Europe

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Blackstone/GSO Joins European CLO Refinancing Wave

It follows in the footsteps of other CLO managers, including Apollo, KKR and Pinebridge, in taking advantage of a dramatic reduction in yield spreads over the past few months; the deal may also be amended to put it in compliance with the Volcker Rule.

Cov-Lite is Catching on in Europe's Leveraged Loan Market

The growing advantages for borrowers is most keen through institutional term loan Bs, which increasingly benefited last year from fewer maintenance restrictions and cheaper pricing to overtake high yield bonds as “the leveraged finance instrument of choice” for sponsors.

DBRS Promotes Aufsatz To Lead European Structured Finance

Christian Aufsatz was named managing director and head of European structured finance operations; he was previously in charge of commercial mortgage backed securities ratings.

Another Non-Comforming Dutch RMBS Enters Market

The deal, DELFT 2017, is backed by €157.73 million in non-conforming, first-lien home loans originated by specialty lender ELQ Portefeuille that have been acquired by Morgan Stanley Principal Funding.

Obvion to Issue Latest STORM Deal in €1.19B RMBS

Storm 2017-1 B.V. includes five classes of notes, led by a senior Class A tranche that will comprise 93.02% of the notional value of the portfolio. The 'A' notes carry preliminary triple-A ratings from Moody’s Investors Service and Fitch Ratings.

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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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What’s So Unusual about Sprint’s Airwaves Securitization

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies.

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