Europe

News

BBVA, Popular Securitizing €1.89B in Consumer Loans

Two of Spain’s most prominent banks have structured new consumer-loan securitizations totaling nearly €1.89 billion (US$2.05 billion) in new bonds.

InvestCorp Marketing 1st Euro CLO Post-3i Takeover

Harvest CLO XVII is the fifth new Euro-denominated collateralized loan obligation transaction of the year, with a pool of both secured term loans and high-yield bonds backing seven classes of rated notes and an unrated subordinate tranche. The size of the transaction is to be determined.

GMAC UK Marketing 8th Auto Lease ABS

The securitization follows just weeks after parent General Motors agreed to the sale of its historic Vauxhall brand line of vehicles, which comprised the bulk of securitized assets in GMAC’s two most recent E-CARAT platform ABS deals.

Spire Partners Prices 1st New Issue Euro CLO of March

Spire Partners priced the first new Euro-denominated CLO deal for March, the €348 million Aurium CLO III last week, according to a report published Monday by Moody's Investors Service.

Defaulted Holdings in CLOs Ticked Up in 4Q

The default rate increase was driven by three loan defaults in the quarter: Business services provider Twenty Eighty, cancer care firm 21 Century Oncology and oil services company Petroleum Geo-Services, Moody’s reported.

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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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Shift from Leases to Loans Is Powering Solar Securitization

Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.

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