Lewtan Technologies, Inc., provider of asset-backed securities surveillance, analytics, and content for the global securitisation industry, announced today that more than 100 institutions in Europe now rely on ABSNet for credit surveillance and analysis of their securitisation portfolios.
"The growth of our European business has been nothing short of exceptional," said Aloysius Fekete, director, product marketing, for Lewtan and its European ABSNet operations. "ABSNet usage has increased by more than 300 percent over the last year, and this number does not even reflect demand on our Excel Add-In Tool, unveiled in 2006, or our electronic-feed services."
ABSNet clients consist of buy-side, sell-side, and other market participants who use ABSNet for credit surveillance, market research, and cash-flow analytics. These clients rely on ABSNet to monitor the performance of a wide range of securitisation transactions, in particular, the collateral performance of nonconforming residential and credit-card transactions, as well as credit events in synthetic transactions and credit default swaps of asset-backed securities (ABS).
"We've been using ABSNet to augment data on LehmanLive since 2005," said Krishna Prasad, managing director, Structured Finance Research, for Lehman Brothers International. "We've found it to be a valuable source of data and information on a wide range of securitisation transactions in the European market."
ABSNet now tracks more than 2,000 European transactions, covering over 10,000 securities, and more than 17,000 transactions globally, covering over 180,000 securities. While ABSNet's growth closely parallels the expansion of securitisation throughout Europe and North America, the service also includes transactions from other markets such as Russia, the Pacific Rim, and South Africa. In fact, ABSNet has subscribers from more than 30 countries throughout North America, Europe, Asia, and Australia.
"The demand across Europe for ABSNet has risen dramatically," said Lewtan's Fekete. "Given the growth in hedge funds over the last decade, the increasing cost of credit protection on single-name and basket credit default swaps of ABS, and the uncertainty surrounding certain nonconforming residential and credit-card deals, the credit performance data provided by ABSNet is vital."