Global Jet preps $1.48B of business aircraft lease ABS
Most of the 181 jets used as collateral were acquired from GE Capital Corp. in 2015; proceeds from prepayments and liquidations can be used to acquire additional aircraft.
Europe
BMW readies 2nd German auto ABS of 2017
The loans have an average balance of €18.5k (US$22.1k) and went to 39,698 borrowers; they are secured by a pool of new (46.8%) and used (53.2%) cars, according to Moody's Investors Service.
Ford readies first German auto loan/lease ABS of 2017
The €684.8 million transaction is backed primarily by new-car leases to German prime borrowers. It's the 21st German securitization by FCE Bank, Ford's UK-based captive finance arm.
August tally pushes U.S. CLO issuance past FY 2016
New issuance of U.S. collateralized loan obligations reached $11.9 billion across 24 deals, taking year-to-date volume past $72.3 billion, according to Thomson Reuters LPC. The eight-month total is higher than the total issuance for all of 2016.
By
Glen Fest
Landsec plans £3.3B bonds backed by U.K. commercial properties
The proceeds will be used to repay three existing bonds series, as well as pay down commercial paper and credit line debt of the real estate investment trust, formerly known as Land Securities.
By
Glen Fest
Santander UK makes ‘unique’ shift of residual risk in new auto ABS
S&P says exclusion of the value of "personal contract purchase" balloon payments from Santander's Motor 2017-2 transaction will benefit the deal through excess spread and recoveries from contract defaults.
By
Glen Fest
CVC launches second Euro CLO of 2017 in €415m transaction
CVC Cordatus Loan Fund IX is CVC's ninth overall Euro-denominated CLO, and only the second that will price since early June, according to Thomson Reuters LPC.
By
Glen Fest
VW takes stage with new £438m UK auto lease ABS
The size of the two classes of notes on Volkswagen Financial Services' Compartment Driver UK SK deal is to be determined; they will be backed by receivables on 24,238 prime retail customer lessors.
By
Glen Fest
Belgian lender markets €637m “all sums” mortgages
The prime mortgage securitization is the fourth by Bank Nagelmackers, a small player on the Belgian mortgage scene that is owned by a Chinese insurance group comglomerate.
By
Glen Fest
BlueMountain Fuji’s $561m deal continues busy August CLO schedule
The pricing of BlueMountain Fuji's second-ever transaction pushed the monthly new issuance total to $10.1 billion – only the third time since last November the market has eclipsed the $10 billion barrier.
By
Glen Fest
German equipment lessor marketing €370M of ABS
The diverse mix of collateral ranges from vehicles and medical equipment to high-end fitness machines and tanning beds that Abcfinance provides for German SMEs and entrepreneurs.
By
Glen Fest
U.S. CLO issuance falls nearly by half in July to $7.9B
In Europe, €1.6 billion of new collateralized loan obligations priced during the month July, taking issuance volume for the year to date to €10 billion across 25 deals. That's in line with the €9.7 billion issued during same period last year.
By
Glen Fest
Ruling backing diesel-car ban may widely impact Euro auto ABS
A German judge's support behind efforts to ban diesel-engine vehicles in Stuttgart could set in motion a decline in performance for German and European auto loan securitions, says Moody's.
By
Glen Fest
Belgium’s Diarough offers $150M of Diamond ABS
Belgium-based diamantaire Diarough is offering $150 million in notes backed primarily by its inventory of rough and polished diamonds, according to a presale report from Kroll Bond Rating Agency.
Golden Gate-owned Nassau Re makes $438M CLO debut
An affiliate managing the loan for the reinsurance giant's investment advisory arm will keep a horizontal equity strip of the deal for dual EU/US risk retention compliance.
By
Glen Fest
CLOs face uncertain transition to post-Libor market
While leveraged loans may use prime as a fallback, getting unanimous consent from collateralized loan obligation investors to use an alternative benchmark could be a challenge.
By
Glen Fest
New swap margin rules prompt rating agencies to reassess counterparty risk
Moody's believes that rules grandfathering existing transactions increase the risk that these deals could be left unhedged; it may downgrades some European RMBS and U.S. student loan-backed securities.
Credit managers’ outlook for North America dims
One potential area of concern is commercial real estate; more than two-thirds of respondents in the latest IACPM survey quarter believe defaults will increase in this area over the next year.
By
Glen Fest
Ford Credit Canada readies first floorplan ABS since 2013
The Series 2017-F1 transaction is secured by receivables from CAN$1.78b in dealer advances; the senior tranche of notes earned triple-A from both Moody's and DBRS.
Charter Court serves up £320M prime-only RMBS
The UK lender has issued eight prior securitizations, but Charter Mortgage Funding 2017-1 is its first that does not include either non-conforming or 'buy-to-let' loans in the collateral.
By
Glen Fest
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