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GC Asia
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Banks intensify margin calls for CLO warehouses
Banks have started sending CLO managers notice to post more collateral against open warehouses after prices of the underlying leveraged loans dropped steeply to an average of about 76 cents this week, according to market sources.
26 Mar 2020 -
RMBS servicers to “work for free” under virus rescue bill
The $2tr coronavirus relief bill passed by the US Senate on Wednesday has mortgage servicers worrying that they are set to bear the brunt of the cost of the 90 days of mortgage forbearance set out in the legislation.
26 Mar 2020 -
Virus crash grips private label mortgage markets
The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.
26 Mar 2020 -
People moves in brief
Amine leaves Credit Suisse — CIFC picks new research head
26 Mar 2020 -
Fitch, S&P downgrade commercial ABS outlook
S&P Global Ratings and Fitch Ratings adjusted their views on the most at-risk commercial ABS asset classes, namely aircraft and whole business securitizations, as the Covid-19 crisis puts even the largest and most well-established issuers to the test.
25 Mar 2020 -
Ex-IBCM head Amine leaves Credit Suisse
James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.
25 Mar 2020 -
ABS cheers TALF 2.0 but bemoans limited scope
The Federal Reserve continued its roll-out of initiatives to support the economy through the Covid-19 crisis this week, including the revival of the term asset-backed loan facility (TALF). However, market participants say the program is incomplete as long as it omits certain asset classes, specifically private label CMBS, and worry that some sectors will buckle without the support of the central bank.
24 Mar 2020 -
World Bank pandemic bond still weeks away from trigger
The pandemic bond issued by the World Bank still has one more hurdle to clear before triggering and releasing funds for use by countries struggling with the coronavirus. But it will still take a couple of weeks at least to reach that point.
24 Mar 2020 -
Bankers get the orders to steer clear of aircraft ABS
Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline.
19 Mar 2020 -
CP experts welcome aid but want reassurance
Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.
19 Mar 2020
