A recovery is "well and truly underway" in the beleaguered asset backed securities market with over €5bn of issuance in the last week in Europe – a sign that the securitisation markets may finally be opening up.

The jumbo £3bn (€3.3bn) Lloyds securitisation of a portfolio of HBOS mortgages expected to price this week is a further sign that a re-opening of the beleaguered market is "well and truly underway", according to Deutsche Bank ABS research published yesterday.

ABS market  takes small steps with jumbo securitisation

Radi Khasawneh

Deutsche Bank

Tesco

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