Europe

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.

Portfolio managers are expecting deteriorating credit conditions in spreads and defaults in North America and Europe this summer, as the Brexit contagion spreads around the globe. In particular, 68% of managers worldwide expect to see growing defaults in the European investment-grade space this summer.

Fitch Ratings and Moody’s Investors Service have assigned preliminary ratings to a €700 million, 18-month revolving securitization of unsecured consumer auto loans issued and serviced by Banco Bilbao Vizcaya Argentaria, S.A.

Santander Consumer Holdings appointed William Rainer chairman, and it announced that Blythe Masters has resigned to advise Banco Santander — its Spanish parent company — on the blockchain.

Dutch mortgage lender Obvion N.V. is structuring its 34th securitization of residential mortgages through its Purple Storm 2016 B.V trust.

New rules designed to stop U.S. companies from moving their tax addresses offshore are so written so broadly that they could disrupt the securitization market, a trade group warned Thursday.

An eventual "Brexit" from the European Union could exclude CLO managers and investors from the CLO market under existing and proposed EU rules that restrict risk-retention and market activity to EU regulated firms.

The Shops at Crystals, a Las Vegas luxury shopping mecca of gilded names like Louis Vuitton and Prada, is securitizing a portion of its new commercial mortgage loan in a $300 million trust notes issuance.

Bond rating agency DBRS has assigned provisional ratings to an asset-backed vehicle comprised of €1.2 billion of consumer personal and mortgage loans originated by Spanish bank Caixabank.