Europe

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.

S&P and DBRS have diverged on rating the senior notes in a $175.26 million securitization of private student-loan refinancings from Earnest Operations. Also, Comenity Bank has a new private-label card transaction through its World Financial master trust.

A Dutch mortgage lender is planning a second “green” securitization of €400.7 million in home loans for properties meeting certain energy efficiency and low-carbon footprint guidelines.

A leading non-life insurance premium financing (IPF) provider in the UK is preparing an asset-backed transaction backed by a pool of £1 billion in payment-plan receivables.

BMW Bank Gmbh will sell Euro bonds through the Bavarian Sky S.A., Compartment German Auto Loans 6 trust, which includes a €744 million, seven-year Class A note tranche that S&P is rating AAA.

Alitalia’s financial woes have yet to impact the 10 or so bond offerings backed in part by aircraft the carrier has leased, but Kroll Bond Rating Agency is closely monitoring the situation.

The London office of Commerzbank AG Debt Fund Management is pricing its third overall CLO in a with a senior loan portfolio targeted at €346.2 million.

Fitch Ratings says the default rate for leveraged loans held by CLOs it rates remains "benign" at 0.4%, although slight concerns remain about bankruptcies looming defaults from speculative-grade debt held by key retail, media and energy sector firms.

Managers of European collateralized loan obligations are under-reporting their exposure to loans that lack certain investor protections, according to Moody’s Investors Service.

Charter Court Financial Services is planning a £484.5 million securitization of U.K. investor-owned residential mortgages.

Two private equity firms, Lone Star Funds and Mars Capital, are marketing a total €750 million in bonds backed by non-performing and re-performing Irish residential mortgages.