Europe

News

Cerberus Affiliate Pooling £588M in Buy-To-Let Mortgages

Another round of buy-to-let mortgages is being securitized in the UK, backed by a £587.6 million pool of investor-property mortgages originated by an affiliate of Cerberus Capital Management.

VW Finance Securitizing €750M of Spanish Auto Loans

The transaction, Driver España Four, is backed by a €750 million discounted portion of the collateral pool of 110,274 loans with an aggregate outstanding balance of €1.25 billion. Only 2.2% of the pool is impacted by the lingering fallout from the 2015 emissions scandal, according to Moody's.

Deal Scan: S&P, DBRS Diverge on Earnest Student Loan ABS

S&P and DBRS have diverged on rating Earnest's private student-loan bonds; Comenity Bank offers a private-label card transaction; Leaf Commercial Capital returns with seventh small-ticket equipment lease securitization.

Obvion Issuing 2nd "Green" Euro RMBS

Green Storm 2017 B.V. will inssue five classes of Euro-denominated mortgages originated and serviced by Obvion N.V., a subsidiary of Rabobank with 41 previously rated European residential mortgage securitizations.

UK Payment-Plan Financer Issuing Notes Backed by £1B in Receivables

PCL Funding II will issue a yet-to-be amount of bonds that will be backed by receivables from the managed portfolio of receivables serviced by Premium Credit Ltd., a one-time subsidiary of HSBC that now has a 50% share of the U.K. insurance premium finance market.

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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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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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