ABS loan-level plan leaps forward
The ECB’s quest to bring loan-level disclosure to the European ABS market moved forward on Tuesday, with technology and data firm Sapient Global Markets appointed to build the database providing loan-level data to the market. The announcement comes as covered bond borrowers grapple with the provision of far less onerous transparency initiatives being demanded by investors.
In common with the Bank of England, the ECB has said for some time that it wants to see loan-level disclosure for ABS presented as discount window collateral. For RMBS presented to the Bank of England, this requirement comes in at the beginning of December.
However, the ECB has
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