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The U.K. government will redeem £3 billion ($3.9 billion) of bonds backed by mortgages from rescued lender Bradford & Bingley, paving the way for a potential sale of the loans

Europe’s speculative-grade corporate default rate is expected to rise slightly by next year amid lingering credit instability, slow economic growth and a growing concentration of companies in the lowest levels of junk-grade ratings.

DBRS named Nichola James as co-head of sovereign ratings. At the same time, Fergus McCormick, who had been head of sovereign ratings since 2010, will now be chief economist and co-head of sovereign ratings.

Heathrow Funding, a corporate securitization vehicle that issues bonds raising proceeds for London’s Heathrow Airport and related rail link services, is issuing £400 million (US$520 million) in new notes for the airport to repay upcoming debt maturities.

Hawksmoor Mortgages 2016-1 PLC is a collection of U.K. mortgage loans. More than 80% were originated by GE Money’s home lending and mortgage units, with about one-third consisting of aged, pre-crisis loans issued in 2007.

Allen & Overy has added a team of five partners specialized in leveraged financings to its New York office.

Wells Fargo, Bank of America and Morgan Stanley are keeping skin in the first risk retention compliant CMBS.

Standard & Poor’s has assigned a preliminary ‘A’ rating to a €1.5 billion four-year revolving securitization of auto, motorcycle and trailer loans originated by Santander Consumer Bank AG.

Banco Sabadell is pushing out a €1.75 billion (US$1.92 billion) securitization of small business loans through a newly established trust platform.

Groupe Banque Populaire, Caisse D’Epargne (BPCE) is pursuing a second securitization from a revolving pool of up to €50 billion in residential mortgage loans held in its two-year-old asset-backed fund.