Securitization - Article Archive

  • U.K. May Sell Balance Of Lloyds In 2014

    The U.K. government is said to be considering a sale of the remaining 33% of its stake in Lloyds Banking Group in 2014.

    • 31 Dec 2013
  • Regulators To Review Volcker On TruPS CDO

    Federal regulators say they are reviewing whether the Volcker rule’s exemption of certain collateralized debt obligations backed by trust-preferred securities is “appropriate and consistent” with the law.

    • 31 Dec 2013
  • MS, German Lender End RMBS Suit

    Morgan Stanley and Germany’s Bayerische Landesbank have agreed to their litigation over nearly $486 million of residential mortgage-backed securities.

    • 31 Dec 2013
  • Agency MBS Issuance To Plunge $500 Bln

    Rising interest rates and the end of a surge in refinancing activity could slash issuance of agency mortgage-backed securities by 30%, or $500 billion, according to Bank of America Merrill Lynch forecasts.

    • 31 Dec 2013
  • Top U.K. Banks Issuing Holding-Company Level Debt

    Major U.K. banks have begun issuing debt at the level of their holding companied in what is called the “single point of entry” model.

    • 31 Dec 2013
  • Wells To Pay Fannie Mae $541 Mln Over Bad Loans

    Wells Fargo has agreed to pay Fannie Mae a net $541 million to settle claims over defective loans, thus completing the government-sponsored enterprise’s effort to have major banks repurchase troubled mortgages.

    • 31 Dec 2013
  • Irish RMBS Show Signs Of Stabilizing

    Performance of Irish residential mortgage-backed securities continued to show signs of stabilization in the three-month period ended Oct. 31 but still remained weak, according to Moody’s Investors Service.

    • 31 Dec 2013
  • CMBS Maturity Wave Rolls In Softly—Trepp

    Trepp LLC is projecting 2014 to be a fairly smooth year for commercial mortgage-backed securities loan maturities, with expectations for an easy start to refinancing the nearly $350 billion of CMBS loans that are slated to mature over the next three years.

    • 31 Dec 2013
  • RMBS Researchers Forecast Modest Increase In Volume Next Year

    Researchers believe issuance of non-agency residential mortgage backed securities will increase modestly next year.

    • 31 Dec 2013
  • Subprime Auto ABS Poised For Even More Growth

    Subprime and nonprime auto finance companies may increase their securitization issuance next year as further growth and competition pushes non-captives to pursue all means of financing.

    • 30 Dec 2013
  • Investors, Don’t Be Fooled, Fixed Rate Is Still A Good Buy, Market Pros Say

    Institutional investors in asset- and mortgage-backed bonds are looking to buy floating-rate bonds to defend against rate changes, but doing so too early is a costly option, market experts warn.

    • 30 Dec 2013
  • DB To Pay $1.9 Bln To Settle MBS Claims

    Deutsche Bank has agreed to pay $1.9 billion to the U.S. Federal Housing Finance Agency to settle claims that it mis-sold mortgage-backed securities in the U.S.

    • 20 Dec 2013
  • Recovery Rate For CMBS Liquidated Loans Rebounds

    The recovery rate for liquidated loans in U.S. commercial mortgage-backed securities rebounded sharply in the third quarter to 75.2% after dropping to 60.5% in the preceding three-month period, according to Fitch Ratings.

    • 20 Dec 2013
  • U.S. RMBS Reflects Uneven Home Prices

    Performance in U.S. residential mortgage-backed securities has improved but is uneven, similar to home price differences in various regions of the country, according to Fitch Ratings.

    • 20 Dec 2013
  • Performance Of Spanish SME ABS Remains Poor

    Performance of Spanish asset-backed securities linked to loans to small and medium-sized enterprises remained poor in September, though the percentage of delinquencies fell from a year earlier, according to Moody’s Investors Service.

    • 20 Dec 2013
  • SF Group Names Advocacy Director

    The Structured Finance Industry Group has named Michael Flood as director of advocacy.

    • 20 Dec 2013
  • Mexican RMBS Worsen

    Performance of Mexican residential mortgage-backed securities continued to worsen in October, excluding transactions involving Sofoles financial institutions, according to Moody’s Investors Service.

    • 20 Dec 2013
  • No Rush To Unload TruPS CDOs, Say Regulators

    Bank regulators have told smaller financial institutions that there is no need to take a charge on its collateralized debt obligations backed by trust-preferred securities, as Zions Bancorp did earlier this week, as they are not automatically considered the type of investments that are barred by the Volcker rule.

