Swedish Subprime Hits Europe’s RMBS Primary
Bluestep Finans AB and Blustep Bostadslan AB are working on a Swedish Krona denominated non-conforming RMBS issuance called Bluestep Mortgage Securities No.2.
Europe
Rise in Non-Captive European Auto Lending Adds Risk
Over the last three years, however, the share of portfolios of securitized European auto loans originated by non-captives has risen significantly. And Moody’s Investors Service says this trend has historically indicates a higher credit risk overall for the market.
Paragon to Sell U.K. Buy-to-Let RMBS
Paragon Mortgages is working on the first U.K. buy-to-let transaction of 2013.
ECB: Loophole to RMBS/SME ABS Loan Reporting
The European Central Bank said on Monday that some residential mortgage-backed securities and ABSs backed by loans to small and medium-sized enterprises not meeting its new loan-level reporting requirements could still be eligible for repo funding.
Norwegian Auto ABS Reopens European Primary
Santander Consumer Bank priced Bilkreditt 4 a Norwegian auto loan securitization to strong investor demand, according to market source.
Europe’s ABS Shortage Creates Concentration Risk
Limited investment opportunities in European securitizations mean investors face concentrations risks, that could drive them into other markets for relief, according to a Barclays report .
VW Adds French Auto Loans to Driver ABS Series
Volkswagen extended its Driver auto loan securitization franchise into the French market via the €491 million ($650M)Driver France FCT Compartiment 2013-1 transaction.
S&P: Slow August for Europe Securitizations
Standard & Poor’s reported today that August securitization issuance slowed to $1.4 billion ($1.87 billion).
S&P: Rare Drop in Portuguese RMBS Delinquencies
Total delinquencies in the Standard & Poor's Portuguese RMBS index decreased slightly in the second quarter of 2013, for the first time in 2 years.
S&P Sees €1.4B of European CLO Issuance in Q3
European CLO issuance this year has already exceeded the majority of observers' expectations, the agency said.
Euro Covered Bond Issuance Drops 39%
Covered Bond issuance volumes have dropped 39% compared to the same period in 2012, on the back of better financing options offered by the European Central Bank, according to a report published by CMDPortal.
German SME Issuance Kicks off with Geldilux
Unicredit privately placed a €400 million ($530.8 million) of the €750 million senior tranche in its German SME CLO, Geldilux TS 2013.
RBC Taps Euro Covered Bond Market
The Royal Bank of Canada sold its first euro benchmark covered bond since 2008, and signifies the re-opening of the European covered bond market for Canadian issuers.
Toys“R”Us Deal Tests Europe CMBS
Toys “R” Us issued a £263. 2 million commercial mortgage-backed securitization, according to a Standard & Poor’s presale report.
Merrill: Lower ECB Haircut Might Aid ABS
A drop in the haircuts applied to securitizations used for collateral funding from the European Central Bank (ECB) is a positive for the sector, according to analysts at Bank of America Merrill Lynch.
Berica PMI Reopens ABS Mart for Italian SMEs
Banco Popolare di Vicenza priced the 1.8 year, €980 million A1X tranche of Berica PMI within price guidance at 240 basis points over the three month Euribor.
Ares Management Plans €300M CLO
Ares Management is marketing a €300 million collateralized loan obligation, according to a presale report published by Moody’s Investors Service.
SME Update: ABS Solutions for Europe’s Funding Gap
More ways to deliver financing for European small and medium sized enterprises continue to focus on securitization as a solution.
Fitch: Timely CMBS Repayments in EMEA Still Rare
A large number of commercial mortgage backed securities (CMBS) are maturing this quarter in the region of Europe, the Middle East and Africa, but only a few are expected to actually repay,
Santander Preps German Auto ABS
Santander Consumer Bank plans to issue a €600 million securitization backed by auto loan receivables called SC Germany Auto 2013-2 UG.
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