S&P: Risk Overlap in Europe Synthetic CDOs
S&P said that due to overlaps in exposure, synthetic collateralized debt obligations in Europe were at a heightened risk of synchronized ratings moves.
Europe
BofA Merrill: Spain Downgrade to Hit Covereds
The market’s reaction so far to Spain’s downgrade by Standard & Poor’s on October 10 has been “inadequate.”
FSA Lowers Capital Requirements on U.K. Lending Scheme
The U.K. Financial Services Authority relaxed bank capital requirements for loans granted under the Bank of England's, Funding for Lending Scheme, which could lead to more bank lending, according a Standard & Poor's sector update published today.
Fitch: Portugal’s Proposed Tax Hike May Strain RMBS Performance
Portuguese household incomes would feel the strain of a proposed hike in income tax, which would in turn have a knock-on effect on arrears and default levels in the RMBS transactions, according to an Oct. 5, Fitch Ratings report .
S&P: Insurance Firms Filling Euro CRE Funding Gap
Euro insurance companies and funds are now filling the commercial real estate lending gap that was left by banks. However, these firms might not be able to pick up all the slack, S&P said today.
Spanish Covered Bonds: Pain or Gain from Bank Workouts?
In the aftermath of a critical audit of Spanish banks, some institutions will face any combination of restructuring, merger into a larger institution, a wind-down or bad-asset sales. Covered bonds are bound to feel some effect.
Sidley Austin Hires Partner in Global Finance
Sidley Austin has hired Matthew Cahill, whose expertise includes securitization, to start in early November as a partner in its global finance practice.
K&L Gates Adds Four London Partners
Matthew G.J. Duncan, Theresa Kradjian, and Paul Matthews join the firm from Sidley Austin. Sean J.W. Crosky came from Norton Rose, according to a release from the law firm.
Fitch: ABCP Buyers Ready for an ‘F2’ World
Asset-Backed Commercial Paper Investors will adapt purchasing mandates to accommodate 'F2' rated paper as European ABCP conduits lose their 'F1sf' rating, said Fitch Ratings in a report today.
Dealogic: Highest YTD Volume for Euro ABS Since 2007
With 47 deals priced, European ABS issuance in 2012 year-to-date is at the highest level of activity since 51 deals in 2008 year-to-date, Dealogic reported.
Mayer Brown Talks ABS Regs and Cross-Border Deals
Mayer Brown's teleconference today highlighted several regulatory developments, that could come into effect "at any time"; which issuers must keep in mind when doing cross border deals that are sold into the U.S.
Partners Group Raises $480M Euro Loan Fund
Partners Group has raised a €375 million ($480 million) fund that will invest in senior secured bank loans and make direct loans to midmarket companies, the firm said today.
UniCredit to Buyback Securitization Bonds
The Italian Bank, UniCredit has made its first ABS tender offer since 2010 to repurchase up to €1bn ($1.28bn) of its Italian RMBS and lease ABS bonds.
Credit Agricole with €1bn Export-Linked Bond
Credit Agricole Public Sector is in the market with a covered bond backed by export loans guaranteed by export credit agencies of highly-rated sovereigns.
Prospects Good For More Aircraft Pfandbriefe
Following the €500 million ($629 million) placement of the first aircraft covered bond in early July, the head of origination at the issuing bank Norddeutsche Landesbank, Thomas Cohrs, believes the prospects are good for further issuance.
Sapient Helps Investors Ready for European Data Warehouse
Sapient Global Markets launched a set of services designed to help investors meet requirements under the European Central Bank's ABS loan-level initiative.
GIAC Revives French CBO Market
Paris-based independent cooperative finance firm Groupe GIAC arranged the €80 million cash transaction. GIAC provides long-term financing to French companies.
Yield is King in the Battle-Scarred Market
This month ASR tackles a wide range of topics, from thorny issues such as regulations and eminent domain to the delayed onset of securitization of REO-to-rent homes.
First French CBO Post-Crisis Launches
Paris-based independent cooperative finance firm Groupe GIAC arranged the €80 million cash transaction. GIAC provides long-term financing to French companies.
Moody’s: Spanish SME ABS Performance Worsens
Delinquencies in Spanish small or medium enterprise ABS has reached an all time high, with no sign that the trend will diminish in the near term.
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