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Group BPCE Issuer Pooling Card Receivables

A pool of credit card receives issued by Group BPCE’s Natixis Financement unit are being securitized in the second-ever issuance through the Purple Master Credit Cards, FCT in France. The €651 million transaction mostly consists of €550 million in a Class A2016-1 series of notes.

U.K. Online Lender Zopa Tapping Securitization Market

The £138 million deal, dubbed Marketplace Originated Consumer Assets 2016-1, will issue five tranches of notes, four of them with preliminary ratings from Moody's Investors Service.

GM Unit Securitizing 9th German Auto Loan ABS

E-Carat S.A., Compartment 9 is comprised of two series of rated notes of undetermined size, backed by a pool of €513.5 million in loans.

KBRA Taps Mauricio Noe to Lead European Push

KBRA has been certified by the European Securities Markets Authority since March 2013 and is the process of establishing a regulated European subsidiary.

Ford Trust Plans Another Offering of German Auto Loan ABS

Ford Motor Co. is securitizing its second round of German auto loans this year in a €541.7 million pool of both private and commercial borrower receivables tied to significant balloon payments.

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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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Verizon Selling Bonds Backed by Cell Phone Payments

The $1.17 billion deal follows a year’s worth of management deliberations over issuing asset-backeds, which Verizon expects to lower the cost of financing device payment-plan agreements.The deal will also ease pressure on the carrier's own corporate credit ratings.

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