European Securitization

PCS says STS volumes disappointing but overall supply likely to grow

Regulator warns about potential conflicts of interest but says report not driven by wrongdoing

The law firm could grow the team further next year

Investors demanded less of a premium to more conservative managers than on previous deals, sources said

‘Opportunistic’ deal could take advantage of unusual late December window

December's latest prepaced deal needed 53% credit enhancement for a long-seasoned pool

European ABS market participants are optimistic about 2024, despite the persistence of rates volatility and economic fears. While poor arbitrage haunts the CLO market, managers are ready to tighten the straps on their captive equity funds and soldier on. George Smith and Victoria Thiele assess the market outlook for European securitized products

For the first time since the global financial crisis, there is optimism that much-needed positive and proportionate regulatory reform is coming to European securitization. Yet there is a long way to go before glimmers of hope translate into concrete changes or have a meaningful impact, write Tom Lemmon and George Smith.

Rate peak joy soothes angst over Austrian collapse, but losses will surface

More supply needed for ESG-dedicated money to emerge, but pricing is not the driver for green or social deals

Onex printed the tightest CLO reset in a month on Thursday as market participants see 'risk momentum'

Forced sales provide pricing data points, but no direct exposure for CMBS