    • 20 Dec 2013
  • Ginnie Mae Remains Fastest-Growing MBS

    Ginnie Mae remains the fastest-growing mortgage-backed securities product, up 2.6% in the third quarter from the preceding three-month period and climbing 8.1% from a year earlier.

    • 20 Dec 2013
  • Growing Risks Weigh On Turkish Banks

    Rising interest rates, slowing economic growth and a weakened local currency may put downward pressure on Turkish banks in 2014, according to Fitch Ratings.

    • 20 Dec 2013
  • Denmark Urges E.C. To Ignore EBA On Covered Bonds

    The government of Denmark is calling on the European Commission to ignore a recommendation by the European Banking Authority to withhold its highest liquidity assignment to the nation’s covered bonds.

    • 20 Dec 2013
  • Banks Have Tough Time With Risk Data

    Many banks are adopting rules for effective risk data aggregation and risk reporting, according to the Basel Committee on Banking Supervision.

    • 20 Dec 2013
  • IMF Urges Greater Effort On Irish Mortgage Arrears

    The International Monetary Fund has called on the government of Ireland to boost its efforts to address mortgage arrears.

    • 20 Dec 2013
  • Kroll, Issuers, Bankers Debate Non-QM Methodology

    Kroll Bond Ratings Agency has hosted this week at least six meetings with issuers and banks to map out securitizations of non-Qualified Mortgages. Data used to calculate default risk and liabilities could be too conservative, market participants told the ratings agency, but senior officials at Kroll say they’re ready to rate a transaction.

    • 20 Dec 2013
  • Bookrunners of European high yield bonds, 20 December 2013

    • 20 Dec 2013
  • Basel Committee Brings Capital Relief For Securitization

    The Basel Committee on Banking Supervision has proposed lowering the capital requirements for bank securitization exposures, giving the European securitization market a welcome year-end boost. The revised framework has raised hopes that further regulatory concessions could follow next year.

    • 20 Dec 2013
  • Global Ship Lease pulls $400m bond

    Global Ship Lease, the London-based container ship lessor, has withdrawn its sale of a $400m high yield bond, blaming market conditions.

    • 20 Dec 2013
  • U.S. Credit Card ABS To Remain Strong

    Performance of credit card asset-backed securities is expected to remain strong in 2014, though it will likely taper off in the latter half of the year, according to Fitch Ratings.

    • 19 Dec 2013
  • DB Escapes RMBS Lawsuit

    U.S. District Judge Harold Baer of New York has dismissed Deutsche Bank as a defendant in a lawsuit involving six offerings of residential mortgage-backed securities but let stands claims involving RMBS underwritten by Citigroup and Goldman Sachs.

    • 19 Dec 2013
  • CMBS Issuance Looks Bright For 2014

    Issuance of U.S. commercial mortgage-backed securities in the first quarter of 2014 is expected to top that of 2013, which was 70% greater than a year earlier, according to Kroll Bond Ratings.

    • 19 Dec 2013
  • Flagstar To Sell $40.7 Bln Of Servicing Rights

    Flagstar Bancorp is planning to sell $40.7 billion in mortgage-servicing rights to a unit of Two Harbors Investment.

    • 19 Dec 2013
  • Agency MBS Share May Grow With Fed Taper

    The Federal Reserve may find itself with a larger share of the mortgage-backed securities market with its scaling back of its monthly purchases if originations plunge at sharper rate than the reduction of the MBS it buys.

    • 19 Dec 2013
  • Banks Seek Clarification On Volcker CDO Rule

    Banks are asking regulators for clarification on the Volcker rule’s restrictions on collateralized debt obligations and collateralized loan obligations.

    • 19 Dec 2013
  • Q&A: Sajid Zaidi, Morgan Stanley

    As one of the most active years on record for U.S. collateralized loan obligations comes to a close, market players are grappling with a finalized Volcker rule that raises crucial questions for the sector, a lack of anchor triple-A investors and struggling arbitrage. Sajid Zaidi, executive director at Morgan Stanley—one of the most active CLO arrangers with $9.6 billion priced this year—spoke with SI Managing Editor Graham Bippart about how the bank is dealing with the rules, and what he expects for next year.

    • 19 Dec 2013
  • Citi, Santander Shed Trade Finance Assets For Reg Cap Relief

    Citi and Santander unveiled this week a first-of-its-kind securitization of trade finance receivables that will help them meet new Basel III capital standards. The program could also help other banks.

