Europe

News

Terex Obtains ABCP Facility, Reprices Euro Term Loan

The $350 million conduit will finance and is secured by equipment loan and lease receivables originated by its subsidiary, Terex Financial Service, in the United States and Canada.

Investors Demand More Yield for Irish and Spanish RMBS

Two recent transactions, one Irish and one Spanish, tested investor appetite for peripheral RMBS. The results suggests there aren’t likely to be many more.

Volkswagen Preps €500M French Auto Loan Securitization

Driver France Two, which comes 20 months after the completion of Driver France One, will be rated by Moody’s Investors Service and Fitch Ratings.

Marketplace Securitization is Growth Area for BNY Mellon Corporate Trust

BNY Mellon's corporate trust business has already participated in as many securitizations of marketplace loans in the first quarter of 2015 as it did for all of 2014.

UCI Readies 1st Post Crisis, Investor-Placed Spanish RMBS

The notes are backed by 3,761 residential mortgages with a weighted average seasoning of 54.16 months and a weighted average original LTV of 57.14%.

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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

Managing Director

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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