Securitization - Article Archive

  • Sea change at CFPB casts shadow over 'underbanked'

    A change in the direction of the Consumer Financial Protection Bureau (CFPB) announced this month was singled out by participants on a Wednesday panel hosted by LendIt as a worrying development for consumers not served by traditional financial services.

    • 31 Jan 2018
  • United EETC securitization scheduled for take-off

    United Airlines has added another deal to the aircraft ABS pipeline, bringing an Enhanced Equipment Trust Certificate (EETC) offering that will finance the acquisition of 16 aircraft.

    • 31 Jan 2018
  • Nationwide considers RMBS over covered bonds

    Nationwide Building Society has announced a US and UK roadshow for its Silverstone 2018-1 RMBS with a view to issuing dollar and sterling floating rate tranches. It may also issue a longer dated fixed-rate tranche, a format that has historically been used by covered bond issuers including Nationwide.

    • 31 Jan 2018
  • Senior credit investor joins SVP

    Dagmar Kent Kershaw, a veteran leveraged finance investor, has joined the advisory council at Strategic Value Partners

    • 31 Jan 2018
  • HLEG report offers blueprint of sustainable finance system

    Europe has a good chance of being able to make a real start on greening its financial system, according to members of the High Level Expert Group on Sustainable Finance, which delivered its report to the European Commission on Wednesday.

    • 31 Jan 2018
  • CB reliance on ECB bodes ill for spreads, say investors

    Covered bond investors believe spreads may widen, as sovereign bond yield rises shave off the relative value offered by the asset class and the European Central Bank prepares to end its purchase programmes. But the additional tier one (AT1) market is still thought to offer investors in bank debt unmatched opportunity.

    • 31 Jan 2018
  • More data required for small biz ABS to thrive

    Marketplace lending participants at the Loan Tape Conference in New York said standardized data will be the gateway to opening up opportunities for securitization in the small business lending sector.

    • 30 Jan 2018
  • US CLOs set to surpass pricing milestone

    A pair of CLOs that were priced in the last week have hit 101bp over Libor for the senior class, a post-crisis record for a market that observers say still has room to run.

    • 30 Jan 2018
  • FCA sounds warning bell over IO loans

    The Financial Conduct Authority has warned that a considerable portion of UK interest only (IO) mortgage holders are likely to face a repayment shortfall and risk losing their homes. The warning comes weeks after S&P outlined similar concerns.

    • 30 Jan 2018
  • Elevate hires Paypal, loanDepot alum as chief credit officer

    Online subprime lender Elevate Credit has tapped former PayPal and loanDepot executive Brian Biglin as chief credit officer.

    • 30 Jan 2018
  • PACEfunding to issue debut residential PACE deal

    PACEfunding, a California-based residential Property Assessed Clean Energy (PACE) finance firm, is looking to drum up interest at next month’s SFIG conference at Las Vegas for its debut securitization.

    • 29 Jan 2018
  • Latest CMBS conduit keeps 2018 rally going

    The latest conduit CMBS offering was priced on Friday, with lead banks selling the top rated, 10 year bonds at the same post-crisis tight level achieved by the offering that kicked off 2018 a week earlier.

    • 29 Jan 2018
  • Al Rayan looks beyond the Shire with sukuk RMBS

    Al Rayan Bank has started marketing Tolkien Funding Sukuk No. 1, the first UK RMBS issue to be structured on Islamic finance principles. Islamic banks can’t access central bank facilities which means the wholesale markets are fuelling the firm’s ambitious expansion plans, writes Owen Sanderson.

    • 29 Jan 2018
  • EU needs official Green Bond Standard, HLEG to advise

    The European Commission is being advised to set up a comprehensive Sustainability Taxonomy by 2020 to guide investment decisions towards a greener economy, and to develop an official EU Green Bond Standard. These are key recommendations of its High Level Expert Group on Sustainable Finance, according to a leaked draft copy of its report seen by GlobalCapital.

    • 29 Jan 2018
  • Demand swells for VW Spanish auto deal

    Volkswagen Finance is riding the wave of demand for Spanish assets that followed the country’s recent upgrade and bond sale, tightening pricing and increasing the deal size for its Driver España auto ABS.

