Europe

News

Deutsche Bank Returns with Westfield UK CMBS

Deutsche Bank is remarketing a U.K. CMBS backed by the Westfield shopping center after having pulled the deal in early August.

PCS Brand Tops €100B Deals In Shrinking Market

The volume of European asset-backed tranches with the Prime Collateralised Securities (PCS) label has crossed the €100B threshold but the region's securitization volumes keep shrinking.

Obvion Prices Dutch RMBS

The 1.9-year, €258 million, ‘AAA’ rated class A1 was sold at a spread of 25 basis points over 3-month Euribor. The notes were originally being talked in the 25bps to 30bps area.

Bradford & Bingley RMBS Rejig Improves Credit Enhancement, Maybe Ratings

The restructuring proposal of Bradford & Bingley's Aire Valley RMBS master trust has prompted mixed reaction from two rating agencies.

RCI Banque Plans French Auto ABS

RCI Banque, the financing arm for Renault Nissan Alliance, hired BNP Paribas, Societe General and HSBC to manage a €644 million ($820M) securitization of French auto loans.

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

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Single-Family Rental Giants Branch Out

Single-family rental giants are financing smaller players, setting the stage for a new wave of issuance.

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