Deutsche Bank is remarketing a U.K. CMBS backed by the Westfield shopping center after having pulled the deal in early August.
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.
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.
The restructuring proposal of Bradford & Bingley's Aire Valley RMBS master trust has prompted mixed reaction from two rating agencies.
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.
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.
A policy fight is threatening the recovery of collateralized loan obligations in Europe.
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.
The latest generation of European CLOs may expose investors to a risk that didnt exist in most collateralized loan obligations issued before the financial crisis: fluctuations in foreign exchange rates.
With Global ABS around the corner, its only fitting that we turn our attention to Europe.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
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