    • 29 Jan 2018
  • Former Intesa CEO prices largest SPAC in Italian history

    SPAXS, the special purpose acquisition company (SPAC) of Corrado Passera, the former chief executive of Intesa Sanpaolo and a former Italian minister, attracted a rapturous reception from investors on Friday, allowing it to increase the fundraising to €600m at pricing.

    • 29 Jan 2018
  • Tesla lines up hotly anticipated auto lease ABS

    Tesla is preparing to issue its first ever auto ABS deal, filing deal documents for the offering with the Securities and Exchange Commission on January 25.

    • 26 Jan 2018
  • CVC shakes up performing credit, as Bowers steps back

    CVC Credit Partners has appointed Gretchen Bergstresser to a new role as global head of performing credit, while Jonathan Bowers is to step back from the European business to pursue other opportunities.

    • 26 Jan 2018
  • EIF securitizations funnel structural funds to SMEs

    The European Investment Fund has completed a programme of synthetic securitizations in Italy, offering capital relief to five of the country’s lenders in return for cheaper lending in southern Italy.

    • 26 Jan 2018
  • Navient prices FFELP deal, signals shift to refi loans

    Student loan servicer Navient priced a Federal Family Education Loan Program (FFELP) ABS to red hot demand this week, but company executives said they are turning their focus away from the legacy FFELP programme and toward the student loan refinancing sector.

    • 25 Jan 2018
  • BNPP AM hires new structured finance head

    BNP Paribas Asset Management has hired Axa IM's Michel Fryszman as head of structured finance.

    • 25 Jan 2018
  • Investors swarm US CLOs despite weaker terms

    Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.

    • 25 Jan 2018
  • Deutsche lures structured finance banker Karmally back

    Deutsche Bank has hired Asif Karmally from Goldman Sachs to work in its financial solutions group in the Middle East.

    • 25 Jan 2018
  • Volkswagen opens books for fifth Spanish auto ABS

    Volkswagen Finance has mandated leads and opened order books for its fifth securitization of Spanish auto loans. Investors believe guidance is attractive, but with 'super-strong demand' the deal is ultimately expected to be priced tight.

    • 25 Jan 2018
  • Apollo Aviation prices first 2018 aircraft ABS

    Aviation investment manager Apollo Aviation priced its first securitization of 2018 this week, as air finance players say the sector is set to build on the momentum of 2017.

    • 24 Jan 2018
  • CLO floodgates open with more loan repricing expected

    A burst of new CLOs has emerged in the primary market, with six new deals being marketed this week. Managers have been rushing to close refinancing and reset deals in the first weeks of the year, as JP Morgan analysts warn of a resurgence of loan repricing activity ahead.

    • 24 Jan 2018
  • More rulemaking, less enforcement, says CFPB’s Mulvaney

    Mick Mulvaney, acting director of the Consumer Protection Financial Bureau (CFPB), explicitly laid out a new “mission” for the agency in an email addressed to employees at the bureau this week, calling for less regulation by enforcement for financial services companies.

    • 24 Jan 2018
  • UK RMBS investors reaching for yield

    Demand for the most junior tranches of UK RMBS Fleet 2018-1 jumped on Wednesday, even as spreads tightened, in contrast to price sensitivity in the senior tranches. At the same time, Clydesdale showed in its latest Lanark RMBS deal that the cost advantage compared to covered bonds has improved.

    • 24 Jan 2018
  • CIFC hires former Citi trader for portfolio manager role

    US credit manager CIFC has hired Citi’s former global head of CLO trading as a senior portfolio manager in structured products.

    • 24 Jan 2018
  • AT1s are the last bastion of value, say investors

    Financials credit investors signal that there could still be plenty of room left in the rally in the additional tier one bond market, which has had no let up for the best part of a year.

    • 24 Jan 2018
  • Sears downgraded after announcing $1.3bn distressed debt exchange

    US retailer Sears announced its intention on Tuesday to swap unsecured and senior secured debt into new payment-in-kind notes that could be converted into common stock. Seeing this as a distressed debt exchange, Fitch Ratings quickly downgraded the retailer to C.

    • 23 Jan 2018
  • Investors devour feast of consumer ABS offerings

    Investors are showing endless appetite for consumer ABS so far in 2018, with auto, student and marketplace loan deals meeting with huge demand and subprime auto spreads hitting record tights.

