Europe

VCL Master Netherlands B.V. is a Euro-denominated ABS that will issue two series of notes backed by €260.05 million in outstanding principal of from more than 14,000 vehicle lease contracts, as well as €108.97 million in receivables’ residual values.

Moody’s Investors Service has assigned a provisional ‘Aaa’ rating to the class of €556.5 million Class A floating rate notes. None have been assigned to the €43.5 million Class B stack.

A joint venture involving the captive finance arm of French automaker PSA Peugeot Citroën and Santander Consumer UK is issuing its first UK auto financing securitization since gaining regulatory approval for operations there.

Taurus 2016-2 Deu DAC has a five-class notes structure, including a triple-A provisionally rated €140 million tranche at the top of the capital stack.

BMW AG is securitizing its fourth pool of auto loans to German consumers and business customers in a €800 million transaction through its Bavarian Sky S.A. platform.

Carlyle Global Market Strategies Euro CLO 2016-1 was launched with target par of €400 million (US$457.1 million). Credit Suisse Asset Management is also looking to issue €400 million in notes through Cadogan Square CLO VII B.V.

N.M. Rothschild and Sons’ Five Arrows Managers LLP has extended the closing date to April 26 for the €307M Contego III trust deal out of The Netherlands.

Fraikin Groupe is refinancing a truck lease securitization, according to Standard & Poor’s.

The ambiguity over whether regulators favor risk sensitivity or simplicity in setting capital requirements does not help risk management efforts.

3i Debt Management priced a €400 million European collateralized loan obligation, according to Moody’s Investors Service.