European securitization looks to US bank treasuries for second rescue

JP Morgan 230-150x
By Owen Sanderson, Tom Brown
19 Mar 2020

After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

The CIO units of both banks invest excess liquidity pooled from across the bank. Though banks are facing large corporate drawdowns on their revolving credit facilities, the US deposit takers still have a big surplus of liquidity to be invested. Recent moves in the cross-currency basis have made ...

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