Private Driver 2014-4 UG will issue 691M ($883M) of AAA rated securities and 22.8 million of A+ securities.
The company plans to market the bonds to European investors and will hold onto 5% of the first loss tranche to comply with European risk retention requirements.
FGA Capital, the company formed by a joint venture between Fiat and Credit Agricole, is gearing up to sell 437.5 million ($553.2M) of senior rated securities backed by Italian Auto loans.
SCFI Rahoituspalvelut is backed by a 529 million portfolio of auto loans made to private individuals residing in Finland or commercial entities registered in Finland to finance the purchase of new and used vehicles.
Accord Mortgages, a subsidiary of Yorkshire Building Society, plans to securitize a £1.3 billion ($2.09B) portfolio of U.K. residential mortgages.
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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