Moody’s: SME Covered Bonds Gain Ground
Covered bonds backed by loans to small and medium-sized enterprises have gained traction in Europe as and alternative to bank financing and other debt instruments, according to Moody's Investors Service.
Europe
Carlyle Group Prices €300M European CLO
The Carlyle Group priced a 300 million collateralized loan obligation, demonstrating that regulatory concerns haven't shut the European pipeline down.
Santander UK Preps Auto ABS
Standard & Poor’s assigned preliminary ratings to the new auto loan receivables originated by Santander Consumer (UK), called Motor 2013-1 PLC.
HSBC/Lloyds Plan UK Student Housing CMBS
HSBC and Lloyds TSB are arranging a £380 million ($580 million) CMBS that is backed by UK student housing, according to a Standard & Poor’s presale report.
Europe’s Prestige Brand Builds Market Cred
The Prime Collateralised Securities initiative, announced a year ago, has been adopted by issuers but it still gaining credibility with regulators.
Lloyds Executes RMBS Sale
Llyods TSB proceeded with a portion of its $8.7 billion of legacy non-agency RMBS paper on Thursday afternoon, selling the paper to four different groups.
Clydesdale Bank Latest to Plan U.K. RMBS
Clydesdale Bank announced the latest series of notes to be issued from its U.K. RMBS master trust program, Lanark that will offer both U.S. dollar and sterling tranches.
Fitch: New Andalusian Mortgage Law Spells Risk
Fitch Ratings see a growing risk of weaker enforcement of mortgage contracts in Spain.
Beware Extension Risk in Older European CLOs
European collateralized loan obligations issued pre-financial crisis are nearing the end of their reinvestment periods, yet the maturities of the loans that serve as collateral continue to shift further out into the future.
Fitch Warns on Forex Risk in CLO 2.0
The latest generation of European CLOs may expose investors to a risk that didn’t exist in most collateralized loan obligations issued before the financial crisis: fluctuations in foreign exchange rates.
SME Catch a Break
With Global ABS around the corner, it’s only fitting that we turn our attention to Europe.
Europe’s Prestige Brand Builds Market Cred
The Prime Collateralised Securities initiative, announced a year ago, has been adopted by issuers but it still gaining credibility with regulators.
S&P: Dutch RMBS Withstand Soured Housing Market
Standard & Poor’s said in a report today that despite the weakening credit fundamentals for Dutch RMBS, collateral pools to date remain broadly stable.
Il Sole 24 Ore Issues €55M Securitization
Il Sole 24 ORE S.p.A., publishers of Italy’s leading business daily issued a €55 million ($71 million) trade receivables-backed securitization, the group said in a press release yesterday.
Credipar Plans Investor Placed French Auto ABS
Credipar, a subsidiary of Banque PSA Finance, plans to issue the first investor-placed French auto ABS of the year, the €470 million AUTO ABS FCT Compartiment 2013-2.
PCS Market Committee Adds Buyside Expert
Will Howard Davies of PIMCO will serve on the Prime Collateralized Securities (PCS) market committee.
Santander UK Readies £1.35 Billion RMBS
Santander UK is readying an £1.35 billion-equivalent securitization of residential mortgage loans, according to Standard & Poor’s; it includes a dollar tranche.
S&P: Beware of Extension Risk in Older Euro CLOs
Loan extensions create risks for investors in older European collateralized loan obligations.
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