Competition among Euro CLO raters may challenge dominance of Moody’s
Revisions to S&P's CLO ratings methadology and Kroll's launch into rating European CLOs could challenge Moody's as the first choice for managers across the pond.
Europe
Investors’ dual interest in European, U.S. CLOs on the rise
A Moody's report highlights the regional CLO market differences becoming more crucial to global investors who analysts say want to better discern variances in each market's standards and performance.
By
Glen Fest
Biggest buyer of CLOs in Europe wants to get paid more
One of the most active investors in Europe’s CLO market may be about to test the loyalty of the managers that provide it with triple-A paper by asking for a higher spread.
Shawbrook will tie UK ‘buy-to-let’ bonds to SONIA benchmark
Shawbrook's debut securitization of "buy-to-let" mortgages issued to UK landlords will pay coupons based on the sterling-based overnight index average benchmark, rather than Libor.
By
Glen Fest
Ostrum taps former Bardin Hill exec to lead U.S. market expansion
Brian T. Yorke's duties will include oversight of a newly launched CLO platform for Ostrum's U.S. advisor affiliate.
Goshawk’s debut $529M aircraft ABS adds to growing 2Q sector tally
After a slow takeoff in the first quarter, a third aircraft lease securitization has launched since April through a debut offering from six-year-old fleet management firm Goshawk Management.
By
Glen Fest
Credit portfolio managers project flat spread trends in 2Q
A quarterly IACPM survey shows far fewer credit managers planning for widening spreads this spring, staving off concerns for now of deteriorating credit conditions and macroeconomic troubles.
By
Glen Fest
Sound Point debuts in European CLO issuance with €507.5M deal
The manager's Sound Point Euro CLO 1 Funding DAC is the only deal so far in 2019 to be issued for a first-time issuer in the EU region.
By
Glen Fest
Colony taps CMBS as part of effort to unload French industrial assets
The €249 million Taurus 019-1 FR is backed by a single loan from Bank of America on a portfolio of 206 mixed-use properties leased to French electric utility EDF.
Allen & Overy adds another partner in U.S. CLO practice
Nick Robinson, a 15-year Milbank veteran in advising CLO arrangers, managers and investors, joins as a partner in the New York office of the London-based firm.
BMW’s $1.2B lease ABS brings quarterly volume closer to record
With an expected March 20 closing, BMW's next lease securitization brings first-quarter deal volume to $6.5 billion, the highest three-month total in four years.
By
Glen Fest
Kensington readies £384.1M UK RMBS with recycled collateral
The majority of the collateral for Finsbury 2019-1 was originated over the past year, but it includes some loans from a 2016 deal that has been called; some of these older loans are delinquent.
By
Glen Fest
Apollo-backed Redding Ridge readies its 1st European CLO
The €400 million RRE 1 Loan Management DAC has a 4.5-year reinvestment period and two-year non-callable period, according to presale reports.
By
Glen Fest
VW to issue another £621.1M UK vehicle lease asset-backeds
Some 35% of vehicles backing Driver UK Master Compartment 5 have diesel engines; presale reports do not indicate the percentage that meet more stringent EU emission standards.
By
Glen Fest
Fitch expects oil & gas companies to tap securitization market
The rating agency has developed rating criteria for bonds backed by oil and gas royalties, though such deals would be capped at the 'A' rating category.
Canada’s banking regulator opens door to easing mortgage rules
A top official at the Office of the Superintendent of Financial Institutions defended tougher underwriting rules blamed recently for a slump in the nation’s housing market, but left open the possibility that regulations could ease if conditions change.
BlueMountain, Investcorp to issue combined €770M in European CLOs
They join Blackstone/GSO, PGIM, Credit Suisse, Guggenheim Securities and the Carlyle Group in reopening a new-issue market that was dormant in December.
By
Glen Fest
CIFC launches European retail fund focused on CLO mezz securities
At least 50% of the U.S. dollar-denominated fund's investments will be in triple-B tranches of U.S. and European CLOs.
By
Glen Fest
European CLOs spreads widen as new-issue market reopens
Guggenheim, Carlyle Group, Credit Suisse and Blackstone have launched four deals totaling €1.74 billion, all with AAA spreads of at least 100 basis points over Euribor.
By
Glen Fest
Credit Suisse kicks off Euro CLO market in €407M deal
Cadogan Square CLO XIII DAC will be Credit Suisse Asset Management's fourth euro-denominated CLO issued in the past 12 months.
By
Glen Fest
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