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Europes speculative-grade corporate default rate is expected to rise slightly by next year amid lingering credit instability, slow economic growth and a growing concentration of companies in the lowest levels of junk-grade ratings.
DBRS named Nichola James as co-head of sovereign ratings. At the same time, Fergus McCormick, who had been head of sovereign ratings since 2010, will now be chief economist and co-head of sovereign ratings.
Heathrow Funding, a corporate securitization vehicle that issues bonds raising proceeds for Londons Heathrow Airport and related rail link services, is issuing £400 million (US$520 million) in new notes for the airport to repay upcoming debt maturities.
Hawksmoor Mortgages 2016-1 PLC is a collection of U.K. mortgage loans. More than 80% were originated by GE Moneys home lending and mortgage units, with about one-third consisting of aged, pre-crisis loans issued in 2007.
Allen & Overy has added a team of five partners specialized in leveraged financings to its New York office.
Wells Fargo, Bank of America and Morgan Stanley are keeping skin in the first risk retention compliant CMBS.
Standard & Poors has assigned a preliminary A rating to a 1.5 billion four-year revolving securitization of auto, motorcycle and trailer loans originated by Santander Consumer Bank AG.
Banco Sabadell is pushing out a 1.75 billion (US$1.92 billion) securitization of small business loans through a newly established trust platform.
Groupe Banque Populaire, Caisse DEpargne (BPCE) is pursuing a second securitization from a revolving pool of up to 50 billion in residential mortgage loans held in its two-year-old asset-backed fund.
Portfolio managers are expecting deteriorating credit conditions in spreads and defaults in North America and Europe this summer, as the Brexit contagion spreads around the globe. In particular, 68% of managers worldwide expect to see growing defaults in the European investment-grade space this summer.
Fitch Ratings and Moodys Investors Service have assigned preliminary ratings to a 700 million, 18-month revolving securitization of unsecured consumer auto loans issued and serviced by Banco Bilbao Vizcaya Argentaria, S.A.
Santander Consumer Holdings appointed William Rainer chairman, and it announced that Blythe Masters has resigned to advise Banco Santander its Spanish parent company on the blockchain.
Dutch mortgage lender Obvion N.V. is structuring its 34th securitization of residential mortgages through its Purple Storm 2016 B.V trust.
New rules designed to stop U.S. companies from moving their tax addresses offshore are so written so broadly that they could disrupt the securitization market, a trade group warned Thursday.
An eventual "Brexit" from the European Union could exclude CLO managers and investors from the CLO market under existing and proposed EU rules that restrict risk-retention and market activity to EU regulated firms.
The Shops at Crystals, a Las Vegas luxury shopping mecca of gilded names like Louis Vuitton and Prada, is securitizing a portion of its new commercial mortgage loan in a $300 million trust notes issuance.
Bond rating agency DBRS has assigned provisional ratings to an asset-backed vehicle comprised of 1.2 billion of consumer personal and mortgage loans originated by Spanish bank Caixabank.
A mix of esoteric lease receivables from real estate, equipment and auto transport assets is being securitized through a 1.03 billion notes offering from Alba Leasing, an Italian corporate credit finance firm.
Duke Energy Florida's $1.3 billion utility fee securitization sets an important precedent.
A spring survey of European asset-backed portfolio managers shows a vast majority expects to increase their securitization holdings in 2016. But many see a muted level of issuance in which to add securities, according to the DBRS polling.
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