Investcorp Buys 3i CLO/Asset Business for £222M

The deal includes US$12 billion under management in in European and U.S. collateralized loan obligations, which will continue to be run by 3i Debt Management managing partner and chief executive Jeremy Ghose.

GE Money Pools €1.56B in French-Loan RMBS

The debt consolidation loans originated by GE are backed by French homes, in a deal arranged by Morgan Stanley and the second true-sale securitization of debt consolidation receivables. The deal builds on a smaller initial €871.2 million SapphireOne issuance in July.

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.

Why This Florida Regulator is Crying Foul Over Two Letters

The Florida Public Service Commission, which oversees the state's utilities, wants credit rating agencies to stop identifying a type of bond issued by those companies as "structured finance." The "sf" designation is undeserved and has increased utilities' borrowing costs, the regulator argues.

UK’s Hawksmoor Pooling More Ex-GE Home Loans

Hawksmoor Mortgages 2016-2 plc is a British sterling-pound denominated RMBS with a £1.124 billion pool balance secured by mortgages to residential properties in the UK extended to 12,153 borrowers. Eighty percent were originated by GE's UK home-lending arms that have since sold off portfolios and exited the British mortgage scene.



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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Old CMBS Bubble is Resurfacing

More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.

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