The $350 million conduit will finance and is secured by equipment loan and lease receivables originated by its subsidiary, Terex Financial Service, in the United States and Canada.
Two recent transactions, one Irish and one Spanish, tested investor appetite for peripheral RMBS. The results suggests there arent likely to be many more.
Driver France Two, which comes 20 months after the completion of Driver France One, will be rated by Moodys Investors Service and Fitch Ratings.
BNY Mellon's corporate trust business has already participated in as many securitizations of marketplace loans in the first quarter of 2015 as it did for all of 2014.
The notes are backed by 3,761 residential mortgages with a weighted average seasoning of 54.16 months and a weighted average original LTV of 57.14%.
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.
Firm: 3i Debt Management
It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.Current Issue