Rye Harbour CLO is the investment manager's third European collateralized loan obligation; it also manages 11 U.S. CLOs.
European banks have begun re-marketing securitizations that they had retained as collateral for central bank funding, and this is expected to accelerate in 2015.
NewDay, a newcomer to the U.K. securitization market, has priced £293 million of bonds backed by credit card receivables.
Standard & Poor's may downgrade its credit ratings of seven U.K. CMBS transactions with exposure to Tesco if the supermarket operator's long- and short-term corporate credit ratings fall below investment grade.
International bank regulators finalized changes Thursday that will greatly diminish the role of external ratings agencies in weighting the risk of securitized assets in capital requirements.
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.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
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