Blackstone/GSO Marketing €403M European CLO
Blackstone/GSO Debt Funds is marketing a €403.55 million collateralized loan obligation, the region's third since the financial crisis.
Europe
Co-OP’s U.K. RMBS at Risk for Moody’s Downgrade
Moody's Investors Service said today that it will review for downgrade the ratings of 28 tranches in eight U.K. residential mortgage backed securities transactions sponsored by Co-Operative Bank.
West Bromwich Plans First U.K. RMBS of 2013
West Bromwich Building Society announced the first investor-placed prime U.K. RMBS of the year— a £380 million ($579 million) senior tranche from the deal Kenrick No. 2.
BofAML Issues European CMBS
Bank of America Merrill Lynch priced its German multifamily CMBS Taurus 2013 (GMF 1) plc on Thursday, showing some green shoots of recovery for that market.
Fitch: European SME Securitization Still Uneconomical
The revival of Europe’s collateralized loan obligation market doesn’t extend to middle market loans, according to Fitch Ratings.
More U.K. Funding for Lending Means Less Placed Securitization
Thanks to the expansion of the Bank of England’s Funding for Lending Scheme by one year, to January 2015, there will likely be few securitization deals placed with investors in the foreseeable future
S&P: Despite Severe Stress, European Defaults Negligible
Given the distress that European structured finance deals are under, they have performed astonishingly well according to one key metric: defaults.
Turkey Debuts $400M CAT Bond
Turkish Catastrophe Insurance Pool (TCIP) issued a $400 million catastrophe bond Bosphorus 1 Re Ltd. Series 2013-1.
Fitch Sees European CLO Ratings Stable This Year
Fitch Ratings does not expect to either upgrade or downgrade any European collateralized loan obligations for the remainder of 2013.
More U.K. Funding for Lending is Less Placed Securitization
The Bank of England’s expansion of its Funding for Lending Scheme by one year to January 2015 means U.K. investor placed issues will likely continue to see little action, said market analyst.
SOFIRA Preps $714M French Floorplan ABS
Europe’s auto ABS pipeline continues to build and the latest boost comes from SOFIRA’s EUR550 million ($714.5M) revolving cash securitization of dealer floorplan receivables extended to auto dealers in France.
BMW Plans First Swiss Auto Lease ABS
BMW plans to launch a CHF 300 million ($318M) Swiss auto lease ABS, Bavarian Sky Europe, Compartment 1; the issuer’s first transaction in the Swiss market.
S&P: ABS Gains Favor with Europe Auto Loan Lenders
European banks and vehicle manufacturers are increasingly funding auto lending through the securitization market, according to Standard & Poor's report.
Paratus Issues First Investor Placed RMBS
Paratus AMC formerly GMAC-RFC, priced the senior notes from its £120 million ($183 million) nonconforming deal, Virgil Mortgage No. 1.
Ernst & Young: Investors Eye European NPLs
Non-performing loans collateralized by commercial properties in Germany, the U.K., Ireland and Spain are attracting buyside interest, according to Ernst & Young’s 2013 NPL report.
Pramerica Changes Structure of European CLO
Pramerica has adjusted the structure of a €300 million CLO it priced this month, presumably to reflect the fact that an unusually large portion of the collateral is in fixed-rate bonds, as opposed to floating rate loans.
Zahn Heads Franklin Templeton’s Euro Fixed Income Push
Franklin Templeton Investments announced that David Zahn has been promoted to Head of European Fixed Income.
S&P: Defaults on Legacy European Deals Still Low
Despite a weaker economy, defaults on European structured finance notes issued before the financial crisis remain well below those of comparable U.S. deals, according to Standard & Poor’s.
Moody’s: Spain Foreclosure Tweaks Neutral for RMBS
While the changes to Spanish law governing mortgage foreclosures are ostensibly favorable to borrowers, Moody's believes they are credit neutral for Spain’s RMBS.
Apollo Prices €325M European CLO
Apollo Global Management said today it priced its first European collateralized loan obligation; the €325 million deal is only the region's third since the financial crisis.
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