened slightly in net terms. Despite the easing in most categories during the quarter the European Central Bank stated that the level of credit standards is still relatively tight in historical terms. In 1Q’15, euro area banks reported a net easing of credit standards on loans to enterprises for the fourth consecu-tive quarter driven in particular by banks’ cost of funds and balance sheet constraints and competition. Across firm size, credit standards were eased on loans to both large firms and small and medium-sized enterprises (SMEs). Credit standards on loans to enterprises have im-proved in all large euro area countries except for Spain, in particular in Italy, and switched from a net tightening to a net easing in the Netherlands. Net loan demand continued to be positive for loans to en-terprises, but fell back from the high level reported in the fourth quarter of 2014. Net demand for loans to enter-prises continued to improve, however at a slower pace. The net increase in demand was 6% in 1Q’15, down from 18% in the previous quarter. Net demand for housing loans continued to increase at a fast pace (29%, up from 24% in the previous quarter), while it remained broadly stable for consumer credit (13%, after 14%).

In Q1 2015, EUR 33.9 billion of securitised product was issued in Europe1, a decrease of 43.1% from Q4 2014 (EUR 59.6 bn) and a significant increase of 70.4% from Q1 2014 (EUR 19.9 bn)2Of this, EUR 18.2 billion was placed, representing 53.7%, compared to EUR 24.1 billion placed in Q4 2014 (representing 40.4% of 59.6 EUR bn) and EUR 14.6 billion placed in Q1 2014 (representing 73.4% of 19.9 EUR bn)In Q1 2015, UK RMBS led placed totals followed by Pan European CLOs and Dutch RMBS: UK RMBS decreased from 6.5 EUR bn in Q4 2014 to 5.4 EUR bn in Q1 2015; Pan European CLOs decreased from 4.3 EUR bn in Q4 2014 to 2.8 EUR bn in Q1 2015; Dutch RMBS decreased from 2.6 EUR bn in Q4 2014 to 2.4 EUR bn in Q1 2015.

Market highlights and commentary According to Eurostat, GDP rose by 0.3% quarter-overquarter (QoQ) in the EU 19 and the EU 28 for the fourth quarter of 2015, unchanged (EU 19) or down slightly (0.4%, EU 28) from the prior quarter. Term Issuance and Outstanding VolumesIn Q4 2015, EUR 71.4 billion of securitised product was issued in Europe, an increase of 25.0% from Q3 2015 (EUR 57.1 billion) and an increase of 19.3% from Q4 2014 (EUR 59.8 billion). Of the EUR 71.4 billion issued, EUR 15.5 billion was placed, representing 21.7% of issuance, compared to EUR 18.1 billion placed in Q3 2015 (representing 31.8%) and EUR 24.3 billion placed in Q4 2014 (representing 40.6%). For the full year, EUR 213.7 billion of securitisations were issued in Europe, a decline of 1.5% from the prior year. Of this, EUR 81.5 billion were placed, representing 38.1% of totals, an improvement from the EUR 78.2 billion (36.0%) of securitisations placed in 2014. For the fourth quarter, UK RMBS continued to lead placed totals (EUR 6.1 billion), followed by European CLOs (EUR 3.5 billion) and German auto ABS (EUR 1.6 billion). For the full year, placed issuance broadly reflected the same trends, with UK RMBS leading placed totals (EUR 20.1 billion), followed by PanEuropean CLOs (EUR 13.7 billion), and German auto ABS (EUR 11.4 billion). Net issuance of securitised product remained negative, with EUR 1.25 trillion outstanding at the end of 4Q’15, down from EUR 1.33 trillion at the end of 3Q’15. Of this, EUR 690.4 billion, or 55.4%, were retained.

Highlights Equity underwriting in European exchanges accumulated in 2015 a total of € 201.5 bn in proceeds, an increase of 16.7% from the value observed in 2014 (€ 172.7 bn). Equity underwriting encompasses Initial Public Offerings (IPOs), convertible securities and follow-on offerings. Mergers and Acquisitions (M&A) between European companies (as acquiring and target companies) totalled € 396.9 bn in 2015, an increase of 11.9% from the value observed in 2014 (€354.6 bn). Equity trading activity in European exchanges and MTFs accumulated in 2015 a total of € 13.1 tn in turnover value, an increase of 28.7% from the value observed in 2014 (€ 10.2 tn). Market capitalisation of European shares stood at € 11.9 tn at the end of 2015, an increase of 15% in Euros from the value observed in December 2014 (€ 10.7 tn).