The U.K. government will redeem £3 billion ($3.9 billion) of bonds backed by mortgages from rescued lender Bradford & Bingley, paving the way for a potential sale of the loans
Europes speculative-grade corporate default rate is expected to rise slightly by next year amid lingering credit instability, slow economic growth and a growing concentration of companies in the lowest levels of junk-grade ratings.
DBRS named Nichola James as co-head of sovereign ratings. At the same time, Fergus McCormick, who had been head of sovereign ratings since 2010, will now be chief economist and co-head of sovereign ratings.
Heathrow Funding, a corporate securitization vehicle that issues bonds raising proceeds for Londons Heathrow Airport and related rail link services, is issuing £400 million (US$520 million) in new notes for the airport to repay upcoming debt maturities.
Hawksmoor Mortgages 2016-1 PLC is a collection of U.K. mortgage loans. More than 80% were originated by GE Moneys home lending and mortgage units, with about one-third consisting of aged, pre-crisis loans issued in 2007.
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
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.Current Issue