Investors
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Regulatory storm?
CRT market split over new rules
Concern over the future viability of synthetic securitisation is rising, in light of the impending Basel output floor and the EBA’s synthetic excess spread proposals. This Premium Content article investigates whether such regulatory change is likely to be as severe as it seems.
The coming implementation of the Basel output floor and the EBA’s proposal for a ......
News Analysis 15 December 2022Premium Content
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Survey suggests improved sentiment
Sector developments and company hires
Survey suggests improved sentiment
KBRA has published the results of its December survey of European structured finance investors, which was conducted to gauge their views and expectations regarding the market. The report reveals a more positive picture than the rating agency’s previous investor survey from June.“While many challenges remain for the European securitisation sector, sentiment for the market .......
Market Moves 9 December 2022
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Selective positioning
Loan refi, liquidity needs to provide private credit opportunities
The European CLO market faces a number of challenges next year, including constrained loan supply, potential loan defaults and downgrades, and a squeeze on equity arbitrage. Against this backdrop, loan refinancing and borrower liquidity needs are set to provide opportunities for private credit investors.
European CLO new issue activity is expected to remain robust heading into 1Q23, which will .......
News Analysis 8 December 2022
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Ambitious objective
LEV financing investigation underway
The European DataWarehouse (EDW) and Leibniz Institute for Financial Research SAFE’s Green Auto Securitisation (GAS) project has an ambitious objective of developing a green finance framework for low-emission vehicles (LEVs) (SCI 4 October). The initiative is expected to help shape the future of green car policies, while having a profound impact on European financial institutions.
“We’ve really .......
News Analysis 5 December 2022
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Marble Point acquisition agreed
Sector developments and company hires
Marble Point acquisition agreed
Market Moves 2 December 2022
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RWA overhaul mooted under Basel 3.1
Sector developments and company hires
RWA overhaul mooted under Basel 3.1
The PRA has released a consultation paper on the UK implementation of Basel 3.1 rules, Market Moves 1 December 2022
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Don't panic!
Vadim Verkhoglyad, vp and head of research publication at dv...
Concerns of a recessionary impact on US consumer markets, and comparisons to the global financial crisis, are rampant across the media. This fearmongering is not accurate, is harming the market and is not in our best interest.
Widespread media analysis suggests that we are in a crisis: headlines focus on the increase in subprime auto delinquencies, the downturn .......
Talking Point 29 November 2022
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Fitch launches new ESG ratings
Sector developments and company hires
Sustainable Fitch has launched new ESG Ratings for global labelled structured bonds and covered bonds. The news follows its opening of ESG Ratings, Data & Analysis for North American, UK, and European corporates and financial institutions earlier this year. The latest addition will see Sustainable Fitch offering entity ratings, framework ratings, and .......
Market Moves 29 November 2022
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Unrepresentative 'synthetic' Libor mooted
Sector developments and company hires
Unrepresentative ‘synthetic’ Libor mooted
The UK FCA has published a consultation on a proposal to require - using its powers .......
Market Moves 25 November 2022
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Sell-side specialisms
SRT bank relationships, technical knowledge transferred
SRT arranger/structurer departures from Citi have been notable over the last year, with Olivier Renault (SCI 1 December 2021), Mark Kruzel (SCI 11 May) and Alexis De Vrieze (SCI 8 September) all moving to the buy-side, for example. Capital relief trade sell-siders bring specialisms – including technical knowledge and bank relationships – that can be particularly .......
News 24 November 2022
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Grounds for optimism
US equipment ABS stays strong
US equipment ABS has had a good year, notwithstanding macro-driven spread widening. As this premium content article shows, there is also hope for 2023.
While most sectors throughout the global capital markets have struggled in 2022, the US equipment ABS market quietly but surely had a record year. That is not to say it’s all been easy, ......
News Analysis 23 November 2022Premium Content
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ESG activation consortium launched
Sector developments and company hires
ESG activation consortium launched
Market Moves 17 November 2022
Dexai-Etica Artificiale, Establecimiento Financiero de Crédito, European DataWarehouse (EDW), Hypoport, Unión de Créditos Inmobiliarios, Università Ca’ Foscari Venezia and Woonnu have launched the ‘Engage for ESG Activation Investments’ (ENGAGE) project, which .......
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Conflict of interest charge settled
Sector developments and company hires
Conflict of interest charge settled
The US SEC has charged .......
Market Moves 15 November 2022
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Staying strong
Partnership approach hailed as basis of SRT success
SRT pricing is, generally speaking, currently approximately 200bp wider compared to the beginning of 2022. Yet pricing has remained relatively sticky within a range, demonstrating the success of the partnership approach involved in capital relief trades, which tend to be much more negotiated and tailored.
“Despite the difficult economic environment, we believe 2022 has been a successful year .......
News Analysis 15 November 2022
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Liquidity event shows ABS 'did its job'
Sector developments and company hires
Liquidity event shows ABS ‘did its job’
The volume of European ABS and CLO bonds listed on BWICs between the UK government’s ‘mini-budget’ announcement .......
Market Moves 14 November 2022
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Alternatives ESG disclosure template launched
Sector developments and company hires
Alternatives ESG disclosure template launched
A group of leading alternative asset managers and industry bodies in the private and broadly .......
Market Moves 10 November 2022
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Irish, UK NPE disposals inked
Sector developments and company hires
Irish, UK NPE disposals inked
The Bank of Ireland has reached agreements to dispose of portfolios of Irish and UK non-performing exposures, through two .......
Market Moves 9 November 2022
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New landscape
ABS litigation 'rules of engagement' explained
US subprime RMBS disputes could impact ABS deal structures and related litigation in five pivotal ways. Against this backdrop, it is incumbent on parties to plan accordingly to navigate the new ABS litigation landscape.
“A lot of the changes over the years and more recently have been in favour of defendants, who have been gaining momentum,” says .......
News Analysis 8 November 2022
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British buffer
UK RMBS set to weather recession
The outlook for UK RMBS remains uncertain - despite optimism over borrower wealth buffers - as the country enters into its third government in three months. Amid such a rapidly changing policy environment, monetary policy and inflation rates – which continue to rise – are expected to be the two chief trends determining prospects for the housing market as .......
Talking Point 7 November 2022
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Existential challenge
Activist agency, 'originalist' Court clash
The US Court of Appeals for the Fifth Circuit last month ruled that the CFPB is unconstitutionally funded. This Premium Content article investigates what this landmark judgment means for the securitisation industry.
Those in the securitisation industry concerned by the implications of the lawsuit brought by the Consumer Financial Protection Bureau (CFPB) against National Collegiate Master Student ......
News Analysis 4 November 2022Premium Content
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Call for Och 'feud' to end
Sector developments and company hires
Call for Och ‘feud’ to end
Market Moves 3 November 2022
Sculptor Capital Management’s independent board members and Jimmy Levin, the firm’s current cio and ceo, have issued statements in response to a recent court filing related to a dispute brought by former chairman and ceo Daniel Och. The filing mentions a “personal issue” from Levin’s past, which was thoroughly reviewed at the time and .......