Latest news
Latest news
UK credit card provider Jaja hires Belen Bulnes as it plans on entering the public ABS market
Thomas Picton joins as firm works to build strength in CLOs
Regulator plans to implement formulaic p-factor proposed in October 2024
More articles
More articles
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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. -
Credit hedge funds are looking to finance books of SME loans originated under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), subscribing for the equity in private securitization vehicles backed by the loans. The government guarantees are likely to improve the financing terms on offer, boosting returns for funds that can access these assets — but there are still questions over the details of the scheme.
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The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank.
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The Federal Reserve’s Term Asset Backed Securities Loan Facility succeeded in boosting investor confidence and providing a backstop to further spread widening, but sources say that key limitations in the scope of the programme, even with the most recent expansion last week, mean that the benefits have mostly already been felt.
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The Federal Reserve this week revised its Term Asset Backed Securities Loan Facility (TALF) to include a broader pool of leveraged loans eligible as collateral, a move that will clear the backup in warehouses but likely will not do much to reinvigorate the market.
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New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.
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One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.
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Nassau Private Credit, the CLO arm of Nassau Financial Group, announced that it has hired Vincent Chan as portfolio manager to focus on CLO investments.
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As a crucial middleman in the oil business, Trafigura has had to cope with concerns about the creditworthiness of some of its counterparts, and unprecedented volatility in the oil price that saw the West Texas Intermediate (WTI) contract turn negative at the end of April. Christophe Salmon, the company’s chief financial officer, explained how the company has coped with the crisis, and how its funding approach, based on deep banking relationships and a secured financing structure, proved resilient to the chaos around it.