    • 19 Dec 2013
  • CLO Issuance Recovery Shows Limited Momentum

    The recovery in primary collateralized loan obligation issuance in 2013 has shown limited momentum, given retention rules mandated by the European Union and scarce collateral availability, according to Fitch Ratings.

    • 19 Dec 2013
  • Basel Proposes Easing Securitization Regs

    The Basel Committee on Banking Supervision may relax some proposed regulations for securitization, proposing a minimal capital requirement of 15% for the instruments, rather than the 20% proposed last year.

    • 19 Dec 2013
  • Cantor Names European ABS MD

    Cantor Fitzgerald Europe has expanded its structured credit sales in the region with the appointment of Juergen Haferkorn as managing director in London focusing on asset-backed securities.

    • 19 Dec 2013
  • Spanish Revaluation Proposal Credit Positive For Covered Bonds

    A proposal by the Bank of Spain that would require covered-bond issuers to periodically revaluate the properties that back performing loans is credit positive for the instruments, according to Moody’s Investors Service.

    • 19 Dec 2013
  • European Bank Funding To Be Guided By Events

    European banks will determine their funding strategies in 2014 amid volatility from the threat of bail-ins, stress tests and asset quality reviews, with covered bond issuance expected to rise by 15%.

    • 19 Dec 2013
  • ECB Slams E.U. Bank-Failure Plan

    A top official of the European Central Bank says the European Union’s proposal for Single Resolution Mechanism to deal with failed banks in the region risks losing credibility if it is not capable to responding to a failure within 24 hours.

    • 19 Dec 2013
  • Basel Committee brings capital relief for securitization

    The Basel Committee on Banking Supervision has proposed lowering the capital requirements for bank securitization exposures, giving the European securitization market a welcome year-end boost. The revised framework has raised hopes that further regulatory concessions could follow next year.

    • 19 Dec 2013
  • Darling allocates oversubscribed bond and loan

    US food products group Darling International allocated $1.8bn of debt late on Wednesday, after increasing its loan to $1.3bn-equivalent.

    • 19 Dec 2013
  • Global Ship Lease eyes pricing today with new covenants

    Prospective investors in the new $400m high yield bond issue by Global Ship Lease were due to recommit by 10am New York time on Thursday after the container ship lessor revised its covenants yesterday.

    • 19 Dec 2013
  • Bartec removes two covenants in debt refinancing

    Bartec, the German maker of explosion protection systems, has refinanced debt with an all-bullet capital structure, removing two covenants in the process.

    • 19 Dec 2013
  • EM bankers greet Fed taper with delight as January volume prospects improve

    Bankers in the emerging markets are eying potential January issuance volumes with glee after investors responded well to US Federal Reserve’s decision to begin shrinking its monthly asset-buying programme from $85bn to $75bn.

    • 19 Dec 2013
  • Tapering to electrify January DCM pipeline

    Debt bankers are optimistic that January will be a robust month for issuance after the US Federal Reserve ended uncertainty about tapering by announcing that it will reduce monthly bond purchases next month for the first time since the global financial crisis.

    • 19 Dec 2013
  • CLO Risk Retention To Cost Borrowers Up To $10 billion, Study Projects

    The amount of credit supplied by collateralized loan obligations to U.S. companies could be reduced by as much as 90% if regulators move ahead with risk retention rules as now written, according to a study from consulting firm Oliver Wyman.

    • 18 Dec 2013
  • FOMC’s Rate Guarantee Bodes Well For FFELP, Esoteric ABS

    Asset-backed securities pros responded positively to the Federal Open Markets Committee announcement today that it would keep the federal funds rate in the 0-0.25% range for a period longer than it previously indicated.

    • 18 Dec 2013
  • DOJ Said To Prep Civil Charges Against Banks Over MBS

    The U.S. Department of Justice is said to be preparing to file civil charges against Citigroup and Bank of America’s Merrill Lynch unit over their sale of mortgage-backed securities before the start of the financial crisis in 2008.

    • 18 Dec 2013
  • CPS Closes Fourth Term Securitization

    Irvine, Calif.-based Consumer Portfolio Services has closed its fourth term securitization of 2013 with the sale of $183 million of asset-backed notes tied to automobile receivables purchased by the firm.

    • 18 Dec 2013
  • Ginnie Mae Debuts First Phase Of Securitization Platform

    Ginnie Mae has released four new systems’ applications for securitization issuers as the first phase of its new platform.

