European SME CLO Performance Tracker - Fitch Research

European SME CLO Performance Tracker

European SME CLO Performance Tracker - Fitch Research
European SME CLO Performance Tracker
Published Oct 15, 2013
28 pages (11716 words) — Published Oct 15, 2013
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Brief Excerpt:

...First Partially Placed Italian SME CLO: Italian Berica SME CLO sold the senior notes at 240bp over Euribor to investors. The notes benefited from substantial credit enhancement at 43.2%, had an expected weighted average life of two years and were rated ,,AA+sf. The average spread on the loans was 240bp, indicating SME securitisation is still not economically viable. Hence, most banks in Italy and Spain retain SME CLOs and use them for repo funding with the ECB. The average spread on senior notes in retained transactions is around 50bp. UK, France Central Bank Support Reduces Issuance: The ECB allows national central banks to lend against loan portfolio directly. French banks in particular make use of the ability to place loan portfolios with the Banque de France for repo funding. The ability to do so has removed the need to structure SME securitisations for ECB repo funding, while Spanish, Italian and Belgium banks still place SME CLOs with the ECB. Similarly, issuance of funded SME securitisations...

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Fitch Research. "European SME CLO Performance Tracker" Oct 15, 2013. Alacra Store. Jun 24, 2018. <>
Fitch Research. (). European SME CLO Performance Tracker Oct 15, 2013. New York, NY: Alacra Store. Retrieved Jun 24, 2018 from <>
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