OREANDA-NEWS. Fitch Ratings says the performance of Spanish SMEs in CLOs is improving. Based on performance data sourced from trustee reports and the European Data Warehouse, delinquencies are declining while observed recovery rates continue to gradually increase. In addition, net lending to Spanish SMEs continues to improve while funding costs are gradually tightening towards the level observed in Germany.

In the latest edition of Fitch's SME newsletter, the agency also comments on the weak SME CLO issuance level in 1H15, the European Secured Notes proposal by the European Covered Bonds council to fund SMEs and the impact of negative interest rates in SME CLOs.

The newsletter tracks SME CLO issuance over time. It also provides hyperlinks to all rating action commentaries and SME-related reports published in the last three months. Finally, it includes European Central Bank SME funding conditions data, covering both interest rates and lending growth, as well as Fitch's delinquency index based on European Data Warehouse SME CLO data.

The newsletter provides an overview of SME CLO issuance and performance summary over the last three months in addition to SME-related topics. The newsletter is available on www.fitchratings.com or by clicking the link above.

The SME CLO Compare that details all Fitch-rated transaction performances based on their investor reports is also published at the same time of the newsletter. The spreadsheet is available by clicking on the link below and saving the file prior to opening it.