People & Markets

  • ABS cheers TALF 2.0 but bemoans limited scope

    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.

  • Intrum tumbles as Muddy Waters takes aim

    Intrum tumbles as Muddy Waters takes aim

    Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.

  • Triple-A CLO paper eligible for Fed's PDCF

    Triple-A CLO paper eligible for Fed's PDCF

    The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.

  • SFA looks to soothe members' corporate market anxieties

    SFA looks to soothe members' corporate market anxieties

    Stress in the commercial paper market was the main point of discussion in a member-wide conference call on Monday held by the Structured Finance Association, as members tried to get a read on market dynamics that are changing on a daily basis.

  • Floored market clamors for measures beyond second rate cut

    Floored market clamors for measures beyond second rate cut

    The Federal Reserve cut rates for a second time this month on Sunday by 100bp, bringing the target range to near zero. Despite the central bank taking swift action to halt the market decline caused by Covid-19, sources are expecting a painful recession if fiscal policies are not implemented to blunt the impact to the most vulnerable parts of the economy.

  • EU green standard could stop transition bonds

    EU green standard could stop transition bonds

    Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.

  • Solidarity vital as Italian state, banks and companies face intensifying crisis

    Solidarity vital as Italian state, banks and companies face intensifying crisis

    The outlook for Italy continues to worsen, as both the coronavirus pandemic and financial markets rout deepened on Thursday. But essential services are functioning, in society and markets, and Italians are helping each other through the crisis, including with funding difficulties. By Jon Hay and Lewis McLellan

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