    • 18 Dec 2013
  • N.J. Sues CS Over MBS

    The state of New Jersey has a filed a lawsuit against Credit Suisse alleging that the bank misrepresented the risk in more than $10 billion in mortgage-backed securities it sold to investors in 2006 and 2007.

    • 18 Dec 2013
  • JPM Sues FDIC To Resolve MBS Claims

    JPMorgan Chase has sued the Federal Deposit Insurance Corp. in an effort to recover more than $1 billion from the agency, which managed the receivership of Washington Mutual, which JPM acquired from the FDIC, alleging that the agency “wrongly refused to acknowledge or honor its expansive indemnification obligations.”

    • 18 Dec 2013
  • Fed May Delay Leverage Limit

    The Federal Reserve is said to have decided to delay imposing leverage limit’s on the nation’s eight largest banks until the Basel Committee on Banking Supervision completes its related rule.

    • 18 Dec 2013
  • Bleak Outlook For CEE Banks

    The outlook for banks in Central and Eastern Europe remains “stable but bleak” because of still-fragile economic recoveries in the region and persistent asset-quality issues in some weaker markets, according to Fitch Ratings.

    • 18 Dec 2013
  • Norway Jumps Into EBA Covered-Bond Fray

    The head of Norway’s Financial Supervisory Authority has sided with Denmark opposing a plan by the European Banking Authority would not give covered bonds its highest liquidity designation despite the EBA’s own finding that the securities are as liquid as sovereign debt.

    • 18 Dec 2013
  • BNY Mellon Tapped For European CLO Mandate

    European investment manager Avoca Capital has tapped BNY Mellon as trustee and portfolio administrator for Avoca Capital CLO X, a EUR311 million ($428.13 million) collateralized loan obligation arranged by Credit Suisse.

    • 18 Dec 2013
  • EBA Issues Final Draft Standards For Liquidity Monitoring

    The European Banking Authority has released its final draft technical standards on additional liquidity monitoring metrics to assets the liquidity risk profile of financial institutions.

    • 18 Dec 2013
  • E.U. Ministers Agree On Failed-Bank Backstop

    The finance ministers of the European Union have tentatively agreed to provide a common backstop for failed banks in the region to the E.U.’s new bank rescue system.

    • 18 Dec 2013
  • Spanish Residential Mortgage Defaults Hit Record

    The percentage of Spanish residential mortgages in default as a proportion of banks’ total loans rose to a record 13% in October, up from 12.7% a month earlier, according to the Bank of Spain.

    • 18 Dec 2013
  • Vitus IPO, Merger Rumors Brings Florentia CMBS Prepayment Into Focus

    Noteholders in the German multi-family Florentia 2012 commercial mortgage-backed securities could be in line for early prepayment if the underlying borrower, Vitus Immobolien, decides to refinance the CMBS at tighter spread levels ahead of a rumored initial public offering or potential merger with Deutsche Annington, according to Barclays CMBS analyst Christian Aufsatz.

    • 18 Dec 2013
  • Vitus IPO, merger rumours brings Florentia CMBS prepayment into focus

    Noteholders in the German multi-family Florentia 2012 CMBS could be in line for early prepayment if the underlying borrower, Vitus Immobolien, decides to refinance the CMBS at tighter spread levels ahead of a rumoured IPO or potential merger with Deutsche Annington, according to Barclays CMBS analyst Christian Aufsatz.

    • 18 Dec 2013
  • GHD GesundHeits borrows €121m to prepay mezzanine

    German healthcare firm GHD GesundHeits has allocated €121m of add-on loan facilities, to be used in part to repay a mezzanine loan ahead of its maturity.

    • 18 Dec 2013
  • ZellBios gets new loan and private equity owner

    ZellBios, which makes pharmaceutical ingredients, is raising €125m of drawn and undrawn debt to finance its buyout by Deutsche Private Equity.

    • 18 Dec 2013
  • Hofmann Menü goes through third LBO with €170m loan

    Hofmann Menü, the German maker of frozen meals for business canteens, hospitals and care homes, is being bought by Partners Group with a €170m senior loan.

    • 18 Dec 2013
  • FIG falls quiet but no rest for regulators

    The primary FIG markets are finally winding down in the run up to the Christmas holidays, with no new deals being launched this week. A mystery capital issuer postponed its deal until the new year, while UBS and Yorkshire Building Society closed liability management exercises — but the only real activity is among regulators.

