Europe

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.