Europe

S&P sees some potential integration risk that could materially affect the business being reinsured; in November it lowered its issuer credit ratings and financial strength ratings on Aetna.

David Klass is known for his insights into tax developments in the U.K. related to Brexit; he joins the firm after more than a decade at Gide Loyrette Nouel.

The global asset manager is sponsoring its first post-crisis CLO in a €409.8 million transaction that priced through Barclays on Monday.

A Wells Fargo report this week shows that market spreads for the triple-A notes backed by collateralized loan obligation assets are at 128, a level not seen since May 2017.

The €350 million Providus CLO II is backed exclusively by loans to mid-market firms that meet the private equity firm's sustainability criteria; at closing, 90% of the collateral has been identified.

Stricter energy regulations for European residential and commercial buildings, effective in 2020, will likely depress cash flow and property values, though the impact will vary by country, according to Moody's Investors Service.

Carlyle Aviation Capital's AASET 2016-1 and ACG-affiliated Merlin 2016-1 each have a single aircraft on lease to Small Planet, according to Deutsche Bank Securities.

The transaction has a senior-note tranche with a double-A rating from DBRs, and is being arranged by Banco Santander.

BSREP International, an entity controlled by Brookfield, obtained a £367.5 million mortgage and £91.9 million of mezzanine debt on CityPoint from Morgan Stanley.

The transaction, Quarzo S.r.l. – Series 2018, is backed by 104,640 accounts with an average outstanding balance of €8,600 and an average interest rate of 9.1%. The loans have original average terms of 61.9 months, with 4.8 months of seasoning.

NIBC's €476.2 million transaction has comparable credit quality to recent deals in the Netherlands; the collateral has a weighted average LTV ratio of under 80% and weighted average seasoning of four years.

The 2018-1 series from Tesco's Delamare master trust will issue de-linked notes backed by £3.4B in receivables.

The €411 million deal puts it in the small club of UK managers that have completed three or more transactions in 2018.

The London-based manager is including two classes of fixed-rate notes, including a rare triple-A rated nonvariable-rate tranche, in its €412 million Contego VI DAC portfolio.

Turbo Finance 8 is a £375.5M static transaction that includes both hire purchase loan contracts and personal contract purchase, lease-like arrangements.

The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.

The senior tranche of Oak Hill European Credit Partners VII has an assumed coupon that is inside of the market average for September.

The transaction's note size is to be determined, but is backed by €750M in lease-backed receivables, compared to €1.5 billion in VW's most recent German lease ABS in May.

The deal benefits from lower credit enhancement requirements after pooling higher FICOs and more seasoned contracts; but residual values continue to decline for the German automaker.

Over three-quarters of loans in the €861.3 million transaction are loans in which borrowers are scheduled to repay almost half the principal in its final installment.