Please see below the latest articles from the European Structured Finance team. Please click the article title to access the full report.
 Latest Publications
At A Glance: The German Auto ABS Market
Germany's automobile industry accounted for almost 23% of the European auto market in 2018, and is Germany's most important industry in terms of manufacturing output. Unsurprisingly, the auto asset-backed securities (ABS) market, comprising both loans and leases, plays a major role in the German securitization sector.
 New Issues and Presales
Presale: STORM 2019-I B.V.
S&P Global Ratings has assigned preliminary credit ratings to STORM 2019-I B.V.'s residential mortgage-backed floating-rate class A, B, C, and D notes. At closing, STORM 2019-I will also issue unrated class E notes. STORM 2019-I is the latest securitization of mortgage loans originated by Obvion N.V.
Presale: Delft 2019 B.V.
S&P Global Ratings has assigned preliminary credit ratings to Delft 2019 B.V.'s residential mortgage-backed floating-rate class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes. At closing, Delft 2019 will also issue unrated class Z asset-backed notes and class R1 and R2 certificates.
Presale: Mulcair Securities DAC
One or more of the credit ratings referenced within this article was assigned by deviating from S&P Global Ratings' published criteria (see the "Timing of recoveries" section). S&P Global Ratings has assigned its preliminary credit ratings to Mulcair Securities DAC's (Mulcair's) class A, B-dfrd, C-dfrd, D-dfrd, and E-dfrd notes.
New Issue: DLL UK Equipment Finance 2019-1 PLC
S&P Global Ratings has assigned its credit rating to DLL UK Equipment Finance 2019-1 PLC's class A asset-backed floating-rate notes. At closing, DLL UK Equipment Finance 2019-1 also issued unrated class B-Dfrd notes. Our rating addresses timely payment of interest and ultimate payment of principal on the class A notes.
New Issue: JEPSON RESIDENTIAL 2019-1 DAC
S&P Global Ratings has assigned its credit ratings to JEPSON RESIDENTIAL 2019-1 DAC's (Jepson 2019-1) class A, B-dfrd, C-dfrd, D-dfrd, E-dfrd, F-dfrd, and G-dfrd notes. At closing, Jepson 2019-1 also issued unrated class Z1-dfrd, Z2-dfrd, RFN, and X notes. Our ratings address the timely payment of interest and the ultimate payment of principal on the class A notes.
Presale: Jubilee CLO 2019-XXII B.V.
Jubilee CLO 2019-XXII B.V. is a European cash flow collateralized loan obligation (CLO) managed by Alcentra Ltd. Based on provisions in the transaction documents, the reinvestment period and stated maturity will be 4.65 years and 13 years from closing, respectively, and the weighted-average life (WAL) test will be 8.5 years from closing.
New Issue: Takarek Mortgage Bank Co. PLC (Mortgage Covered Bond Program)
The cover pool assets are subject to strict eligibility criteria set out in the Hungarian covered bond legislation including loan-to-value (LTV) ratio limitations based on a property´s sustainable long-term value after haircuts (discounts). The cover pool includes predominately first lien residential mortgage loans.
 Latest Rating Actions
Three Ratings Raised On Foncaixa FTGENCAT 5's SME CLO Notes; One Affirmed
We reviewed Foncaixa FTGENCAT 5's performance, using data from the January 2019 payment date report and the December 2018 investor reports, and we performed our credit and cash flow analysis by applying our European SME CLO criteria.
Publications From Other Sectors
The European Economy Lurches Ahead - In The Slow Lane
At the end of 2018, the European economy lost some air in its tires, worrying investors about a potential recession that helped trigger a bout of volatility. If investors and financial markets have calmed their nerves, we think it's partly because the economic weakness was temporary and is now behind us.
For access to more of our research and insights, please visit our dedicated Structured Finance website. If you have any questions regarding the reports included in this email, or would like to get in touch with one of our analysts, please contact us.
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Kind regards,
Andrew South
Structured Finance Lead, Global Fixed Income Research
S&P Global Ratings
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