European Securitization
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Manager resets CLO after reinvestment period with over 25% of triple-A rated notes amortised -
This week Tom Hall and Thomas Hopkins discuss how Enpal's return heated up the ABS market and take the CLO equity market's temperature
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CLO managers able to raise equity despite seemingly unattractive first day arbitrage
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This is the first time heat pumps have been securitized in Europe
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Deal executed in just under three weeks
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Pricing on triple-A notes tightened by 50bp from original deal
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Manager tightens triple-A rated notes by 44bp, choosing a reset over refinancing
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The deal is the first European RMBS to include bridging loans
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Arranging banks buy large chunks of deals in shallow market
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Regulators nervous about the perils of private credit should reflect on their own role restraining bank lending while pushing insurers into private markets
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Deal grew to €850m from a pool of €600m
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George Smith talks to Tom Hall about a run of giant ABS deals, and to Thomas Hopkins about whether changes to Solvency II will bring insurers flocking back to securitization.
