TY - JOUR T1 - What to Expect out of Europe: <em>Opportunities</em> <br/> <em>for U.S. Investors</em> JF - The Journal of Structured Finance SP - 220 LP - 221 DO - 10.3905/jsf.2013.18.4.220 VL - 18 IS - 4 AU - Dean Atkins Y1 - 2013/01/31 UR - https://pm-research.com/content/18/4/220.abstract N2 - This panel discussed the current investment situation in Europe with regard to securitized assets in the context of the ongoing sovereign debt crisis and resultant volatility. Opportunities for U.S. investors are broadly broken down into two distinct categories: first senior and/or vanilla assets and second mezzanine/junior exposures. Bad banks have disappointed as a source of supply, but the non-core portfolios of banks have sold down significant volumes of commercial real estate exposure and trades are resulting from banks’ need to raise regulatory capital. Euro periphery exposures offer great risk-adjusted returns. U.K. residential mortgage-backed securities (RMBS) are a disappearing market, whereas Dutch RMBS still represent great value for investors. The panel discussed various investment picks.TOPICS: Developed, portfolio theory, portfolio construction ER -