Europe

Volkswagen AG’s latest auto lease securitization in Europe appears to show the automaker is making progress to repair nearly 11 million vehicles – and maintain its past solid quality securitization performance – in the wake of its diesel-engine emissions testing scandal that broke last September.

The Dolphin Master Issuer Series 2016-1 is a Class A-only notes structure, which has been assigned a ‘AAA’ structured rating by Standard & Poor’s.The notes, for which ABN has no new assets in the collateral pool, are paying off the principal on three outstanding Dolphin issues.

European CLO manager CVC Credit Partners is preparing its first broadly syndicated loan portfolio of 2016 that will issue €400 million (US$447.3 million) in euro-denominated bonds.

A well-seasoned collection of £470.3 million in prime “buy-to-let” residential mortgages is being securitized by the UK’s third-largest building society.

U.S. CLO issuance remained muted in February, with just five deals pricing totaling $2.1 billion, according to Thomson Reuters LPC. However that was an increase from the $826 million from two deals posted in January.

XL Insurance (Bermuda) has completed a $300 million catastrophe bond, according to GS Securities, the deal’s sole structuring agent and bookrunner.

OneSavingBank is readying a £403.2 million securitization of U.K. residential mortgages originated at the peak of the U.K. housing crisis, according to DBRS.

DBRS assigned ‘AAA’ ratings to €109.3 million ($120.9 million) of notes issued from RCI Banque’s Cars Alliance Auto Loans France Master.

Moody’s Investors Service’s ranking of the top 10 managers of collateralized loan obligations at year-end 2015 was largely unchanged from mid-year, both in terms of deal count or AUM. But the biggest players collectively lost some market share to their mid-sized brethren.

The Fitch European Auto ABS delinquency indices for both early (30+ days) and late (60+) delinquencies fell to 0.69% and 0.34% respectively, the lowest point in the last 11 years for each.