The nominal volume of the Structured Products segment made up just under a third of the total portfolio at the end of 2017. It decreased from EUR 30.0 billion at the beginning of 2017 to EUR 24.1 billion at year-end. The transactions with the DEPFA Group lifted the nominal volume of the segment by EUR 3.2 billion at year-end 2017. Overall, the portfolio was reduced by EUR 5.9 billion in 2017, although EUR 2.8 billion of this is attributable to currency effects.
The sub-portfolio still comprised 473 exposures and 244 borrowers at the end of 2017. 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.