Europe

News

JPMorgan Hit Hardest as EU Fines Euribor Trio $521M

JPMorgan Chase, HSBC Holdings and Credit Agricole were fined a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.

New Towd Point Deal Pools Risky GE UK Home Loans

An £821.7 million pool of higher-risk problem UK residential mortgage loans originated by GE Home Money Lending and other GEHML-affiliated is being pooled into in a new Towd Point Mortgage Trust asset-backed offering arranged through Credit Suisse.

Freddie Mac to Delist Debt Securities from Irish, Luxembourg Exchanges

Freddie Mac plans to delist its debt securities, mortgage securities and STACR debt from the Luxembourg and Irish Stock Exchanges due to difficulty of complying with European Union regulation designed to prohibit insider trading.

Santander UK Markets ABS of £647.5M in Auto Loans

Motor 2016-1 PLC is a pooling of 95,077 standard UK consumer conditional sale agreements totaling £647.5 million, structured in a six-class bond structure that includes ‘AAA’-rated senior notes, according to a presale report from Standard & Poor’s. The tranche sizes of the notes are to be determined.

Another Seven US CLOs Priced Week of November 14

Deals from MJX, Voya, Arrowpoint and Palmer Square pushed November volume to $13.1 billion via 29 transactions (including refinancings and resets) according to JPMorgan. Credit Suisse priced the lone European deal.

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Articles

Euro Private Placements Fill Lending Void

A nascent private bond market in France is expected to grow significantly over the next two years, and could complement, or possibly compete with, securitization of loans to small and medium-sized enterprises.

Policy Fight Threatens European CLO Market

A policy fight is threatening the recovery of collateralized loan obligations in Europe.

Beware Extension Risk in Older European CLOs

European collateralized loan obligations issued pre-financial crisis are nearing the end of their reinvestment periods, yet the maturities of the loans that serve as collateral continue to shift further out into the future.

Fitch Warns on Forex Risk in CLO 2.0

The latest generation of European CLOs may expose investors to a risk that didn’t exist in most collateralized loan obligations issued before the financial crisis: fluctuations in foreign exchange rates.

SME Catch a Break

With Global ABS around the corner, it’s only fitting that we turn our attention to Europe.

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What’s So Unusual about Sprint’s Airwaves Securitization … and Why No One Else is Likely to Follow Suit

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies, according to Covenant Review.

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