The Italian securitisation market came of age during 2002, both in terms of the volume of credit risk transferred and in terms of diversification in structures and deal types, a fact noted by rating agencies and financial analysts after several years of steady growth.
The number and variety of originators involved, as well as the various asset classes securitised and certain recent legal developments, mean Italian originators and investors now have a more conscious approach to securitisation techniques and their potential uses. The increasing number of Italian investors in Italian asset-backed securities shows that awareness of the product in the domestic market has improved – this means the Italian market is likely to be prepared to absorb more sophisticated structures.
