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CLOs

Thriving European CLO scene woos virgin issuers

A summer rally in the European CLO market is driving asset managers from both sides of the Atlantic to start laying the groundwork for pitching debut deals to investors on the continent.

David Bell, August 18, 2016
CLOs

Debut issuers lured to European CLO market

Two debut CLO managers, and a repeat US issuer are lining up new European deals, underscoring the attractiveness of the market. With spreads at record tights still offering investors scarce yield, European CLOs are set to enter the last leg of 2016 on a high.

David Bell, August 18, 2016
CLOs

CLO spread tightening driving European market forward

Spread tightening is creeping down the capital stack in European CLOs, improving the arbitrage for CLO managers while still offering investors yield that is increasingly scarce in other credit markets.

David Bell, August 17, 2016
RMBS

Last piece of GE UK mortgage book sold in RMBS deal

Junglinster, an entity owned by funds controlled by TPG Special Situation Partners, Blackstone and CarVal Investors, sold £2.1bn ($2.72bn) of UK nonconforming RMBS paper last Friday, in a deal that was largely pre-placed.

David Bell, August 08, 2016
ABS

European ABS battens down hatches despite Mercedes reopener

Mercedes-Benz bank reopened the European ABS market with a €1.1bn German auto ABS deal on Thursday, but market players are bracing for a subdued and “clubby” market over the next few months as UK issuers wait for volatility to subside in the aftermath of the British referendum result.

David Bell, June 30, 2016
European ABS battens down hatches

European ABS market participants are expecting a slowdown in new issuance as originators ride out short term volatility in the market following the British referendum result and digest the potential long term pressures on collateral performance.

David Bell, June 27, 2016
RMBS

Investors question Oncilla step up margins

Stable conditions are prevailing in the UK RMBS market, but not all deals are getting an easy ride, as Davidson Kempner Capital Management’s £259m non-conforming RMBS deal showed on Wednesday.

David Bell, June 02, 2016
Equity

Big equity feasts scarce, but smaller snacks abound

As the year nears its half way point, equity capital markets bankers at the big banks are unlikely to be booking appointments at Bentley dealerships or Kensington estate agents.

Jon Hay, May 18, 2016
Bank Capital

FIG fully open for first time in months

Periphery bank capital is back on the menu for investors this week, leaving FIG bankers feeling they can bring virtually any product to market for the first time since early January. And thanks to Vakifbank, that now includes Turkish covered bonds.

Tom Porter, April 27, 2016
Bank Capital

KBC bags €8bn as FIG paper flies

Rabobank’s latest additional tier one deal, its first under its new structure, has shown the CoCo market is open across dollars and euros after a torrid start to the year, while orders have ben flying in for other forms of FIG paper this week.

Tom Porter, April 20, 2016
RMBS

Made of stone: Towd Point takes out Granite in deal of the decade

Cerberus Capital Management’s £6.2bn financing of its Granite portfolio has cleared uncertainty for the market, and shown that European securitization can handle serious size — with the help of huge tickets from rarely seen accounts, write Owen Sanderson and David Bell

David Bell, April 07, 2016
FIG

Banks charge at shaky issuance window

European banks have been stacking up senior unsecured tranches in euros this week as they try and take size from the market before it slams shut again.

Tom Porter, February 17, 2016

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