Europe

The German automaker continues to reduce its reliance on asset-backed financing as fallout from an emissions scandal fades.

The €173.3 million deal is backed by loans originated by the former Catalunya Banc, which were purchased at discount by the Blackstone Group in 2014.

Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.

Fino 1 is backed by collections on more than €5.34 billion in bad loans originated by the Italian banking giant. Most were issued between 2010-2017.

The €309 million Orbita Funding 2017-1 plc follows a 2016 transaction by the venerable British bank.

Collateral for the deal, which is structured as a master trust, can reach €30B of loans originated by the bank's building-savings affiliate, its retail operations and its private-bank unit.

The Spanish bank's German retail lending unit is securitizing a fifth pool of mostly unsecured personal loans from an €83.5 billion portfolio.

The aerospace components manufacturer, one of the largest-held obligors in U.S. CLOs, is consolidating loans and tightening coupon spreads from 300 to 275 basis points over Libor.

Deal volume of $95 billion through 10 months is at a pace that would make 2017 the second-busiest year for post-crisis CLO issuance; AAA spreads, meanwhile, have reached three-year tights.

The loans are part of a €1.8 billion bad-loan purchase that Mars Capital, an Oaktree "vulture fund," made of high-risk mortgages from Irish banking authorities in 2014.

The deal, DLL Securitization Trust 2017-A, is unusual in that it is backed almost entirely by agricultural equipment; other lessors such as CNH and John Deere securitize a mix of agricultural and construction equipment.

In addition to insurance premiums, borrowers in the pool use the loans for annual membership fees of sport or leisure facilities or professional bodies.

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.

A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.

Belmont Green Finance, which began originating loans in late 2016, has gathered up its first round of originations through 3Q2017 in a transaction that will issue up to £230.6 million in notes.

The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.

Penta CLO 3 is the first CLO since 2015 for the UK subsidiary of Swiss global asset management Partners Group Holdings AG.

The deal, Sunrise SPV 20 S.r.l., is collateralized by more than 120,000 auto, furniture and personal loans originated by the Italian lender.

Most of the 181 jets used as collateral were acquired from GE Capital Corp. in 2015; proceeds from prepayments and liquidations can be used to acquire additional aircraft.