Emerging Markets


Outlook for Spreads, Defaults Still Cloudy, Credit Managers Say

Nearly 60% surveyed by the International Association of Credit Portfolio Managers, expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year.

VW Preps 1st China Auto ABS Since Deiselgate

The RMB3 billion ($457 million) Driver China Three is backed by short-term loans made to borrowers with significant equity in their vehicles. Moody's Investors Service sees little risk to the bonds from its recent downgrade of the German auto maker.

Ford Turns to China Auto Loan For Next Securitization

Ford Automotive China plans to issue RMB2.6 billion ($406 million) of bonds backed by auto loans extended to borrowers in China.

BMW Goes Big in Next Chinese Auto Loan Securitization

Sized at RMB3.5 billion ($549 million), Bavarian Sky China 2015-2 is the biggest Chinese auto loan deal by any foreign-owned finance company, according to Moody's Investors Service.

Turkey Completes a Second Cat Bond for $100M

The deal, which is unrated, provides three years of protection, on a per occurrence basis, for earthquakes affecting the Istanbul region. It pays more than the inaugural deal, completed in 2013, which is rated by Standard & Poor's.



Ratings Disagreements Head to Mexico

Controversy over the Mexican equipment lease sector

After Crash, Brazilian ABS Poised to Recover

After contracting sharply last year amid regulatory uncertainty and an economic slowdown, Brazil’s structured finance market now appears to be poised for a recovery.

New Blood Revives Russian RMBS

Five new originators of Russian RMBS debuted last year; players say the issuer stable will keep growing.

Fitch: Securitization Investors Span the Globe

Investors no longer feel limited to their own country for securitization investment opportunities; they are becoming comfortable with the risks and rewards of investing in and owning a global book.


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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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