Europe

News

New Caps Allow European SF Ratings to Float Higher

Fitch Ratings has taken positive rating action on 150 tranches of 113 structured finance transactions that are capped relative to the sovereign ratings of Ireland, Portugal and Spain.

Euro Regulators to Heed Latest Call for More Securitization

A paper last week penned by the European Central Bank and Bank of England calls for facilitating "high quality" securitization. Regulators are likely pay attention, says Barclays.

Volkswagen Plans German Auto Loan ABS

Volkswagen Bank plans to issue a securitization backed by € 952 million ($1.3 billion) of German auto loans from its Driver series.

Skipton Plans U.K. RMBS, Darrowby No. 3

Skipton Building Society plans to issue a new U.K. prime RMBS transaction, Darrowby No. 3 that is structured with on publicly placed, British pound sterling-denominated tranches.

Lloyds Plans UK Credit Card ABS

Lloyds Bank will offer two British pound sterling-denominated senior tranches in the upcoming, investor-placed, credit card ABS issued from its Penarth program.

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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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