Europe

News

Sankaty Advisors Prepping €364M European CLO

Rye Harbour CLO is the investment manager's third European collateralized loan obligation; it also manages 11 U.S. CLOs.

European Banks Re-Marketing Retained Deals

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.

Strong Demand for NewDay’s Inaugural UK Credit Card ABS

NewDay, a newcomer to the U.K. securitization market, has priced £293 million of bonds backed by credit card receivables.

Tesco’s UK CMBS Ratings May Fall to Junk: S&P

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.

Basel Cuts External Ratings in Revised Securitization Rules

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.

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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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Fannie Mae Exploring New Ways to Transfer Risk to Private Sector

Unlike their existing risk-sharing programs, which have drawn $12.5 billion of private capital into the mortgage market by referencing $454 billion of mortgages since their July 2013 inception, some of the latest deals transfer the first loss sustained when a homeowner stops making payments.

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