Europe

News

Volkswagen Prices Upsized Spanish Auto ABS

Driver Espana three issued €858 million of class A notes rated ‘AA+’ by Standard & Poor’s and ‘Aa2’ by Moody’s Investors Service that pay one-month Euribor plus 105 basis points.

UK’s Skipton Launching £524.4M RMBS Pool

A £524.4 million (US$755.6 million) series of prime, owner-occupied mortgage loans originated by UK’s Skipton Building Society will be packaged into the fourth securitization pieced together by the UK financial institution.

MotoVoto Plans Auto-Lease Backed ABS

MotoVoto Finance, one of the U.K.’s largest players in used car financing, is preparing to market its sixth securitization of an undetermined volume of its fixed-rate consumer auto leases.

Just 2 U.S. CLOs Totalling $826M Priced in January

Issuance of U.S. collateralized loan obligtions is off to a slow start, with just two deals pricing in January; a single European deal priced.

Paragon ‘Buy-to-Let’ Loan Securitizations Expected to Drop

Paragon Mortgage may be scaling back its loan securitizations in 2016, with plans to utilize the increased deposit base at parent Paragon Bank to fund more originations of its core “buy-to-let” mortgage business to family landlords.

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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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Current Issue

Why Florida May Be the Next Big Source of PACE Bonds

Property Assessed Clean Energy loans have been available in Florida since 2010, but lending, as well as securitization of these loans, has lagged far behind California largely due to a series of lawsuits. A ruling by the Florida Supreme Court in October could change that.

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