    • 23 Jan 2018
  • Amazon, PayPal to head to Vegas ABS bash

    Tech giants Amazon and PayPal are again set to attend the SFIG IMN securitization industry gathering in Las Vegas next month, with both firms expanding their small business lending efforts and eyeing capital markets financing.

    • 23 Jan 2018
  • Cat bond law brings glimmer of clarity amid Brexit fog

    As London waits to see the Brexit deal that emerges for the UK’s financial services industry, one small part of the sector has quietly received a big legal boost.

    • 23 Jan 2018
  • RMBS rally lets Charter Court book residual gain

    Charter Court said it had sold the residual notes in a securitization it issued just last year — with the £15m gain on the sale illustrating the rally seen in UK RMBS in the interim.

    • 23 Jan 2018
  • CMBS revival masks big industry shifts

    The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.

    • 23 Jan 2018
  • NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    • 23 Jan 2018
  • SoFi, Lending Club gear up for busy quarter

    Up to four transactions from marketplace lenders SoFi and Lending Club are slated to hit the market this quarter, including prime and non-prime consumer and student loan refinancing offerings.

    • 22 Jan 2018
  • Rise in Treasury yields drives CMBS to post-crisis tights

    The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.

    • 22 Jan 2018
  • UK RMBS ‘on fire’ as further supply looms

    The order book for London Wall Mortgage Capital’s UK buy-to-let RMBS Fleet 2018-1 has been opened amid high hopes it will meet the same buoyant demand seen in other UK RMBS sold this year. But with cheap central bank funding to be withdrawn and a potential £1bn sale of legacy mortgages coming up, some observers have their doubts that the rally can last.

    • 22 Jan 2018
  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    • 22 Jan 2018
  • Local investors keep Ford’s ABS on track

    Ford Automotive Finance (China) started the year in China’s asset-backed securities market by selling a Rmb4bn (Rmb618.3m) deal on Thursday. The deal was open to foreign investors, but onshore demand formed the core support for Ford’s sale, sources on the deal told GlobalRMB.

    • 19 Jan 2018
  • US loan covenants sink to weakest level on record

    Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.

    • 18 Jan 2018
  • Duration risk lurks in bullish US CLO market

    The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.

    • 18 Jan 2018
  • EIB inks big synthetic trade with Crédit Agricole

    EIB Group, which comprises the European Investment Bank and the European Investment Fund, has carried out a synthetic securitization with Crédit Agricole CIB to support French SME and intermediate-size-enterprise (ISE) lending, injecting roughly €1.1bn into the economy.

    • 18 Jan 2018
  • Risk transfer deal transfers risk

    Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.

    • 18 Jan 2018
  • WBBS shows strength of sterling RMBS market

    West Bromwich Building Society (WBBS) priced its first RMBS deal in five years on Thursday, selling the bonds well inside initial guidance. The comfortably oversubscribed order book showed that further supply can be easily absorbed by the market.

    • 18 Jan 2018
  • Mulvaney initiates first wave of change at the CFPB

    Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), announced a wave of changes to rules overseen by the agency this week, including a potential revision of the Payday Rule, in addition to seeking public input on the agency’s operations.

    • 17 Jan 2018
  • Cheap funding lures Sonic back to ABS market

    Fast food chain Sonic Drive-In is marketing a securitization this week, with executives saying this month that they would be looking to lock in a “favorable” interest rate to refinance a 2016 deal.

    • 17 Jan 2018
  • Cineworld launches $6.6bn financing package for Regal takeover

    On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.

    • 17 Jan 2018
  • Precise buy-to-let RMBS wins tight pricing

    The strength of demand for UK RMBS was highlighted on Wednesday with the launch of Charter Mortgages’ Precise Mortgage Funding 2018-1B, with the deal being priced well inside of initial guidance and all tranches subscribed multiple times over.

    • 17 Jan 2018
  • CMBS market set to surge after slow start

    A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.

    • 17 Jan 2018
  • Carillion loan was hedged in HSBC CLO

    HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.

    • 17 Jan 2018
  • FIG investors weigh up AT1s as first of 2018 arrives

    Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

    • 17 Jan 2018
  • Apollo preps first 2018 aircraft ABS for takeoff

    Apollo Aviation is opening the 2018 aircraft ABS pipeline with a $442m securitization, but the deal’s exposure to emerging market obligors poses risks.

