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GC Asia
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CBAM brings first post-covid debut CLO ahead of market drought
CBAM Partners is the first manager to price a debut CLO in Europe since the covid-19 pandemic began – but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.
04.00 PM -
RMBS stalwarts signal readiness to call
Kensington and Precise Mortgages, two of the most frequent issuers in the UK RMBS market, have signalled a willingness to call their outstanding deals, in a sign that a rallying market is taking extension risk off the table.
03.30 PM -
CVC and Spire ready new European CLOs
CVC Credit Partners and Spire Partners have announced new European CLOs, CVC Cordatus Loan Fund XVII and Aurium CLO VI, as the European market slowly gets back to normal.
03 Jun 2020 -
TFS extension to non-banks simpler than alternatives
Market commentators said an extension of the UK government’s Term Funding Scheme (TFS) to cover non-deposit-taking institutions would be simpler than alternative funding options to support lenders that have not benefited from government liquidity schemes.
02 Jun 2020 -
European CLOs at risk of switching to semi-annual payments
European corporates are asking lenders to switch their loans to semi-annual interest payments, in some cases, which could feed through to CLO coupons as well.
02 Jun 2020 -
UK mortgage moratoriums clash with Libor deadline
The Financial Conduct Authority has ruled out an extension of Libor, leaving the UK RMBS market to face the challenges of transitioning legacy deals before the end of the year. Because of the Covid moratorium extension, this leaves little time to move on to the new benchmark while the market digests new mortgage affordability data.
01 Jun 2020 -
GSO and Napier Park find new tights for post-Covid CLOs
GSO/Blackstone and Napier Park both priced post-covid CLOs on Thursday, with GSO finding new tights for the European CLO market since its reopening.
29 May 2020 -
Second mortgage holiday not in customers' best interests, says finance lobby group
Finance lobby group UK Finance said that most borrowers on mortgage moratoriums could afford to resume full payments after three months, and an extended moratorium would not be in customers' best interests.
28 May 2020 -
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FCA moratorium guidance to lessen RMBS protections
The UK’s Financial Conduct Authority (FCA) has encouraged banks not to record mortgage loans with payment moratoriums as being in default, delaying default related triggers designed to protect noteholders and causing concerns around RMBS deal performance.
26 May 2020 -
Mortgage moratorium self-certification hiding UK RMBS performance data
The UK chancellor has doubled the mortgage moratorium period to six months, but has not allowed mortgage lenders more discretion when deciding to grant payment holidays on their mortgages. This is making RMBS performance difficult to assess, market participants say.
21 May 2020