    • 18 Dec 2013
  • New Year to bring lively bond market as corporate maturities spike

    While some debt capital markets bankers are beginning to enjoy the Christmas break, thoughts are already turning to next year’s business. Syndicate and coverage bankers have been putting in some late visits to clients, hoping to be in line for the first wave of deals in 2014.

    • 18 Dec 2013
  • Weak Mall Loans Threaten CMBS Credit Quality

    High losses from defaulted loans on troubled malls pose a threat to the credit quality of new issue U.S. commercial mortgage-backed securities conduit and fusion deals, according to Moody’s Investors Service.

    • 17 Dec 2013
  • FHFA Releases GSE Stress-Test Scenarios

    The U.S. Federal Housing Finance Agency has released scenarios for Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks to use in stress tests to determine whether they have the necessary capital to absorb losses amid adverse economic conditions.

    • 17 Dec 2013
  • Resource Capital Prices Self-Originated Loan Securitization

    New York-based Resource Capital has priced $260.8 million of non-recourse, floating-rate notes at a weighted average coupon of LIBOR + 1.86%, with the notes collateralized by floating-rate commercial real estate first mortgage loans that its subsidiaries originated.

    • 17 Dec 2013
  • Fed, Banks At Odds In Stress Tests

    U.S. banks may find themselves at odds with the Federal Reserve, which is using a stress-test model that may differ from the one banks use and which project lower capital ratios than the financial institutions forecast.

    • 17 Dec 2013
  • Outlook Bright For MBS In 2014

    Commercial and residential mortgage-backed securities are expected to be excellent investments in 2014 as the Federal Reserve begins tapering its purchase program and long-term interest rates rise, according to Deepak Narula, head of hedge fund Metacapital Management.

    • 17 Dec 2013
  • U.S. TruPS CDOs Default/Deferral Rate Remains Stable

    The number of combined default and deferrals for U.S. bank TruPS collateralized debt obligations remained at 27.3% at the end of November, according to Fitch Ratings.

    • 17 Dec 2013
  • Cerberus Prices Second Post-Crisis MML CLO

    A Cerberus Capital Management fund today priced its second post-crisis middle market loan collateralized loan obligation. Wells Fargo arranged the $458.15 million Cerberus Onshore II CLO.

    • 17 Dec 2013
  • Banks Vary Widely On Assessing Risk, Says Basel

    The Basel Committee on Banking Supervision reports in a second report on the subject that lenders still vary widely in how they assign risk weighting to complex trading positions.

    • 17 Dec 2013
  • Downward Pressure On Covered-Bond Ratings To Ease

    Downward pressure on covered-bond ratings is expected to ease in 2014 as sovereign-rating outlooks stabilize, according to Fitch Ratings.

    • 17 Dec 2013
  • Spanish Lender Unloads EUR632 Mln Of Bad RE Debt

    Spanish lender Banco Sabadell has sold EUR632 million ($869.04 million) in bad real estate debt in two tranches, one to Aktiv Kapital of Norway and the other to Orado Investments, which is managed by U.S. hedge fund adviser Elliot Advisors.

    • 17 Dec 2013
  • E.U. Banks Shed $1.1 Trn In Assets

    Banks in the European Union have reduced their assets by more than $1.1 trillion since the end of 2011, thanks in part to their shift away from asset-backed debt and other risky investments under pressure from regulators.

    • 17 Dec 2013
  • PineBridge Closes EUR335 Mln European CLO

    London-based PineBridge Investments Europe has closed EURO-Galaxy III CLO, a EUR335 million ($460.64 million) collateralized loan obligation that will invest primarily in European senior secured loans, the firm’s third CLO.

    • 17 Dec 2013
  • RBS Cancels Its Government-Guarantee Program

    The Royal Bank of Scotland has canceled its so-called contingent capital facility, under which the government agreed to buy up B shares of RBS if core Tier One capital drops below 5%.

    • 17 Dec 2013
  • Windermere XII noteholders to vote on sale of Coeur Defense

    Noteholders in Windermere XII CMBS will be asked to approve the sale of the Coeur Defense building, located in Paris, in a vote held this Friday. Junior noteholders face principal losses under the proposal, but the special servicer has warned that a judicial liquidation at a later stage would be even worse.

    • 17 Dec 2013
  • FHFA Requests Comment On Loan Limit Drop

    The Federal Housing Finance Agency’s Ed DeMarco filed Monday a request for comment on a plan to gradually reduce the conforming loan limit, but such a plan may be very far from realization.

