Europe

News

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.

FGA Capital Delivers Italian Auto ABS

FGA Capital, the company formed by a joint venture between Fiat and Credit Agricole, is gearing up to sell €437.5 million ($553.2M) of senior rated securities backed by Italian Auto loans.

Finnish Auto Loans Back Latest Santander ABS

SCFI Rahoituspalvelut is backed by a €529 million portfolio of auto loans made to private individuals residing in Finland or commercial entities registered in Finland to finance the purchase of new and used vehicles.

Accord Plans Sale of £1.3B UK RMBS

Accord Mortgages, a subsidiary of Yorkshire Building Society, plans to securitize a £1.3 billion ($2.09B) portfolio of U.K. residential mortgages.

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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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