    • 16 Jan 2018
  • Newcomer Avid heads to subprime auto ABS market

    Subprime auto lender Avid Acceptance LLC is lining up an inaugural securitization as the 2018 new issue pipeline builds and as industry observers anticipate the ABS market skewing towards “deep subprime” issuers.

    • 16 Jan 2018
  • EBA and ESMA heed calls for clarity on STS

    Responding to the securitization industry’s concerns that proposed draft regulations lack clarity and may ultimately prove self-defeating, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) will hold a joint public hearing on the new rules.

    • 16 Jan 2018
  • UK buy to let duo hit screens following Finsbury Square

    Charter Court Financial Services and BlackRock's London Wall Mortgage Capital are in the market with two UK buy-to-let RMBS deals, Precise Mortgage Funding 2018-1 and Fleet 2018-01. The deals take advantage of strong demand for UK RMBS seen in last week’s Finsbury Square 2018-1.

    • 15 Jan 2018
  • Spire boosts CLO and credit biz with Tikehau hire

    Spire Partners has hired a senior credit analyst from Tikehau.

    • 15 Jan 2018
  • Former Intesa CEO launches big Spac to invest in fintech or NPLs

    Corrado Passera, former CEO of Intesa Sanpaolo and government minister, is leading the promotion of a €500m special purpose acquisition company (Spac) focusing on financial services.

    • 15 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • US CLOs braced for further tightening

    US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers.

    • 11 Jan 2018
  • US high yield at 10 year tights as retail cash returns

    US high yield spreads touched the tightest levels seen in over a decade this week, with the return of mutual and retail fund flows and sluggish supply creating attractive financing conditions for the few borrowers that emerged.

    • 11 Jan 2018
  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    • 11 Jan 2018
  • Hedge fund makes bold bid to seize UK mortgage book

    Clifden IOM No.1, a real estate-focused hedge fund, has launched an audacious bid to take control of £2bn of pre-crisis UK mortgages, launching a tender that could forestall a refinancing of the portfolios by the original lender, Paratus AMC. Owen Sanderson reports.

    • 11 Jan 2018
  • Kensington prices largest, tightest RMBS deal to date

    Kensington, which is now known as Northview Group (NVG), has issued its largest new origination RMBS transaction post-crisis at the tightest spreads.

    • 11 Jan 2018
  • Updated: Ford China starts engine for 2018 auto ABS race

    Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

    • 11 Jan 2018
  • Sears lands new financing amid new round of closures

    US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans.

    • 10 Jan 2018
  • KKR fund to target ‘undervalued’ UK, Irish and US assets

    KKR’s latest global private credit fund will target asset classes seen as undervalued, including UK prime auto loans, Irish SME loans and US residential bridge loans, said portfolio manager Dan Pietrzak on Wednesday.

    • 10 Jan 2018
  • Mezz RMBS demand heats up as slate of issues hit screens

    Demand for the mezzanine tranches of RMBS Finsbury Square has been strong, boding well for a series of new UK RMBS issues that hit came to market on Wednesday.

    • 10 Jan 2018
  • Investors debate Monte tier two as NPL securitization progresses

    Financial institutions bond investors were assessing this week whether or not they should invest in Banca Monte dei Paschi di Siena’s first deal since its recapitalisation by the state last summer.

    • 10 Jan 2018
  • CALC takes new route in Chinese dollar ABS

    China Aircraft Leasing Group Holdings (CALC) has sealed a rare asset-backed securities deal in the onshore market — the first dollar-denominated ABS to be publicly traded. But while the transaction holds symbolic significance, the format is unlikely to become the norm for the Chinese ABS market.

    • 10 Jan 2018
  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    • 10 Jan 2018
  • GM, CPS price first auto ABS deals of 2018

    GM Financial and Consumer Portfolio Services hit the ABS primary market with the first US auto loan transactions of the year on Tuesday, with heavy demand for paper helping both issuers tighten pricing from guidance.

    • 09 Jan 2018
  • KKR, Barings close private debt funds

    KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans.

    • 09 Jan 2018
  • Clifden launches £2bn tender for legacy UK mortgage bonds

    Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.

    • 09 Jan 2018
  • Neon opens up UK ILS market

    Neon Underwriting has launched the first insurance linked security (ILS) deal in the UK, after a new law designed to incentivise the creation of vehicles was passed last month.

