The European structured finance primary market rallied in the first quarter to record around €22bn equivalent of bond sales. This represents a near-50% increase over the same stage in 2014, driven by a busy March, when 21 deals for more than €12bn priced. In all, 40 deals across asset classes were at least part-placed with investors during the first quarter, up from 33 in Q1 2014. Originators have benefited from the tightening spreads driven by the European Central Bank's purchase programme, but the numbers show that the UK market has actually been the biggest beneficiary, rather than the eurozone.
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