Europe

U.S. CLO new issue bounced back in February with 15 deals coming to market for a combined total of $8.1 billion, according to Thomson Reuters LPC.

The Prime Collateralised Securities Initiative is aiming to boost synthetic securitization, which offer an alternative way for European banks to free up capital for more lending.

Volkswagen’s U.K. finance arm is marketing £750 million ($884 million) of bonds backed by auto leases.

Kensington Mortgage Co. (KMC) is pooling approximately £343.7 million (US$428.7) in prime-borrower first-lien and “buy-to-let” investor mortgages in the second UK mortgage-backed securitization being marketed this month.

Trading volume of $56.6 billion in the fourth quarter was the second-highest level for the market since the first quarter of 2014. Loan prices selling near or above par also rose last fall.

CVC Credit Partners is marketing what is only the second new European collateralized loan obligation of the year.

Capital Home Loans, a Cerberus-owned issuer of older UK “buy-to-let” mortgages is marketing a £1.64 billion pool of the pre-crisis era loans.

Intermediate Capital Managers broke the ice on new CLO deals in Europe this week as it priced a new €400 million portfolio of broadly syndicated loans and high-yield bonds.

Alcentra is the third manager in January to seek out a refinancing for one of its European collateralized loan obligation deals, according to a presale report from Standard & Poor’s.

A Dubai-based aircraft fleet owner is issuing its first rated securitization of loans to purchase a new series of older passenger jets that it will lease to 13 airlines globally.

A Dutch-based auto leasing firm is pooling a UK-based £545million securitization of corporate and public sector vehicle leases and residual value claims.

A combination of loosened covenants, minimal call protections and aggressive, U.S.-style “dry powder” leveraging strategies have produced the most sponsor-friendly market for European leveraged loans since the financial crisis, according to a new report from U.S.-based Covenant Review.

DBRS, which recently expanded its scope of ratings coverage to include European corporates, has filled a new managing director role over its European structured finance team with the veteran analyst in commercial mortgage structured finance.

A second round of Dutch residential mortgages is being securitized this week with the issuance of Euro-denominated notes backed by €157.73 million in non-conforming home loans underwritten by ELQ Portefeuille I B.V., a specialty lender in The Netherlands.

Obvion, a Dutch mortgage lender owned by Rabobank, is kicking off 2017 with its 41st securitization of €1.19 billion in prime residential mortgages to homeowners in The Netherlands.

A larger-than-expected “bail-in” of Banca Monte dei Paschi di Siena has placed the focus on other major Italian banks that have similar plans to seek government guarantees on their non-performing loan securitizations.

Russia’s Vozrozhdenie Bank is coming to market with a RUB 7.4 billion securitization of residential mortgages, it’s fifth to date, according to Moody’s Investors Service.

Last week the European arm of Pinebridge Investments refinanced the Euro-Galaxy III CLO, a collateralized loan obligation originally issued in 2013, to reprice the entire transaction, according to Standard & Poor's.

A Brexit-driven rise in the UK’s inflation rate through 2017 would bring a depreciation in the British sterling that could create negative connotations for mortgage, auto loan and other consumer debt securitizations, according to Moody’s Investors Service.

JPMorgan Chase, HSBC Holdings and Credit Agricole were fined a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.