BNP Paribas Resumes Unsecured French Consumer Loan Securitization

The bank will issue €1 billion ($1.05 billion) of bonds backed by euro denominated loans issued to French borrowers.

Should Asset-Backeds Go Back to Their Old Pricing Benchmark?

Much of the securitization universe—from auto loan deals to commercial-mortgage backeds—uses what’s known as the “swaps curve” to price floating-rate deals. Before 2000, Treasurys were the go-to benchmark. Pricing movements are causing some to ask whether the market should go back.

BMW Marketing €800M German Auto Lease Securitization

The transaction, Bavarian Sky German Auto Leases 4, will offer a €746 million tranche with a preliminary 'AAA' rating from Standard & Poor's and an unrated €54.4 million class B tranche.

Another VW Lease ABS, This One Swiss, On the Way

Nearly 17% of the leases in the collateral pool backing Swiss Car ABS 2015-1 AG. are affected by the emissions allegations. In addition the portfolio will also include vehicles that are affected by recent CO2 allegations.

Kensington Mortgage Plans Second Prime UK RMBS

Gemgarto 2015-2 is collateralized entirely by loans with rates that are fixed at a weighted average interest rate of 3.75% for the first three years of their terms and then reset to an adjustable rate.



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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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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