Europe

News

Mid-Sized Managers Pick Up Bigger Slice of U.S. CLO Market

Moody's Investors Services top rankings of U.S. CLO managers still includes many familiar names, but the usual suspects lost market share in the fourth quarter of 2014 to some medium-sized managers; GSO/Blackstone grabbed the top spot in Europe.

Volkswagen Sees Strong Reception for its German Auto ABS

Volkswagen Bank said today that it sold two tranches from its Driver Thirteen, German auto loan securitization at the lower end of price talk.

BofAML to Securitize Three Italian Commercial Mortgages

The three loans – Calvino Loan, Globe Loan and Fashion District Loan – have an aggregate balance of €301.5 million.

Volkswagen Plans €717M German Auto ABS

Volkswagen Bank's€717 million ($138 million) German auto loan securitization kicks off primary issuance in Europe. On offer under Driver Thirteen’s capital structure are €691.5 million of ‘AAA’ rated class A notes and €25.5 million of ‘A’ rated class B notes.

LCM Nabs Two European Securitization Pros from S&P

LCM Partners Limited (LCM) has hired Ilaria Vignozzi and Nadya Aleshina, formerly directors from S&P to join its consulting team.

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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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Coming Due: How CMBS Market Will Handle $300B Maturing 2015-2017

The $300 billion of CMBS maturing over the next three years will test the recovery of the capital markets.

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