Securitization - European Archive

  • Blackstone UK logistics CMBS sees high demand lower down cap stack

    Blackstone UK logistics CMBS sees high demand lower down cap stack

    Sole arranger Bank of America has added £104.5m to Taurus 2021-4, a UK logistics CMBS sponsored by Blackstone, ahead of pricing on Thursday. The deal had trouble matching subscription levels seen for logistics CMBS at the beginning of the year, but demand came in strong lower down in the capital stack, reflecting a shift in investor preferences as the UK economy reopens.

  • Football securitization closed despite pandemic chaos

    Football securitization closed despite pandemic chaos

    A UK football club securitization has closed that offers investors exposure to future ticket sales. But sports securitizations, almost non-existent after the 2008 global financial crisis, have assumed a new, higher level risk in the eyes of many following the pandemic.

  • No easy road to recovery for CMBS noteholders after Intu restructuring

    No easy road to recovery for CMBS noteholders after Intu restructuring

    The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations.

  • Barclays pre-places Irish RMBS from Pimco

    Barclays pre-places Irish RMBS from Pimco

    Barclays has won its second consecutive mandate in two months with the Pacific Investment Management Company (Pimco), pre-placing a reperforming Irish RMBS backed by a legacy portfolio. The deal is a refinancing of notes from Jepson Residential 2019-1, a deal which Pimco decided not to call at the height of the Covid-19 pandemic in April 2020.

  • Catastrophe risk: a wake up call for insurers

    Catastrophe risk: a wake up call for insurers

    The recent floods in Europe should be sounding alarm bells for the insurance industry. With events like these on the rise thanks to global warming, insurers facing compounding losses should look to catastrophe bonds as an alternative to costly reinsurance.

  • Trafigura returns to ABS market after three year break

    Trafigura returns to ABS market after three year break

    Trafigura has launched its sixth securitization from its TFS programme, the largest trade receivables securitization programme in the world, marking a return to the market for the oil trader which pioneered inventory ABS.

  • European CLOs begin to tier as investor base decreases

    European CLOs begin to tier as investor base decreases

    Investors in triple-A rated European CLOs are using their pricing power to discern between trades, causing some deals to be priced more tightly than the recent trend of spreads widening towards 100bp, while other paper has had to offer spreads even cheaper than this.

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