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EU Parliament member Paul Tang shocked the regions securitization industry last week when he proposed increasing the amount of skin in the game for asset-backeds, by four-fold, to 20% from 5%. He's giving the keynote at IMN's Global ABS conference
Growth in air travel is slowing, but investors are still snapping up bonds backed by leases on passenger jets.
Although European CLO issuance picked up in March following new central bank quantitative easing efforts, volume still finished the first quarter with a 42% decline from the same period a year ago, according to Moodys Investors Service.
GREEN STORM 2016 B.V., a 271.3M RMBS in The Netherlands, is the first-ever securitization of homes pooled together specifically for their energy-efficiency rating, according to Moody's.
BPCE Group, Frances second-largest bank, is pooling together 5 billion (U.S.$5.6 billion) worth of personal consumer loans into a securitization portfolio, including a mix of auto, cash, home improvement and debt consolidation loans.
Speaking at IMNs 5th annual conference on leveraged loans and collateralized loan obligations, LSTA executive Meredith Coffey and SFIG executive director Richard Johns each gave sobering assessments of the inevitable, and possibly debilitating, arrival of new capital ratio and risk retention standards to CLOs and other ABS deals.
Theres a real downside to extremely low or even negative interest rates. Existing CLOs may not earn enough from their euro-denominated assets to pay the interest on the notes they issue.
VCL Master Netherlands B.V. is a Euro-denominated ABS that will issue two series of notes backed by 260.05 million in outstanding principal of from more than 14,000 vehicle lease contracts, as well as 108.97 million in receivables residual values.
Moodys Investors Service has assigned a provisional Aaa rating to the class of 556.5 million Class A floating rate notes. None have been assigned to the 43.5 million Class B stack.
A joint venture involving the captive finance arm of French automaker PSA Peugeot Citroën and Santander Consumer UK is issuing its first UK auto financing securitization since gaining regulatory approval for operations there.
Taurus 2016-2 Deu DAC has a five-class notes structure, including a triple-A provisionally rated 140 million tranche at the top of the capital stack.
BMW AG is securitizing its fourth pool of auto loans to German consumers and business customers in a 800 million transaction through its Bavarian Sky S.A. platform.
Carlyle Global Market Strategies Euro CLO 2016-1 was launched with target par of 400 million (US$457.1 million). Credit Suisse Asset Management is also looking to issue 400 million in notes through Cadogan Square CLO VII B.V.
N.M. Rothschild and Sons Five Arrows Managers LLP has extended the closing date to April 26 for the 307M Contego III trust deal out of The Netherlands.
Fraikin Groupe is refinancing a truck lease securitization, according to Standard & Poors.
The ambiguity over whether regulators favor risk sensitivity or simplicity in setting capital requirements does not help risk management efforts.
3i Debt Management priced a 400 million European collateralized loan obligation, according to Moodys Investors Service.
Volkswagen AGs latest auto lease securitization in Europe appears to show the automaker is making progress to repair nearly 11 million vehicles and maintain its past solid quality securitization performance in the wake of its diesel-engine emissions testing scandal that broke last September.
The Dolphin Master Issuer Series 2016-1 is a Class A-only notes structure, which has been assigned a AAA structured rating by Standard & Poors.The notes, for which ABN has no new assets in the collateral pool, are paying off the principal on three outstanding Dolphin issues.
European CLO manager CVC Credit Partners is preparing its first broadly syndicated loan portfolio of 2016 that will issue 400 million (US$447.3 million) in euro-denominated bonds.
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