Barclays: European ABS Volume Flat in 2013 at €50b
Barclays Capital expects total issuance volume for European securitization to remain more or less the same in 2013 from this year.
Europe
Citi Expects Revival of Euro New-Issue CMBS in 2013
Citigroup Global Markets estimated that €8 billion of new-issue European CMBS supply will come forth next year.
IOSCO Releases Securitization Regulation Proposals
IOSCO published today a final report on Global Developments in Securitization Regulation.
Moody’s: Risk Emerges for Spain Electric ABS
Deals backed by Spanish electricity tariff deficits could be hurt by a proposed energy reform bill due to become law by year’s end.
FADE Set to Issue Spanish Power Deal
The securitization vehicle set up to fund the tariff deficit in the Spanish power industry will be selling €110 million of debt securities backed by a Spanish government guarantee.
Euro CMBS Still Faces Financing Challenges
Although European CMBS saw a boost in new issuance in September, with two new transactions closing in a single month for the first time since August 2007, S&P believes that this activity is not indicative of a "sustainable rebound".
U.S. Delays Basel III Adoption for Banks
U.S. financial institutions will not be required to start complying with Basel III capital and liquidity requirements by Jan. 1, according to a joint statement issued by regulators on Friday.
Norwegian Auto ABS Deal Launched
Santander Consumer Bank AS is marketing a $809 million securitization of Norwegian auto loans called Bilkreditt 3 Limited that will offer investor notes denominated both in euros and Norwegian kroners.
BNP Preps $573mln French Auto ABS
BNP Paribas is marketing a €445mn, 2.4-yr senior tranche, French auto ABS deal named Autonoria 2012-2.
Consultant Tags Price on Losses for Spain’s “Bad Assets”
Oliver Wyman's valuations of the troubled RMBS and CLOs held by Spanish banksprovide a benchmark on what sort of losses securitised transactions face, said analysts at the Royal Bank of Scotland.
New French Govt. Housing Measures Push House Prices Down
However, the government housing programs have limited credit implications in terms of French RMBS and covered bonds, Moody's Investors Service said.
German CMBS Refi Gains Momentum
Deutsche Annington agreed to final terms for a refinancing of GRAND, a German mutifamily CMBS transaction, with a group of senior and junior noteholders representing 44% of the total.
“Tranche Warfare” Halts Recovery in Euro CMBS
In Europe, efforts by out-of-money investors has thwarted recovery efforts by senior bondholders in troubled CMBS deals, according to a Fitch Ratings report published today.
Ahead of Basel III, Regulators Review Securitization
European securitizations are likely to face more stringent capital requirements as the Basel Committee examines how these transactions are regulated.
Swedish Auto ABS Deal Pre-placed
Santander Consumer Bank pre-placed its Svensk Autofinans 1— the first Swedish securitization of 2012.
ECB Extends Financing to U.S., GBP and JPY Collateral
The European Central Bank published details of its latest extension to collateral eligibility requirements, which will allow U.S dollar, U.K. sterling and Japanese yen collateral to be used in its monetary operations.
Spain’s “Bad Bank” Leaves RMBS Out
The Royal Bank of Scotland said in a report today that the Spanish financial entity established to take over risky loans, but not RMBS, will begin operations on Nov. 19, under the name of Sareb.
Moody’s Rates KfW Promise Deal
Moody's Investors Service said today that it will rate the senior swap and the class A+ Notes totalling $943million equivalent, issued by the German state sponsored bank, KfW under the Promise Neo 2012- 1 transaction.
Moody’s: RBS’ European CMBS Not ‘Aaa’
Moody's Investors Service published an "unsolicited" comment today, warning investors that it would not have assigned a 'Aaa' rating to the senior notes in the Royal Bank of Scotland's Isobel Finance No.1 PLC deal; Europe's first non-performing real estate loan portfolio CMBS.
S&P: Central Bank Funding Overshadows U.K. RMBS
The U.K. is one of the few countries in Europe where securitization remains a significant funding source for mortgage originators but cheap central bank funding schemes and renewed economic deterioration could crowd out issuance and push up arrears, according to a Standard & Poor's report.
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