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Investor previously headed consumer ABF at Barings
Norton Rose also recruits experienced partner from Paris law firm to its structurization team
Asset manager's AUM could grow $20bn in 10 years
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Rates trading desks are seeking owners of triple-A European CLO tranches, because of the value of the embedded Euribor floors, which convert negative Euribor prints to 0%. These can be stripped out and sold to the market, monetising a feature of the bonds that has become sharply more valuable as euro interest rates have plunged this summer. -
The European Securities and Markets Authority (ESMA) is unlikely to provide a securitization regulation template for trade receivables, legal experts say, leaving the market to awkwardly push the asset class into other formats.
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MUFG hires derivs head from HSBC — ex-Stan Chart chief to chair ICG — DCM banker goes to sustainable finance centre
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Several European banks sponsoring ABCP conduits have been investigating the possibility of converting these vehicles to the STS regime, but bankers say the risks outweigh the reward.
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Private equity and debt investment group Intermediate Capital (ICG) has named former Standard Chartered chief executive Mervyn Davies its new chairman, replacing Kevin Parry.
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Mark Okada, the co-founder of alternative credit investment and CLO management firm Highland Capital Management, is set to retire at the end of the year.
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The European Banking Authority is set to produce a report for the European Commission by 2021 that will lay the groundwork for the regulation of the significant risk transfer (SRT) securitization market. However, participants say they are are still coming to terms with potential new requirements.
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The European Central Bank (ECB) is reluctant to give a shorter repo haircut for ABS paper, even for bonds approved for the ‘simple, transparent and standardised’ (STS) regulatory framework, a senior legal counsel for the central bank said during a panel.
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The ABS market is divided into camps over the necessity for a third level of NPL compliance, with participants coming out for and against more disclosure at a panel in True Sale International’s 2019 Conference in Berlin.
