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.
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.
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.
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.
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.
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.
A policy fight is threatening the recovery of collateralized loan obligations in Europe.
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.
The latest generation of European CLOs may expose investors to a risk that didnt exist in most collateralized loan obligations issued before the financial crisis: fluctuations in foreign exchange rates.
With Global ABS around the corner, its only fitting that we turn our attention to Europe.
Treasurer, Head of Asset Management
Firm: NewStar Financial
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.Current Issue