International ABS Daily Wrap

研报英文原文证据摘录

J P M O R G A N

Europe Credit & Securitized

Products Research

10 August 2026

International ABS Daily Wrap

10th August 2026

Europe Corporate Credit - Asset

Backed Securities

Macro News

[Bloomberg Finance L.P.]

Meghan Kelleher AC

(44-20) 7134-2591

J.P. Morgan Securities plc

France

The French unemployment rate rose to 8.3% in 26Q2 from 8.1% in 26Q1

[INSEE].

ABS Primary Activity

[Concept ABS, Bloomberg Finance L.P., Rating agency websites]

Priced

Figure 1: Newly priced Eurozone transactions

Tranche

Notional (in

€mm)

WAL

DM

(3m€+)/Price

Fenix Finance DAC - Pan-European CMBS

Originator/Sponsor - Natixis / Brookfield Asset Management

Guidance

(original) (3m€+)

Coverage ratio

Tranche

WAL

DM (3m€+) /

Price

Comparison 1 - EURO 42 (Jun-26)

Tranche

WAL

DM (3m€+) /

Price

Comparison 2 - VANIR 1 (Nov-25)

A (PP)

57.4

3.0Y

150

A

5.2Y

135

A

4.7Y

130

B (PP)

57.1

3.0Y

185

B

5.2Y

160

B

4.7Y

160

C (PP)

18.5

3.0Y

235

C

5.2Y

180

C

4.7Y

190

D (PP)

20.1

3.0Y

325

D

5.2Y

290

D

4.7Y

280

E (PP)

23.1

3.0Y

425

E

5.2Y

390

E (PP)

4.7Y

390

F (PP)

24.2

3.0Y

532

Collateral pool: 8 logistics assets in Germany, Spain, and Poland; CLTV 75.0%; Debt yield 8.6%; 193.6K sqm; Occupancy rate 99.9%; 10 total tenants

Source: J.P. Morgan, Concept ABS, S&P. Note: ‘PP’ denotes pre-placed.

Pipeline

No new deals were added to the pipeline on Friday.

Bond News

[Euronext Dublin, London Stock Exchange]

CMBS

TAURS 2017-IT1: On 4th August 2026, the Borrower Facility Agent

consented to an extension of the Loan Final Maturity Date to 17th May 2027,

as well as to certain amendments and waivers to the Finance Documents. These

amendments and waivers are for the purposes of carrying out and giving effect

to the resignation of LicenceCo from the Facility Agreement and the Finance

Documents and its consequent liquidation by the Borrower, as well as the

release of any security granted by LicenceCo. In addition, they partially defer

payments of interest accrued on the Loan on each Loan Payment Date. On 6th

August 2026, the Issuer entered into an Amendment Agreement with the

original parties to the Intercreditor Agreement, for the purposes of making

consequential amendments to the Conditions and the Master Definitions and

…