Europe

Fitch Ratings says the default rate for leveraged loans held by CLOs it rates remains "benign" at 0.4%, although slight concerns remain about bankruptcies looming defaults from speculative-grade debt held by key retail, media and energy sector firms.

Managers of European collateralized loan obligations are under-reporting their exposure to loans that lack certain investor protections, according to Moody’s Investors Service.

Charter Court Financial Services is planning a £484.5 million securitization of U.K. investor-owned residential mortgages.

Two private equity firms, Lone Star Funds and Mars Capital, are marketing a total €750 million in bonds backed by non-performing and re-performing Irish residential mortgages.

Blackstone and Prudential are marketing two offerings of mortgage bonds backed by over £12 billion in UK “buy-to-let” loans that were auctioned off last month by the British government.

Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Popular Español are securitizing consumer loans issued in Spain. Banco Popular's €510 million two-year revolving securitization is its first-ever in its home country.

Investcorp Credit Management EU is debuting its first European CLO since announcing its acquisition of the debt management business from 3I Group last October.

GMAC is issuing its eighth asset-backed UK transaction in a £385.8 million (US$481.3 million) bond offering backed by individual and small-business vehicle lease contracts.

Spire Partners priced the first new Euro-denominated CLO deal for March, the €348 million Aurium CLO III last week, according to a report published Monday by Moody's Investors Service.

The monthly change for defaulted holdings in CLO 2.0s – which now comprise 95% of the market for outstanding CLO issues – rose 0.1% and now stand at 0.12%. The rate for CLO 1.0s rate 0.12%, now standing at 3.13%.