Europe

News

Federal Reserve Fix Means Smaller "Fire Sale" for CLO 2.0

Non-U.S. banks don't have to sell holdings of collateralized loan obligations that don't comply with the Volcker Rule; U.S. banks still need to divest or amend the terms of such deals, however.

GMAC UK Adds New Type of Auto Lease to E-CARAT ABS

Personal contract purchase leases, which require an initial deposit and a series of monthly payment covering a vehicle’s depreciation, comprise 20% of the pool of collateral for E-CARAT 5.

What Happens to European ABS as Interest Rates Turn Negative

In theory, asset-backed investors could be forced to pay for the privilege of holding these securities. Sounds crazy, but it's enough of a concern that several new deals contain provisions putting a floor on interest rates.

Deutsche Bank Target Irish Properties in Next CMBS

DECO 2015-HARP pools three loans secured on 18 residential, office and retail properties located mostly in Dublin, Ireland.

Paragon Preps £154.5M U.K. Buy-to-Let RMBS

Paragon Mortgages No.22, the issuer’s first deal in 2015, will pool loans with a weighted average remaining term of 21 years; all of the loans pay only on interest for part of their terms. Only prime borrowers with low amounts of leverage, are included in the pool.

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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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With Ocwen, Enforcement Is a Balancing Act

State attorneys general continue to aggressively investigate Ocwen Financial's mortgage servicing practices, but they are also mindful that too much enforcement could cripple the company and cause major headaches for millions of homeowners whose loans Ocwen services.

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