The European structured finance market is on course to record its first decline in full-year new issuance volumes since its inception in the early 1990s after dealflow plunged in the third quarter as a result of the credit crisis, according to Deutsche Bank analysts.

In a report today, Ganesh Rajendra, head of European securitisation research in London, said total third quarter volumes hit €84bn ($119bn) with a "paltry" €19bn of sales in September alone - some 60 % lower compared to the same month a year ago.