Europe

News

Brexit Contagion Worries Stoke Credit Portfolio Manager Fears

The International Association for Credit Portfolio Managers says that 68% of respondents worldwide expect an increase in defaults in the European investment-grade space this summer; 59% see the same for high-grade North American firms.

BBVA Securitizes 8th Auto Loan Euro ABS

Fitch Ratings and Moody’s Investors Service have assigned preliminary ratings to a €700 million, 18-month revolving securitization of unsecured consumer auto loans issued and serviced by Banco Bilbao Vizcaya Argentaria, S.A.

Santander Consumer Names Ex-CFTC Chief Its Chairman, Replacing Blythe Masters

Masters — a former JPMorgan Chase executive who is currently chief executive of Digital Asset Holdings — will serve on Banco Santander's international advisory board, and she will also join the board of Openbank, the company's online bank.

Dutch Lender Obvion Plans €1.23B RMBS

Dutch mortgage lender Obvion N.V. is structuring its 34th securitization of residential mortgages through its Purple Storm 2016 B.V trust.

Tax Inversion Rules Threaten Asset-Backeds, SFIG Warns

New rules designed to stop U.S. companies from moving their tax addresses offshore are so written so broadly that they could disrupt the securitization market, the trade group warned.

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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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States Joining Ranks of Student Loan Cherry Pickers

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.

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