European CLO Managers Taking a Shine to Volcker Rule

The Volcker Rule doesn’t apply on their turf, but European CLO managers are nearly as eager to come in line with the regulation as their U.S. counterparts.

Volkswagen to Issue €723M German Auto Lease Bonds

Volkswagen Leasing plans to issue a €723 million ($937 million) securitization backed by German auto lease receivables; it follows on the heels of a U.K. auto loan deal that priced the first week of September.

Deutsche Bank Readies €250M CMBS

Deutsche Bank plans to issue €250 million ($324 million) of securities backed by two commercial mortgage loans that are secured by 20 properties, according to a person familiar with the deal.

Europe Pipeline Gets Portuguese €875 SME CLO

BANIF Banco Internacional do Funchal S.A plans to place €875 million ($1.12B) of securities backed by a pool of current accounts and term loans to Portuguese self-employed and small and midsize enterprises.

UK Politician to Lead EU Financial Service Sector

Among his specific objectives, as Financial Services, Financial Stability and Capital Markets Union Commissioner, Lord Jonathan Hill would be tasked with seeking “appropriate ways to revive sustainable and high quality securitization markets”.



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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China Auto Securitization Gears Up

As more and more Chinese gain the financial access to buy a car with a loan, lenders will look increasingly to securitization to keep origination going.

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