Europe

An £821.7 million pool of higher-risk problem UK residential mortgage loans originated by GE Home Money Lending and other GEHML-affiliated is being pooled into in a new Towd Point Mortgage Trust asset-backed offering arranged through Credit Suisse.

Freddie Mac plans to delist its debt securities, mortgage securities and STACR debt from the Luxembourg and Irish Stock Exchanges, citing the difficulty of complying with European Union regulations designed to prohibit insider trading.

Santander Consumer’s UK operation is securitizing its first batch of originated British auto loans in over 18 months.

The November rush of new and refinanced collateralized loan obligations deals has quickly closed the gap on this year’s lagging levels of transaction volume compared to 2015.

The leading used-car lender in the UK is piloting its latest revolving securitization secured by £405 million in consumer and commercial vehicle leases.

Italian lender Agos Ducato S.p.A. is pooling the receivables from personal, auto, furniture and other-purpose loans totaling €1.34 billion.

Structured credit firm ZAIS Group has hired two new executives to spearhead its collateralized loans obligation and other asset-backed businesses out of London.

The UK’s Towd Point Mortgage Funding trust has issued its latest transaction consisting of a large swathe of pre-crisis home loans still beset by delinquencies, or encumbered by variable rates and second-liens.

E-CARAT 7 PLC is the latest British auto loan securitization of new and used Vauxhall Motors-branded vehicle loans originated by GMAC’s UK affiliate. The UK trust will issue GBP £416.7 million (US$468.18 million) in three classes of senior and subordinate notes secured by the loans.

The risk premium that investors demand for holding CLOs continues to decline as refinancing activity continues to dominate the new issuance, and the trend looks set to continue heading into the final two months of the year.

A German consumer finance arm of Crédit Agricole is securitizing its third rated pool of unsecured consumer loans in a €1.3 billion (US$1.48 billion) transaction.

Investcorp is buying the debt management business of 3i Group for £222 million (US$270.6 million, giving the Bahrain-based private equity firm with one of the larger cross-border CLO management operations.

The debt consolidation loans originated by GE are backed by French homes, in a deal arranged by Morgan Stanley and the second true-sale securitization of debt consolidation receivables. The deal builds on a smaller initial €871.2 million SapphireOne issuance in July.

In a quarterly survey by the New York-based International Association of Credit Portfolio Managers, 57% of respondents expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year. Also for the fourth quarter, 66% see rising levels of corporate defaults.

The Florida Public Service Commission has a beef with Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings, which all characterize bonds backed by utility fees as a kind of structured finance, rather than as corporate bonds.

Hawksmoor Mortgages 2016-2 plc is a British sterling-pound denominated RMBS with a £1.124 billion pool balance secured by mortgages to residential properties in the UK extended to 12,153 borrowers. Eighty percent were originated by GE's UK home-lending arms that have since sold off portfolios and exited the British mortgage scene.

September was the busiest month for CLO issuance since mid-2015, accoriding to Thomson Reuters L

While Volkswagen continues its international efforts to remedy its 2015 diesel-engine emissions scandal, the German automaker also carries on with its ramped-up efforts since last fall to raise more capital through securitizations. The latest transaction is a €750 million (US$837.5 million) static pool of German vehicle lease receivables from both retail and commercial contracts.

The Florida Public Service Commission takes issue with the way that three U.S. credit rating agencies classify certain bonds issued on behalf of two power companies that operate in the state.

An affiliate of BBVA is securitizing €265 million in Spanish mortgages, a majority of which are formerly delinquent loans from the Catalonia region returned to performing status.