S&P: Slow August for Europe Securitizations
Standard & Poor’s reported today that August securitization issuance slowed to $1.4 billion ($1.87 billion).
Investor-placed securitization issuance was €1.4billion from 4 deals, compared with €6 billion in July 2013. Three arbitrage CLOs priced, and Unicredit privately placed the senior tranche in CLO Large Corporate One, a balance sheet deal, according to S&P.
So far, year-to-date investor-placements total €37 billion, down 15% from figures reported this time last year.
S&P attributed the snail’s pace issuance to the traditional summer slowdown that ebbs securitization issuance in Europe during the month of August.