    • 17 Dec 2013
  • Q&A: Bob Pucel, Royal Bank of Scotland

    The Federal Reserve’s tapering and firms’ compliance with the new Volcker Rule will have significant impact to the broader market in 2014. Syndicate head Bob Pucel, managing director at Royal Bank of Scotland in Connecticut, spoke with SI reporter Matt Scully about these topics and how ABS and RMBS markets may react in the year ahead.

    • 17 Dec 2013
  • Global Ship Lease on course for sale tomorrow

    Citigroup expects to announce price talk later today for the $400m high yield bond issue by Global Ship Lease, the London-based, but New York-listed container ship lessor.

    • 17 Dec 2013
  • Darling’s $1.2bn loan oversubscribed after equity boost

    US food products group Darling International’s $1.2bn transatlantic term loan ‘B’ package to finance its acquisition of Vion Ingredients will be oversubscribed.

    • 17 Dec 2013
  • Dr Gerard signs Bridgepoint LBO loan, syndication possible

    Dr Gerard, the Polish biscuit maker, has signed a Z320m ($76m) multi-tranche loan to back its leveraged buyout by Bridgepoint.

    • 17 Dec 2013
  • YPF blowout reopens Argentine issuance

    Oil company YPF sent an encouraging sign to fellow Argentine issuers about investor appetite for debt from the country as it printed a heavily oversubscribed bond that traded up significantly on the break on Monday.

    • 17 Dec 2013
  • CMBS Late Pays Heading For Post-Crash Low

    Commercial mortgage-backed securities loan delinquencies are on track to drop below 2009 levels, driven by a slew of large loan dispositions, according to a new report from Fitch Ratings.

    • 16 Dec 2013
  • December Surpasses $3 Bln In CLOs, Year-End Pipeline Takes Shape

    Collateralized loan obligation issuance in the U.S. reached $3.26 billion in December so far, as three deals priced late last week.

    • 16 Dec 2013
  • Regulators Address QM Concerns

    The Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and the Office of the Comptroller of the Currency have jointly issued a statement that addresses concerns related to their review of qualified mortgages and non-qualified mortgages in relation to the ability-to-pay rule and the Community Reinvestment Act, which go into effect Jan. 10.

    • 16 Dec 2013
  • U.S. CMBS Delinquencies To End 2013 At Four-Year Low

    Loan delinquencies in U.S. commercial mortgage-backed securities are poised to end 2013 at their lowest level since 2009, as the rate dropped below 6% in November, according to Fitch Ratings.

    • 16 Dec 2013
  • Zions Takes $387 Mln Charge On CDOs After Volcker

    Salt Lake City-based Zions Bancorp says it will take an after-tax charge of $387 million on collateralized debt obligations backed by trust-preferred securities, which are disallowed by the new Volcker Rule.

    • 16 Dec 2013
  • Ginnie Mae Provides Loan-Level Data On MBS

    Ginnie Mae has begun providing monthly loan-level data for single-family mortgage-backed securities.

    • 16 Dec 2013
  • REITS-Held MBS Drop 18%

    Real estate investment trusts holdings in mortgage-backed securities fell 18% to $306.3 billion at the end of the third quarter, compared with a year earlier.

    • 16 Dec 2013
  • U.K. PE Firm Closes U.S. CLO

    London-based private equity firm 3i Group has closed Jamestown III, a $515.9 million collateralized loan obligation that will invest in U.S. corporate debt and in senior secured loans backing private equity buyouts in the U.S.

    • 16 Dec 2013
  • Slovenian Banks Paid To Move Bad Loans

    The government of Slovenia will pay bailed-out banks an aggregate EUR4.5 billion ($6.19 billion) in two- and three-year bonds to transfer their most troubled loans to the nation’s bad bank.

    • 16 Dec 2013
  • Danish Lenders Told To Review Loan Risk

    The government of Denmark has called on mortgage banks to review their lending practices to ensure they approve low-cost short-term loans only to borrowers who can afford to maintain payments in the event of a rise in interest rates.

    • 16 Dec 2013
  • Lawyers, Bankers Cite Ring-Fencing Flaws

    U.K. attorneys and bankers said the draft legislation for ring-fencing banks that is set to become law this week has serious flaws in it that could result in unintended consequences for the financial-services industry.

    • 16 Dec 2013
  • Outlook For Italian Leasing ABS Weaker Than SME CLO

    The outlook for Italian asset-backed securities linked to leasing deals is weaker than that for small-and medium-sized collateralized loan obligations because of the former’s structural features, according to Fitch Ratings.

    • 16 Dec 2013