Europe

In Europe, €1.6 billion of new collateralized loan obligations priced during the month July, taking issuance volume for the year to date to €10 billion across 25 deals. That's in line with the €9.7 billion issued during same period last year.

A German judge's support behind efforts to ban diesel-engine vehicles in Stuttgart could set in motion a decline in performance for German and European auto loan securitions, says Moody's.

Belgium-based diamantaire Diarough is offering $150 million in notes backed primarily by its inventory of rough and polished diamonds, according to a presale report from Kroll Bond Rating Agency.

An affiliate managing the loan for the reinsurance giant's investment advisory arm will keep a horizontal equity strip of the deal for dual EU/US risk retention compliance.

While leveraged loans may use prime as a fallback, getting unanimous consent from collateralized loan obligation investors to use an alternative benchmark could be a challenge.

Moody's believes that rules grandfathering existing transactions increase the risk that these deals could be left unhedged; it may downgrades some European RMBS and U.S. student loan-backed securities.

One potential area of concern is commercial real estate; more than two-thirds of respondents in the latest IACPM survey quarter believe defaults will increase in this area over the next year.

The Series 2017-F1 transaction is secured by receivables from CAN$1.78b in dealer advances; the senior tranche of notes earned triple-A from both Moody's and DBRS.

The UK lender has issued eight prior securitizations, but Charter Mortgage Funding 2017-1 is its first that does not include either non-conforming or 'buy-to-let' loans in the collateral.

The £310.3 million (US$401.26 million transaction, Twin Bridges 2017-1, is backed by 965 prime mortgages underwritten to UK landlords by Paratus AMC Ltd., formerly known as GMAC-RFC.

The first Bavarian Sky securitization of Swiss BMW auto leases since April 2013 will be split between Euro and Swiss franc (CHF) denominations.

The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.

It's the sponsors fourth securitization, and includes 33,972 contracts to small and medium-sized companies as well as to government clients.

Lanark's UK RMBS and Obvion's Dutch deal are as yet unsized; Optimum's £242.3M deal is backed by UK second-lien loans

The near-prime accounts have less seasoning than many credit card securitizations by UK banks, at 49.9 months, the weighted average annual percentage rate is 38.12%, according to DBRS.

The notes are backed by a revolving pool of short-term receivables generated from the sale of crude oil, oil products, non-ferrous metals, non-ferrous metal concentrates, iron ore, coal and refined metals.

The $9.8 billion of new collateralized loan obligation issued during the month outstripped the volume of deals being refinanced for the first time this year.

The German subsidiary of Spanish lender Santander Consumer Finance is planning its first auto loan securitization of the year.

Center Parcs Group, a company that operates short-break vacation sites across England, plans to sell £830 million (US$1.06 billion) in bonds backed by its operational cash flow.

Volkswagen Finance S.A., E.F.C. is selling €750 million in bonds in its fourth public securitization of auto loans extended to borrowers purchasing VW Group vehicle models in Spain. Only 2.2% of the pool is impacted by the lingering fallout from the 2015 emissions scandal, according to Moody's.