Europe

News

Westfield Plans £750M UK CMBS

DBRS is expected to assign ‘AAA’ ratings to the notes; Fitch Ratings is also expected to rate the deal. The notes have a weighted average life of 6.6 years and a legal final maturity of August 2024.

Barclays Sees Spreads on European CLOs Tightening in 2H

European collateralized loan obligations underperformed other types of securitization in the region in the first half of 2014, but Barclays expects CLOs to catch up on some of the ground they lost.

UK RMBS Exposure to Interest-Only Loans is Diminishing

U.K. borrowers are refinancing their interest-only mortgages nearly as fast as they refinance mortgages that amortize, and this is reducing the risk in non-conforming residential mortgage-backed securities, according to Moody’s Investors Service.

Citigroup Plans Unsized UK Non-Conforming RMBS

Citigroup plans to issue non-conforming, U.K. residential mortgage backed securities in a deal that is backed both by U.K. buy-to-let mortgages and non-conforming loans for owner-occupied properties.

Goldman Sachs Prices €200M Italian CMBS

Goldman Sachs International priced a  €200 million ($270 million) multi-loan Italian CMBS dubbed Moda 2014 that is backed by two loans that are secured on retail outlets and shopping centers.

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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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Current Issue

Single-Asset, Single-Loan CMBS is Back

Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

Current Issue