Europe

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.

Blackstone and Prudential are marketing two offerings of mortgage bonds backed by over £12 billion in UK “buy-to-let” loans that were auctioned off last month by the British government.

Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Popular Español are securitizing consumer loans issued in Spain. Banco Popular's €510 million two-year revolving securitization is its first-ever in its home country.

Investcorp Credit Management EU is debuting its first European CLO since announcing its acquisition of the debt management business from 3I Group last October.

GMAC is issuing its eighth asset-backed UK transaction in a £385.8 million (US$481.3 million) bond offering backed by individual and small-business vehicle lease contracts.

Spire Partners priced the first new Euro-denominated CLO deal for March, the €348 million Aurium CLO III last week, according to a report published Monday by Moody's Investors Service.

The monthly change for defaulted holdings in CLO 2.0s – which now comprise 95% of the market for outstanding CLO issues – rose 0.1% and now stand at 0.12%. The rate for CLO 1.0s rate 0.12%, now standing at 3.13%.

Multilease AG, the finance arm of a Swiss auto importer, is making its first strip to the European securitization market.

Crédit Agricole CIB this week completed a $3 billion transaction that transfers credit risk on the bank’s portfolio of European project finance loans.

As part of its plans to grow its business in the Netherlands, risk and due diligence expert Clayton Euro Risk has announced a strategic alliance with The Dutch Mortgage Consultants.

Barings U.K. is serving as manager for a new collateralized loan obligation warehouse funding structure that will have a target notional value of between €320-€400 million (US$338-$422.8 million), according to a report from bond rating agency DBRS.