Europe

News

BofAML: Plenty of Euro ABS For More ECB Purchases

BofA Merrill analysts dispute that the ECB is making timid purchases of securitization because there isn't enough available. The bank could buy more by bidding aggressively in BWIC auctions.

Credit Agricole Securitizing €1.07of Dutch Consumer Loans

S&P plans to assign an ‘AAA’ rating to €346.5 million of class A1 notes €126 million of class A2 notes. The notes are structured with credit support of 57% and are due November 2075.

Zurich Insurance Marketing As-Yet Unsized Repack

The transaction, dubbed Willow No.2, securitizes subordinated notes issued by the Swiss mult-iline insurer, according to Standard & Poor's.

Platform and GMAC Plan £1.78 Non-Conforming UK RMBS

Bank of America Merrill Lynch, Morgan Stanley and Citigroup Global Markets are the lead managers on the deal called Warwick Finance Number One.

Alba Leasing Markets €767M SME ABS

The deal, Alba 7, is a securitization of payments on leases extended to Italian small and medium-sized enterprises (SMEs).

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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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Andrew Bellis

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Firm: 3i Debt Management

In the news: European CLO Managers' Lament: No Market for Sterling Tranches

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Current Issue

How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

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