Europe

News

European CLO Managers Underreport Cov-Lite Exposure

Moody's Investors Service blames the lack of standard terminology used to describe covenants that forbid borrowers from taking certain actions or require them maintain certain financial ratios.

UK Charter Court Financial Plans £484.5M ‘Buy-to-Let’ RMBS

Precise Mortgage Funding 2017-1B PLC is the second "buy-to-let" transaction n Europe in the last week, and the fourth since February. Moody's Investors Service is rating the dea.

Lone Star, Mars Capital Marketing €750m in NPL, RPL Irish RMBS

Lone Star's ERLS 2017-NPL1 DAC is backed by €419.8 million in non-performing loans; Mars Capital's €332 million Grand Canal Securities 1 is backed by repreforming loans.

Blackstone, Prudential Prep £12B in UK Buy-to-Let RMBS

All of the loans were originated by the former Bradford & Bingley bank and its Mortgage Express subsidiary, and were auctioned off by the U.K. Asset Resolution, according to rating agency presale reports.

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.

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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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