TLTRO revival spells trouble for new-era securitizations

By Tom Brown
14 Mar 2019

Could the European securitization market’s much-vaunted and long-expected “simple, transparent and standardised” framework end up dead on arrival? That’s the worry for market participants who think securitization could be hollowed-out by the European Central Bank’s third TLTRO, writes Tom Brown.

The terms of the third Targeted Longer-Term Refinancing Operations (TLTRO III) have yet to be clarified, but there is a heightened expectation that they will be less favourable than those of its predecessors after an announcement was made by the European Central Bank (ECB) on March 7.

“At ...

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