Europe

Annisa CLO was originally issued in August 2016, just before risk retention regulation took effect, but was the firm's first deal to be dually compliant with both U.S. rules (which no longer apply to CLOs) and European rules.

Bavarian Sky UK 2 plc is as yet unsized; the collateral will initially consist of 70% new and 30% used primarily BWM and MINI vehicles, 56% of which use diesel fuel, according to Moody's Investors Service.

It's another example of what appears to be tailoring tranches to meet the tenor and yield requirements of specific investors; the deal, GMS Euro CLO 2014-1, was also upsized to €508 million from €368.3 million originally.

Five classes of notes will be issued in the transaction, BBVA Consumer Auto 2018-1, which is backed by a pool of well-seasoned loans on new and used cars that will revolve for an initial period of 1.5 years.

The Dallas-based money manager has launched a UCITS that invests in both U.S. and European loans, investment-grade CLO securities, and obligations and other kinds of structured products.

The $52 billion in year-to-date volume in resets of collateralized loan obligations is nearly outpacing new-paper issuance of $53.5 billion, reports LPC.

Noria 2018-1 is a €1.6 billion securitization of unsecured personal loans, of which 30% are debt consolidation accounts.

The as-yet unsized Volta VI is backed by a tariff on all users of electricity in the nation; it is designed to help EDP, the largest utility, recover the costs of supporting renewable electricity.

According to Morgan Stanley, seven of 15 new European CLOs in the pipeline are debut or re-entry deals involving U.S. asset managers.

The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.