Europe

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.

The £571.6 million Elvet Mortgages 2018-1 is the first mortgage bond offering rated by Moody's Investors Service to include loans that were originated using a mobile phone application.

The deal, which comes just a year after the commodity trading firm's last securitization, represents 7.85% of assets in a revolving trust; it may be upsized to $500 million.

Brass No. 7 is Accord's ninth overall securitization of prime mortgages for owner-occupied homes and the second to feature a revolving period.

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.

Only 9.6% of €1.08 billion of collateral meets the criteria for responsible lending and borrowing set by the National Institute for Family Finance in the Netherlands, down from 22.9% for the prior deal.

The initial collateral for Tower Bridge Funding No. 3 consists of 1,737 loans totaling £375.5 million, and there will be a £125 million prefunding account that can be used to acquire additional collateral before the first interest payment date.

Santander has commonly offered multicurrency (dollar and pound-sterling) notes through its Holmes master trust platform.

Volkswagen Bank's Driver 15 is its first German auto-loan securitization since March, as Europe's largest auto-finance company furthers a comeback from the 2015 VW diesel-engine scandal.

The £325 million Dryden 63 CLO, sponsored by PGIM, will issue six classes of sterling-denominated notes; Barclays’ £4.5 billion Sirius Funding is issuing three tranches in three different currencies.

Mindful Wealth, an investment firm based in Singapore, is raising money to put to work in some of the riskier tranches of U.S. collateralized loan obligations, those rated BBB and B.