Europe

News

Paragon Preps £153.12M UK RMBS

The transaction is backed by a provisional pool of £153.12 million ($245 million) of buy-to-let mortgages originated between July and September 2014. Paragon will add additional mortgages to the pool before closing.

LeasePlan to Sell €537M Dutch Auto ABS

LeasePlan Nederland N.V. plans to sell €537 million ($684 million) of securities backed by Dutch auto lease installment receivables and residual value cash flows.

Moody's Corp. Acquires Lewtan Technologies

Lewtan will become part of Moody’s Analytics’ structured analytics and valuations business, which provides an extensive data and analytics library for securitized assets.

Volkswagen Plans German Auto Loan ABS

Private Driver 2014-4 UG will issue €691M ($883M) of ‘AAA’ rated securities and €22.8 million of ‘A+’ securities.

Navient Plans $664M Private Student Loan ABS

The company plans to market the bonds to European investors and will hold onto 5% of the first loss tranche to comply with European risk retention requirements.

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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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Scott McNulla

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Firm: Clayton Holdings

In the news: How Ability-to-Repay Rules Could Reshape RMBS Market

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