European CMBS Still Suffer Refi Drought
Standard & Poor’s said in a report today that they expect refinancing pressure to intensify for European CMBS as $22.6 billion in loans is set to mature in 2013.
Europe
Basel Goes Easy on RMBS, At Least for European Banks
The Basel Committee’s decision to allow banks to include highly rated residential mortgage bonds into the calculation of a new liquidity coverage ratio is good news, at least for European banks.
ASF: Another Weak Year for European ABS Issuance
Do not expect much securitization activity out of Europe this year, said participants in a panel at the American Securitization Forum’s 2013 conference.
Avolon Partners with Wells in Aircraft Leasing Business
Avolon plans to partner with Wells Fargo, to form a new joint-venture aircraft leasing business called Avolon Capital Partners Limited.
Fitch: Flat Structured Finance Issuance in Europe
Fitch Ratings projected on Thursday that structured finance issuance in Europe would, in the aggregate, stay flat in 2013 from 2012.
$1.3B Spanish Utility Deal Rated
Moody's Investors Service rated the EUR1 billion ($1.3bn)securitization of tariff deficit in the Spanish power industry.
StormHarbour Bolsters Madrid Office with Hire
StormHarbour Securities LP announced that it hired Juan Del Rivero as senior advisor in the firm’s new Madrid, Spain office.
Fitch: Euro CMBS Refis in Trouble
In the EMEA area (Europe, Middle East, and Africa) a slew of commercial mortgage backed securities are maturing this month.
Spanish Utility Deal Sized at $205mn
Moody's Investors Service assigned a 'Baa3' rating to the EUR155 million deal issued from the securitization vehicle set up to fund the tariff deficit in the Spanish power industry.
Euro ABS Face Challenges Under Solvency II
High capital charges for securitizations under the new Solvency II directive could lead European insurers to dramatically reduce exposure to the asset class and invest in covered bonds instead, said Standard & Poor’s this week.
BofE’s FLS Slows U.K. RMBS
The Bank of England’s Funding for Lending Scheme (FLS) has slowed U.K. RMBS issuance and is partly responsible for a slowdown in European securitization issuance in October, according to Standard & Poor’s.
KBC Prices Benchmark Belgian Covered Bond
Belgium’s KBC issued its inaugural covered bonds to strong investor appetite that saw orders for the bank’s €1.5 billion ($1.9bn) benchmark swell to €6bn.
Fitch: Spain Mortgage Law Threat to Recoveries
A new Spanish mortgage law that gives a certain category of borrower a reprieve from foreclosure raises the risks of further measures that might hurt recoveries on defaulted loans.
Barclays: Euro RMBS Hinges on Jobless
For clues about where European RMBS performance is headed, Barclays Bank analysts are looking at jobless rates.
ECB Tightens Repo Criteria for Covered Bonds
Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.
Norwegian Auto ABS Passes PCS Test
Santander Consumer Bank's Bilkreditt 3, a Norwegian Auto ABS, this week became the first deal to be tagged with the prime collateralized securities stamp of approval.
ECB Delays Data Warehouse
The European Central Bank this week said it will delay the go live date of its European DataWarehouse, pushing the implementation timeline for RMBS to Jan. 3, 2013 from Dec. 1, 2012.
IOSCO Publishes Ongoing ABS Disclosure Principles
Today the Board of the IOSCO published the final report on Principles for Ongoing Disclosure for Asset Backed Securities, which is a guide to securities regulators.
JPMorgan: Net ABS Supply to Reach Positive Territory in 2013
The expected growth will be driven by rising auto and credit card supply, JPMorgan analysts said in a report released last week.
Banks Establish the Dutch Securitization Association
The newly formed association aims to contribute to securitization's improvement believing that a well-functioning marketplace is key for the financing of Dutch mortgage debt.
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