At the end of 2018, one-third of the overall portfolio was invested in the Structured Products segment. This sub-portfolio decreased from EUR 24 .1 billion at the beginning of 2018 to EUR 23.1 billion at year-end. The year-end amount includes EUR 3.3 billion of securities that FMS-WM acquired from the DEPFA Group.
The sub-portfolio still comprised 444 exposures and 233 borrowers at the end of 2018. Among others, this segment includes structured credit instruments such as asset-backed securities (ABS), commercial or residential mortgage-backed securities (CMBS or RMBS) or collateralised debt obligations (CDO). About a third of the structured securities in FMS-WM’s portfolio are based on government-guaranteed student loans in the USA.