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Moody's thinks that the risk of early lease terminations is "marginal," since only 0.5% of the vehicles in the collateral pool are old enough to be impacted by bans in place in several European cities.
Avoca CLO V was issued only the second default rating of a subordinate global CLO in the last four years, the result of an unpaid subordinate tranche in an early deal liquidation by manager KKR.
Timothy Bowler, president of the ICE Benchmark Administration, which has been responsible for calculating the index since mid-2013, argues that there is a strong case for keeping it going.
GoldenTree's dual-market CLO manager affiliate is launching its first European CLO after debuting with two U.S. deals totaling more than $1.4 billion in 2017.
The transaction is backed by nearly three times as many Audi, Volkswagen and Skoda as VW's previous UK auto-loan ABS; it also features a longer revolving period.
S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.
Over 94% of the collateral pool consists of diesel-engine vehicles, even though diesel cars have had waning interest among French drivers in the past decade.
The deal is the first vehicle loan securitization for the London affiliate of South Africa's FirstRand Group since November 2016.
Previously a partner at Winston & Strawn, he brings more than 25 years of experience handling complex structured finance and specialty finance transactions.
The Carlyle Group, Blackstone/GSO and Investcorp have reset or refinanced a trio of 2014 and 2015 vintage, euro-denominated deals.
Obvion, a €31.1B-asset lender with a 3.2% market share in the Netherlands, is placing more seasoned loans into its latest five-year revolving pool of prime loans.
The $165 billion of collateralized loan obligations that were refinanced in 2017 as a whole account for more than one-third of all U.S. CLO assets under management, according to Thomson Reuters LPC.
The first issuance on its Finsbury Square platform marks the specialty mortgage originator's seventh securitization since 2010.
The loans used as collateral were originated by a consortium of lenders in The Netherlands: ABN AMRO, ABN AMRO Hypotheken Groep, MoneYou B.V., Oosteroever Hypotheken B.V. and Quion 9 B.V.
Carlyle has raised an additional $800 million for "opportunistic" debt and equity investments of third-party CLOs, in a planned expansion of its $19.4B in structured credit business assets under management.
AXA Investment Advisors' two primary-issue CLOs in 2017 were each priced within the past month.
Many raised large amounts of capital to put to work in the equity, or riskiest slices of their deals, allowing them to resume issuing new deals just as new loan issuance was taking off.
The Kurban Group, a Lebanese travel conglomerate, recently closed on a rental fleet securitization that, despite its small size, represents some notable "firsts."
A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.
The collateralized loan obligation manager launched a fifth 2017 U.S. deal totaling $510 million, while its European subsidiary is preparing a third transaction totaling €400 million.
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