    • 09 Jan 2018
  • Agency CRT bonds rally to kick off 2018

    Agency credit risk transfer (CRT) RMBS has started 2018 in rally mode, with the secondary market performance of bonds across triple-B, double-B and unrated classes surpassing analysts' expectations.

    • 08 Jan 2018
  • HSBC beefs up US corporate, FIG teams

    HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.

    • 08 Jan 2018
  • Year-end prompted string of synthetic securitizations

    Banks lined up to close capital relief securitizations at the end of last year, protecting portfolios of leveraged loans, commercial property and project finance.

    • 08 Jan 2018
  • BlackRock MD joins Alcentra as head of US loans and high yield

    The former head of loans and CLOs at BlackRock has joined Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management, as head of US loans and high yield.

    • 08 Jan 2018
  • Obvion sets sights on record pricing with first Dutch RMBS of 2018

    Rabobank has mandated lead banks for its first Storm RMBS deal of 2018, which is expected to be priced this week and could potentially set a new record.

    • 08 Jan 2018
  • Kensington to raise up to £616m as buyers warm to MBS

    Kensington Mortgage Co was close behind Vauxhall Finance on Thursday in announcing its first securitization of 2018. The issuer declared its fifth Finsbury Square issue to fund an existing mortgage portfolio of £431m, plus up to £185m of pre-funding for new loans.

    • 04 Jan 2018
  • Vauxhall starts up ABS in hot sterling market

    The first two European securitizations of 2018 appeared on Thursday — both sterling issues — with Vauxhall Finance, the new name for GMAC UK, announcing a £428m car loan ABS and Kensington Mortgage Co bringing the latest issue from its Finsbury Square programme.

    • 04 Jan 2018
  • Quiet start for US CLO market, but record year predicted

    In a quiet start to the US CLO market in 2018, only reset and refinancing deals have emerged so far, but Wells Fargo is predicting a record year of issuance for the asset class. Some investors are pulling back, however, as loan market fundamentals show signs of deterioration.

    • 04 Jan 2018
  • Funding Circle sets up US financing line with Kansas bank

    The US arm of small business lender Funding Circle has set up a partnership with Kansas based InTrust Bank, as the online platform expands its sources of funding and plans to launch a US bond programme.

    • 04 Jan 2018
  • S&P predicts $1tr of ABS issuance in 2018

    After a booming 2017, with record deal volumes across securitized asset classes, S&P Global Ratings has predicted there will be $1tr of issuance across global ABS markets in 2018, driven by sustained economic expansion.

    • 03 Jan 2018
  • Carlyle to put $800m to work in booming CLO market

    The Carlyle Group has raised over $800m for its Carlyle Structured Credit Fund, which will invest in the CLO debt of third-party managers in the US and Europe.

    • 03 Jan 2018
  • Securitization: Hot loan market to test CLO managers’ mettle in 2018

    The onset of risk retention rules proved an unexpected boon for the US CLO market last year. The resulting surge of investor demand meant placing new deals was no real challenge. But in an increasingly aggressive loan market, CLO managers are being forced to make bold credit decisions to generate expected returns, writes David Bell.

    • 03 Jan 2018
  • Securitization: Green opportunities appear as PACE accelerates

    Europe lags behind the US in green securitizations, but efforts buoyed by pro-ABS regulations — and an initiative to kick-start the Property Assessed Clean Energy (PACE) market in Spain — could soon change that. Meanwhile in the US, ABS participants are hyping the emergence of a robust secondary market for residential PACE bonds, in addition to increasing momentum in commercial PACE ABS, after a maiden transaction hit last September. Sasha Padbidri and Sam Kerr report.

    • 03 Jan 2018
  • EBA, ESMA float technical standards for STS

    Regulators responsible for drawing up the technical standards for the 'simple, transparent, standardised' (STS) framework for European securitization have published five draft consultation papers, seeking industry comment through March.

    • 03 Jan 2018
  • Natixis preps single borrower deal to kick off 2018

    A single borrower CMBS deal in the works from Natixis is set to be among the first in the asset class in 2018.

    • 02 Jan 2018
  • In 2018, abnormal will remain normal for Euro ABS

    Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.

    • 02 Jan 2018
  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    • 02 Jan 2018