Limping along

摘要

SECURITISATION, the bundling and repackaging of income streams as trad-able securities, goes in and out of fashion. America is still dealing with the fallout from the disaster in one part of the market-sub-prime mortgages-in 2008-09 (see box on next page). In Europe, the swings in popularity have been just as marked. During the crisis, European securitised assets were hit by only small losses but the market suffered from guilt by association. It has since enjoyed a limited renaissance.