UK’s Coventry Securitizing 1st “Buy-to-Let” Pool in 4 Years
A well-seasoned collection of £470.3 million in prime buy-to-let residential mortgages is being securitized by the UKs third-largest building society.
Europe
US CLO Issuance Remains Muted in February at $2.1B
U.S. CLO issuance remained muted in February, with just five deals pricing totaling $2.1 billion, according to Thomson Reuters LPC. However that was an increase from the $826 million from two deals posted in January.
First Catastrophe Bond of 2016 is From XL Insurance (Bermuda)
XL Insurance (Bermuda) has completed a $300 million catastrophe bond, according to GS Securities, the deals sole structuring agent and bookrunner.
OneSavingBank Readies £403.2M Reperforming UK RMBS
OneSavingBank is readying a £403.2 million securitization of U.K. residential mortgages originated at the peak of the U.K. housing crisis, according to DBRS.
RCI Bank Issues Another 109.3M French Auto ABS
DBRS assigned AAA ratings to 109.3 million ($120.9 million) of notes issued from RCI Banques Cars Alliance Auto Loans France Master.
Largest CLO Managers Lose Some Ground
Moodys Investors Services ranking of the top 10 managers of collateralized loan obligations at year-end 2015 was largely unchanged from mid-year, both in terms of deal count or AUM. But the biggest players collectively lost some market share to their mid-sized brethren.
Delinquencies Fall in EU Auto ABS Receivables
The Fitch European Auto ABS delinquency indices for both early (30+ days) and late (60+) delinquencies fell to 0.69% and 0.34% respectively, the lowest point in the last 11 years for each.
BlackRock Prices Its Debut European CLO
The second European collateralized loan obligation of the year is the first ever by U.S. money manager BlackRock.
Volkswagen Prices Upsized Spanish Auto ABS
Volkswagen Finance has completed what it is billing as the largest Spanish auto loan securitization since the financial crisis
UK’s Skipton Launching £524.4M RMBS Pool
A £524.4 million (US$755.6 million) series of prime, owner-occupied mortgage loans originated by UKs Skipton Building Society will be packaged into the fourth securitization pieced together by the UK financial institution.
MotoVoto Plans Auto-Lease Backed ABS
MotoVoto Finance, one of the U.K.s largest players in used car financing, is preparing to market its sixth securitization of an undetermined volume of its fixed-rate consumer auto leases.
Just 2 U.S. CLOs Totalling $826M Priced in January
Issuance of U.S. collateralized loan obligtions is off to a slow start, with just two deals pricing in January; a single European deal priced.
Paragon Buy-to-Let’ Loan Securitizations Expected to Drop
Paragon Mortgage may be scaling back its loan securitizations in 2016, with plans to utilize the increased deposit base at parent Paragon Bank to fund more originations of its core buy-to-let mortgage business to family landlords.
Volkswagen Preps New Spanish Auto Securitization
A new Spanish auto loan securitization is coming down the pike.
SocGen Said to Pull Back from U.S. Mortgage Bond Trading
Societe Generale SA is pulling back from the U.S. mortgage-bond business just two years after building out the unit, according to two people with knowledge of the matter.
Virgin Money Up with First U.K. RMBS of 2016
Virgin Money Plc plans to offer the first UK RMBS of 2016 from its Gosforth master trust.
Ford Restarts European Auto Loan ABS Market
Ford Credit Europe is getting an early start on its funding with a 610.3 million securitization of German auto loans.
German Paper Merchants Set Up 100M Trade Receivable Facility
Finacity Corporation launched a combined receivables securitization program for Papier Union GmbH and PMF Factoring GmbH both both part of the Inapa Group a leading paper merchant group in Europe.
Morgan Lewis Adds 6th Structured Finance Partner in UK
Global law firm Morgan Lewis has a sixth partner to its London structured transactions team, which was launched just last summer.
RCI Banque Issues More Senior French Auto Bonds
DBRS assigned AAA ratings to 137.5 million ($150.3 million) of notes issued from RCI Banques Cars Alliance Auto Loans France Master.
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