European Securitization

Until EU insurers can hold securitizations in matching adjustment portfolios, the market will not get the money it needs most

Canny managers may look to buy software and chemicals loans as borrowers’ fortunes improve, despite enduring default risk

Cofidis is part of the growing group of French banks who are diversifying their funding

Investors apply only 4bp-5bp new manager premium to deal’s triple-A rated notes

Italian bank priced its consumer ABS, Stellantis priced its French auto lease ABS

Securitization issuers have had one of their busiest periods of the year, but some investors are pushing back on price. Elsewhere, CLO managers hope a wave of new leveraged loans will ease their arbitrage.

Deal announced less than three months after its debut deal priced

First public European ABS deal to include a dollar tranche since 2023

If leveraged loan spreads stay tight, CLO managers will need lower triple-A liability pricing to raise equity for future deals

Harben is backed by Bradford & Bingley mortgages, Avon by GMAC and Platform Home Loans mortgages

Deal follows trend of tightening spreads on triple-B and double-B tranches

Manager uses a more defensive approach when ramping the CLO, avoiding most software credits