Emerging Markets


BMW Goes Big in Next Chinese Auto Loan Securitization

Sized at RMB3.5 billion ($549 million), Bavarian Sky China 2015-2 is the biggest Chinese auto loan deal by any foreign-owned finance company, according to Moody's Investors Service.

Turkey Completes a Second Cat Bond for $100M

The deal, which is unrated, provides three years of protection, on a per occurrence basis, for earthquakes affecting the Istanbul region. It pays more than the inaugural deal, completed in 2013, which is rated by Standard & Poor's.

Nissan Unit Preps $242M-Equivalent Chinese Auto ABS

While the collateral behind the CNY1.5 billion ($242 million) deal is well cushioned against default — borrowers on average put down 65% of the vehicle's value — there is no back-up servicer.

Volkswagen Prices 2nd China Auto ABS for RMB1.89 billion

The RMB1.66 billion ($267.6 million) of class A notes are rated ‘A’ by Moody’s and ‘AA’ by Fitch; they pay a fixed rate of 3.8%.

Moody's: Chinese CLOs Would Benefit from Bourse Listing

No Chinese collateralized loan obligation has been listed on a securities exchange. Moody's says it's a good idea though panicked equity investors in Shenzhen and Shanghai probably have other things on their mind right now.



Ratings Disagreements Head to Mexico

Controversy over the Mexican equipment lease sector

After Crash, Brazilian ABS Poised to Recover

After contracting sharply last year amid regulatory uncertainty and an economic slowdown, Brazil’s structured finance market now appears to be poised for a recovery.

New Blood Revives Russian RMBS

Five new originators of Russian RMBS debuted last year; players say the issuer stable will keep growing.

Fitch: Securitization Investors Span the Globe

Investors no longer feel limited to their own country for securitization investment opportunities; they are becoming comfortable with the risks and rewards of investing in and owning a global book.


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Credit Barbelling in CMBS is on the Rise

As concerns mount about the riskier loans being packaged into commercial mortgage backeds, several banks have come up with a new strategy for making deals more attractive to investors. They are boosting exposure to both high quality and highly leveraged mortgages.

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